In the ever-growing fintech industry, marked by rapid digital transformation, Blance emerges as a dynamic player. With the Indian fintech market projected to reach $2.1 trillion by 2030, Blance strategically positions itself to capitalize on this growth.
The company offers goal-centric recurring deposit solutions in India, ensuring 5x better maturity outcomes and providing users with exclusive benefits upon maturity.
In this article, explore more about the journey of Blance, its founders, revenue model, product/service, and more.
Founded in January 2023, Blance is India’s one and only goal-centric recurring deposit marketplace. With the unique solution of combining traditional RDs with the goal-based needs of retail investors, RDs on Blance provide 5x better maturity outcomes than a regular RD. Blance users can save systematically towards a goal in the form of an RD, and unlock brand discounts, credit cards, loans, and insurance options on maturity.
Although the app is currently in the Beta version, it is fully operational. Blance is gearing up for a complete launch in the coming months with a mission to revolutionize the landscape of recurring retail investments in India.
Blance – Industry
In the Fintech industry, Blance targets a market size of over 90 million households earning more than INR 5 lakh yearly and spending USD 50 billion. They aim to capture a 10% market share in three years, particularly in financing high-ticket-size purchases with goal-based Recurring Deposits & other offerings.
Regarding the industry’s future, Blance aims to forge partnerships with NBFCs, Banks, and other deposit-taking entities. Additionally, they are committed to assisting new-to-credit users in initiating their credit journey through secured credit cards and loans This will empower users to build their credit scores, subsequently opening doors to further credit opportunities.
Ashutosh, Neeraj, and Pankaj, co-founders of Blance, are childhood friends who hail from Lucknow, Uttar Pradesh, India, and have studied in the same school.
Ashutosh Prakash Singh
Ashutosh Prakash Singh, Co-founder and CEO, of Blance, pursued a B.Tech degree at AKTU. With over 7 years of experience in Product and growth, he is a 2-time Founder, having contributed to the success of ventures like 6Sense and Slintel.
Neeraj Gupta
Neeraj Gupta, Co-founder and COO of Blance, holds both B.Tech and M.Tech degrees from IITKGP. With a career spanning 6+ years in Fintech, he is a seasoned professional and a 1-time Founder, having played integral roles in Money View, GAIN Credit, and Zype.
Pankaj Gupta
Pankaj Gupta, Co-founder and CTO of Blance is an alumnus of IITK, holding both B.Tech and M.Tech degrees. With over 6 years of experience in Tech and data, he is a 1-time Founder who has made significant contributions to companies like Adobe, ShareChat, Udaan, and Lohum.
Blance – Startup Story
Back in 2020-21, when the coronavirus pandemic hit, Ashutosh, Neeraj, and Pankaj were brainstorming ways to create something new and amazing that could help people feel connected during this difficult time. Ashutosh came up with the idea of building a dating site, and soon that idea evolved into a small project, eventually becoming a startup. This was the first idea that the co-founders of Blance worked on together. However, they later pivoted to building a community ed-tech startup, which unfortunately did not take off.
But their journey didn’t end there!
While Ashutosh, Neeraj, and Pankaj were building their first startup, Hunkaar, they realized that in order to accept payments from tier 2, 3, and beyond cities, they needed to provide a savings solution. This is where the idea of Blance came into play.
Fast forward to 2022, they began working on savings plans and schemes, which led them to develop the concept of “Save Now, Buy Later.” Throughout this journey, they faced multiple attempts and failures, but they never gave up on their determination to build something that people truly wanted.
After researching the “Save Now Buy Later” idea for about 5-6 months and conducting proof of concepts, they started building Blance, and that’s when it became a force to be reckoned with.
Blance – Vision and Mission
Blance’s mission is all about striking the perfect balance in the financial journey, ensuring users save, take credit responsibly, and enjoy exciting rewards along the way.
Blance’s vision is to become a full-stack solution for consumers in India to manage their finances and achieve their dreams.
Blance – Products/Services
Blance is recognized as India’s one & only goal-based saving & credit fintech startup. Based in Bengaluru, Blance has launched a beta program to help Indians, especially young adults, to improve their financial wellness. Blance offers discounts for planning purchases in advance, which can help consumers to save money and reach their financial goals. To avail of these discounts, the user has to download the Blance app from the Google Play Store.
Blance is building to help people save for their future purchases & get up to 25% off. Blance also helps its users fast-track their goals through a credit offering. The best part is there are no commitments, users can switch brands & earn 10% fixed interest even if they cancel their goal anytime.
Blance does this by clubbing credits, rewards, and discounts along with saving with various partner brands. Blance helps users save, generate returns on their savings, partners with brands to get extra discounts so users don’t have to haggle with brands, & finally, if users want to fast-track their goal or have missed their goal, Blance helps them complete their goal by taking credit for it.
Blance has partnered with RBI Regulated NBFCs and banks & has also been recognized by Startup India. For Blance, the users’ data & privacy are the supreme priority, and that is why Blance takes strict measures to make it 100% safe & secure.
Over 93% of the Indian population lacks access to credit. As a result, many rely on their hard-earned savings or informal credit to make high-value purchases. Through conversations with people across India, Blance has found that while many save diligently for their goals, they often turn to credit when they encounter budgeting challenges or haven’t reached their savings targets.
When it comes to significant purchases like bikes, cars, etc, individuals save for down payments and book vehicles at retail stores, again facing challenges such as bank account not beating inflation, securing a favorable car loan, and negotiating discounts. Achieving financial well-being requires a balance between savings, credit, and rewards. However, today we don’t get rewards for high-ticket purchases made through savings.
At Blance, the mission is to help users find the perfect balance between savings, credit, and rewards. Blance empowers its customers to achieve financial independence and personal growth. When savings are combined with credit and rewarded appropriately, they become a catalyst for financial success.
For any fintech, building trust with customers poses a challenge. Blance is 1000% focused on solving for trust. With a dedicated Chief Trust Officer responsible for creating trust around the brand and generating new ideas, here are some strategies the CEO, Ashutosh wrote about building trust:
Blance – Key Tools and Software
Blance utilizes a variety of key tools and software to efficiently run the startup. These include:
Blance’s future plans include expanding to other Tier 1 & 2 cities in India in the next few months, with a commitment to providing comprehensive financial solutions for users across the country.
FAQs
What does Blance do?
Blance offers discounts for planning purchases in advance, which can help consumers save money and reach their financial goals.
Who are the founders of Blance?
Ashutosh Prakash Singh, Neeraj Gupta, and Pankaj Gupta are the co-founders of Blance.
How does Blance generate revenue?
Blance drives revenue through subvention from brands, a commission percentage on savings, and a commission percentage on credit transactions.
How has Blance contributed to financial inclusivity?
Blance’s user-centric approach has made goal-oriented saving and credit accessible, ensuring financial inclusivity for a diverse audience.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Shoppers can choose from a wide range of e-commerce possibilities in the vibrant world of online shopping. As more and more consumers become aware of the benefits of these platforms, there has been a notable upsurge. Online businesses have a lot of room to grow in the future, as long as they can recognize and satisfy the changing wants of their customers.
Among these platforms, ShopClues shines as a notable player. Since its founding in July 2011, this Indian online marketplace owned by Clues Network Pvt. Ltd. has been a participant in the e-commerce scene. Sanjay Sethi, Sandeep Aggarwal, and Radhika Aggarwal, the three visionaries behind ShopClues, founded the company in Silicon Valley. It is a prime example of innovation and connectedness in the digital marketplace. With a commitment to providing a unique shopping experience, ShopClues continues to resonate with customers as it evolves in this dynamic online landscape.
In this article, let’s explore the world of ShopClues—its founders, business model, revenue model, funding, growth, and more.
ShopClues – Company Highlights
STARTUP NAME
SHOPCLUES.COM
Headquarters
Gurgaon, Haryana, India
Sector
Online Shopping
Founder
Sandeep Aggarwal, Radhika Aggarwal and Sanjay Sethi
ShopClues is a marketplace to establish a connection between buyers and sellers in a managed environment. It offers global and domestic brands, multiple online stores from brands or retailers across various listing categories. The Company provides delivery facilities, a rigorous merchant approval process, and a safe online platform for offline merchants.
ShopClues, the 35th company to enter the Indian e-commerce space, was founded in 2011 and has expanded to employ between 1,001 and 5,000 people in different parts of the nation. Its main office is located in Gurgaon.
By offering a wide selection of goods, such as clothing, electronics, gadgets, kitchen appliances, accessories, and home decor, this online marketplace makes buying easier. User-friendly features like cash on delivery and a variety of payment methods are provided by ShopClues. Through social media sites like Facebook, Twitter, and WhatsApp, users may quickly share their best discoveries with their peers. They also get alerts about interesting sales, discounts, and promo codes, which improves their entire shopping experience.
ShopClues – Industry
The Indian e-commerce sector is expected to reach a valuation of USD 112.93 billion by 2024, indicating a notable trajectory of growth as per the analysis report of Mordor Intelligence. The market is expected to develop at a robust annual rate (CAGR) of 21.5% between 2024 and 2029, with a target market size of USD 299.01 billion at the conclusion of the forecast period. This upward trajectory is ascribed to various factors, including the widespread adoption of smartphones in India, a growing population of tech-savvy consumers, and greater internet usage.
ShopClues – Founder and Team
Founded in July 2011, ShopClues was envisioned by co-founder Sandeep Aggarwal, accompanied by Sanjay Sethi, the co-founder and CEO, and Radhika Aggarwal, the co-founder and Chief Business Officer (CBO). Together, they set the stage for ShopClues to make its mark in the world of e-commerce.
Radhika Aggarwal (Co-Founder and CBO) Sanjay Sethi (Co-Founder and CEO) and Sandeep Aggarwal (Co-Founder), Left to Right
Sandeep Aggarwal
Sandeep Aggarwal is the co-founder of ShopClues.com. With academic achievements, including a Bachelor’s degree in Commerce and Business, a Master’s in Finance Education from Devi Ahilya University, and an MBA from Washington University in St. Louis, Sandeep has held significant roles such as Associate at Kotak Securities, Senior Financial Consultant at Charles Schwab, and Senior Manager at Microsoft Corp.
His expertise extended to serving as Equity Analyst at Citigroup Investment Research, Vice President and Senior Internet Analyst at Oppenheimer & Co, Managing Director and Senior Internet Analyst at Collins Stewart and Mangaing Director and Senior Internt Analyst at Caris and Company. Notably recognized as the visionary co-founder of ShopClues.com, he is also the Founder and CEO of Droom.in, showcasing his leadership in shaping successful ventures across different industries.
Sanjay Sethi
Sanjay Sethi, the Founder & CEO of Shopclues.com, is an alumnus of the prestigious Indian Institute of Technology, Delhi, where he pursued Software Technology and Computer Science. His academic journey also includes a BTech in Mechanical Engineering from the Indian Institute of Technology (Banaras Hindu University), Varanasi.
Prior to joining the fast-paced world of e-commerce, Sanjay had a number of notable positions, such as Senior Director of Products at eBay Inc., Dev Manager at TradeBeam Inc., and Junior Manager at Steel Authority of India Ltd. Sanjay Sethi, who has a broad professional background and a solid technological basis, has been instrumental in forming Shopclues.com’s success and driving its expansion and innovation in the e-commerce space.
Radhika Aggarwal
Radhika Aggarwal, the co-founder and CBO of ShopClues, is a highly accomplished entrepreneur with a robust educational background. She has a post-graduation degree in public relations and advertising and an MBA from Washington University in St. Louis. Radhika participated in a Stanford University executive program, which allowed her to expand her expertise even more.
After over 14 years of working in the US, Radhika Aggarwal has accumulated a wealth of experience in a variety of industries, such as retail, lifestyle, e-commerce, and fashion. Her experience includes positions in strategic planning at Goldman Sachs and marketing at Nordstrom in Seattle. Radhika’s leadership at ShopClues is greatly influenced by her diverse experience and strong academic background.
ShopClues – Startup Story
Established in 2011, ShopClues made a bold entry into India’s burgeoning e-commerce sector. Founded by the trio of Radhika Aggarwal, Sandeep Aggarwal, and Sanjay Sethi, the platform rapidly gained prominence in a competitive market. Radhika Aggarwal, breaking barriers, became the first Indian woman to join the Unicorn club, contributing significantly to the company’s success. With prior experience running FashionClues, a content platform for NRI women, Radhika brought invaluable insights to the venture.
With its headquarters located in Gurgaon, ShopClues entered the Indian e-commerce market as the 35th company. By concentrating on helping tier 2 and tier 3 merchants with product sales and brand development, the platform distinguished itself. ShopClues made history by achieving a $1.1 billion valuation in just few years, earning it a coveted place in the Unicorn Club in 2016.
Even with the company’s commercial successes, there were personal changes. According to a 2017 news source, Radhika and Sandeep Aggarwal, the founding couple, separated. They were previously husband and wife. Nevertheless, ShopClues kept growing under the co-founders’ capable direction. The story of ShopClues not only highlights company successes but also the dramatic personal and professional obstacles its founders had to overcome.
ShopClues – Mission and Vision
ShopClues embarked on its mission with the goal of bringing the vibrant bazaars of India online, focusing on serving consumers in tier 2 and tier 3 cities. The vision accompanying this mission is to become the largest and most customer-centric e-commerce company in India.
ShopClues – Name, Tagline, and Logo
ShopClues Logo
The ShopClues logo represents the two strongholds of the brand ‐ comprehensiveness and trust, while bringing a contemporary, simpler, and stronger vibe to the brand. It perpetuates our image as the most accessible online shopping partner for the real India.
ShopClues – Business Model
ShopClues is an online business-to-consumer marketplace that gives shopkeepers, retailers, and small companies a venue to offer their goods to a wide range of online customers. The platform earns income from successful transactions by charging a small selling service fee, which incentivizes sellers by eliminating the need for upfront setup costs.
Company sets itself apart with an intuitive platform that provides email and hotline service for vendors. To help its merchants, the organization makes use of cutting-edge technology, marketing know-how, and analytics that facilitate decision-making. Strict merchant approval procedures guarantee the legitimacy of the products, and buyer protection initiatives like the ShopClues Surety Program make buying easier and encourage recurring business.
Some of the prominent revenue sources of ShopClues are:
Commission Fees: It is the main source of income. Each transaction made through the ShopClues website results in a commission charge being paid by the sellers.
Merchant Listing Fees: Sellers who wish to feature their products on the platform are charged listing fees.
Advertising and Promotion: ShopClues also makes money by advertising,earning extra money in the process.
ShopClues – Challenges Faced
A year on, Sandeep was talking about profitability for the startup. “ShopClues has earned gross revenue of Rs 12 crore since its inception. We are targeting Rs 100 crore by December 2012 and a GMV of $1 billion by 2016. We also feel that we would be the first Indian e-commerce company to reach profitability. By Q4 2012, we will be fully profitable,” Sandeep said.
But in 2013, ShopClues suffered a big blow as CEO Sandeep Aggarwal was arrested by the FBI in San Jose in relation to an insider trading case in his previous job. The company’s responsibilities came down to Sanjay Sethi, who took over as CEO.
While Aggarwal returned to India in 2014, over the next few months, he was asked to step away from his duties, and he was allegedly sidelined by the other co-founders.
Despite the healthy funding track record, ShopClues had steadily lost momentum by 2017 and 2018, as orders dried up and dropped to under 30K per day.
Further, in July 2019, the company laid off nearly 150–200 employees. The majority of the layoffs were said to be in the operations team.
ShopClues – Funding and Investors
ShopClues has raised a total of $257 million in funding over 12 rounds.
Here are the funding details:
Date
Round
Amount
Lead Investors
Sep 19, 2019
Venture Round
Rs 8 crore
CluesNetwork
Aug 10, 2018
Venture Round
$ 16 million
–
Feb 20, 2018
Venture Round
$1 million
Unilazer Ventures
Dec 31, 2017
Series E
–
–
May 9, 2017
Debt Financing
$ 7.7 million
InnoVen Capital
Jan 12, 2016
Series E
$100 million
GIC
Jan 19, 2015
Series D
$100 million
Tiger Global Management
May 1, 2014
Series C
$15 million
Helion Venture Partners, Nexus Venture Partners
Mar 19, 2013
Series B
$10 million
Helion Venture Partners, Nexus Venture Partners
Jan 1, 2012
Series A
$4 million
–
ShopClues – Mergers and Acquisitions
ShopClues acquired Momoe on July 15, 2016 for around $10–$12 million. Momoe is a Bengaluru-based startup focused on mobile payments’ systems.
ShopClues – Growth
From its humble beginnings in 2011, ShopClues has evolved into a major player in the Indian e-commerce landscape, carving a distinct niche for itself. Boasting a whopping 100 million visits annually and a seller base exceeding 5 lakh, ShopClues has witnessed phenomenal growth as of 2016.
ShopClues’ ascent is not merely marked by numbers; it is a testament to its role as the ultimate platform for small sellers across India. The platform’s extensive marketplace reaches 32,500 pin codes, facilitating the delivery of products far and wide. With 100 million monthly visits, a network of over 6 lakh merchants, an impressive 8.5 crore+ SKUs, and a staggering 50,000 crore+ worth of listed merchandise, ShopClues stands as a thriving hub for the exhibition and sale of diverse products.
This growth trajectory demonstrates ShopClues’ dedication to offering small merchants a strong platform and emphasizes the company’s noteworthy influence on the Indian e-commerce business.
Financials
ShopClues Financials
ShopClues Financials
FY20
FY21
FY22
Operating Revenue
Rs 89.1 crore
Rs 115.1 crore
Rs 59.9 crore
Total Expenses
Rs 148.7 crore
Rs 174.3 crore
Rs 111.7 crore
Profit/Loss
Loss of Rs 51.5 crore
Loss of Rs 58.1 crore
Loss of Rs 50.2crore
Cash from Ops
Deficit of Rs 27.4 crore
Deficit of Rs 28.3 crore
Deficit of Rs 26.6 crore
Expenses Breakdown
ShopClues Expenses Breakdown
FY21
FY22
Transportation Costs
Rs 49.4 crore
Rs 30.7 crore
Employee Benefits
Rs 62.8 crore
Rs 27.6 crore
Advertising Promotional
Rs 41.3 crore
Rs 24.8 crore
Others
Rs 20.8 crore
Rs 28.6 crore
EBITDA
ShopClues FY21-FY22
FY21
FY22
EBITDA Margin
-45.44%
-72.03%
Expense/Rs of Op Revenue
Rs 1.51
Rs 1.86
ROCE
–
–
ShopClues – Advertisements and Social Media Campaigns
ShopClues Campaign
ShopClues has launched a great campaign named ‘Mall Nahi Market.’ Their goal is to transform online shopping into an enjoyable experience akin to going shopping. In the advertisement, a contented consumer finds deals, much like we might at a real market. ShopClues guarantees a wide selection and affordable rates. It resembles an online marketplace where customers may browse and take advantage of deals.
ShopClues – Awards and Achievements
ShopClues won several awards; below are the details:
2016:
Gold Award at APAC Effie Awards for Ghar Wapsi campaign (David vs. Goliath category).
Marketing Campaign of the Year at CMO Asia Awards.
Award for Consumer Insight at CMO Asia Awards.
Bronze winner in Film 12B Retail Advertising category for Ghar Wapsi Sale – Bhains Ki Aankh campaign at Abby Awards.
Award in Search Marketing at 6th India Digital Awards function.
2015:
Silver at Effie India Awards for Ghar Wapsi Campaign.
Advertising Campaign of the Year by Indian e-retail Awards for TVC, From Ding to Dong.
Coolest Start-Up in India by Business Today.
Interactive – Remarketing and Retargeting at DMA Asia ECHO Awards.
2013:
Featured in Red Herring Asia Top 100 Winners List.
Best e-Commerce Site of the Year award by Global Youth Marketing Format Social Media Summit and Awards.
‘Best e-Retailer of the Year – Value for Deals’ title by Franchise India at 2nd National Indian e-Retail Awards.
ShopClues is gearing up to introduce renowned international brands to the Indian market.
Gambhir, the Managing Director and Board member of ShopClues, stated, “Our rebranding exercise will unfold over the next 10 months.” He added that ShopClues currently fulfills approximately 1,000 cross-border orders daily, facilitated through Qxpress, the logistics arm of Qoo10. Gambhir also mentioned that ShopClues aims to scale this number to around 12,000 orders by 2024″, as reported on September 23, 2023.
FAQs
Is ShopClues an Indian company?
Yes, ShopClues is an India-based company that provides a managed marketplace connecting buyers and sellers online.
Where is ShopClues head office?
ShopClues head office is in Gurgaon, Haryana, India.
Who is the CEO of ShopClues?
Sanjay Sethi is the CEO of ShopClues.
How does ShopClues earn money?
ShopClues is a business-to-consumer shopping platform. They earn money on the service fee for every successful transaction.
The way we live is changing, moving from traditional to digital, thanks to Electronics and IT. Watches have become Smartwatches, cars are becoming Smart Vehicles, and TVs are becoming Smart TVs. Our houses can now be smart! Globally, the concept of smart houses is gaining popularity.
India is quickly following suit with this trend. It came in third place in the world among smart houses in 2020. Dhruv Patel and Parth Shah developed Smart Node in 2015 as a direct response to the growing need for smart living in India. Smart Node is introducing cutting-edge products that are creating waves in the Indian home automation sector. All of this is a part of the amazing adventure that Dhruv Patel and Parth Shah started, where technology works nonstop to improve and simplify daily living.
Let’s dive into the article to know all about Smart Node, its Startup Story, Business and Revenue Model, Competitors, andmore.
SmartNode offers a wide range of products that can convert any existing and new home into a smart home. The products are designed not just to add convenience and comfort to the lives of the users, but also to conserve energy.
Some facilities you can expect in a Smart Home designed by Smart Node are, the curtains/lights can turn on sunrise using the sunrise/sunset feature. Using the Human-centric features, the tuning of light takes place according to the natural lights having a tremendous impact on human health. By geofencing, automatic gates can open when we are near our home. Smart Node has a lot to offer for making your home a smart home.
In retrofit home automation solutions, Smart Node’s different solutions include:
Lighting Automation Controllers
Curtain Controller
IR Blaster (a universal remote which replaces all your remotes, so that you can control all your devices using your mobile or simply via voice commands)
RGB Automation (lets you lighten up your home as per your mood)
Scene Controllers (lets you set the lighting, music, and entertainment devices in your home as per your wish with a single tap)
Door Lock controllers
The appliances connected to Smart Node hardware can be operated via Smart Node application, Alexa, Google Home, and remote. In Touch, Smart Node has different materials like glass, acrylic, marble, and veneer. The color and icons can be customized as per the actual load.
Smart Node also supports IFTT and NFC Tags and has drivers developed for integration with wired controllers like Control4, Elan, and Creston.
Smart Node – Industry
The Indian smart home market is likely to increase significantly, with a projected revenue of US $6.5 billion in 2024, according to a Statista analysis. The market, which has a projected 9.14% annual growth rate (CAGR 2024–2028), is ready for significant expansion. By 2028, this remarkable development is expected to reach a projected market volume of US $9.2 billion, demonstrating a growing trend in the nation’s adoption of smart home technologies.
These figures demonstrate the growing significance and demand for smart home solutions in India, which is indicative of a growing trend among consumers to use technology to improve and simplify their daily lives.
Smart Node – Founders and Team
Smart Node was founded by Dhruv Patel and Parth Shah.
Dhruv Patel
Dhruv Patel, the Co-Founder, COO, and Chief Decision Maker at Smart Node, is a visionary leader with over 9 years of experience in smart living solutions. Since the establishment of Smart Node, Dhruv has played a pivotal role in shaping the company’s innovative approach to smart living.
Before he also served as the Co-Founder and Software Developer, specializing in Cloud and Mobile App development in Smart Node. His earlier professional journey included valuable experience as an Assistant System Engineer at Tata Consultancy Services.
Dhruv graduated from GCET with a Bachelor of Engineering (B.E.) in Electrical Engineering. Having a wide range of experiences—including working as a freelance software consultant—he has made a substantial contribution to Smart Node’s achievement in revolutionizing the smart home automation sector.
Parth Shah
Smart Node Co-founder Parth Shah
Parth Shah, the Chief Revenue Officer and Co-Founder of Smart Node, graduated from G.H. Patel College of Engineering and Technology with a bachelor’s degree in electrical and electronics engineering. He started his career with Diamond Infosystem Ltd. as a business development executive. After thereafter, Parth moved to Vertical Dots Technologies to take on a crucial position as Partner.
Smart Node has a team of 11–50 employees.
Smart Node – Startup Story
Before starting the current venture, Dhruv served TCS, and Parth had served a local cable industry for ten months. After that, they developed an IOT product for the cable industry to enhance its production capacity. For this, the duo also got the Best Start-up award at Switch Global Expo in Vadodara. This changed the direction of the company.
During this time, Dhruv and Parth saw that the internet was getting cheaper and quickly available, and the disposable income of the Indians was increasing. So, to tap this opportunity, they shifted their experience to bring IoT to the home and developed home automation products.
After crafting the beta version, they tested its stability in their homes and those of friends and relatives. Following numerous iterations for refinement, Smart Node confidently launched its product in the market. In the early stages, they provided direct installation and services to clients in Vadodara, gaining valuable insights into user experiences.
Smart Node – Mission and Vision
SmartNode’s vision in venturing into the Retrofit Home Automation field is to enhance and simplify people’s lives, making them better and smarter. The mission is to become a major force in the Internet of Things (IoT)-based electrical sector, setting the standard for innovation and technical progress.
Smart Node – Name, Tagline, and Logo
Smart Node Logo
The brand name is ‘Smart Node’.
The company’s tagline reads, “Discover the Joy of Smart Living.“
Smart Node – User Acquisition
Most of Smart Node’s initial orders were from well-wishers and personal contacts. They designed pamphlets that were marketed through the newspaper. They also went on to run small digital marketing campaigns targeting the probable customers just within their area to gain initial traction. Door-to-door demos to new homeowners, builders, and architects were another strategy adopted by the company.
To gain the confidence of the architects in their products, Smart Node started offering free demos of their products to the architects. Gradually, the company started receiving good responses from the market, and after six months of beginning, they started to develop channel partners in Vadodara and nearby regions.
Smart Node – Business Model
In the IoT-based electrical industry, Smart Node functions on a business-to-business (B2B) and business-to-consumer (B2C) paradigm, bridging the gap between the two types of interactions. At the heart of its business, Smart Node caters mostly to residential homeowners looking for cutting-edge home automation solutions. The core of the company’s value proposition is its cutting-edge technology, which prioritizes improved customer ease and safety while enabling seamless control and monitoring of home devices.
In order to increase its market share, Smart Node actively works with channel partners. The implementation of digital marketing campaigns is crucial in establishing brand recognition and expanding the reach of smart home solutions’ advantages. Direct involvement during the installation process, ongoing product innovation based on user feedback, and free product demonstrations for architects are some of the ways the company cultivates its customer ties.
Smart Node – USPs
In the growing home automation segment, the USPs that keep Smart Node ahead of its competitors are:
Smart Node’s adaptability to new technologies in the market, leads to timely upgradation of the products to keep up with the latest trends.
Customization of the touch panels with quick delivery
Smart and sleek hardware
Amazing application features
Compatibility with different platforms in the industry
Smart Node also counts on its vibrant team and effective sales model as its major strengths that help the company face the competition better.
Smart Node – Revenue Model
Some of the prominent ways Smart Node makes revenue are:
Direct Sales:
Smart Node makes money by selling its state-of-the-art home automation devices directly to consumers.
Service Fees:
To improve the entire customer experience, the company offers professional service for price.
Channel Partnerships:
To increase its market presence, Smart Node carefully collaborates with distributors to build a network of dealers. Sales produced by this distributor network provide revenue.
Smart Node – Growth
Over the course of its five-year, successful journey in the industry, Smart Node has demonstrated creativity and adaptability. The company’s product line is notable for its ability to be customized, providing customers with a wide choice of smart home options that are catered to their specific requirements.
Based on this basis, Smart Node has developed strong bonds and mutual trust with its channel partners. The company’s remarkable statistics of more than 250 channel partners and more than 5,000 automated homes attest to its commitment to broad market penetration. Furthermore, the fact that more than 15,000 people use the app shows how useful Smart Node’s features are. With its smart home solutions, the company, which operates in more than 20 states, has made a significant impact on households.
Smart Node – Awards and Achievements
Smart Node has been recognized for the high-quality solutions the company is offering.
In 2019, the company got recognition from the Government of India in the Start-up India program( recognition number is DIPP32339). In that very year, Smart Node was also awarded the “the most promising home automation startup award” by Silicon India.
Smart Node – Competitors
Smart Node categorizes its competitors into three types:
1. Electrical like GoldMedal, GM, Legrand, Norisys
2. Chinese make products available online.
3. Wired Automation companies like Control4, ELAN, Creston
Smart Node – Future Plans
Team Smart Node is dedicated to creating the best user experience for its customers by bringing in the best of technology. In the future, the company is planning to bring dimmable drivers for lights, sensors, and KNX actuators, which will ensure that homes become smarter as per news report of October 2022.
FAQs
What is Smart Node ?
Smart Node offers home automation solutions that make your home more comfortable and secure. From mood lighting, curtain controllers, door lock controllers, and more, it offers smart home solutions customized to your needs.
Who founded Smart Node?
Batch mates turned friends Dhruv Patel and Parth Shah founded Smart Node in 2015.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Venture into the realm of EdTech, where groundbreaking technology is reshaping education. EdTech acts like a guiding light, transforming traditional education and making knowledge accessible to everyone. Let’s dive into the captivating world of education technology (EdTech), where platforms like Vedantu leverage technology to revolutionize education, connect people, and strive for a future where education is within reach for all.
Vedantu resolves this problem through personalized, ‘live’ online tutoring. It ensures every student associated with it is under the guidance of a dedicated teacher, and that every session on its platform is interactive, intuitive, and interesting. Launched in 2014, Vedantu has become immensely popular among students.
Read on to know more about Vedantu’s founders, startup story, business model, revenue model, funding, competitors and more.
Vedantu – Company Highlights
Startup Name
Vedantu
Headquarters
Bangalore, Karnataka, India
Sector
Edtech
Founder
Vamsi Krishna, Pulkit Jain, Anand Prakash and Saurabh Saxena
Vedantu stands out as India’s premier Edtech startup, specializing in online tutoring for students in grades 6 to 12. The platform provides personalized coaching, connecting students with highly skilled teachers who employ advanced technologies like two-way audio, video, and whiteboarding to facilitate live interactions, ensuring a tailored learning experience. Based in Bangalore, Vedantu not only caters to academic needs but also prepares students for competitive exams and offers co-curricular modules.
The platform’s cooperative sessions, adapting to the students’ pace, distinguish it from recorded videos and traditional classrooms. Vedantu’s video sessions accommodate low internet bandwidth, providing accessibility to a broader audience. With robust learning management tools and a comprehensive training approach, Vedantu emerges as a top-tier online educational service provider in the K–12 segment, making learning engaging, accessible, and effective.
According to a Statista estimate, the Indian online education market is expected to grow rapidly, with revenues expected to reach US $5.76 billion by 2023—a considerable increase. With a strong 20.53% annual growth rate (CAGR 2023–2028), the trajectory is expected to continue rising and reach an amazing market volume of US $14.65 billion by 2028.
Of particular note is the expected large contribution from the Indian market, which is projected to grow to a sizeable US $4.73 billion by 2023 for online learning platforms. These numbers show how online learning is becoming more and more important in India, and they also point to a positive future for the sector.
Vedantu – Founders and Team
Vedantu Founders Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain (Left to Right)
Vedantu was founded by Vamsi Krishna (co-founder, CEO), Pulkit Jain (co-founder, head of product), Anand Prakash (co-founder, head of academics), and Saurabh Saxena.
Vamsi Krishna
Vedantu co-founder and CEO Vamsi Krishna completed his BTech from IIT Bombay in 2005 and co-founded Lakshya Institute—an educational enterprise that prepares students for engineering and medical entrance exams—with three more IITians: Saurabh Saxena, Pulkit Jain, and Anand Prakash. The four individuals have mentored 10,000+ students and trained more than 200 teachers through Lakshya. Vamsi, Saurabh, Pulkit, and Anand continued to work on Lakshya for nearly eight years until it was acquired by MT Educare in 2012.
Anand Prakash
Anand Prakash serves as the co-founder and Academic Head at Vedantu. Prakash was the Manager of Abhishek Industries before he founded Lakshya Institute and then Vedantu along with the other founders. Prakash is an alumnus of IIT Roorkee, from where he completed his BTech in Paper and Pulp Technology.
Pulkit Jain
Vedantu co-founder and head of product Pulkit Jain has a BTech in Chemical Engineering from IIT Roorkee. He joined Evalueserve as a Business Analyst before co-founding Lakshya Institute and eventually establishing Vedantu with the other co-founders.
Saurabh Saxena
Saurabh Saxena is another co-founder of Vedantu. Saurabh Saxena served as the Head of Academics and exited Vedantu in January 2018. Saxena was a Chemical Engineering student at IIT Roorkee who completed his BTech from the same college. Starting his career by founding Lakshya Institute, Saxena later co-founded Vedantu. On exiting the company, Saxena founded Power Club, where he is serving as CEO. Saurabh had a brief stint as the Director of Ekya Schools.
The edtech unicorn has an employee strength of 5,001–10,000 employees.
Vedantu – Startup Story
The story of Vedantu has the story of the four IITians and the story of Lakshya at its core. It was Vamsi Krishna who took the initial initiative along with the other IITians, founded the primary venture, and named it “Lakshya” in 2006. IIT Roorkee BTech graduates Saurabh Saxena, Anand Prakash, Pulkit Jain, and Vamsi Krishna started Lakshya Institute with an aim to train for a wide variety of tests and exams.
Lakshya stuck to its goal for the next six years, although it had trouble expanding its offline model to five locations in Punjab. Getting qualified teachers to teach in remote places was a big problem. Krishna set out on a transformative journey to overcome obstacles, focusing on efficiency and innovation for a good and pleasurable change. To increase Lakshya’s effect and scalability, a strategic transition rather than merely adaptation was the aim.
Therefore, they soon started working on it through Lakshya. However, they eventually realized that to up the game, they needed something beyond the brick-and-mortar institute, and this would be done only by leveraging technology and the internet. Such an institute would be online and scalable.
They found that to establish an online education platform, they would be needing dedicated and skilled teachers. In 2012, realizing that the existing model was not yielding the desired results, Krishna candidly admits, ‘It was not working.’ Taking a strategic step, the friends decided to sell the venture. In a significant move, they sealed a Rs 30 crore deal, selling the business to coaching player MT Educare. After a two-year transition period with the company, the friends took a bold step into online live tutoring. In 2014, Vedantu was born, signaling their commitment to innovation in education.
Vedantu – Mission and Vision
The company’s primary mission is to make high-quality education accessible to all. In contrast to group classes, they aim to provide a better experience and let individuals select what suits them the most. Their goal is to establish a future in which everyone has easy access to and customization of high-quality education.
Vedantu’s vision is to transform traditional teaching and learning methods. Through a blend of quality teachers, engaging content, and advanced technology, they aim to provide students with a superior learning experience, distinct from traditional offline methods, ultimately enhancing their academic outcomes.
The name ‘Vedantu’ is the result of combining the words ‘Veda’ and ‘Tantu’. ‘Veda’ means knowledge and ‘Tantu’ means network; thus, Vedantu acts as a network of wisdom.
Vedantu Logo
Vedantu – Business Model
Vedantu provides a variety of services with an emphasis on online live tutoring under a B2C (Business-to-Consumer) business model. The company uses a virtual learning platform called WAVE (Whiteboard Audio Video Environment) to give K–12 peoples individualized, interactive instruction. This covers online coaching for a range of competitive exams in addition to routine academic support.
Vedantu’s business strategy is centered on EdTech, remote learning, and mobile learning (m-learning). Through the integration of technology and high-quality instruction, Vedantu aims to transform and improve the educational experience for peoples. Using an online platform gives students freedom and makes education available to those who need it, no matter where they are or what their circumstances may be.
The business plan of Vedantu comprises giving away few free lectures and digital educational resources in addition to delivering paid online teaching services. This dual strategy guarantees that the site serves a wide range of users, including those looking for low-cost educational options and those getting ready for competitive tests.
Vedantu – Revenue Model
Vedantu diversifies its revenue streams through various channels. Here are the key sources:
Subscription Plans
Plan options for Vedantu Pro are paid monthly or annually.
Study materials and individualized learning elements are accessible for a fee.
Exam-Preparation Courses
Paying courses for competitive exams like NEET and IIT-JEE are available from Vedantu.
Partnerships and Collaborations
Works together to provide universities with specialized learning solutions.
Income via partnerships and license fees.
Sponsored Advertisements
Makes money by running sponsored content and tailored advertisements.
Collaborations with brands to get extra revenue.
Vedantu – Challenges Faced
Vedantu encountered significant challenges during its journey, with money surprisingly not being a major concern for the co-founders. In the early stages, the struggle to scale was apparent as the one-to-one teaching model faced limitations. Realizing the need for change, Vedantu transitioned to a one-to-few model and eventually to a one-to-many approach, marking a pivotal shift in their strategy.
Vedantu, however, suffered a severe setback in 2017 that nearly brought it to an end. An important $8 million fundraising round that was anticipated in September was abruptly canceled by the international venture capital fund after a one-month delay. With just three weeks remaining on its runway due to this unanticipated turn of events, Vedantu was on the verge of going out of business. A low point in Vedantu’s journey was reached when almost 30% of the personnel had to be let go in a desperate attempt to survive. During this turmoil, one of the co-founders also left.
The co-founders learned two important things from the difficult experience: never presume success before it’s time and cherish money even when it goes above and beyond expectations. This turbulent time highlighted how crucial it is for Vedantu to be resilient and adaptable in order to overcome unanticipated obstacles and come out stronger.
Vedantu – Funding and Investors
Vedantu has raised around $292.2 million in funding to date. Vedantu had witnessed a total of 11 rounds of funding.
The table below provides a detailed description of the funding raised by Vedantu so far:
Vedantu contributed $2 million to Instasolv’s seed round fundraising on June 23, 2020, making a total investment in the ed-tech firm. However Vedantu has since exited from this transaction, changing the composition of its investment portfolio.
Vedantu – Mergers and Acquisitions
Vedantu has acquired three companies to date.
Here are the acquisition details:
Acquiree Name
Acquired Date
Price
Deeksha College
Oct 13, 2022
$40 million
Pedagogy
July 15, 2021
–
Instasolv
February 22, 2021
–
Vedantu – Growth
The edtech sector in India has grown significantly in the last several years, and a number of platforms have emerged to meet the demands of students. Vedantu has become a prominent participant in the edtech space, revolutionizing academia not only in India but around the world.
Some of the growth highlights of Vedantu are:
It offers more than 2.1 crore hours of live learning
Vedantu boasts of having 10+ lakh monthly Youtube views
It promises to resolve 25+ lakh doubts via the Vedantu app
Vedantu brings LIVE classes opportunities for students from across 57+ countries
Financials
Vedantu Financials
Vedantu Financials
FY20
FY21
FY22
Operating Revenue
Rs 25 crore
Rs 94 crore
Rs 169 crore
Total Expenses
Rs 186 crore
Rs 748 crore
Rs 891 crore
Profit/Loss
Loss of Rs 150 crore
Loss of Rs 616 crore
Loss of Rs 696 crore
Cash from Ops
Deficit of Rs 143 crore
Deficit of Rs 655 crore
Deficit of Rs 518 crore
Expenses Breakdown
Vedantu Expenses FY21-FY22
FY21
FY22
Employee benefit expenses
Rs 407 crore
Rs 489 crore
Advertising promotional expenses
Rs 176 crore
Rs 182 crore
IT Cost
Rs 19 crore
Rs 25 crore
Seminars conference expenses
Rs 18 crore
Rs 29 crore
Others
Rs 128 crore
Rs 166 crore
EBITDA
Vedantu Financials FY21-FY22
FY21
FY22
EBITDA Margin
-447.41
-350.97%
Expense/Rs of Op Revenue
Rs 7.96
Rs 5.27
ROCE
-110.25%
-116.93%
Vedantu – Advertisements and Social Media Campaigns
Vedantu Campaign
Aamir Khan, a well-known actor from Bollywood, starred in a creative advertising campaign released by Vedantu to promote their Ai-LIVE technology. The marketing presents Ai-Live as the newest EdTech innovation that democratize education for millions of students by crafting a unique narrative. Vedantu hopes to revolutionize education by utilizing cutting-edge technology and the support of a well-known figure like Aamir Khan to make high-quality education accessible and reasonably priced.
Vedantu – Awards and Achievements
Vedantu has earned several awards and distinctions, some of which are highlighted below:
Vedantu earned the title of ‘Best Organization to Develop Technology for Education’ at the DNA Innovative Education Awards in February 2016.
The platform was a winner at ‘KINSES 2016 EduAwards.’
Vedantu was honored with the ‘Online Education Startup of the Year’ award at Elets World Education Summit in 2015.
In 2015, Praxis Media recognized Vedantu as the ‘Most Promising and Live Online Tutoring Platform in India.’
Vedantu’s founders, Vamsi Krishna, Pulkit Jain, and Anand Prakash, were honored with the ‘Comeback Kid’ title at the ET Startup Awards in August 2020.
Vedantu’s future plans include the creation of distinct categories for primary children, starting from kindergarten. Infusing learning with enjoyment and making learning accessible to the students of remote areas is Vedantu’s supreme strategy. With 1 million lifetime learners and 4x growth in 2020, the company will explore new prospects and engage in expedient educational services in the future.
The company plans to open more than 30 offline centers in different Indian cities that would provide JEE, NEET, and Foundation courses in an effort to increase its market share. These centers will be situated in important cities such as Delhi, Patiala, Pune, Nagpur, Muzaffarpur, Bangalore, Chennai, Coimbatore, Madurai, Trichy, Puducherry, Hyderabad, Visakhapatnam, and Vijayawada, as per the official press release of December 12, 2023.
Vedantu is an online tutoring platform that provides live online masterclasses for the students to help them ace their examinations while they stay at home.
Who are the Founders of Vedantu?
Vedantu was founded by Vamsi Krishna (co-founder, CEO), Saurabh Saxena, Pulkit Jain (co-founder, head product), and Anand Prakash (co-founder, head academics) where Saurabh exited the company in 2018.
How much is Vedantu’s Revenue?
Vedantu recorded Rs 169 crore in revenues in FY22, which increased from Rs 94 crore that it earned in FY21.
Who are the Top Competitors of Vedantu?
Vedantu’s top competitors are Byju’s, Toppr, Unacademy, Eruditus, Physics Wallah, Lead, upGrad and more.
What were the Vedantu layoffs in 2022?
Vedantu had initially laid off around 200 employees on May 5th, 2022, and announced its second round of layoffs on May 18th, 2022, when the company parted with 424 more employees. The company again laid off 100 employees, who received their termination letters allegedly between July 4-9th 2022.
Living in the era of robots and artificial intelligence is not something that has become uncommon. With the help of AI, many industries, such as e-commerce and manufacturing, can improve their customers’ experiences with personalization.
In this era, artificial intelligence systems are assigned those tasks, which generally humans either do not want to do, do not have time to do, or are potentially risky. These days, many warehouses or manufacturing units have artificial intelligent androids in robotic systems to increase productivity. The goal to have a robotic warehouse is to save money in labor and time and improve the efficient production system, and one such company is GreyOrange.
GreyOrange is a startup technology company that deals in AI cloud software and robotic automation to improve the working of warehouse industries.
Take a look through GreyOrange’s AI journey in the following points to learn everything about their Startup Story, Founder, Business model, Revenue Model, Funding, Growth and more.
GreyOrange is a technology startup company that builds artificial intelligence cloud software and robotic industrialization to keep the working of the inventories and storages hassle-free. GreyOrange aims to provide a fulfillment platform no matter how challenging it can be, their GreyMatter fulfilling operating system and Ranger robots can help solve it.
The company takes pride to be a solution provider for warehouse industries. They claim to have solutions for if:
the warehouse has peak season performance when high order hits them
they have to fulfill variable demands
to keep up continuous control of their fulfillment
to meet the challenges of next-day/same-day delivery promises
to keep up the speed, task, and labor efficiency to maintain the productivity
All of the above-mentioned facts are some of the problems or situations a warehouse industry goes through. GreyOrange makes sure to solve their concerns with GreyMatter software and Ranger Robot Series.
The global AI in logistics market reached USD 7.96 billion in 2022. Straits Research’s forecasts project significant growth to USD 238.89 billion by 2031, featuring a robust compound annual growth rate of 45.93% over the 2023–2031 forecast period. The key drivers of this expansion are the increasing demands of the e-commerce industry and the expanding global trade scene.
As the foundation of both international trade and e-commerce, logistics is depending more and more on artificial intelligence (AI) technologies to improve operational efficiency. The industry’s realization of the critical role logistics play in overall business performance is what spurred this strategic shift. According to insights from Straits Research, the broad adoption of high-speed internet connections has made it easier to integrate IoT devices in logistics, making AI solutions more accessible and revolutionary for the logistics sector.
Akash Gupta, Samay Kohli and Wolfgang Hoeltgen are the founders of GreyOrange. Akash Gupta is co-founder and CEO, while Samay Kohli is the co-founder and Board Member at GreyOrange.
Akash Gupta
Akash Gupta – Co-Founder and CEO at GreyOrange
Akash Gupta is the co-founder of the company GreyOrange, and a graduate of Mechanical Engineering from BITS Pilani.
He was born in the Auraiya district in Uttar Pradesh and his father worked in the railways. Since his school days, Akash had developed an interest in 3D animation and learned coding in class VI from his sister’s book. Eventually, he developed more interest in designing and wanted to try it out in the real world.
Akash has worked on various projects during his BITS Pilani days, thus giving him exposure to robotics. In 2008, during his first year of college, his team, AcYut, won a bronze medal at the Robo Games in San Francisco.
During his second year of college, he visited the BMW manufacturing unit, which helped him to understand more about the automation industry. It was during that time he met Wolfgang Hoeltgen, one of the mentors of the founding teams of GreyOrange. Akash Gupta leads the innovation part of GreyOrange across three R&D centers in USA and India from the Delhi office.
Samay Kohli
Samay Kohli – Co-Founder and Board Member at GreyOrange
Samay Kohli is the co-founder and serves as a Board Member of GreyOrange and is Samay Kohli is the co-founder and serves as a Board Member of GreyOrange and is also the Entrepreneur in Residence at Sutter Hill Ventures. He also has an MS degree in Economics from BITS Pilani. Like Akash, Samay too developed a passion for robotics during his school days.
In their BITS Pilani days, together they participated in robotics competitions across 13 countries, winning a gold medal at the ROBOlymics in 2009. He has been featured in various publications like Forbes Asia, Economic Times, and The Fortune. He has also been featured on MIT Technology Review’s global list of “35 Innovators Under 35.”
Wolfgang Hoeltgen – Was Co-Founder and Director at GreyOrange
He is a German electronics engineer and entrepreneur and the third co-founder of GreyOrange and was serving as the Director of the company. He used to work at IBM Germany and later went to the US in research, manufacturing, engineering, and software. He later met Akash and Samay and became their mentor. However he has left the company in 2022 and is on a retirement break.
GreyOrange – Startup Story
The path of GreyOrange embodies the idea of a “modest beginning.” A decade ago, BITS Pilani was the starting point for Samay Kohli and Akash Gupta, two robotics enthusiasts who were seniors in college and juniors. Together, they won praise for creating Acyut, the nation’s first homegrown humanoid robot, which went on to win a gold medal at the 2009 ROBOlympics and represent India in robotics competitions held in 13 different nations.
Their path was significantly shaped by their involvement in international robotic competitions, their time at BITS’ Center for Entrepreneurial Leadership, and an internship with C&C Technologies in the US. During their internship, they developed an automated 400-square-foot park, which was a significant first step towards large-scale product development. Motivated by these encounters, they established GreyOrange in 2011 with a starting capital of Rs 5 lakh INR, utilizing personal resources they had accumulated from their internships in the United States.
GreyOrange – Mission and Vision
GreyOrange mission to grow as a customer-centric and innovation-first solutions platform provider. The company’s goal is to establish itself as the industry leader in cutting-edge innovations, with a focus on customer satisfaction and a dedication to innovative solutions.
The company’s vision extends towards the long term, aspiring to develop an end-to-end orchestration and intelligence platform.
GreyOrange – Name, Tagline and Logo
Name: GreyOrange
Logo:
GreyOrange Logo
GreyOrange – Business Model
The core of GreyOrange’s business model is the development, production, and implementation of state-of-the-art robotics systems that are specifically designed to automate warehouses, fulfillment centers, and distribution centers in order to fulfill individual customer orders. The company mainly serves the High Tech, Retail, Transportation, and Logistics Tech market segments through B2B and SaaS operations.
Why GreyOrange?
In just five years, GreyOrange has rightly taken the advantage of most of India’s growing warehouse industries with its robots. Companies such as Flipkart, Myntra, and DTC are among many others using GreyOrange’s robots at their manufacturing units to automate their distribution processes. The company operates its business through different offices located in Mumbai, Bengaluru, Hyderabad, and Chennai. The company is also present in Singapore, UK, Germany Japan, and the USA.
GreyOrange – Revenue Model
GreyOrange Revenue Model
GreyOrange is on a remarkable growth trajectory, boasting an impressive year-on-year growth rate of about 300% as per news of 2016. Although a significant portion of its revenue was then generated from its home base in India, the company had ambitious plans.
It set its sights on a global stage, aiming to derive a substantial 70% of its sales from international markets. This strategic move reflected the company’s aspirations to expand its footprint and establish a formidable presence beyond its origins.
GreyOrange – Products and Services
Products And Services
Ranger Rack-to-Person (RTP) – the goods-to-person autonomous mobile robot (AMR)
GreyOrange specializes in automating order picking, inventory storage, putaway, and replenishment processes within fulfillment and distribution facilities. Their Ranger RTP, integrated with the GreyMatter fulfillment operating system, is designed to seamlessly interact with roll-cage pick-put station attachments and mobile storage units (MSUs) compatible with Ranger products. These solutions are crafted to enhance collaboration between human workers and the warehouse’s robotic systems, ensuring efficient and streamlined operations.
Ranger IL-L platform robot
It’s a vital part of the dynamic pair of autonomous mobile robots (AMRs) in intralogistics, the Ranger IL and the Ranger IL-H forklift robot. These robots, which are driven by GreyMatter, use cutting-edge 2-D LiDAR-based SLAM technology to autonomously navigate warehouse settings, guaranteeing smooth and effective operations.
There are about 501-1,000 employees as per LinkdeIn who are working at GreyOrange. They mainly employ those people who are experienced engineers because they believe that the robotics industry needs multidisciplinary skills like electronics, electrical, mechanics, software, and firmware.
The company believes in having a cosmopolitan surface/platform where employees are motivated and encouraged to design and equip their workspace that delivers high-class technology.
They also conduct activities and events to improve their work cultures such as GreyOrange Marathon, town halls, team activities, and excursions.
GreyOrange – Challenges Faced
As the company is in the software industry, providing automation in distribution centers comes with a lot ofchallenges,s such as complexity, scale, and cost of supply chains, and ultimately keeping up with customers’ expectations. Their biggest challenge is to seamlessly help organizations face these challenges by transforming and optimizing their supply chains to reduce operational errors.
GreyOrange – Funding and Investors
The company GreyOrange has raised $428.1 million in 10 funding rounds.
GreyOrange has achieved substantial growth, and operates a global network of more than 6,000 robots. The state-of-the-art fulfillment orchestration technology, GreyMatter, which orchestrates an astounding 630,000+decisions each minute, is the driving force behind this achievement.
GreyMatter uses a continuous learning model to optimize order fulfillment, make quick decisions based on incoming data, and provide human workforce with critical business insights. As evidenced by the strict Ranger certification requirements, company take great satisfaction in providing the clients with the best possible quality and versatility. This collaboration puts GreyOrange in a strong position to develop and succeed moving forward as they meet and beyond the expectations of devoted clients.
GreyOrange – Awards and Achievements
Some of the prominent awards of GreyOrange are:
Samay Kohli the co-founder recognized as a Supply and Demand Chain Executive in 2021.
Company won “RBR50 Robotics Innovation Award” by Robotics Business Review in 2021.
In London in 2021, the company was awarded the Supply Chain Excellence Award.
GreyOrange – Competitors
Some of the competitors of GreyOrange are as follows:
ATTAbotics ATTAbotics is a Canada-based robotics company that deals in advanced inventory management systems. The company is one of the top competitors of GreyOrange as it is listed among CNBC’s 100 most promising startups in 2019.
Ambi Robotics Based in the United States, Ambi robotics is a tough competitor of GreyOrange. The company also offers advanced AI-powered robotic systems for inventory and has partnered with many industries such as E-commerce, Parcel, Consumer goods, Pharma, Cosmetics, Retail, Food & Beverage, and Manufacturing.
Fetch Robotics Fetch Robotics (now part of Zebra technologies ) is a privately held robotics manufacturer situated in the US that offers a wide range of warehouse robots in manufacturing and warehousing operations.
Exotec Headquartered in France, Exotec has operations present all over Europe, North America, and Asia. The company is slowly catching up with GreyOrange in terms of distribution.
Kiva Systems Amazon Robotics, formerly known as Kiva Systems, has been in the market for quite some time. The company, based in Massachusetts, USA, manufactures a mobile robotic fulfillment system. Being a part of the Amazon brand, this brand has about over 900 parts as of 2008 from dc motors to custom-made ball screws.
FANUC America The FANUC company has its headquarters in Japan, which is a group of companies that offers services in robotics and computer numerical control wireless systems. This brand is the largest maker of industrial robots in the world and serves all over the world.
In 2022, GreyOrange partnered with Blue Yonder to come up with a combined form of digital warehouse management system (WMS) and order management system (OMS) solutions. Together, they planned to provide an expansive range of possibilities for businesses focused on fulfillment.
The giant fashion company H&M has also teamed up with GreyOrange to increase its efficiency in the robotic fulfillment system by implementing GreyOrange’s automation services.
GreyOrange – Future Plans
GreyOrange released a revolutionary multi-robot orchestration function in the middle of 2023 that makes it possible for robots from various manufacturers to work together harmoniously in warehouses. This progressive action is in line with their future plan that more than 50% of businesses utilizing intralogistics robots will use these kinds of collaborative platforms by 2026. It strengthens GreyOrange’s position as a frontrunner in influencing the direction of logistics’ collaborative robots in the future.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
In today’s fast-paced world, almost everyone is running a race to learn something new and achieve success in their lives. However, it is a known fact that the very first step towards any journey is the hardest, and oftentimes, people get skeptical about their career options just because they cannot find an appropriate source for their educational research.
Edukhoj is a platform that has come up with a solution for students’ educational search needs. The platform bridges the gap between students and educational institutions, helping them attain the best results.
In this article, you will discover the various aspects of Edukhoj that contributed to its success, like its business and revenue model, founder and team, products and services, and more.
Edukhoj.com is a one-stop, data-driven, and technology-based educational platform which helps connect students to education institutes and make informed decisions. Empowering learners worldwide with community discussions, counseling, and educational blogs on various test preparation, skill-based, distance learning, or college-level courses. An Artificial Intelligence web-based education institute tool for nurturing inquiries to admissions and more.
Edukhoj – Industry
The education market is expected to increase significantly, with total revenue expected to reach US$55.44 million in 2022, according to a Statista analysis. The results point to a noteworthy 14.68% annual growth rate (CAGR 2022–2027), which suggests a significant rise in the industry.
The education market is expected to grow, with a predicted value of US$106.50 million by 2027. This strong development trajectory, which reflects the changing environment of educational technologies and services, highlights the growing importance and investment in the education industry.
Edukhoj – Founders and Team
Abhishek Porwal, Founder of Edukhoj
Abhishek Porwal
Abhishek Porwal, the founder of Edukhoj and a graduate of the Indira Institute of Management, has a diverse professional background. Beginning as a Senior Relationship Manager at Birla Sun Life Asset Management, he later served as an Area Coordinator at Aakash IIT-JEE. His experience includes roles at Resonance Eduventures Limited, where he started as Marketing Senior Business Development and progressed to Branch Manager. Before launching Edukhoj, Abhishek held leadership roles in a startup venture and served as Assistant General Manager at Narayana Educational Society. His dynamic career showcases a strong foundation in education and a commitment to driving positive change in the sector.
The company size is comprised of 11–50 members, as per LinkedIn.
Edukhoj – Startup Story
The idea for Edukhoj originated when Abhishek Porwal answered a pointed question from a biology student during a career counseling event at a prestigious university: “Sir, if not NEET, then what for biology students? And as a student of science, what if IIT wasn’t? Why is science restricted to B.tech or IIT, sir?” This thought-provoking question ultimately led to Abhishek quitting his work, and Edukhoj—a bootstrapped startup with the goal of redefining educational possibilities—was founded as a result.
This pivotal occasion not only marked a change in Abhishek’s professional trajectory, but it also embodied Edukhoj’s dedication to challenging traditional educational standards. By offering a comprehensive platform that transcends conventional trajectories, the firm hopes to empower students by enabling them to explore and select a variety of educational pathways. The origins of Edukhoj are more than just a startup tale; they are a story that stems from the desire to change students’ perceptions of their academic destiny and extend their horizons.
Offer opportunities for cognitive learning and growth by matching aspirants with the most relevant education service provider
Company Vision:
Empower aspirants with an immersive learning experience to help them make an informed choice for a future-ready career
Edukhoj – Name, Tagline and Logo
Edukhoj Logo
The team was looking for a name that should have no limitations to geographical boundaries. Long calls with the core team, meeting on a few occasions at cafes or having tea or coffee and maggie, as both the snacks have maximum geographical acceptability by humans with fixed ingredients. They also thought of the same aspect or pattern as they were targeting only one sector, which was education, and what they were building was an education platform that understands two languages, Hindi as an Indian and English as a global language, so they combined Hindi and English terminology to give it a name, Edukhoj, where Edu is defined as “Education” and khoj means “Search”.
Edukhoj – Products/Services
Edukhoj Website
The platform deals on the basis of a subscription model. The products/services provided by the company are:
Branding & CPL option to educational institutes.
A mix of online advertisements and institute partnerships.
They have a simple working formula, that is: Search-Shortlist-Apply.
Edukhoj’s USP:
First to build an education marketplace.
They have their own CRM for institute partners, which saves their extra costs in CRM.
Verified Leads.
A detailed listing of academic institutions: Coaching, Professional institutes, Colleges and Universities.
Edukhoj is a one-of-a-kind educational marketplace aimed at connecting learners to educational services and product providers across the globe. The platform provides solutions to various problems for both students and educational institutes.
Students Perspective:
Lack of reliable information on global educational institutes and career choices.
Absence of an integrated platform addressing all educational-related queries.
Poor decision-making due to insufficient information on studying in India and studying abroad matters.
Education Institutes and Content Creator Perspective:
Limited market visibility and reach worldwide.
High cost of marketing and CRM.
Unavailability of verified organic leads.
Edukhoj – Business Model
Edukhoj stands out as the leader in building an education marketplace and uses a strong B2B2C business model. Using their in-house developed Customer Relationship Management (CRM) system, which is specifically designed for institute partners, is a major factor in their success. This tactical strategy greatly lowers the needless expenses related to using third-party CRM solutions while also streamlining processes.
One of Edukhoj’s primary USPs is its dedication to offering verified leads, which guarantees the accuracy and dependability of the data that reaches academic institutions. This dedication to excellence benefits the institutions as well as improving the general user experience for learners and future professionals.
Edukhoj – Revenue Model
Edukhoj.com sustains its revenue through a dual revenue model. Sponsored advertising and partnerships with educational institutions are combined by Edukhoj to increase the visibility of educational institutions. The Cost Per Lead (CPL) approach, in which institutions pay for the quantity of student inquiries generated via the platform, is a crucial component of its revenue strategy. According to this approach, the reason behind Edukhoj.com’s success is its ability to create a mutually beneficial relationship between educational institutions and potential students.
Edukhoj – Challenges Faced
Abhishek considers the difficult yet fruitful year that Edukhoj had, pointing out the challenges of growing a bootstrapped company in the face of well-funded rivals. The business overcame financial difficulties by developing features quickly in order to support client expansion. With competitors possessing significant marketing and talent acquisition resources, Edukhoj’s strategy focus on innovation and client happiness stood out as a crucial differentiator, allowing the business to prosper in the fast-paced educational technology industry.
Edukhoj – Funding and Investors
As a bootstrapped startup, Edukhoj has not taken outside funding. This self-sufficient strategy demonstrates the business’s capacity to run and expand on its own without the need for outside funding.
Edukhoj – Customer Acquisition Strategy
Building a bootstrapped startup is hard, but in reality, it’s just like searching for life on the moon with limited resources, or, you can say, just like studying a whole year for one examination, and the result is not known unless you appear for the examination. Edukhoj members as a team pinged each other at any point in time to get the task done, working hard day and night to build the smallest of features to their best.
As usual, moving ahead with daily routine, the team, with their superb coordination, just rechecked each aspect placed in the best way as per tech standards or as required and, after almost working for around a year on Edukhoj, they made the website live and waited patiently for the first user on the website, which happened in a couple of days, and the rest is the journey of sustaining in COVID and generating revenue with month on month growth. Closing the first subscription deal through cold calling was the best motivation factor for the entire team.
The following are the prominent strategies that the company used for acquiring the first 100 users:
As of now, the company has not run any marketing campaigns. However, they prioritised and relied on the following strategies for their marketing:
Delivery of commitment to institute partners
Trust
Timely delivery of services
After-sales services
Being bootstrapped, they had a limited budget, so they stuck to the basics of sales and marketing.
All this brought good word of mouth for Edukhoj, which helped them to grow month on month and sustain in the tough times of COVID.
The company started with coaching and professional institutes and, in a span of 1.5 years, they have grown to include Edukhoj in higher education too, and they are soon moving ahead with study abroad and e-learning services.
Edukhoj – Awards and Achievements
Participated in the Entrepreneurship Awareness Drive by IIT Kharagpur.
Sold their services in 11 states as of 2022.
Bootstrapped the build to revenue-generating stage and sustained the COVID period.
Onboarded a few national institutes.
Edukhoj – Competitors
The following are some of the competitors of Edukhoj:
Edukhoj future plan include improving its offerings in skill-based and professional institutes, overseas universities, “Study in India,” e-learning, and online education, with a focus on securing a top-three ranking among its rivals.
The company is growing its staff and looking for investor money to support its expansion. Prioritizing customer feedback, improving product implementation, and strategically extending the company’s reach into rural India and worldwide markets are all part of Edukhoj’s future strategy.
FAQs
What is Edukhoj?
Edukhoj is a one-stop, data-driven and technology-based educational platform which helps in connecting students to educational institutes and making informed decisions.
When was Edukhoj founded?
Edukhoj was founded in the year 2020.
Who is the founder of Edukhoj?
Abhishek Porwal is the founder of Edukhoj, the one-of-a-kind educational marketplace.
How does Edukhoj work?
Edukhoj works on an extremely simple and easy formula which is Search-Shortlist-Apply.
Who are the competitors of Edukhoj?
Some of the prominent competitors of Edukhoj are Shiksha, Collegedunia, CollegeDekho, Careers360, and more.
In the popular snack food industry, banana chips have become a favorite healthy snack for many. Within this industry, Beyond Snack emerges as a standout brand, offering authentic banana chips in a variety of flavors, revolutionizing the traditional snacking experience. Co-founded by Manas Madhu, Gautam Raghuraman, and Jyoti Rajguru, Beyond Snack has not only carved its niche with premium-quality chips but has also witnessed remarkable growth, solidifying its position in the market.
Learn more about Beyond Snack’s diverse products, the visionary founders behind its success, the funding journey that fueled its expansion, and more.
Beyond Snack is a Banana chips brand based in Alappuzha, Kerala. Launched in 2020, the brand gained recognition after appearing on Shark Tank India in 2022and securing investments from industry leaders. Beyond Snack aims to revolutionize Kerala banana chips, aspiring to become the go-to brand for this popular snack. Made with superior raw materials and high-quality bananas, their chips are cholesterol-free, trans-fat-free, and GMO-free. Currently available in multiple flavors, Beyond Snack has a solid retail presence in Maharashtra, and a nationwide online presence. The company also operates in the United States, the United Arab Emirates, the UK, Singapore, Qatar, Nepal, and Mauritius.
Beyond Snack – Industry
The snack food sector is set to grow by 7-8% annually, with potato chips making up a whopping 85% of the salty snack market share. Now, let’s talk about bananas. India tops the charts as the world’s largest banana producer, yet a vast majority of these bananas — around 90% — are eaten fresh within the country. Of that, only a slim 5% make it into the processed snack scene, and a mere 2.5% are turned into banana-based products.
In Kerala, the banana chip production has a homespun charm — it’s mostly done in a scattered, informal way. This leaves the market wide open, with no major brands dominating the scene. It’s a sector sprinkled with local players, each dipping their toes in the water rather than taking the plunge.
Beyond Snack – Founders and Team
Manas Madhu, Gautam Raghuraman, and Jyoti Rajguru (Left to Right) – Co-Founders, Beyond Snack
Manas Madhu, the proud Co-founder of Beyond Snack, is a first-generation entrepreneur with a background in Business Consulting. Before diving into the entrepreneurial world, he honed his skills at IBS Software Services as a Business Consultant and later at Capgemini as a Senior Consultant. Manas holds an MBA in Operations Management from Symbiosis Institute of Business Management, Pune, and a BTech in Electrical & Communications Engineering from the University of Kerala.
Growing up in a quaint village in Kerala, Manas always dreamed of starting his own business. His love for food has been a constant, even during his corporate days, always sparking ideas for a food venture back in his homeland. In 2018, he took the plunge and left his job to focus full-time on Beyond Snack.
Leading Beyond Snack, Manas is all about delivering top-notch banana chips globally, staying true to the promise of authenticity and premium quality. As the Managing Director, he is knee-deep in Marketing and strategy, aiming high to elevate Beyond Snack to a 1,500-crore brand in the next 5 years.
Steering Operations and Supply Chain is Jyoti Rajguru, bringing over a decade of experience from her time at Mondelez, where she worked with household names like Cadbury, Tang, Oreo, and Bournvita.
Guiding the Sales and Distribution department is Gautam Raghuraman, another seasoned professional with over ten years under his belt, formerly with ITC, where he contributed to brands like Bingo and Ashirvad.
There’s a shared history here too—Jyoti, Gautam, and Manas all cut their teeth in business together during their MBA days at the Symbiosis Institute of Business Management in Pune. Their commitment runs deep; before they joined the leadership team, both Jyoti and Gautam were investors who believed in the company’s potential. Now, they’re integral to driving Beyond Snack forward with their experience and insight.
Beyond Snack – Startup Story
Manas, the co-founder of Beyond Snack, started the journey as a typical tech enthusiast in Kerala, growing up in Chennithala, in the Alappuzha district. His academic path took him through a BTech in Electronics and Communications Engineering at Kerala University, and later, an MBA from Symbiosis Institute of Management in Pune. As he dived into the world of business administration, the seed of entrepreneurship took root in his mind. However, like many others with middle-class roots and big ambitions, he decided to gain some solid work experience first. Manas honed his skills as a business consultant at various MNCs.
During his stint as a consultant, Manas became fascinated with the potential of the value-added food industry. Weekends at the company offered him free time, which he spent traveling and connecting with folks in the food business. By 2018, he was ready to chart his own course.
His entrepreneurial debut wasn’t with bananas, though. Manas first launched a mock meat product made from jackfruit under the company now known as Dr. Jackfruit India Pvt Ltd. But that venture faced challenges — the mock meat didn’t quite hit the mark in taste, and sourcing jackfruit consistently proved difficult.
Bananas, on the other hand, were a different story. They’re a beloved staple in Kerala and come with a steady supply chain. Manas’s focus then shifted to perfecting the quality and expanding the variety of banana chips. Beyond Snacks was born out of a desire to offer authentic, premium-quality chips nationwide.
The inspiration for Beyond Snacks struck unexpectedly during one of Manas’s trips when he bought a pack of chips that not only tasted awful but also upset his stomach. This experience highlighted a clear market gap for high-quality banana chips. Manas visited 42 different chip manufacturers and was dismayed to find that not one adhered to the standards of hygiene and cooking practices he expected. Seeing this gap as an opportunity, he set out to create a product that stood for quality and hygiene. Beyond Snacks was launched in January 2020, after months of rigorous research and development.
Getting Beyond Snacks off the ground was made possible with the initial support from 100X.VC, which believed in his vision. Looking back, it’s clear that Manas’s journey from a techie to an entrepreneur has been anything but typical, driven by a desire to innovate and improve upon what’s expected.
Beyond Snack – Vision and Mission
Beyond Snack aspires to redefine snack aisles globally by placing a pack of banana chips next to a pack of potato chips on every retail shelf. At Beyond Snack, the company is passionate about taking Kerala banana chips to the world stage and turning the brand into a go-to snack in every home. Commitment to cleanliness is at the core of Beyond Snack, and the company is all about using top-notch ingredients and the finest bananas to make its chips. Beyond Snack has always aspired to be more than a snack company. The company has been deeply committed to making a positive impact, particularly within the banana farming community.
Beyond Snack’s facilities are strategically placed in rural areas, where the company takes pride in offering employment opportunities and supporting local livelihoods. Looking ahead, Beyond Snack envisions itself becoming integral to daily life nationwide. This vision is deeply rooted in the company’s beginnings and continues to guide its journey.
At Beyond Snack, the company’s mission is to lead the evolution of the banana chips category. Within the next five years, Beyond Snack anticipates a dynamic expansion that will transform banana chips into a mature and sizable market segment. The company expects to see a diverse range of contributors driving growth in market value. As the current frontrunner in this category, Beyond Snack is dedicated to maintaining a significant share of the market and continuing to set the standard as the number one choice for banana chip enthusiasts.
Beyond Snack – Name and Logo
Beyond Snack Kerala Banana Chips Logo
As Beyond Snack developed and refined its product, the company consciously decided to be more than just a snack company. The team saw the vast potential in the Banana value chain to make a real difference. By sourcing directly from farmers, Beyond Snack is in a position to greatly support their livelihoods, and with its factories located in rural regions, the company is helping local communities envision a future with stable, improved incomes.
Beyond Snack is on a path to explore these possibilities and more. The aim is to transcend the typical snack brand image and become something more—something greater. That’s the inspiration behind the name: “Beyond Snack.”
Beyond Snack – Products
Manas has always been drawn to the idea that the right product comes from the right source. That’s why, at Beyond Snack, the company sources its nenthran bananas seasonally, directly from dedicated farmers across Kerala and neighboring southern states. What happens next is a blend of tradition and technology — these bananas are processed in the factory with minimal human touch and then distributed through eCommerce platforms, retail stores, and supermarkets.
Beyond Snack has redefined the cooking process, standardizing each step to reduce the cooking time of sliced bananas to just a tenth of what’s usual for traditional banana chip production. This not only cuts down the oil absorption but also yields chips with 20% less fat than the average banana chip.
But here’s what really sets Beyond Snack apart: bananas are sliced and turned into chips within 24 hours of being plucked from the tree, locking in that unmistakable farm-fresh flavor. Beyond Snack’s chips are lighter on the stomach, with a consistent thinness and crispness that elevate the snacking experience.
Manas Madhu, the Co-founder of Beyond Snack, and his team experienced a pivotal moment at the VAIGA expo, an event organized by Kerala’s Department of Agriculture in Thrissur. Setting up a stall at the expo, they handed out free samples to the crowd. To their delight, many visitors were not just enjoying the samples but were also eager to know if they could buy them then and there. That very night, the call was made to move their stock from Alappuzha to Thrissur to meet the demand. In the span of those five days, they managed to sell products worth Rs 1.2 lakh. It was a real eye-opener for them about the demand for their snacks.
Beyond Snack – Customer Growth and Retention Strategies
Madhu acknowledges that the team was initially cautious about spending on marketing. The priority was to ensure the product had a definite place in the market and a real demand. They focused on validating the product-market fit, aiming for repeat sales, a natural demand, and healthy gross margins. Once evidence of a sustainable and scalable business model was established, the decision was made to invest in marketing. This strategy proved effective in maintaining a low customer acquisition cost (CAC).
In crafting the brand image and consumer perception, Beyond Snack launched its first campaign titled ’24 Carat Taste.’ It’s not just about maintaining visibility; it’s about continuous growth and reaching new customers.
Post ‘Shark Tank,’ a show that significantly increased Beyond Snack’s visibility, more people discovered the brand. It became clear that there was a need to connect with the next tier of customers. This led to the implementation of storytelling campaigns. The goal now is to extend Beyond Snack’s reach beyond the initial audience. Storytelling is considered powerful—it resonates and sticks with people, and that’s what Beyond Snack is leveraging to reach the masses.
Beyond Snack – Challenges Faced
Madhu wanted to shake things up and show that banana chips can be more than just a conventional snack, with innovation in flavor being a key element. The goal behind the newest launch, crinkle-cut Banana Waves available in Cheesy Jalapeno and Sriracha Delight, was to capture the attention of a broader crowd, especially the younger audience who might see traditional banana chips as a tad mundane. Crinkle cuts aren’t just about looks; they offer a more satisfying crunch and hold onto seasonings way better. It’s a simple change that makes a world of difference to the eating experience.
Cheesy Jalapeno and Sriracha Delight – Beyond Snack
Today’s generation loves to experiment, and they’re always on the hunt for the next exciting thing to try. Many brands are dialing into this by offering a myriad of flavors, and the team figured, why not banana chips? Before creating a new product, the R&D team spends a considerable amount of time getting to know the audience and their preferences.
They engage with potential customers to understand their preferences – what draws them in and the kind of flavors they’re chasing after. It’s not just about throwing random new tastes into the mix; the flavor has to hit the right note because taste is the cornerstone of a product’s success.
Previous launches have always been guided by customer insight, and with Banana Waves hitting the shelves, Beyond Snack will be eagerly gathering feedback to ensure they’re on the right track and to see if there’s anything consumers would like them to tweak. While they’ve played around with quite a few flavors, they decided to introduce just these two to start, keen to see how they resonate with the market.
Beyond Snack is testing the waters to see if the audience feels the same buzz about these chips before going big, taking them across India, and eventually, globally. If Cheesy Jalapeno and Sriracha Delight become fan favorites, there are plans to whip up more flavors in the near future.
Beyond Snack – Marketing Campaign
Manas discusses the post-‘Shark Tank’ era, highlighting the launch of their major storytelling venture, the ’24 Carat Taste’ campaign. In this campaign, they play with the idea of comparing their banana chips to 24-carat gold, emphasizing their premium quality. Sterling AG, the creative agency they teamed up with, executed this vision perfectly.
24 Carat Taste | Beyond Snáck
As a burgeoning brand, they were eager to expand their reach. While they could have focused the campaign on the technical aspects—how they ensure the perfect texture, and crunch, and their healthy cooking methods and rigorous quality checks—they recognized that customers are looking for more than just technical details. Customers want to know, at a glance, if the product hits the mark of excellence they’re after.
Opting for brevity and impact, the ’24 carat’ quality of their banana chips became the focal point, aiming to make Beyond Snack synonymous with the gold standard of snacking.
The core message revolves around the idea that, in every category, there’s a gold standard, such as the iPhone in smartphones or Nike in sportswear, and that’s the league Beyond Snack is aiming for in the banana chip game. This idea became the essence they wanted to communicate to their customers.
For this campaign, they decided to stay digital-first but are also setting their sights on OTT platforms for an even broader reach. It’s an exciting time for Beyond Snack, and Manas can’t wait to see how this new chapter in storytelling takes the brand to new heights.
Beyond Snack – Growth
Beyond Snack’s journey has been one of dynamic growth, not just in the range of products but also in reach. Beyond Snack is on the cusp of widening its presence by expanding to over 9,000+ offline retail outlets across 25 cities in 10 states, while also strengthening its online presence.
Reflecting on 2023’s performance, Manas is thrilled to share that Beyond Snack’s revenue has soared, almost doubling since the year’s start. The company is on track to triple last year’s revenue by the end of this fiscal year. It’s an exciting time for the banana chips sector, which is rapidly carving out its niche in the snack world.
A significant part of Beyond Snack’s success is attributed to how the brand has been positioned — as a ‘clean,’ simple, straightforward, and trustworthy choice. While banana chips are familiar to the Indian palate, they have often been lost in the broader category of ethnic snacks. Beyond Snack has managed to give banana chips their own identity, setting them apart from the crowd.
The strategy is straightforward — Beyond Snack is presented as the most reliable and delicious choice for banana chips, adhering to the highest hygiene standards. This resonates with consumers and is shaping the narrative in their favor. The goal is clear: Beyond Snack intends to lead the charge in this burgeoning category, harnessing the full potential of the banana and continuously reimagining this fruit snack in exciting new ways.
Beyond Snack – Funding
Here are the funding details of Beyond Snack:
Date
Stage
Amount
Investors Name
Jul 2023
Pre-series A
$3.5 million
NABVENTURES
Dec 2022
Shark Tank India
₹50 lakh
Aman Gupta and Ashneer Grover
Dec 2020
Seed
$700K
100x.VC + Angel Investors
Beyond Snack – Startup Programs and Grants
The grant provided by the Raftar Agri-Business Incubator has been of significant benefit to Beyond Snack. The company was chosen as one of the startups to participate in the Accelerate program. In the early stages of their engagement, Beyond Snack received a grant amounting to INR 20 lakhs.
Beyond Snack – Competitors
At present, the market is predominantly occupied by unorganized players, accounting for 99% of the sector. However, a gradual transition towards more structured and organized operations is being witnessed. Beyond Snack aims to be at the forefront of this shift, particularly within the banana chips segment.
Banana chips are the primary focus of Beyond Snack, making them the only company in India to specialize in this product line. However, larger brands such as Balaji and Haldiram’s have also included banana chips in their portfolio as a separate category.
Beyond Snack – Future Plans
At Beyond Snack, the company is setting its sights on the coming one to two years to expand distribution, aiming to make products readily accessible in major metropolitan areas and tier 1 cities across India. Additionally, Beyond Snack is on the cusp of introducing a variety of meaningful innovations in its banana chips range to provide consumers with an array of choices. These efforts are strategically designed to enhance household penetration.
FAQs
When was Beyond Snack launched?
Beyond Snack was launched in the year 2020.
Who invested in Beyond Snack in Shark Tank?
Boat Co-founder Aman Gupta and BharatPe Co-founder Ashneer Grover invested in Beyond Snack in Shark Tank.
What was the first campaign of Beyond Snack?
Beyond Snack launched its first campaign titled ’24 Carat Taste.
In an ever-evolving industry where talent meets opportunity, Unstop has emerged as a transformative force. The global talent management software market, projected to grow from 0.05 billion in 2023 to 0.59 billion by 2030 at a CAGR of 12.5%, reflects the increasing significance of platforms like Unstop.
Formerly Dare2Compete, the platform rebranded in 2022, becoming a well-known hub for talent discovery, community engagement, and hiring. Founded by Ankit Aggarwal, Unstop plays a significant role in reshaping the landscape.
In this article, explore Unstop’s journey, its visionary founder, business and revenue model, product and service offerings, funding, and more.
Unstop, derived from the belief to #BeUnstoppable, is a Talent Discovery, Community Engagement, and Hiring Platform to learn, upskill, showcase your skills, gain CV points, and get hired while unlocking your true potential through your academic journey. With 6 million users and 47 million monthly page views, Unstop touches 3 million monthly active users at present. Founded by Ankit Aggarwal as Dare2Compete, the platform was re-branded in 2022, from a go-to place for competitions to a playground of opportunities of various kinds called, Unstop.
With a vision to create the largest pool of employable talent, Unstop serves students pursuing graduation and post-graduation, as well as working professionals with 0-5 years of experience.
Unstop’s clientele includes 800+ distinguished organizations from industry giants such as Flipkart, Amazon, Walmart, Tata, HUL, Loreal, Accenture, EY, Optum, KPMG, Uber Boat, ABG, Reliance Mahindra, Publicis Sapient, Infosys, Wipro, ICICI Bank, Kotak Mahindra Bank, JPMC, Swiss Re, Bajaj Finserv, More Retail, J&J, Vedanta, Maruti Suzuki, Hero, and many others.
Unstop has received the Best Workforce Enablement Startup award at the 2023 Startup Awards presented by Entrepreneur India. It has been recognized with the Startup 50 Trailblazer Award by Dun & Bradstreet. Unstop closed its Pre Series A round of funding by Mynavi Corporation, Japan’s leading job board and HR Tech firm, Coursera, which made its first investment in India through Unstop, Venture Catalysts, 9Unicorns, and Pankaj Bansal, who invested in the platform through his fund Caret Capital.
Unstop – Industry
As per the latest AISHE report, there are 95 lakh graduates in the pipeline and this just shows how huge the talent market is. There are around 1,25,000 companies listed and hiring on one of India’s largest job platforms. This shows there is a gap that needs to be filled for companies to find the right talent.
Unstop – Founder and Team
Ankit Aggarwal – Founder & CEO, Unstop
Ankit Aggarwal is the Founder & CEO of Unstop, a talent discovery, community engagement, and hiring platform for students and freshers, where talent meets opportunities. Ankit’s journey combines a background as a Consultant at top firms, including Sapient and Deloitte, with a passion for education, demonstrated through his involvement with Teach for India. Ankit’s dedication to Unstop has been duly recognized, earning Unstop the distinction of the Best Workforce Enablement Startup by Entrepreneur India and the prestigious Startup 50 Trailblazer Award by Dun & Bradstreet. His impactful ideas have reached global audiences through his engaging TEDx talks, and he was named among India’s 100 Great People Managers by Forbes in 2020.
Beyond work, Ankit is an avid cricket player, adventurer, and philanthropist committed to Education, Diversity and inclusion, and Health and well-being. Ankit finds joy in spending quality time with his family and friends.
Current company size: 100+
Work Culture: Life at Unstop is full of excitement and energy. There is confidence and zeal to learn and experiment with new things.
Hiring Funda: Unstop finds people who have an intent for the brand, who have interest and zeal, along with functional skills, and who are also a cultural fit.
Unstop Team
Unstop – Startup Story
The inspiration to start the company came during the founder’s MBA days in IMT Ghaziabad when he realized how competitions in B-Schools weren’t reaching all students timely which led to late applications and fewer chances of participation. So he put together a blog called Dare2Compete that had all the details of the latest competitions happening. He knew it was picking up because it got popular among the B-School students.
Other than this, when he got placed in Deloitte, he kept doing this on the side and received queries from brands like Reliance who wanted to collaborate with the company to do something big and engage and hire the right talent. That’s when he decided to go full-time with it.
Unstop – Vision and Mission
With a vision to create the largest pool of employable talent, Unstop serves students pursuing graduation and post-graduation, as well as working professionals with 0-5 years of experience.
Unstop’s mission is to help talent meet opportunities by giving them a platform to unlock their true potential.
Unstop – Name, Tagline, and Logo
The name Unstop was changed in 2022 from Dare2Compete because it was realized that the platform was not just about competitions. The goal was to expand into Courses, Jobs and internships, Practice sections, and Mentorship for students & early talent.
The tagline – Where Talent Meets Opportunities was decided after brainstorming and coming to a common point that on Unstop there are opportunities for everyone. Right from upskilling to finding a job, one can do it all. Hence, Unstop is the place where talent finds all the right opportunities throughout their academic and early career journey.
Unstop – Tagline
Unstop – Products/Services
Unstop is a community engagement platform for talented individuals to learn, upskill, showcase their skills, gain CV points, and get hired to unlock their true potential throughout their academic journey. This enables them to get hired by their dream employers and start their career journey.
Backed by the philosophy of skills-based education, Unstop aims to ensure companies find the right talent through unique engagements that focus on testing students’ real-life skills. Unstop strives to democratize hiring by recruiting the right talent globally rather than from a select list of institutes.
Unstop caters to both B2C and B2B users. Under B2C, the target audience is students and early talent (17-24 years). They have a playground of opportunities on Unstop:
Learn: Unstop has a subscription offering of Unstop Pro which allows students to get access to 50+ courses, exclusive entry to masterclasses by industry experts, interview preps, and 15% off on mentorship sessions along with coupons from brands like Bombay Shaving Company, Puma, and an OTT Play Subscription.
Practice: Gives students the opportunity to practice coding through a 100-day coding sprint along with mock interviews. It also helps students prepare for the interview and assessment round of companies.
Mentorship: Offers the users a chance to connect 1:1 with seasoned mentors from top brands like Google, BCG, Bain & Co., Amazon, Microsoft, and many more.
Compete: The OG section lists all corporate and college competitions for students to participate in and win rewards like PPOs and PPIs.
Jobs: Users can find organic job listings under this section from various companies across the country.
Blogs: With a plethora of blogs covering a vast range of topics, this section helps users read the experiences of winners, understand strategies to hack interviews, and much more.
Unstop – Products and Services
B2B Vertical
Brand: Unstop helps organizations amplify their employer brand through engagements, both internal and external. This helps users understand what kind of culture and work to expect from companies.
Source: Through engagements, the company helps create a talent pipeline for brands. For example, Flipkart GRiD got 4.6 Lakh+ registrations which helped them have a pipeline for the whole year.
Assess: Unstop offers a range of assessments, right from, coding, communication, and competency, to aptitude tests. And all of them are done on the platform itself.
Hire: Unstop help in hiring through engagements & direct hiring methods, like listing organic jobs on Unstop.
Unstop – Business and Revenue Model
Unstop earns its revenue through the following streams:
B2B clients contribute to Unstop’s business by conducting hiring engagements, employer branding initiatives, and other assessments to assist them in hiring the right talent.
B2C products such as courses and mentorships.
B2B channel sales, involving the bundled sales of B2C products to colleges.
Unstop ensured it solved its customers’ problems to the best of its abilities with the best product it could build. And the best service it could provide to them. Email marketing worked for the company. Word-of-mouth promotion through its first few customers helped. The company relied completely on organic promotions for growth.
Unstop – Customer Growth and Retention Strategies
By expanding Unstop’s technology offering, scaling up its marketing efforts, and investing in Product Development and the establishment of Teams, Unstop aims to drive customer growth and retention.
Unstop – Challenges Faced
Unstop stayed focused on giving value to the users. Earlier, the company focused more on competitions and then realized the value of creating a playground for students who need to practice, learn, and upskill while speaking to mentors from dream companies. Hence, more products were added that can help Unstop’s users in their career trajectory.
Unstop – Growth
Operating solely in India, Unstop has demonstrated substantial growth with an annual revenue generation of approximately INR 19 crores. The platform boasts a significant user base of 7 million and has established partnerships with over 800 clients, including notable names such as Amazon, Flipkart, Tata, and HUL.
Ignite Your MBA Journey: Learning Strategies and Insights at Unstop IGNITE Season 5
Unstop – Funding
Below is the funding detail for Unstop:
Date
Stage
Amount
Investors Name
August 2, 2023
Pre-Series A
$5 Million
Mynavi Corporation, Coursera Pankaj Bansal through his fund Caret Capital, Venture Catalysts, and 9Unicorns
Unstop – Key Tools and Software
Unstop is working with AWS (Amazon) and Google Cloud to ensure the ability to scale its tech solutions globally.
Unstop – Awards and Achievements
Here are the prominent awards and achievements of Unstop:
Best Workforce Enablement Startup by Entrepreneur India
Startup 50 Trailblazer Award by Dun & Bradstreet
Unstop – Competitors
Some of the top competitors of Unstop are:
LinkedIn
Naukri
Indeed
Unstop – Future Plans
Unstop’s plans include a strategic expansion in several key areas:
Users on the platform: The goal is to significantly increase the user base, aiming to move from 7 million users to 12-15 million users by March 2024.
Traffic through competitions: The focus will be on enhancing engagement by leveraging college and corporate competitions to drive increased traffic to the platform.
Number of B2B clients onboarded and revenue from them: Unstop plans to onboard a greater number of B2B clients, fostering partnerships and generating increased revenue from their collaborations.
Revenue from B2C products: There is a commitment to growing revenue from B2C products, as part of the overall revenue diversification strategy.
FAQs
What is Unstop?
Unstop is a Talent Discovery, Community Engagement, and Hiring Platform to learn, upskill, showcase your skills, gain CV points, and get hired while unlocking your true potential through your academic journey.
Who is the founder of Unstop?
Ankit Aggarwal founded Unstop in the year 2017.
What are the key tools and software used by Unstop?
Unstop is working with AWS (Amazon) and Google Cloud to ensure the ability to scale its tech solutions globally.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
The typical nature of formal and semi-formal clothes in the world of business wear has frequently left female office workers wanting more. Be it style, cut, or fit, there were not enough options available when it comes to office wear. To find a solution and to offer interesting workwear options to women, Ayushi Gudwani came up with FableStreet in 2016. FableStreet’s unique algorithm ensures that every woman looks stylish and feels comfortable irrespective of the size or shape of her body. This is how FableStreet came into being and how this startup is solving the women’s office wear dilemma.
In this article, let’s explore the world of FableStreet—its founders, business and revenue model, funding, and more.
FableStreet is the brand to turn to for elegant, classic, and well-made workwear that fits your specific body type precisely. The products are more than just average; they are painstakingly crafted with elegant materials and attentive detailing to effortlessly convey your style at home, at work, or when you’re having fun.
It is a premium workwear brand for online; offering timeless, versatile pieces, with fits tailored for your body measurements. The products are thoughtfully crafted with luxury fabrics and functional designs to give consumers a rich buying and wearing experience at affordable price points. FableStreet’s products can be purchased online from all over the world.
FableStreet
FableStreet’s USP is its ‘FS Sizing Algorithm‘. This proprietary fit algorithm has been developed by measuring Indian bodies- their data of more than 100,000+ measurements helps them give women a great fit (much better than market) with only 3 measurements (chest, waist, and hip) taken from customers during order placement. By taking just 3 measurements from the customers, ‘FS Sizing Algorithm’ extrapolates the remaining measurements to 95% accuracy.
FableStreet Jewellery
FableStreet’s core aim is to build a need-based brand by solving women’s workwear issues by offering anti-gape silhouettes, non-sheer styles dress with pockets, comfortable styles, and high-quality fabrics – all at tailored fits. They also offer one on one styling sessions at the FableStreet apparel house to clients looking for customized workwear solutions.
FableStreet Collections
FableStreet – Industry
In 2023, as per reports from Statista, the global apparel market is projected to hit an impressive $1.74 trillion, with an annual growth rate of 2.76% through 2027 (CAGR). Women’s Apparel leads the segments, reaching a substantial $0.91 trillion.
The United States leads in global revenue at an estimated $351 billion. On a per capita basis, the Apparel market is set to generate around $225.80 per person in 2023, emphasizing its widespread impact on the global consumer landscape.
FableStreet – Founders and Team
FableStreet Founder and CEO Ayushi Gudwani
Ayushi Gudwani
Ayushi Gudwani, founder and CEO of FableStreet, is an engineer by education. She is also an alumna of IIM Calcutta. Ayushi started her career in Lehman Brothers as a senior analyst. Later, she joined McKinsey & Company, where she worked in various positions from 2008–2015, before starting her own venture in 2016.
FableStreet – Target Market
There is a huge untapped women’s western workwear market in India. However, the industry is growing at an unprecedented pace with an increase in the number of women entering the workforce. It is the fundamental growth driver in the current economy. Besides, the industry is moving from an unorganized to an organized sector. Additionally, with the onset of social media and influencers, the e-commerce sector is fuelling growth in the retail sector.
The idea for FableStreet came from the common irritation of entering a trial room to put on a garment with the hopes of finding the right fit, only to walk out unsatisfied. FableStreet celebrates individual attractiveness without requiring size guarantees; it’s more than just fashionable clothing. Say goodbye to the difficulties of the changing room and hello to FableStreet, where you can find beautifully fitted clothes that embrace your uniqueness.
While working for McKinsey, I noticed a lack of comfortable formal wear in India. Therefore, we developed a unique formula for ‘style, comfort, and fit’ coming together in one garment after connecting with over 1000 working women to understand their workwear requirements, ” said the founder of FableStreet.
As Ayushi spoke with more and more women, she realized that the feeling was universal! When it came to office wear, most women faced issues finding quality pieces that looked great, fit well, and most importantly, were comfortable (think pockets, non-sheer, stretchable, etc.). So, the idea turned into an interesting concept to execute.
FableStreet Founder
The FableStreet team measured over 100,000 Indian women to understand the problems associated with the western workwear options available in the market. After accumulating an invaluable data pool on the various types of body shapes, the team devised a ‘Tailored Fit‘ algorithm that requires just 3 body measurements (chest, waist, and hip) along with height to extrapolate the remaining measurements with great accuracy. Ayushi even interned over the course of six months in an apparel house to understand the construction and sizing of garments, before launching FableStreet.
FableStreet – Mission and Vision
The company’s vision was straightforward. Women shouldn’t have to choose between comfort and style or scurry from store to store in search of that perfect outfit; rather, shopping for work attire should be enjoyable rather than stressful.
FableStreet – Name, Tagline and Logo
FableStreet Logo
The naming of the brand was a very thoughtful decision to ensure that women find meaning in the brand they are shopping. Globally, “Street” (as a word) is associated with shopping, for example, Oxford Street, 5th Avenue, etc. FableStreet is a place for women to be confident and happy about themselves by making them “tailor their story”. Hence, the name “FableStreet” made the most sense during brand inception.
FableStreet – Business Model
FableStreet follows a just-in-time model. The company does not keep any inventory and gets the outfits made as per order. The FableStreet business model operates on custom fits, strong brand equity, and affinity among the customers with real-time feedback. The main motive is to deliver a personalized experience and not just a product. From ordering to delivery to packaging to compliments the lady gets when she wears FableStreet is all considered a part of shopping from the brand.
Unlike domestic brands or designers, where the focus is primarily to design, the FableStreet team of skilled designers approaches product development through R&D on fabrics, fits, strength, etc. (in addition to design) which enables their garments to fit well, look great, and last longer. The team’s vision is to make women feel beautiful and confident about themselves, irrespective of shape or size. FableStreet is a celebration of such women, their achievements, contributions, and professional successes.
FableStreet – Revenue Model
FableStreet excels in the online marketplace, operating a successful website that caters to a diverse customer base in India and key international destinations such as the US, Australia, UK, Dubai, and Singapore.
Central to FableStreet’s revenue model is the potent blend of word-of-mouth marketing and online advertising. With an attractive starting price of Rs. 1495, the company maintains a solid profit margin, typically ranging between 60% and 65%, contingent on style and fabric choices. This strategic pricing, coupled with effective marketing, consistently attracts new customers, driving sustained growth and increased revenue. FableStreet’s revenue model epitomizes its prowess in balancing accessibility, quality, and strategic marketing in the dynamic realm of online fashion.
FableStreet – Challenges Faced
Being a newcomer in the apparel industry, there were many challenges Ayushi had to face. The first and foremost challenge for FableStreet was cracking the product development and apparel operations while being an industry outsider. At the onset, Ayushi knew that the vision would be “building a great product – a quality garment that is comfortable, functional and fits well” but without a pedigree in design or textile, building it was definitely a big challenge. Hence, Ayushi decided to intern in a manufacturing unit for 6 months to learn the basics of apparel making. Secondly, she wanted to learn to formulate the operations plan and just in time the product development approach.
Ayushi then built the first collection for FableStreet from scratch – sourcing the fabrics, deciding silhouettes, customer trials, and working with masters and tailors to even sew the buttons. In a mature industry, she struggled with sizing and blindly copying western sizes was a challenge to dream of great sizes/fits for Indian bodies. The FableStreet team needed an affordable and convenient “good fit option” and build that for Indian Women. Thus, the FableStreet proprietary fit algorithm has been developed by measuring Indian bodies, backed by data of more than 100,000+ measurements.
FableStreet – Funding and Investors
FableStreet has raised around Rs 70 crore from three rounds of funding till date.
Here is the funding details:
Date
Stage
Amount
Investors
September 22, 2022
Series B
Rs 50 crore
Fireside Ventures
December 7, 2019
Series A
Rs 21 crore
Fireside Ventures
July, 2017
Seed Round
–
–
FableStreet – Growth
FableStreet has been growing year on year for the last 3 years. The team has served over 30,000 customers and an average order value of Rs 4,500 as per news report of January 2020. FableStreet also has significant brand traction. The brand has 50% of their monthly revenue from repeat loyal customers. Moving forward, the team plans to scale faster. FableStreet has appointed Srinidhi Shetty, Huma Qureshi, and Sonakshi Sinha as brand ambassadors.
Classy yet comfortable formal wear for women was like a dream. Ayushi Gudwani took this simple insight and built a meaningful brand out of it. FableStreet not only provides great formal wear but apparel that makes the women feel happy and satisfied in their own skin.
Financials
FableStreet showed impressive growth in the fiscal year 2022, with a notable 158% rise in income from manufactured goods sales. Regulated filings that are accessible on the business intelligence platform Tofler show that the company’s sales increased to an outstanding Rs 26.9 crore in FY22 from Rs 10.4 crore in FY21. But there was also a growing net loss during this time, rising by 41% to Rs 1.7 crore in FY22 from Rs 1.2 crore in FY21. FableStreet’s strong revenue growth illustrates its tenacity and success in the competitive industry, especially in spite of the increased net loss.
After acquiring the first 100 consumers, the FableStreet team approached marketing and brand building systematically. The team started with a paid marketing approach, sharing the story and the products, via Facebook. They also built a social media presence, sharing relevant products and customer stories.
As brand awareness increased, organic traffic also started increasing. Given the uniqueness of the FableStreet business model and product, they garnered significant press in the early launch days itself. This press attention added to increasing awareness. During the 3 year journey, FableStreet has also tied up with complementary brands to make the clients aware of their existing and new products.
FableStreet – Advertisements and Social Media Campaigns
FableStreet Campaign
Fits Like Nothing Else
Bollywood celebrities Sonakshi Sinha, Huma Qureshi, and Srinidhi Shetty have joined FableStreet, the top western apparel brand under FS Life, as brand ambassadors.
This calculated action is a part of the brand’s #FitsLikeNothingElse campaign, which highlights how important it is to customize apparel to fit a variety of Indian body types. With these well-known performers, FableStreet hopes to highlight its dedication to diversity and demonstrate its leadership in offering fashionable, well-fitting clothing options to a wide range of people.
FableStreet – Awards and Achievements
FableStreet has received significant awards and strong press given the strong brand and unique business models at the early stages.
Business World Young Entrepreneur Award, 2019
India Today Cover Story – 10 Women changing SME landscape
Though FableStreet has the USP of offering tailor-sized comfort and style to women purchasing formal wear from the brand, it still faces direct competition from many brands. The top competitors of FableStreet are eShakti, Cloud Tailor, and Sene Studio.
FableStreet – Future Plans
Owned by FS Life, FableStreet is making a foray into offline retail with plans to build three stores in prominent locales including Phoenix Marketcity in Kurla, Phoenix Palladium in Lower Parel, and Phoenix Mall of Millennium in Pune, Maharashtra, between mid-September and mid-October as per news report of September, 2023.
Founder and CEO Ayushi Gudwani plans to open at least five locations by the end of the fiscal year, with more expansion planned into Bengaluru and Delhi. This calculated action demonstrates a dedication to providing a flexible and approachable fashion experience across digital and physical platforms, which is in line with FableStreet’s online success.
FableStreet – FAQ
What is FableStreet? FableStreet is an online shopping website for modern professional woman, who is conscious about quality and fit and looking to curate their wardrobe with effortless and stylish.
When did FableStreet found? FableStreet was Founded in 2016.
Who is the founder of FableStreet? Ayushi Gudwani, is the founder of FableStreet.
What is the revenue of FableStreet? FableStreet’s revenue was Rs 26.9 crore in FY22.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
To stay connected with your near and dear ones, the invention of mobile phones is one of the greatest inventions that has proved to be truly beneficial for all of us. Who would have thought that this handy electronic device, the mobile phone, would become an integral part of our lives?
Socialization among human beings is the basic feature that keeps them together. Thanks to mobile phones, which make socialization easier and more convenient,. However, mobile phones have evolved since their inception, and today they are not used for communication but for other purposes such as marketing, navigation, playing games, keeping notes, etc.
To help companies gain user engagement through their mobile apps, CleverTap brings the ultimate all-in-one platform to help with analytics, segmentation, and other marketing techniques to reach the targeted audience. CleverTap was founded in 2013 and, ever since, has powered more than 10,000 apps and is still counting.
Interested in knowing more about CleverTap? then read on further to learn about CleverTap’s founders and team, how it works, its mission and vision, the business model, and more.
CleverTap is a SaaS-based mobile marketing company founded by three colleagues who worked at Network 18—Sunil Thomas, Suresh Kondamudi, and Anand Jain—in Mumbai.
The company works by offering user engagement and mobile marketing solutions to digital brands in over 100 countries in sectors such as food tech, fintech, media and entertainment industries, travel and transport, and many e-commerce platforms.
CleverTap works with more than 10,000 brands that use its intelligent and smart mobile marketing solution platform to improve their audience engagement and other analytics. Its clients are Dunzo, Lenskart, Sony Liv, Tata Cliq, Gojek, Ixigo, Mxplayer, and many more.
CleverTap – Industry
There is no doubt that the IT industry is among the most crucial industries in the market today. Every company has this department that takes care of its crucial data and information. CleverTap belongs to the information and internet industries.
According to the business research company Information Technology Global Report, the global information technology (IT) market grew at a compound annual growth rate (CAGR) of 8.2%, from $8,179.48 billion in 2022 to $8,852.41 billion in 2023.
The likelihood of a global economic recovery from the COVID-19 pandemic was hampered, at least temporarily, by the Russia-Ukraine war. Due to the conflict between these two nations, numerous nations are subject to economic sanctions, commodity prices have skyrocketed, and supply chain disruptions have resulted in the inflation of goods and services, impacting numerous global markets. At a compound annual growth rate of 7.9%, the information technology (IT) market is projected to reach $11,995.97 billion by 2027.
CleverTap – Founders and Team
CleverTap Founders Anand Jain, Sunil Thomas and Suresh Kondamudi (From left to Right)
Sunil Thomas, Suresh Kondamudi, and Anand Jain, thethree coworkers who worked together at Network 18, are the founders of CleverTap.
Sunil Thomas
Sunil Thomas is the co-founder and executive chairman of CleverTap, who also served as the CEO of the company for around eight years. He had many C-suite jobs before starting CleverTap. Infospace, now known as Blucora, Infomedia18, Microsoft, CNBC, and Hewlett-Packard, are among Sunil’s prior employers. His passion lies in playing badminton and cricket. In addition to this, he has participated in many tournaments in the San Francisco Bay Area and closely follows football and Formula 1.
Suresh Kondamudi
Suresh Kondamudi is one of the founders of the company, CleverTap. He is also the Chief Technology Officer, who is leading the entire engineering team at CleverTap. Suresh has previously worked at ngpay, Network18, and Qwest Software Services. His interests are mainly watching TV shows with his wife and playing sports.
Anand Jain
Anand Jain is the co-founder and Chief Product Officer at CleverTap. His main responsibility involves the platform’s strategic direction, including innovation, design, development, project management, and product marketing. Anand has more than 25 years of leadership experience, which includes leading as a CTO at Infomedia18, and Head of Engineering and IT at Network18 Media and Investments. He was also the co-founder of Burrp, India’s first food tech company. Anand enjoys trekking when he has the opportunity. Along with this, he is a stamp collector.
According to LinkedIn, CleverTap employs 500–1,000 individuals.
CleverTap – Startup Story
Anand Jain, Sunil Thomas, and Suresh Kondamudi departed from Network18 in 2013 because they felt that speed was a necessity for digital communication. This conviction gave rise to Mountain View, California-based CleverTap, a SaaS-based mobile analytics startup.
In 1994, Anand started his career in technology as a co-founder of Compoint Computers while still in college. After passing the national-level CDAC exam, he set out on a coding journey despite having no prior experience with coding. During his six months in Delhi, Anand became an expert in Java, C, C++, and Cobalt. Equipped with exceptional coding skills, the three established CleverTap, demonstrating their tenacity and dedication to transforming digital correspondence.
CleverTap – Mission and Vision
The mission statement of CleverTap is, “To help brands build differentiated and personalized marketing strategies powered by advanced customer insights.”
CleverTap – Name, Tagline, and Logo
CleverTap Logo
The tagline of CleverTap goes about like this, “We’re on a journey of epic proportions.”
CleverTap – Business Model
The business model of CleverTap operates on a business-to-business model. Their B2B model involves providing mobile marketing solutions to brands to enhance their customer engagement and promote their brand awareness with features such as email automation, push notifications, SMS messaging services, WhatsApp marketing, personalized messages, and A/B testing.
CleverTap offers a robust set of marketing segmentation, and customer lifecycle management for industries in areas such as Food, Finance, Media and Entertainment, Travel and Transport, and E-commerce.
CleverTap main business is the different kinds of products it offers. These products are mainly focused on delivering its clients’ an overall structure of the market and helping them derive predictions on business outcomes. Some of the products of CleverTap are Lifecycle optimization, security and compliance, behavioral analytics, pricing, and planning structure, market target segmentation, campaign optimization, and other solutions exclusively designed for startups.
CleverTap integrates with
Mobile platforms –
iOS, Android, unity, flutter, react native, etc.
Email –
Gmail, mandrill, amazon simple email services, postmark, and SendGrid
With a B2B model, CleverTap offers a marketing platform for app developers to further upgrade its features and help many brands in marketing spread across a wide variety of marketing channels. CleverTap generates its source of revenue through annual contracts and incorporates the SaaS platform into its customer’s app for a set of tools and services known as “plans.”
CleverTap – Funding, and Investors
CleverTap has raised $181.6 million in investment over six rounds.
Below is the funding details:
Date
Stage
Amount
Investors
August 9, 2022
Series D
$105 million
Caisse de Depot et Placement du Quebec
October 15, 2019
Series C
$35 million
Peak XV Partners, Tiger Global Management
April 10, 2019
Series B
$26 million
Peak XV Partners
November 1, 2017
Venture Round
$6 million
–
August 3, 2015
Series A
$8 million
Peak XV Partners
July 7, 2014
Seed Round
$1.6 million
Accel
CleverTap – Mergers and Acquisitions
CleverTap has acquired two businesses to date. On May 19, 2022, they made their most recent acquistion, Leanplum, which is also a mobile marketing platform that provides meaningful engagement through messaging and in-app interactions. The other one is Patch, which the company acquired on November 10, 2021.
With the use of Patch, a special kind of technology, companies may brand and integrate push, chat, and in-app voice channels.
CleverTap – Growth
CleverTap powers around 10,000 apps of many top brands across 100 countries as of 2022. Over the years, the company has gained significant experience in optimization that features assist growth teams in integrating massive amounts of data from online and offline channels into a single customer data platform for its clients.
All these years, CleverTap has made itself so sufficient that it is said to have a holistic solution approach. It helps in powering through a sophisticated segmentation engine, which aids in the creation of a fuller, more precise image of a customer based on targeted optimization across lifecycle stages.
The company’s revenue in FY23 increased by 31% to Rs 34.6 million from Rs 26.4 million in FY22 as per insights from dealroom.co. incorporate communication channels such as in-app voice, chat, and push.
CleverTap – Awards and Achievements
Some of the awards won by CleverTap are:
CleverTap has been named the leader in nine categories by G2’s Fall 2023 reports.
CleverTap was recognized as a Leader in G2’s Summer 2022 Report for Mobile Marketing
It has received the Great Place To Work Award for India’s Great Mid-Size Workplaces in 2022
Company was named a Leader in G2’s Spring 2022 Report for Mobile Marketing and Multiple Other Categories
It Wins AWS 2020 Technology Partner of the Year – 2020
CleverTap’s platform was awarded a bronze Stevie Award for Business Technology/Best Marketing Solution – in 2019
CleverTap – Competitors
The top competitors of CleverTap are:
Facebook Analytics for Apps
Localytics Mobile Engagement Platform
Adobe Analytics (Mobile App Analytics)
MoEngage Customer Engagement Platform
Mixpanel
Amplitude Analytics Platform
Adjust
CleverTap – Future Plans
The all-in-one engagement platform, signaled a calculated shift in emphasis to assisting companies in optimizing customer lifetime value (CLV). Understanding CLV’s potential is essential as companies begin to prioritize long-term profitability and sustainable growth.
Anand Jain, co-founder, and chief product officer of Clevertap, said
10 years ago when we started building clevertap, our aim was to ensure the foundation of the platform is future-proof and agile enough to adapt. over the last few years consumer behavior and needs have evolved faster than the rate at which marketers can keep up with. the customer attention is divided today due to distractions by noisy marketing competing for marketing share. our all-in-one solution allows brands to focus on building deep relationships with their users by leveraging the power of hyper-personalization, which helps maximize CLV.
FAQs
Who is the CEO of CleverTap?
Sidharth Malik is the CEO of CleverTap.
What is the net worth of CleverTap?
CleverTap is valued at $775 million as of 2022.
What are alternatives to CleverTap?
MoEngage, WebEngage are some of the alternatives to CleverTap.
Is CleverTap free to use?
CleverTap is a pay-as-you-grow model that allows monthly payments without a yearly commitment and gives the freedom to select the add-ons.
Prithvi Durai
