There are over thirty million youngsters in India, graduating with their career vision, dreams, and plans. The majority of them lack proper guidance and career hacks to get their dream jobs. With required mentoring from experts in their field of interest, their profession is assured. To address the issue two IIT Bombay grads Vivek Gupta and Jatin Solanki came up with a brilliant idea – Expertrons.
Headquartered in Mumbai, Expertrons is the world’s first AI videobot platform, founded in February 2019, to heighten career opportunities for students and professionals. Experts from top companies and universities guide students to meet their career destination.
In this article, learn about Expertrons, its founders, business and revenue model, funding, acquisitions, growth, and more.
Expertrons is an interactive AI-built videobot platform. The platform contains videobots of experts who have cracked interviews at leading companies or esteemed universities. It is the world’s first and largest AI videobot platform to help students and professionals to get their dream job through tips and tricks from experts. Besides interacting with an expert’s videobot, users can also connect to an expert on request and interact with her one-on-one. Expertrons provide students the opportunity to get trained, get referred to top companies, and get placed. The platform also offers Capstone courses related to various in-demand skills that help students get hired.
In line with its goal of helping students land their dream career, Expertrons also provide placement and hiring services to businesses and educational institutions. Educational Institutions can sign up for Expertrons’ Career Acceleration Program, wherein the students of the institution get a one-on-one consultation with experts from their industry and training from top professionals in the industry.
As for businesses, Expertrons provide them with the option to hire trained candidates from different fields at zero cost.
Expertrons also build videobots for businesses, that help businesses automate their customer communication to a great extent and thereby cut down on costs related to it. Besides the website, Expertrons is also available in the form of mobile and web apps.
Expertrons Founders – Vivek Gupta (right) and Jatin Solanki (left)
Vivek Gupta
Vivek Gupta is an alum of IIT Bombay. Other than Expertrons, Vivek also Co-founded Plancess EduSolution Private Limited, which is one of India’s leading platforms for online preparation of NEET & JEE.
Vivek worked as Advisor at gamified learning platform ‘Eduisfun’. He also co-created ‘PrepLane’, an online self-assessment platform that helps students prepare for NEET & JEE.
Jatin Solanki
An IIT Bombay graduate, Jatin also founded innovative ed-tech startups like Schoodle and Eduisfun, a gamified learning platform. Jatin has been a part of many early startups, building upon amazing ideas. He is a TEDx speaker, a swimmer, and also the winner of the Nashville International Film Competition’11.
Expertrons’ mission is to be at the forefront of career guidance and management to enable the right direction for youngsters. The company’s vision is to facilitate the youth and professionals with their AI videobot technology for their career enhancement.
“Expertrons is essentially a Netflix for career hacks. We founded it with the vision to reimagine career decisions for the 1.87 billion professionals globally who change their careers 5 to 7 times in their lifetime,” said Vivek Gupta, co-founder of Expertrons.
Expertrons – Name and Logo
Expertrons Logo
The name ‘Expertrons’ reveals the company’s motto of augmenting the advancements of careers through their experts’ advice.
Expertrons’ logo has the saying, “Inspire Success”.
Expertrons – Business Model & Revenue Model
Expertrons offer both B2B and B2C services. Its B2C services include courses, training, and one-on-one consultation with experts for its individual users. For B2B, Expertrons ties up with colleges and educational institutions and offers training and expert guidance to the students of these institutes. Expertrons also sells its VideoBot Technology to businesses. Businesses can also hire talent from Expertrons’s database of students that too at zero cost! Expertrons also offer franchises.
Expertrons has multiple sources of revenue:
Users pay for a one-on-one consultation with experts
Paid plans for students i.e Expertrons Pro & Expertrons Plus
Revenue earned by offering courses on various in-demand skills
Revenue earned by offering ‘Expertrons Carrer Acceleration Program‘ to colleges
Revenue earned by offering Franchise.
Revenue from the sale of videobot technology to business
Expertrons – Growth
Expertrons is built around a unique concept and the startup is receiving a good response from its target audience. Presently Expertrons have over 6000 domain-specific experts on board. The platform has experts from top companies such as Google, Mastercard, Reliance, TATA, ITC, and a lot more.
Over 5000 companies are associated with the platform as hiring partners. The company has provided its videobots technology to many businesses and has successfully enrolled many franchise partners.
Expertrons was ranked among the Top 3 Startups across the globe to get selected for the TecLabs Accelerator, in Mexico. The startup is partnered with Mexico’s university – Tec De Monterrey, to help them enhance their placements and admissions.
Expertrons impacted over 3.5 lakh aspirants to date.
Expertrons recently raised a funding round on August 7, 2023, from Hindustan Media Ventures Ltd. (HMVL), the parent firm of Shine.com. The new funding will be used for expansion, SEO efforts, and general development, which will allow the firm to reach more professionals globally.
Expertrons acquired Foxmula in August 2023. Foxmula is an education tech company, and the mission of this company is to engage with businesses and supply them with an effective workforce in order to help students develop in a way that addresses the issues of unemployment in India.
Expertrons – Competitors
Though Expertrons is a unique concept, there are several platforms built around similar ideas. Expertrons’ top competitors include Interviewing, Phenom, Ocelot, and Gloat. The company sustains its leading position with its AI videobot platform and experts from almost every field.
interviewing.io
interviewing.io lets aspirants appear for mock technical interviews with engineers from top companies like Google and Facebook.
Phenom
This HR Technology company helps aspirants discover their potential and find the right job.
Ocelot
Ocelot combines the power of chatbots, live chat, and video libraries to help students find the answers they need.
Gloat
Gloat is an internal talent marketplace that allows businesses to shuffle talent among projects, teams, locations, and more.
Expertrons’ future plans include expanding their associations with various colleges, universities, and brands across the world. It also aims to influence the lives of over 1.87 billion professionals globally and help them redefine their career decisions.
“A key area of focus right now for us would be to tap into the job-seeking market of professionals looking to land their dream job opportunities or seeking a career change, and Expertrons aims to be the one-stop platform to empower them for the same,” said the Expertrons founders after the company’s funding round raised in September 2021.
Following the acquisition of Foxmula in August 2023 and the completion of their most recent round of funding, Expertrons’ founder Vivek Gupta stated that they will have a large target audience and expertise in tech-based certification, penetrating through online and offline channel partners across India and providing more comprehensive support to aspiring professionals.
Expertrons – FAQs
What does Expertrons do?
Expertrons is the World’s first AI VideoBot platform that helps students and job aspirants get career guidance from Industry experts through VideoBots and face to face. Expertrons also offers placement services to educational institutes, and VideoBots technology to businesses. Businesses can also hire from Expertrons.
Is Expertrons Career Free?
Expertrons Careers is a completely free product, while Expertrons Admissions and Expertrons Communications are paid products.
Who is the founder of Expertrons?
Two IIT Bombay graduates Vivek Gupta and Jatin Solanki founded Expertrons in 2019.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Over the last decade, agriculture has been sitting preciously at the hub of so many global challenges. The world’s ability to feed a growing urbanized population is already at risk. Traditional agriculture’s outsized consumption of natural resources, food safety issues, and vulnerability to drastic climate change events put enormous pressure on the strained system. So, there is a dire need for the world to discover innovative and sustainable solutions to transform farming patterns.
Bowery Farming is a United States-based company helping secure the future of food by growing smart, more reliable, and less harmful produce wherever it’s needed. The company designs its fruits and vegetables to withstand pesticides, weather, and long-distance travel.
Let’s read further to explore how Bowery Farming is reshaping the food landscape with its indoor agriculture system. This article will help you learn all about the company, from its founding members and startup story to growth.
Headquartered in New York, Bowery Farming is vertical farming and digital agriculture company with farms in Pennsylvania, New Jersey, and Maryland. It’s the largest vertical farming company in the U.S. involved in designing and building smart indoor environments to reimagine the future of food. Bowery Farming is transforming the entire fresh food supply chain to be smarter, safer, and more sustainable.
The company serves major retailers at 850+ locations throughout the Northeast and Mid-Atlantic areas, including Walmart, Whole Foods, Amazon, and Ahold Delhaize, while supporting local fresh produce supply for several food-delivery companies.
Bowery Farming – Industry
Bowery Farming is an important part of the AgTech industry, with the global market valued at $10.5 billion in 2021. The market is poised to grow to $22.57 billion by 2025 at a remarkable CAGR of 16.53%.
Changing perspectives on the significance of how food is produced, rising disposable income, urbanization, and increasing demand for healthy eating habits are major drivers in the AgTeach market. Some key players capturing the significant AgTech market size include Cargill, ADM, Bayer, AgroStar, Trimble, and Topcon Agriculture.
Agricultural Technology (AgTech) Market Value Worldwide from 2020 to 2025
Bowery Farming – Founders and Team
Irving Fain, David Golden, and Brian Falther co-founded Bowery Farming.
Irving Fain
Irving Fain – Co-founder and CEO, Bowery Farming
Irving Fain is the Co-founder and CEO of Bowery Farming. He is an alumnus of Brown University and graduated B.A. in English. Previously, he was Director of Digital Marketing & Content at iHeartMedia, Studio Lead at Cornell Tech, and Board Member & Advisor at Estimize. In addition to founding Bowery Farming, Irving is an ex-Co-Founder and CEO of CrowdTwist, Inc.
David Golden
David Golden – Co-founder, Bowery Farming
David Golden completed BBA from the University of Michigan and an MBA from The Wharton School. He has been the ex-Investment Professional of Durham Asset Management and Freshford Capital. David also co-founded LeapPay, which Funding Circle acquired.
Currently, he is the Co-Founder at Bowery Farming and Standard Bots.
Brian Flather
Brian Flather – Co-founder, Bowery Farming
Brian Flather studied B.S. in Mechanical Engineering from Kettering University. He worked as Bowery Farming’s Co-founder and Systems Engineering head from February 2015 to January 2020. Currently, Brian is the Founder of HopTera, blu5tep Records, and Iceberg Oasis.
Bowery Farming employs over 500 employees.
Bowery Farming – Startup Story
Irving Fain founded Bowery Farming in 2015, believing that technology and innovation could reimagine our food system for the better. He brought on entrepreneurs David Golden and Brian Falther as the company’s co-founders. And after a short while, Henry Sztul joined Bowery Farming as a part of its founding team.
Bowery Farming announced its newest leafy green launch, i.e., ‘Bowery Crispy Leaf Lettuce,’ in August 2020. It opened Farm X, an innovation hub for plant science in Kearny, NJ, and added a third commercial smart farm in Bethlehem, Pennsylvania, in 2021. The company expanded to Georgia and Texas by opening two new farms, expanded its product offers with ready-to-eat salad kits, and its produce got OU Kosher Certified in 2022.
Bowery Farming – Mission and Vision
Bowery Farming aims to democratize access to high-quality, local, safe, and sustainable produce. The company dream of a world where agriculture gives back to the planet and people more than it takes.
Bowery Farming – Name, Logo, and Tagline
Bowery Farming evolved its company’s logo and came up with a tagline, ‘Eat Up,’ focused on the potential of vertical farming to grow more with less and fight for the food’s future by growing smarter.
Bowery Farming – Tagline
Bowery Farming – Business Model
Bowery Farming builds indoor vertical farms outside of cities that grow flavorful food with no pesticides and pollutants, all while using less water and land. The company’s network of smart farms is powered by its proprietary farm operating system, BoweryOS, which combines AI, software, and hardware to create a simplified, agile food system focusing on freshness, flavor, and safety. Bowery’s farm provides 100x more produce per square foot of land than traditional agriculture with 100% renewable energy and 90% less water.
Bowery Farming – Revenue Model
Bowery Farming generates revenue by shipping its smart, fresh, and flavorful produce to local retailers and food-delivery companies.
Bowery Farming grows fresh produce of Avocado Ranch, Baby Butter, Baby Kale, Balsamic, Baby Romaine, Berries, Basil, Crispy Leaf, Mustard Frills, Mixed Greens, Zesty Caesar, and Spring Mix. In addition, the company has developed BoweryOS- the AI-based proprietary farm operating system.
Bowery Farming – Funding and Investors
Bowery Farming has completed 8 funding rounds and raised $625.9 million. Its latest funding round – Venture Series Round, was conducted on February 25, 2022, and raised $8.4 million. The company is funded by teaching and agriculture industry leaders, including Fidelity, General Catalyst, Temasek, Google Ventures, First Round Capital, GGV Capital, KKR, and many other individual investors.
Date
Round
Number of Investors
Money Raised
Lead Investor
February 25, 2022
Venture Series
–
$8.4 million
–
January 12, 2022
Debt Financing
1
$150 million
Kohlberg Kravis Roberts
May 25, 2021
Series C
17
$300 million
Fidelity Management and Research Company
November 6, 2019
Series B
2
$50 million
Temasek Holdings
December 13, 2018
Series B
7
$90 million
GGV Capital, Google Ventures
June 14, 2017
Series A
7
$20 million
General Catalyst, GGV Capital
February 24, 2017
Seed Round
17
$7.5 million
First Round Capital
September 28, 2015
Pre Seed Round
1
–
–
Bowery Farming – Mergers and Acquisitions
Bowery Farming acquired Traptic on February 16, 2022.
Bowery Farming – Growth
After the Series C round in May 2021, Bowery Farming reported selling its produce in 850 stores. The company’s grocery sales increased by 750% since January 2020 with its presence in mainstream grocers. In the same year, i.e., 2021, its revenue was nearly $28 million for a full year of production, and post-money valuation was $2.3 billion. Later, in April 2022, Bowery Farming sold its produce to 1,000+ stores.
Bowery Farming – Marketing Strategies
Bowery Farming launched a Feel Good Greenmarketing campaign in March 2022 to inspire everyone to eat and feel their best. The campaign reassured produce lovers that they were making the right choice by opting for Bowery’s fresh, pesticide-free, leafy, non-GMO greens. The Feel Good Green campaign mainly targeted the New York tri-state area and Mid-Atlantic markets.
Later, in July 2023, the company rolled out new branding that included a new logo, website design, product packaging, emphatic advertising, and animation.
Bowery Farming – Partners
Bowery Farming has entered partnerships with many leading companies, including:
Kayco
Unfold
The Nature Conservancy (TNC)
Sweetgreen
University of Arkansas System Division of Agriculture
The High-Tech Vertical Farmer
Bowery Farming – Awards and Achievements
Bowery Farming is rewarded with the following recognitions from industry leaders:
Ranked First in the FoodTech500 2022 Listing
Recognized as one of the AgTech Companies by TechRepublic in 2023
Bowery Farming – Competitors
Some top competitors of Bowery Farming are as follows:
Asmus Farm Supply
Plenty
AeroFarms LLC
AgroFresh
80 Acres Farms
Infinite Harvest
Crop One
Upward Farms
FAQs
What does Bowery Farming do?
Bowery Farming is vertical farming and digital agriculture company. It’s the largest vertical farming company in the U.S. involved in designing and building smart indoor environments to reimagine the future of food. Bowery Farming is transforming the entire fresh food supply chain to be smarter, safer, and more sustainable.
Who are the founders of Bowery Farming?
Irving Fain, David Golden, and Brian Falther co-founded Bowery Farming.
Who are the main competitors of Bowery Farming?
The main competitors of Bowery Farming include Asmus Farm Supply, Plenty, AeroFarms LLC, AgroFresh, 80 Acres Farms, Infinite Harvest, Crop One, and Upward Farms.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Innovative companies in this modern corporate world are at the cutting edge of how to run a business. Modern businesses seek ways to empower their teams, automate workflows, digitize information, and operate globally. Many companies are shifting to advanced solutions, investing in new paths, and breaking the old ones to do business differently.
Almost everything about businesses has changed, but banks haven’t. Companies, especially early startups, still struggle to get financial support from the banks. So, companies need innovative products to help meet their financial requirements while empowering employees to make better financial decisions to drive the business forward.
Brex, an American company, has built a first-of-its-kind solution integrating the financial services and software companies will need along the way. To learn more about the company, consider going through the article.
Brex is a California-based financial technology company that developed the SaaS-driven credit card and spend management solutions platform. Its unified platform offers corporate cards, expense management, travel, reimbursements, business accounts, and bill pay.
The company serves startups, e-commerce brands, and scaled companies, helping their founders, CFOs, and teams spend smart and move quickly. Y Combinator, Airbnb, Carta, CLSA, Sonoma, ClassPass, and Bounce are some leading customers of Brex.
Brex – Industry
Brex operates in the fintech industry. In 2018, the global fintech market was estimated at 92 billion euros, and in 2024, it’s forecasted to grow to 188 billion euros, with a noteworthy CAGR of 12% from 2018 to 2024. Some essential market growth driving factors include increased penetration of the internet, use of smartphones, and adoption of cashless currency and digital technology during the Covid-19 pandemic. Visa, Mastercard, Stripe, PayPal, Tencent, and Ant Financial are some companies capturing a significant share of the fintech industry.
Fintech sector revenue worldwide in 2017 and 2018, with a forecast until 2024
Brex – Founders and Team
Pedro Franceschi and Henrique Dubugras are the Co-Founders of Brex.
Pedro Franceschi
Pedro Franceschi – Co-founder and Co-CEO, Brex
Pedro Franceschi is the Co-founder and Co-CEO of Brex. He is a Computer Science graduate from Stanford University. He worked as Software Engineer at M4U. Franceschi founded Pagar.me in April 2013, and the company was acquired in September 2016. Currently, he is the Board Member at Coupang.
Henrique Dubugras
Henrique Dubugras – Co-founder and Co-CEO, Brex
Henrique Dubugras is the Co-founder and Co-CEO of Brex. He completed his bachelor’s in Computer Science from Stanford University. He is the ex-founder of EduqueMe and Pagar.me. Currently, Dubugras is the Board Member at Mercado Libre and Expedia Group.
Brex is a team of approximately 1,100 employees.
Brex – Startup Story
Pedro Franceschi and Henrique Dubugras founded Brex on January 3, 2017. It wasn’t first started as a fintech startup but as a VR startup. However, Franceschi and Dubugras pivoted the company three weeks into Y Combinator’s 12-week accelerator program.
When the founders joined the YC W17 batch to start a VR company, they encountered a problem. They applied for business credit to fund software and other expenses, but it was denied. During that time, business credit was traditionally underwritten based on the FICO scores of founders. But since Franceschi and Dubugras were international founders with less than a month of credit history, there was little to no chance for business credit card approval, despite having $125K in the bank.
They discovered it wasn’t just them who faced this problem. While early startup founders could access high-fidelity payment products like Stripe from the get-go, getting access to basic cash management and credit products was a terrible experience for every founder. Cards were particularly a must-have for early startups since large vendors don’t use often accept ACH and other forms of alternative payment from young companies. And therefore, founders used to end up using their personal credit cards for SaaS subscriptions, digital marketing, and filing reimbursements regularly.
To address the extremely low penetration of credit cards in the B2B space, Franceschi and Dubugras pivoted and built Brex. The company’s initial product was a simple 30-day charge card for startups with credit limits based on cash balance. In 2021, the company announced the submission application with the FDIC (Federal Deposit Insurance Corporation) and the UDFI (Utah Department of Financial Institutions) for establishing an industrial bank, “Brex Bank,” Brex’s wholly-owned subsidiary. In the same year, in August 2021, it launched Brex Venture Debt.
Later in April 2022, it launched Brex Empower, a financial software platform, and in June 2022, the company exited the small and midsize businesses market. In March 2023, Brex launched Travel Solution, and in August 2023, it launched Payables.
Brex aims to empower employees anywhere to make better financial decisions.
Brex – Business Model
Brex offers a corporate credit card, cash account, and various software tools to manage expenses, taxes, and bills. It started by explicitly targeting early-stage technology startups needing quick and reliable access to capital. In addition to startups, the company also offers cards to life science, late-stage, e-commerce, and enterprise companies. Currently, Brex shifted its focus from small businesses to larger companies.
Brex analyzes the firm’s financial backing, spending patterns, sales volume, and other data points, along with the applicant’s personal liability, before issuing the business credit card. The company’s card is a charge card that clients must pay off in full every 30 days.
Brex – Revenue Model
Brex generates revenue through a monthly account subscription, referral fees from cashback rewards, interchange fees, interest on loans, and interest on cash held in its customer accounts.
Brex – Products and Services
The product offerings of Brex are as follows:
Corporate Card
Expense Management
Travel
Global
Bill Pay
Startups
Business Account
Venture Debt
Financial Modeling
Integrations
API
Mobile App
Brex Co-CEO: AI Will Completely Transform Fintech
Brex – Challenges Faced
During 2022, Brex was struggling to serve the divergent needs of its small business customers, many of which were limping forward due to the pandemic hit. Franceschi and Dubugras thought they could diversify the company’s revenue and charge customers per head for a new software suite by focusing on large companies.
However, that pivot to SaaS hit some bumps in the road. Brex flubbed telling to its small business clients about shutting down their accounts, which led to social media clangor and a mea culpa from the company’s founders. Even the company faced internal outcry, with employees describing Brex’s ongoing reorganizations as ‘chaotic’ while labeling the future ‘uncertain.’
Moreover, economic headwinds took a toll on the company, with Brex laying off 11% of its employees in 2022.
Brex – Funding and Investors
Brex has undertaken 12 funding rounds and raised a whopping $1.5 billion. Its latest funding round was Series D Round, completed on May 18, 2022. Some prominent investors backing the company include DST Global, Ribbit Capital, Y Combinator, Kleiner Perkins, Lone Pine Capital, Max Levchin, and Peter Thiel.
Date
Round
Number of Investors
Money Raised
Lead Investor
May 18, 2022
Series D
3
–
–
October 22, 2021
Series D
10
$300 million
Greenoaks, TCV
April 26, 2021
Series D
16
$425 million
Tiger Global Management
May 19, 2020
Series C
2
$150 million
DST Global
December 11, 2019
Debt Financing
1
$200 million
Credit Suisse
October 1, 2019
Secondary Market
1
–
–
June 11, 2019
Series C
10
$100 million
Greenoaks, Kleiner Perkins
April 16, 2019
Debt Financing
1
$100 million
Barclays Investment Bank
October 5, 2018
Series C
13
$125 million
DST Global, Greenoaks
June 19, 2018
Series B
17
$50 million
Y Combinator
Brex – Mergers and Acquisitions
Brex acquired 6 companies and these are as follows:
Acquired Company
Announced Date
Pry Financials
April 20, 2022
Weav
August 17, 2021
Neji
March 24, 2020
Landria
March 24, 2020
Compose Labs
March 24, 2020
Elph Network
March 20, 2019
Brex – Growth
Brex’s customer base increased from 100 to 1,000 within five months of launching, and in 2020, it had 20,000 customers. In 2019, the company was valued at $2.6 billion. And after completing its Series D-2 funding round last fall, Brex was valued at $12.3 billion in 2022. Moreover, in May 2023, it announced significant growth with $100M of ARR.
Brex – Marketing Strategies
Brex’s initial marketing strategy was all about focusing on friends and family that were founders of finance individuals at small firms and used to ask them to test their products. After some time, the company harnessed the marketing power of billboards, scraped LinkedIn for potential leads, and hosted events with superior-quality speakers to spread the word.
In May 2021, Brex launched an integrated marketing campaign named “All-in-One” that focused on a ‘less is more‘ approach to promote its All-in-One finance solutions.
Brex – Partners
Brex has partnered with the following listed affiliate, accountant, broker & lender, and VC investor & accelerator partners:
Named to the TIME100 Most Influential Companies list
Named #2 on the 2023 Top 50 Distributors List of Innovative Companies
Recognized as one of San Francisco Business Times and Silicon Valley Business Journal’s 2019 Best Places to Work
Brex – Competitors
Some of Brex’s main competitors are:
Stripe
Square
Expensify
Paychex
SAP Concur
Navan, Inc
Coupa
Pleo
FAQs
What is Brex about?
Brex is a California-based financial technology company that developed the SaaS-driven credit card and spend management solutions platform. Its unified platform offers corporate cards, expense management, travel, reimbursements, business accounts, and bill pay.
Who are the founders of Brex?
Pedro Franceschi and Henrique Dubugras are the co-founders of Brex.
How does Brex generate revenue?
Brex generates revenue through a monthly account subscription, referral fees from cashback rewards, interchange fees, interest on loans, and interest on cash held in its customer accounts.
Who are the main competitors of Brex?
The main competitors of Brex include Stripe, Square, Expensify, Paychex, SAP Concur, Navan, Inc, Coupa, and Pleo.
Company Profile is an initiative by StartupTalky to publish verifiedinformation ondifferent startups and organizations.
Tesla, recognized as the world’s most valuable automaker and maker of clean energy, is one of the most admired companies in the world for many reasons. Be it the unique features of Tesla vehicles, Tesla’s Supercharger network that has simplified charging for electric vehicles, or because of its charming CEO, Elon Musk, Tesla has gained immense popularity.
In 2003, Tesla Motors was established by a group of visionaries, including Elon Musk, Martin Eberhard, JB Straubel, Marc Tarpenning, and Ian Wright. This groundbreaking company has since achieved remarkable milestones, including reaching a historic moment in 2021 when its market capitalization exceeded $1 trillion, making it an exclusive trillion-dollar company.
In this article, let’s explore the story of Tesla, its founders, its business and revenue model, growth, and more.
Tesla – Company Highlights
Company Name
Tesla, Inc.
Headquarters
Austin, Texas, United States
Industry
Automotive, Renewable energy, Motor Vehicle Manufacturing
Founders
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, Marc Tarpenning
Tesla, develops, produces, rents, and distributes electric automobiles, as well as energy generating and storage solutions, in the United States, China, and across the world. Automotive and Energy Generation and Storage are the company’s two prominent segments. Tesla was founded in 2003.
The Automobile section sells automotive regulatory credits as well as electric cars. Tesla sells sedans and sport utility vehicles directly and through used car sales. With 45,000+ Superchargers, Tesla owns and operates the largest global, fast-charging network in the world. Tesla’s automotive segment also offers buy-financing and leasing options. By downloading the Tesla app, Tesla vehicle owners can connect their smartphones to their cars and access a wide array of features. Through the Tesla app, one can access his Tesla vehicle and energy products from anywhere.
This segment also provides non-warranty after-sales automotive assistance, as well as the sale of used vehicles, retail merchandise, and vehicle insurance, as well as the sale of products to third-party customers through its subsidiaries, services for electric vehicles through company-owned service locations, and Tesla mobile service technicians, and vehicle limited warranties and extended service contracts.
Through its online platform, stores, and galleries, as well as a network of channel partners, the Energy Generation and Storage segment designs, manufactures, installs, sells, and leases solar energy generation and energy storage products and related services to residential, commercial, and industrial customers and utilities. This sector also provides servicing and maintenance for its energy product clients, including under warranty, as well as a variety of solar financing alternatives.
Tesla Motors, Inc. was the company’s previous name until February 2017, when it changed to Tesla, Inc.
Tesla is unlike any of its peers. Tesla can address challenges differently than traditional automakers because it has done all of its software development in-house and has essentially grown up as a software and tech firm first, and an automotive second.
The international electric vehicle market is expected to increase at a CAGR of 26.8% from 4,093 thousand units in 2021 to 34,756 thousand units by 2030. Many companies are now manufacturing electric vehicles all over the world due to factors such as rising demand for low-emission transportation and governments encouraging long-range, zero-emission vehicles through subsidies and tax refunds. Countries throughout the globe have established emission reduction objectives based on their respective capabilities, which have resulted in increasing demand for electric vehicles all over the world.
Established firms such as Tesla (US), BYD (China), Volkswagen AG (Germany), BMW Group (Germany), and Nissan Motors(Japan) lead the electric vehicle market. These businesses also provide a wide range of products and services to the automobile sector. These corporations have extensive global distribution networks and invest extensively in R&D to generate new goods.
Tesla – Name and Logo
Tesla Logo
It has long been assumed that Tesla’s logo symbolizes the cross-section of an electric motor initially conceived by the company’s namesake, scientist, and inventor Nikola Tesla, rather than merely a fancy ‘T.’
Elon Musk revealed to a curious Twitter user that the Tesla logo is meant to reflect the cross-section of an electric motor. The primary body of the “T” appeared to depict one of the poles that protrude from a motor’s rotor, with the second line on top symbolizing a part of the stator, according to Elon Musk.
Tesla – Founders and Team
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, and Marc Tarpenning founded Tesla in July 2003.
Elon Musk
Elon Musk – CEO and Co-Founder, Tesla
Elon Musk co-founded Tesla and currently oversees its product strategy, which includes the design, engineering, and production of more and more economical electric automobiles for ordinary folks. Musk holds a B.A. in physics from the University of Pennsylvania and a B.S. in business from the Wharton School of the University of Pennsylvania. He has served as Tesla’s Chief Executive Officer since October 2008 and has been a member of the Board since April 2004.
In addition to his role at Tesla, Musk has also been Chief Executive Officer, Chief Technology Officer, and Chairman of SpaceX, a rocket and spacecraft manufacturing company, since May 2002. He was Chairman of the Board of SolarCity Corporation, a solar installation company, from July 2006 until its acquisition by Tesla in November 2016. Furthermore, Elon Musk completed his acquisition of Twitter in October 2022 and served as its CEO until he stepped down from his role in June 2023, succeeded by Linda Yaccarino. During this period, Elon implemented several reforms and management transitions, notably renaming the platform from “Twitter” to “X” in July 2023.
He is also a founder of The Boring Company and Neuralink Corp. Prior to his endeavors at SpaceX, Musk co-founded PayPal and Zip2 Corporation.
JB Straubel
JB Straubel is the founder and CEO of Redwood Materials, a Nevada-based firm that is creating a sustainable future by developing circular supply chains, converting trash into profit, and preventing new product environmental consequences before they occur. JB spent 15 years with Tesla as a co-founder and CTO before launching Redwood in 2017.
JB established one of the greatest engineering teams in the world at Tesla, where he oversaw cell design, supply chain, and the original Gigafactory idea all the way through the Model 3 production ramp. From prototype automobiles to mass production and GWh-scale, JB was directly involved in R&D, team creation, and operational expansion. JB graduated from Stanford University with a Bachelor of Science in Energy Systems Engineering and a Master of Science in Energy Engineering.
Marc Tarpenning
Clearpath Robotics, a developer of autonomous vehicles for industrial research and development, has Marc Tarpenning on its advisory board. He also serves as an advisor to a number of other businesses. He was previously a mentor at Greenstart.
Marc is a Venture Partner at Spero Ventures. Before joining Greenstart, he was an entrepreneur in residence at Mayfield Fund. Prior to that, he co-founded Tesla Motors and served as its vice president of engineering. He also worked with Packet Design, NuvoMedia, and Gemstar-TV Guide as an executive. Tarpenning graduated from the University of California, Berkeley, with a bachelor’s degree in computer science.
Martin Eberhard
Martin Eberhard is an engineer, a seasoned Silicon Valley entrepreneur, and a 17-patent inventor. Eberhard completed a BS in Computer Engineering and an MS in Electrical Engineering from the University of Illinois at Urbana-Champaign in 1982 and 1984, respectively. He was recently honored by The University of Illinois with the Distinguished Alumni Award and an Alumni Award for Distinguished Service. Tesla Motors was formed in 2003 by Eberhard and his colleagues, and Eberhard served as its CEO until November 2007.
Eberhard worked for Volkswagen for two years after leaving Tesla Motors as Director of EV Development. He has given talks all around the world about the reasons and ways for decreasing carbon emissions, the advantages of the electric drive over alternative automobile technologies, entrepreneurship, and the need for more young people to pursue science and engineering degrees and careers. He presently sits on the boards of directors and advisory boards of many early-stage Silicon Valley startups.
Ian Wright
Ian Wright is a New Zealander by birth. In 1993, he moved to California, where he lived next door to Tesla creator Martin Eberhard. Wright became one of the founders of Tesla. He worked with optical switching systems at Altamar Networks until the company went out of business, after which he chose to create his own.
Vaibhav Taneja
Vaibhav Taneja – CFO, Tesla
In August 2023, Indian-origin Vaibhav Taneja assumed the role of Chief Financial Officer at Tesla, succeeding Zachary Kirkhorn and further strengthening the company’s exceptional leadership team. Before his appointment as Tesla’s CFO, Vaibhav demonstrated his financial acumen as Tesla’s Chief Accounting Officer. He has also significantly contributed as Corporate Controller and Assistant Corporate Controller at Tesla since February 2017. Prior to his tenure at Tesla, Vaibhav played a pivotal role in various finance and accounting capacities at SolarCity Corporation.
Vaibhav has a Bachelor of Commerce degree from Delhi University, and he also holds the esteemed designation of being a Certified Public Accountant.
Tesla – Startup Story and History of Tesla Cars
Martin Eberhard and Marc Tarpenning launched Tesla (as Tesla Motors) on January 1, 2003, in San Carlos, California. After General Motors recalled all of its EV1 electric cars in 2003, the founders were encouraged to create the firm. The AC Propulsion tzero, an electric sports car manufactured by the US-based company AC Propulsion, was the inspiration for the Roadster, the company’s first automobile.
Ian Wright came on board as the third employee a few months later. In January 2004, the three started seeking funding and met Elon Musk, who provided US$6.5 million of the original (Series A) US$7.5 million round of investment and became chairman of the board of directors in February 2004. Eberhard was then named CEO by Musk. J.B. Straubel was hired as the fifth employee in May 2004. Eberhard and Tesla reached a court settlement in September 2009 that permits all five co-founders (Eberhard, Tarpenning, Wright, Musk, and Straubel) to use the term “co-founder.”
Musk took an active part in the firm, overseeing the Roadster’s product design in great detail. Musk was the one who insisted on a carbon-fiber-reinforced polymer body from the start, and he directed the design of components ranging from the power electronics module to the headlights and other aesthetics, according to Eberhard. Musk earned the Global Green 2006 product design prize, awarded by Mikhail Gorbachev, for his design of the Tesla Roadster. He also received the 2007 Index Design award for his design of the Tesla Roadster.
Tesla’s vision is to create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles, while its mission is “to accelerate the advent of sustainable transport by bringing compelling mass-market electric cars to market as soon as possible.”
Tesla – Business Model and Revenue Model
Tesla’s business model was reinforced once the company established its brand and developed and delivered its prototype car to the market. Tesla’s business model is built around a three-pronged strategy for selling, repairing, and charging its electric automobiles.
Tesla’s business strategy prioritizes the installation of charging stations. That might be the most significant impediment to the widespread adoption of electric automobiles. Tesla’s business model has been expanded to include energy storage devices for households and businesses. Tesla’s sales and servicing are handled directly by the company, rather than via licensed dealerships.
Tesla sells directly to consumers, unlike other automobile manufacturers that sell through franchised dealerships. It has established an international network of company-owned showrooms and galleries, the majority of which are located in major cities. Tesla thinks that by owning the sales channel, it would be able to accelerate the development of its products. More significantly, it improves the purchase experience for customers. Tesla showrooms, unlike automotive dealerships, are free of possible conflicts of interest. Customers solely deal with Tesla sales and service representatives. The direct selling of its products to the customers, its international network of showrooms and galleries, and the development of innovative products that are fuel-efficient and future-proof are some of the reasons that can answer if you are wondering why Tesla is successful.
Panasonic is a prominent Tesla partner and the company’s primary battery cell developer.
The following is a list of alleged main suppliers for Tesla’s manufacturing production, as well as the components they provide:
AGC Automotive: windshields
Brembo: brakes
Fisher Dynamics: power seats
Inteva Products: instrument panel
Modine Manufacturing Co.: battery chiller
Sika: acoustic dampers
Stabilus: liftgate gas spring
ZF Lenksysteme: power steering mechanism
Tesla – Subsidiaries
Following are five major subsidiaries of Tesla
Solar City Corp.
SolarCity was created in 2006 by two cousins of Elon Musk, namely Peter and Lyndon Rive. Musk was the one who came up with the idea for the firm, as well as provided the initial operating money and served as its chairman. SolarCity produces, installs, and sells solar energy systems, as well as solar-generated power. Tesla announced in August 2016 that it has finalized an agreement to buy SolarCity, with the deal set to close later that year.
Maxwell Technologies Inc.
The business was established in 1965. It specializes in ultracapacitors, which are energy storage devices that can hold several times more energy than normal capacitors. Its products are utilized in transportation, industrial, and grid energy storage, among other applications. Tesla purchased Maxwell in May 2019. Musk has previously stated that ultracapacitors will be a game-changer in the manufacturing of electric automobiles.
Grohmann Engineering GmbH (renamed Tesla Automation)
Klaus Grohmann created Grohmann Engineering in 1963 in Germany. The firm specializes in automated manufacturing system design and development. When Tesla announced its acquisition of Grohmann in November 2016, the company had 700 workers and had grown at a 6% annual pace over the previous 20 years. In January 2017, Tesla paid $135.3 million for the company.
Perbix Machine Co. Inc.
Perbix is a company that specializes in developing and producing specialized, highly automated production equipment. It was formed in 1976. Tesla bought the company in 2017. Tesla had bought Grohmann Engineering, a German-based company in a similar field, earlier in 2017. With the purchase of Perbix, Tesla will be able to manufacture more of its car parts in-house, giving them greater control over auto manufacturing. The acquisition was another move in Tesla’s drive to streamline and speed the production process of its electric vehicles, after the Grohmann acquisition.
Hibar Systems Ltd.
Hibar Systems was formed in 1974 in Canada. The firm specializes in high-precision dispensing pumps and filling systems, such as automated vacuum filling systems for lithium-ion batteries used in electric vehicles. Because Tesla made no statement about the transaction, it’s unclear when it happened. According to multiple U.S. and Canadian outlets, In October 2019, Tesla showed Hibar as one of its companies in an October 2 file with the Canadian government. Tesla’s interest in the company is very obvious. Hibar will enable the electric car manufacturer to develop its own battery cells. This decision will help Tesla reduce critical operational expenditures and reduce its reliance on Panasonic Corp., with which it owns and manages a Nevada-based battery manufacturing in partnership.
Tesla – Acquisitions
Below are the details of Tesla’s acquisitions:
Acquiree Name
About Acquiree
Date
Amount
Wiferion
A leading solution provider for mobile wireless power supply for electric industrial vehicles.
Jun 26, 2023
Springpower
Springpower is a manufacturing company providing clean cathode material to battery manufacturers.
May 4, 2021
–
ATW Automation
ATW Automation is a supplier assembling battery modules and packs for the auto industry.
Oct 2, 2020
–
Hibar Systems
Hibar Systems is an Ontario-based company that specializes in battery manufacturing.
Oct 4, 2019
–
DeepScale
DeepScale is a technology company that develops perceptual systems for semi-autonomous and autonomous vehicles
Oct 1, 2019
–
Maxwell Technologies
Maxwell Technologies manufacturing and marketing energy storage and power delivery solutions for automotive.
Feb 4, 2019
$218 million
Perbix
Perbix is a maker of highly automated manufacturing equipment.
Nov 6, 2017
–
Grohmann Engineering
Grohmann Engineering is a German engineering organization that specializes in electronics, automotive, biotech, life science.
Nov 8, 2016
–
SolarCity
SolarCity provides solar energy services to homeowners, businesses, government, and non-profit organizations
Jun 22, 2016
$2.6 billion
Riviera Tool LLC
Manufacturer of stamping die systems used to form sheet metal parts.
May 8, 2015
–
Tesla sold Wiferion to PULS on September 12, 2023, a supplier of DIN rail power supplies. Wiferion is a wireless charging firm that Tesla purchased in June 2023 for an undisclosed sum.
Tesla – Funding and Investors
Tesla has raised a total funding of $19.2B in funding over 36 rounds. Below are some recent rounds of funding raised by the company.
Date
Round
Amount
Lead Investors
Jun 30, 2022
Post-IPO Equity
$20 million
–
May 9, 2020
Post-IPO Debt
$565 million
Industrial and Commercial Bank of China
Dec 23, 2019
Post-IPO Debt
$1.4 billion
–
Oct 6, 2019
Post-IPO Debt
$700 million
China Merchants Bank
May 14, 2019
Post-IPO Equity
$860 million
–
May 14, 2019
Post-IPO Debt
$1.8 billion
–
Mar 8, 2019
Post-IPO Debt
CN¥3.5 billion
–
Aug 7, 2018
Post-IPO Secondary
$2 billion
–
Feb 2, 2018
Post-IPO Debt
$546 million
–
Dec 7, 2017
Grant
$2.3 million
Massachusetts Clean Energy Center
Mar 28, 2017
Post-IPO Secondary
$1.7 billion
Tencent
Tesla – Investments
Here are the details of Tesla’s investments:
Date
Organization Name
Round
Amount
Nov 16, 2022
Aescape
Series A
$30 million
Jul 24, 2022
Coredax
Venture Round
₩22 billion
Jan 20, 2018
Zola Electric
Series D
$55 million
Tesla – Growth
Tesla has made quite a revolution in the automobile and vehicle industry. The Austin, Texas-based company designs and produces electric vehicles, batteries, solar panels, solar roof tiles, and numerous other related products and services. In a significant growth moment, Tesla briefly joined the trillion-dollar club in October 2021, propelled by a 10% stock surge following exciting announcements. It is, therefore, hailed as one of the world’s most valuable companies, along with being the most valuable automaker across the globe.
Tesla captured 23% of the battery-electric (purely electric) market and 16% of the plug-in market in 2020 by emerging as the company with the most worldwide sales of battery-electric and plug-in vehicles.
Along with the cars that Tesla has developed, the company also developed the Tesla “Cybertruck”, which is designed as the truck of the future.
Cybertruck is an upcoming all-electric battery-powered light commercial vehicle. Also known as Cybertruck, Cybertrk, or Tesla Truck, it is designed by Franz Von Holzhausen, the man behind the famous models of Tesla like the Tesla Model S, and Model X. Sahm Jafary was also involved in its design. Originally announced in 2019, Tesla Cybertruck aimed to roll off the production lines by late 2021, however, due to some delays, it has been pushed to late 2022. This super truck is expected to be launched in India by December 2023.
Cybertruck by Tesla
Features and Dimensions
Dimensions:
Length – 231.7 in (5,885 mm)
Width-79.8 in (2,027 mm)
Height – 75 in (1,905 mm)
Features:
Cybertruck is a commercial vehicle. It is an M-segment {European Segments for passengers described as “multi-purpose vehicle”) and large – pickup truck for North America.
It has a rear-motor wheel drive, dual and tri-motor. Cybertruck has a full-width Led headlight bar, an auxiliary strip for off-road driving hidden at the top of the windshield.
The body is constructed of a thick sheet of stainless steel, which has been cold-rolled 30 times. It is scratch and dent resistant and can withstand a 9 mm-firearm round.
Cybertruck doesn’t have a traditional hoop. It has a steering wheel model after the type of aircraft Yoke with grips at 9 and 3 ‘0 clocks.
It offers a camping package that includes a polygonal tent to match its styling, a raised sleeping floor for the bed, and a slide-out electric stove, which runs off the battery pack.
It has a three-across front seating and a center jump set that turns into an arrest when not in use. Cybertruck also has a covered bed with a trunk on the floor and a “frunk” under the hood, each of the rear roof butterness hides storage compartments beneath the doors.
The powdered bed is very strong and one can walk over it. It fully retracts into the space between the bed and the cabin when it is opened.
Specifications:
250kW + supercharging capability
Autopilot, Adaptive, and Air Suspension
On-board 120 /240 VC
100 cubic feet of storage space
6.5 ft long cargo area
With 45,000+ Superchargers, Tesla owns and operates the largest global, fast-charging network in the world. Tesla was expected to launch in India somewhere between 2022-2024, where the company might have made around 5 of the Tesla cars – Model 3, Model Y, Model X, Model S, and Cybertruck, available in India. However, this plan of foraying into the Indian market has been put on hold, as per the reports dated May 17, 2022. This is because Tesla wanted the Indian government to lower the import taxes, which the government rejected. Tesla has also acknowledged some hurdles that are there in the way of Tesla’s India launch. The Elon Musk-headed company is now looking to foray into Indonesia for manufacturing, reports reveal.
In 2022, Tesla generated approximately $81.5 billion in total revenue, securing the 50th spot on the Fortune 500 list, a ranking based on US company revenues. This marked a notable increase of over 50% from the previous year.
The predominant share of Tesla’s revenue originates from vehicle sales and associated features, including full self-driving upgrades. Notably, around 17.5% of their 2022 revenue, equivalent to $14.3 billion, stemmed from other sources. Automotive sales constituted a significant portion, amounting to $67.2 billion, encompassing various models like the Model S, Model X, Semi, Model 3, and Model Y, alongside access to FSD features, internet connectivity, and software updates.
Tesla’s Plans to Launch in India
Tesla had planned to launch in India for quite some time now but the Elon Musk-headed company has had numerous disagreements with the Narendra Modi-led government. High import taxes was the first among the issues pointed out by Tesla. The company, thus, wanted to get the import taxes on its electric vehicles reduced. However, that was not the norm of the government and had also led to objections given by the Indian manufacturers of EVs, who mentioned that it would deter the Indian government’s investment in domestic manufacturing. The Indian policy head Manuj Khurana also conducted closed-door meetings, where he argued on behalf of the company that the import taxes were very high. However, this went to no avail with Manuj Khurana finally resigning.
Another issue around which numerous rumors and arguments surfaced is whether Tesla would set up manufacturing plants in India. However, Musk previously cleared all the confusion associated with that by mentioning that Tesla would not step in to manufacture in India before it is allowed to sell and service imported cars in the country.
Tesla has seen a range of lawsuits filed against the company. Besides, numerous statements against the brand, and controversies surrounding the Tesla CEO and his talks, circulate throughout the year. Creative accounting allegations, whistleblower retaliation, worker rights violations, and numerous unresolved, dangerous technical defects involving the Tesla vehicles are there still.
Tesla has been developing self-driving software that may be used not only in its own cars but also by other automakers that wish to include autonomous driving capabilities in their vehicles. One issue is that other businesses are developing extremely powerful self-driving technology, maybe even ahead of Tesla’s software. Alphabet’s autonomous driving software is one example. Also, that translation isn’t yet apparent in terms of selling this technology to other automobile makers.
Tesla auto-pilot mode has already met with numerous accidents, most of which still remain under the cover. This is the reason why NHTSA ordered Tesla in September 2021, to submit all the data associated with the sold US vehicles that are fitted with the auto-pilot function. The National Highway Traffic Safety Administration has already been investigating traffic deaths involving the use of autopilot vehicles, which is what fueled this move.
Besides, competition is also growing for Tesla as more electric vehicle manufacturers are entering the market.
Tesla Layoffs
Tesla fired 229 employees from its autopilot team, as per reports dated July 14, 2022. The Autopilot team of Tesla consisted of 276 employees in total. Here, the remaining 47 employees, who will stay at the company, will be moved to the Buffalo Autopilot office of Tesla. These employees actually operated from the San Mateo, California office of Tesla. Andrej Karpathy, the Tesla director of AI, also quit his position without disclosing any specific reasons. Earlier in June 2022, around 500 employees of Tesla were fired from its Nevada office against which, the Tesla employees filed a lawsuit that alleged that Tesla’s “mass layoff” violated federal laws because the company didn’t give the employees advance notice. Tesla had to cut staff by around 10% then, as reported by Tesla chief Elon Musk in June 2022.
Tesla – Future Plans
Tesla is unquestionably more than a vehicle manufacturer. While Tesla’s major focus remains on electric vehicles, Elon Musk and his excellent staff have been discreetly moving into other businesses.
Tesla also intends to produce a big number of automobiles. As expressed by Musk on Twitter, Tesla expects to produce 20 million cars per year by 2030, a quantity that would need “consistently superb execution.” In a series of tweets, he predicted that the market for new electric vehicles will reach 30 million per year in five to seven years.
Musk has a big plan to get the globe to switch to sustainable energy. During his Battery Day talk, he explained how increased battery production might cover energy consumption and help the global shift to renewable energy sources. The idea is ambitious: switching all automobiles to electric would necessitate a 100-fold increase in output.
Moreover, Tesla is on course to double the output of its Berlin plant, envisioning a capacity of one million electric vehicles annually. This strategic move positions it as a major player in Europe’s electric vehicle landscape, addressing challenges faced by German automakers in adapting to the electric revolution.
By January 2024, the Indian government hopes to expedite the approval process for Tesla’s possible admission into the India.
FAQs
What does Tesla do?
Tesla, develops, produces, rents, and distributes electric automobiles, as well as energy generating and storage solutions, in the United States, China, and across the world.
Who is Tesla named after?
Tesla is named after the inventor and electrical engineer Nikola Tesla.
Who founded Tesla?
Elon Musk, Martin Eberhard, JB Straubel, Ian Wright, and Marc Tarpenning are the Tesla founders, who founded Tesla in 2003.
Tesla’s business model is built around a three-pronged strategy for selling, repairing, and charging its electric automobiles.
Which companies do Tesla compete with?
Tesla’s top competitors include Ford Motors Co., General Motors Co., Li Auto, Nikola Corp., Canoo Inc., Volkswagen, and BYD Company.
Who is the new Tesla CFO?
Indian-origin Vaibhav Taneja is the new CFO of Tesla. His appointment comes as the previous finance chief, Zachary Kirkhorn, announced his decision to step down.
Why is Tesla successful?
Tesla’s success can be attributed to its innovative leadership, groundbreaking technology, and transformative impact on the electric vehicle market.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Acadzo.
In today’s ever-changing world of learning, technology and mind sports are coming together in exciting ways. E-learning, which is learning through computers and the internet, is making education more interactive and interesting, especially since the pandemic. At the same time, mind sports, which are similar to activities that challenge your brain, are gaining great popularity for boosting critical thinking skills. A company that’s doing great in this area is Acadzo, a fun learning ed-tech platform. Acadzo has entered the mental sports sector with the aim of empowering young minds and revolutionizing the way math is learned and perceived.
In this article, let’s explore the captivating journey of Acadzo, its vision, founders, growth, challenges, and the company’s invaluable contribution to shaping the minds of young learners.
Acadzo is an educational learning platform that offers interactive courses with a focus on mental math and cube solving for children aged 5 to 14. Learners have the option to choose from both offline and online courses provided by the platform’s centers. Each course consists of 6 levels, beginning at Level 1 (Root) and ending at Level 6 (Mastery Plus).
Acadzo – Industry
The industry Acadzo has entered is the e-learning and mind sports sector. The e-learning industry has been steadily growing even before 2021. The advancements in technology, increased adoption of online education, and rising interest in mental sports have all contributed to its expansion. With the acceleration of digital learning and the increasing recognition of the importance of mental math skills, it is likely that the industry will continue to experience growth in the next five years.
Acadzo – Founders
Vimesh Dedhia and Jinal Dedhia are the founders of Acadzo.
I can say with certainty that not every entrepreneur has the privilege of having their spouse as the platform’s co-founder, said Vimesh, Co-founder of Acadzo.
With a shared vision of revolutionizing mental math education for students, Vimesh’s wife Jinal and he co-founded Acadzo to provide a comprehensive learning experience that helps unlock students’ critical thinking skills and cognitive abilities.
Jinal Dedhia
Jinal Dedhia – Co-Founder, Acadzo
Jinal is a seasoned educator and rising entrepreneur with over eight years of experience in mental math education. Her background in commerce combined with her STEM certification makes her a highly accomplished and committed mentor driving student empowerment at Acadzo. Her educational background played a significant role in shaping her path toward the education industry, mind sports, and mental growth. As Acadzo’s lead trainer, Jinal seamlessly combines her knowledge and expertise with her natural affinity for children, allowing her to create a nurturing environment for every student. Under her training and guidance, students have achieved an incredible total of 145+ world records in mental math championships.
As the co-founder of Acadzo, Jinal dedicates her efforts primarily to the educational and technical aspects of the platform. Her responsibilities encompass the development of Acadzo’s exclusive software and website, ensuring a user-friendly and interactive online and offline learning environment for young students.
In her role as the lead trainer at Acadzo, Jinal plays a pivotal role in shaping the platform’s educational content and fostering a positive learning environment. She takes on the responsibility of mentoring and guiding the team of trainers, empowering them to deliver interactive courses that engage students and ignite their love for mathematics. Through comprehensive training sessions and continuous support, Jinal ensures that the trainers are well-equipped to provide an inspiring and impactful learning journey for every student.
Vimesh Dedhia
Vimesh Dedhia – Co-Founder, Acadzo
Vimesh is a passionate advocate, educator, and STEM-certified professional in mental math. As the co-founder of Acadzo, Vimesh’s primary focus centers on handling business operations and external relations for the educational learning platform. He takes great pride in managing the process of tying up with schools and other learning centers, allowing the platform’s reach and impact to extend on a broader scale. By establishing strong partnerships with educational institutions, Acadzo gets the opportunity to introduce its interactive courses and mental math curriculum to a diverse group of young learners.
Vimesh also spearheads business development activities. This entails identifying potential growth opportunities and formulating effective strategies to position Acadzo as a cutting-edge e-learning platform. By constantly seeking new avenues for expansion, he is committed to bringing greater visibility and influence to Mind Sports, both on national and international levels.
Acadzo – Advisors and Mentors
Acadzo has been fortunate to benefit from the guidance of several esteemed mentors. The invaluable contributions of CA Navin Shah, Chandrakantji Gogri, and Jayesh Chheda have been pivotal in advancing Acadzo’s professional journey. Their guidance, support, and expertise have been vital in helping Acadzo reach new heights as a brand.
Acadzo – Startup Story
The inspiration behind launching Acadzo is rooted in a strong belief in the transformative potential of mental math and its profound influence on young minds. Witnessing the remarkable achievements of Jinansh and Shanay Dedhia, the young sons of Jinal and Vimesh,both of whom hold numerous records in theIndia and Asia Books of World Records as the fastest human calculator and the youngest human calculator and pro cuber, served as a driving force for them to establish a platform that could unlock the potential of many more young learners.
To research and validate the idea of Acadzo, they conducted extensive market research to understand the demand for mental math and cube learning among parents and students. They analyzed trends in the e-learning industry and explored competitors’ offerings to identify gaps and opportunities. They also sought feedback from parents, educators, and potential users through surveys and interviews to gauge their interest and pain points related to mathematics education.
The journey of ideation, design, and prototyping was a collaborative effort involving Jinal, Vimesh, and a team of dedicated educators and experts. They brainstormed and iterated on various concepts, designing interactive and engaging course modules that aligned with their vision of making math an exciting mind sport.
Acadzo – Vision and Mission
Vision: The ultimate vision of this cutting-edge e-learning platform is to act as a stepping stone to eradicate math phobia amongst young learners. The aim of the platform is to build students’ confidence and cognitive thinking skills with specialized courses and curriculum.
Mission: The mission is to expand this platform and bring greater visibility and influence to Mind Sports on national and international levels.
As educators in the field of mental math, the core belief shared by the entire team is that math should be approached as an exciting mind sport rather than a daunting subject. Ultimately, Acadzo’s goal is to empower students and cultivate a love for the subject that stays with them throughout their lives and helps shape their careers and futures.
Acadzo – Name, Tagline, and Logo
Coming up with the perfect name, tagline, and logo for Acadzo was an exciting and challenging journey that took the founders six months of brainstorming and creative exploration. They knew that the name had to embody the essence of their educational learning platform and evoke a sense of innovation and speed.
After extensive research and brainstorming sessions, the name “Acadzo” emerged as the perfect fit. The name is a combination of “Acad,” which is short for academy, representing the platform’s focus on education and learning. The second part, “zo,” conveys the concepts of speed and efficiency. Together, “Acadzo” captures the essence of the platform, symbolizing a dynamic and rapid approach to learning.
The tagline for Acadzo is “Learn and Conquer.” This tagline captures the essence of the educational learning platform. It reflects the founders’ mission to empower young learners to conquer their fears of math and excel in their studies by providing them with the tools, knowledge, and confidence to succeed.
Acadzo Logo
The logo of Acadzo is simple and minimalistic. The incorporation of an arrow within the “A” subtly signifies growth and advancement, reflecting Acadzo’s mission to propel students onward and upward in their educational journey. This design element visually communicates the idea that learning with Acadzo results in continuous improvement and success.
Acadzo – Product/Service
Acadzo is an e-learning platform for children who excel in mind sports in India. The aim is to bring to light the talent and achievements of these children while providing them with the recognition they deserve. The core focus of Acadzo is to provide learners with a holistic learning experience. Acadzo’s Unique Selling Point is its user-friendly software, which covers all the necessary topics within the scope of mental math.
Furthermore, Acadzo has also developed a comprehensive curriculum and a software platform that can be used internationally to conduct global championships. To remove any obstacles that might stand in the way of a child’s desire to learn and succeed, making Acadzo accessible both online and offline is a priority. The central goal is to completely drive away the fear of mathematics from the minds of each student, replacing it with a love and genuine passion for the subject.
Acadzo – Launching Company Strategies
Jinal and Vimesh initiated their journey by leveraging their networks and reaching out to existing clients. The effectiveness of word-of-mouth referrals proved to be a powerful tool in acquiring their initial users. The trust and credibility they had established through prior mentoring experiences attracted early adopters who were eager to explore their innovative educational platform.
With the launch of Acadzo, the duo was thrilled to witness the enthusiasm and eagerness among parents to introduce their young learners, aged 5 to 14, to the platform’s specialized courses. The positive testimonials and feedback from these initial users reaffirmed the value they were delivering, further motivating them to continue striving for excellence.
Simultaneously, they recognized the significance of providing a seamless user experience on the platform. By actively listening to customer feedback, Jinal and Vimesh continually refined their courses, interfaces, and features, ensuring that their users’ needs were met with the utmost care and attention.
Acadzo – Customer Acquisition and Retention Strategy
Since its launch, social media engagement, PR efforts, referrals through word of mouth, and direct interactions have been pivotal in attracting and retaining customers at Acadzo. Collaborations with educational institutions and showcasing success stories have significantly strengthened the platform’s credibility. While the initial phase did not heavily rely on paid advertising, a gradual increase in the marketing budget was undertaken to reach a wider audience and drive growth as transitioning from 100 to 10,000 customers necessitates an escalated strategy.
Acadzo – Challenges Faced
Developing and establishing Acadzo as a brand presented the team with a fair share of challenges that required a substantial amount of time, effort, resources, and dedication. One of the key challenges was crafting a comprehensive curriculum that effectively imparts mental math calculations and cube-solving skills to young learners. The process of refining and perfecting the curriculum alone took approximately 735 days.
Apart from designing the curriculum for Acadzo, the team also had to create software to enhance the visual and auditory skills of the learners. Acadzo’s exclusive software allows children to improve their typing and calculating speed while also helping them boost their scores and time. The process of developing this software itself presented several challenges, including creating a user-friendly interface, designing interactive exercises, and ensuring compatibility with different devices and operating systems.
Acadzo – Marketing Campaigns
Acadzo was launched with its “Math Se Daro Mat, Khelo” digital campaign. The intent of kickstarting the launch with the DVC campaign was to promote mathematics and Rubik’s cube solving as fun mental sports. The campaign featured the Fastest Human Calculator, Jinansh Dedhia, who holds 110+ global world records. Comprising three distinctive videos, the DVC campaign emphasized the practical application of faster calculations instead of relying on calculators or rote memorization of mathematical operations. With these videos, they aimed to encourage young parents and students to explore Acadzo’s fun-learn programs and activities that are meant to unlock a child’s full cognitive potential.
Acadzo Launch with Math Se Daro Mat, Khelo Campaign | Acadzo Marketing Campaign
With this marketing launch initiative, the aim was to establish Acadzo as an all-inclusive resource for students looking to conquer their fear of mathematics through engaging learning activities and programs. The campaign elegantly illustrates the brand goal of ensuring a child’s academic achievement and practical knowledge, leading audiences to place their confidence in Acadzo and their children’s promising future.
Acadzo – Growth
It can be confidently stated that the future is online, and the future of Acadzo appears bright! The post-COVID era has witnessed a paradigm shift in the perception of online learning. What was once seen as an alternative has now become a preferred mode of education for many. As a result, the popularity of online classes has soared, with students and parents recognizing the flexibility, convenience, and personalized learning experiences that online platforms like Acadzo offer.
As the world increasingly relies on digital solutions, Acadzo’s expansion and growth prospects are bound to accelerate. By leveraging the power of technology, Acadzo is working on continuously refining its offerings, introducing new courses, and catering to the diverse learning needs of students across different age groups and demographics.
The decision to provide both online and offline modes of classes has allowed Acadzo to tap into an expansive market of young learners. As the popularity of online classes continues to surge, the company is poised for significant growth and increased reach. The endeavor is to expand centers across Mumbai and bring specialized courses to students across India. Currently, efforts are focused on targeting schools to onboard mental math and cube learning courses with Acadzo.
The combined efforts and hard work of our students and trainers have resulted in the generation of approximately 145 world records.
Acadzo has also secured 37 international medals for India in various competitions.
Additionally, Acadzo has been honored with recognition by notable personalities for its contributions to the field. These include The former Chief Minister, Devendra Fadnavis, as well as former Governors Bhagat Singh Koshyari and CH Vidyasagar Rao.
Acadzo – Competitors
Cuemath, Camp K12, Best Brains, and Bhanzu are some of the top competitors of Acadzo in the mental math industry.
Acadzo – Future Plans
In the near future, the Acadzo team is excited about the expansion plans to establish more physical learning centers across Mumbai and eventually all over India. The team recognizes the importance of physical presence in delivering a more personalized learning experience. By expanding the physical centers, the aim is to create accessible hubs for young learners to explore the exciting world of mental math and cube learning, fostering a love for mental math and cube learning and creating an encompassing approach to the subject.
FAQs
What is Acadzo?
Acadzo is an educational learning platform that offers interactive courses with a focus on mental math and cube solving for children aged 5 to 14.
Who is the founder of Acadzo?
Vimesh Dedhia and Jinal Dedhia are the founders of Acadzo.
What is the vision of Acazdo?
Acadzo’s ultimate vision is to eliminate math phobia among young learners by building students’ confidence and cognitive skills through specialized courses and curriculum.
What is Acadzo’s unique selling point?
Acadzo’s Unique Selling Point is its user-friendly software, which covers all the necessary topics within the scope of mental math.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Cancers and other non-communicable diseases have become significant global health and development threats. In 2019, nearly 23.6 million new cancer cases and 10 million cancer deaths were reported worldwide. The world is getting used to cancer, but we shouldn’t accept it. There is a dire need to discover practical solutions and develop diagnostic tools to fight against this ever-increasing burden.
It’s when BostonGene comes into the picture. This US-based biotechnology company conducts research and clinical trials and has developed advanced biomedical software to analyze patients for cancer and help suggest them the best treatment possible.
To know more about BostonGene, consider going through the article.
Based in Waltham, Massachusetts, BostonGene Corporation uses biomedical software for advanced patient analysis and personalized therapeutic decision-making for patients to help them fight against cancer. It has discovered, developed, and patented a holistic approach to cancer treatment. The company’s platform lets individual patients know the optimal therapy combination, mainly focusing on immune-targeted therapies.
BostonGene serves customers all over the United States.
BostonGene – Industry
The primary industry BostonGene serves is the Biotechnology industry. The global market size of the Biotechnology industry was roughly $1,224.31 billion in 2022. It’s expected to grow $3,210.71 billion by 2030 at a noteworthy CAGR of 12.8% during 2023-30. One critical market growth driving factor is the growing biotechnology sector in developing countries like India, China, and Japan due to favorable government initiatives.
Moreover, during the Covid-19 pandemic, there was a dire need for all countries to discover novel solutions and develop vaccines and diagnostic tools to fight against the disease. Talking about the top-ranked biotechnology companies, AstraZeneca, Bristol-Myers Squibb, Gilead Sciences, Inc., Sanofi, and Biogen are some key players.
Biotechnology Market Size, 2021 to 2030
BostonGene – Founders and Team
Andrew Feinberg is the founder of BostonGene.
Andrew Feinberg
Andrew Feinberg – Founder, President, and CEO, BostonGene
In addition to being the founder, Andrew Feinberg is the current President and CEO of the company. He earned a bachelor’s Degree from Bentley University and MBA from The Wharton School. He has worked as a Consultant at Bain & Company. Andrew also holds the position of CEO and Chairman at Netcracker Technology.
BostonGene Team
Alexander Bagaev – Vice President of Product Development
Brittan McClanahan – Vice President of Sales
Nathan Fowler – Chief Medical Officer
BostonGene is a team of around 300 employees.
BostonGene – Startup Story
BostonGene was founded by Andrew Feinberg in 2015. Under Andrew’s solid leadership, BostonGene established itself as a market leader in the biotechnology industry. The company collaborated with Washington University in St. Louis for Cancer Research in 2019 and Kidney Cancer Research in 2020. In the same year, in 2020, BostonGene and Transgene, NEC collaborated for clinical trials for Patients with Ovarian and Head & Neck Cancers.
The company announced the publication in the Blood Cancer Journal in August 2021. And a year later, BostonGene expanded its testing capabilities to predict patient response to Immunotherapy in February 2022.
Later, in January 2023, MD Anderson EGFR Classification was licensed by BostonGene and Tempus for providing new insight into atypical mutations in lung cancer. The company announced the launch of its CLIA-certified and CAP-accredited Liquid Biopsy, Spatial Proteomics, and Immunoprofiling solutions in June 2023.
BostonGene – Mission and Vision
BostonGene aims to power healthcare’s transition to personalized medicine with its AI-based molecular and immune profiling to improve the standard of care, accelerate research, and improve economics.
BostonGene – Business Model
BostonGene’s AI-based molecular and immune profiling software sequences both DNA and RNA via a patented process, allowing physicians to understand information about the cancerous cells and the macro-environment in which they exist. The BostonGene Tumor Portrait Test help reveal key drivers of each tumor, including immune microenvironment properties, actionable mutations, biomarkers of response to diverse therapies, and recommended treatments. Once the analysis is completed, the BostonGene Tumor Test develops a personalized roadmap for therapeutic decision-making for each cancer patient.
BostonGene – Revenue Model
BostonGene’s revenue model involves offering its AI-based molecular and immune profiling platform to empower healthcare providers to match individual patients with the most appropriate treatments for their health conditions. In addition, healthcare professionals can use the information to prescribe the best drugs, understand their potential side effects, and determine how surgery can impact the areas surrounding the tumor.
BostonGene – Products and Services
BostonGene is the provider of the following:
BostonGene Tumor Portrait Test
BostonGene Liquid Biopsy
BostonGene Immunoprofiling
BostonGene Spatial Proteomics
Moreover, the company has developed BioPharma, which offers Laboratory Solutions, Bioinformatics Services, and Industry Applications.
BostonGene
BostonGene – Funding and Investors
BostonGene has completed 2 funding rounds through which it raised $ 200 million. Its latest funding round – Series B Round, was conducted on April 6, 2022. NEC Corporation, Japan Industrial Partners, and Impact Investment Capital are some investors who back the company.
Date
Round
Number of Investors
Money Raised
Lead Investor
April 6, 2022
Series B
3
$150 million
NEC Corporation
April 25, 2019
Series A
1
$50 million
NEC Corporation
BostonGene – Growth
With $150 million raised in a Series B funding round, BostonGene became a unicorn with a multi-billion dollar valuation.
BostonGene has partnered with the following leading cancer centers:
Memorial Sloan Kettering Cancer Center
Mayo Clinic
Abramson Cancer Center of the University of Pennsylvania
Brigham and Women’s Hospital
Dana Farber Cancer Institute
Mass General Hospital
Mater Research
Medical College of Wisconsin
National Cancer Institute
BostonGene – Awards and Achievements
Some of the awards BostonGene has been honored with to date are as follows:
Named one of Massachusetts’ Best Genetics and Bioinformatics Startups by BestStartup.us in 2021
Recognized for its State-of-the-Art Technology in Cancer Research and Oncology by Cancer Cell in 2022
Won a GRASP Advocate Choice Award for the 2023 ASCO Annual Meeting Poster in the Patient Advocacy Group Awards
BostonGene – Competitors
BostonGene has approximately 544 active competitors, and some of these are listed below:
Benchling
Insilico
BioAge Labs
Immuneering Corporation
Arbutus Biopharma
FAQs
What does BostonGene do?
BostonGene Corporation uses biomedical software for advanced patient analysis and personalized therapeutic decision-making for patients to help them fight against cancer.
Who is the founder of BostonGene?
Andrew Feinberg is the founder of BostonGene.
Who are the main competitors of BostonGene?
The main competitors of BostonGene include Benchling, Insilico, BioAge Labs, Immuneering Corporation, and Arbutus Biopharma.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Boom Supersonic.
Since the last two decades, demand for air travel has dramatically increased, with the increasing number of global airplane passengers. In addition, international business travel has expanded post-pandemic. During the same period, aircraft technology and material design have significantly improved in areas including aviation fuel, carbon fiber, and software.
With improving technology and rising demand, the return of supersonic travel can also offer several perks, faster travel, reduced post-flight fatigue, increased accessibility to remote locations, and more.
Boom Supersonic, an American-based company, is transforming air travel by manufacturing the fastest supersonic airliners. Let’s dive deep to uncover everything about Boom Supersonic, from its founding story to future plans.
Boom Supersonic is a Denver, Colorado-based company building supersonic airliners designed for speed, sustainability, and safety. It’s a commercial airplane manufacturer designing and building passenger aircraft while serving customers worldwide. Moreover, the company is making supersonic aircraft affordable for business travel.
Boom Supersonic – Industry
Boom Supersonic’s primary industry is the aerospace industry, the global market size of which grew to $278.43 billion in 2023 from $261.12 billion in 2022, at a CAGR of 6.6%. Furthermore, the global market is projected to grow to $358.44 billion in 2027, at a noteworthy CAGR of 6.5%.
Although during Covid-19, the aerospace industry witnessed a halt in growth, the overall economic growth of developing or emerging economies is expected to drive market growth. Some leading companies in the aerospace industry include Airbus Group SE, The Boeing Company, Raytheon Technologies Corporation, General Electric Company, and many others.
Global Aerospace Market
Boom Supersonic – Founders and Team
Blake Scholl, Joe Wilding, and Josh Krall are the co-founders of Boom Supersonic.
Blake Scholl
Blake Scholl – Co-founder and CEO, Boom Supersonic
Blake Scholl is the co-founder and CEO of Boom Supersonic. He earned a B.S. in Computer Science from Carnegie Mellon University. Blake worked at Amazon for almost five years. Then he co-founded Kima Labs in January 2010, and the company was acquired in February 2012. Next, he worked at Groupon as Senior Director and co-founded Boom Supersonic in April 2014.
Joe Wilding
Joe Wilding – Co-founder, Boom Supersonic
Joe Wilding co-founded Boom Supersonic. He graduated from Wichita State University with a M.S. in Aerospace Engineering. He is the ex-Founding Partner of Answer Engineering, LLP, and ex-Co-Founder and ex-CTO of Boom Supersonic. Currently, Joe is a Chief Engineer at Wilding Aerospace, Partner at OpenAtlas, and Chief Engineer at Cosmic Aerospace.
Joshua Krall
Joshua Krall – Co-founder, Boom Supersonic
Joshua Krall co-founded Boom Supersonic. He completed B.S. in Computer Science from Carnegie Mellon University. He was the Founder and CTO of HelloCar and Director of Engineering of Groupon. Joshua worked as Co-founder and VP of Technology at Boom Supersonic till January 2020. Currently, he is the Partner at OpenAtlas and Co-founder and CTO of Puck.
Boom Supersonic Team
Kathy Savitt – President and Chief Business Officer
Stephen Weiland – Chief Financial Officer
Brian Durrence – Chief Technology Officer
Bob Stoher – Chief Marketing Officer
Boom Supersonic is a team of over 150 full-time employees.
Boom Supersonic – Startup Story
Boom Supersonic was co-founded by Blake Scholl, Joe Wilding, and Joshua Krall in 2014. Blake Scholl had been interested in planes since childhood when his parents took him to watch turboprop Cessnas taking off near their house in Cincinnati, Ohio. Scholl got inspired after seeing Concorde in a museum and became obsessed with finding out how to enable a supersonic renaissance. He earned a private pilot license in 2008 with his interest in aviation.
After two years as a Senior Director at Groupon, he co-founded Boom Supersonic in 2014 with Joe Wilding and Joshua Krall. After many weeks of research, he determined that supersonic travel was possible and hired aerospace engineers to turn his vision into reality.
In 2017, Japan Airlines collaborated with Boom Supersonic to purchase 20 aircraft. XB-1 demonstrator aircraft was formally rolled out publicly in October 2020. In 2021, the company announced the plan of Overture flight testing in 2026. Boom Supersonic secured a commercial agreement with United Airlines by the end of 2021, and in 2022, the company announced to open its first supersonic airliner manufacturing facility in Greensboro, North Caroline.
In August 2022, Boom Supersonic and American Airlines signed a commercial agreement to buy 20 Overture aircraft, with an option to buy 40 more aircraft. In December 2022, it announced Symphony, a new propulsion engine for the Overture. The following year, in January 2023, the company started constructing its Overture Superfactory in Greensboro, North Caroline.
Boom Supersonic – Mission and Vision
Boom Supersonic envisions bringing families, businesses, and cultures closer with supersonic travel and making the world dramatically accessible. In addition, its goal is to deliver passengers via Overture anywhere in the world within four hours for $100.
Boom Supersonic – Business and Revenue Model
Boom Supersonic’s business model primarily involves designing, building, and selling supersonic aircraft, including XB-1 and Overture, to airlines. The cost of each Overture aircraft is estimated to be $200 million. However, since the company is not done building Overture aircraft, the company takes modest down payments from airline customers for orders of its initial number of aircraft. In addition, Boom Supersonic provides its customers the option to buy more contingent when the company meets industry-standard operating, performance, and safety requirements.
In 2022, Boom Supersonic lost its jet engine partner for Overture supersonic jet. The company entered into an ‘engagement agreement’ with Rolls-Royce for supersonic jet engines in 2020. However, the latter left the project. Moreover, the project lacked interest from other major engine manufacturers, including Pratt & Whitney, Honeywell, GE Aviation, and Safran Aircraft Engines.
Overture Superfactory Construction Underway
Boom Supersonic – Funding and Investors
Boom Supersonic has successfully completed 14 funding rounds and raised $147.5 million. Its latest funding round – Venture Series Round, was conducted on March 30, 2023. Seraph Group, Y Combinator, Palm Drive Ventures, Eight Partners, RRE Ventures, and 8VC are some investors backing the company.
Date
Round
Number of Investors
Money Raised
Lead Investor
March 30, 2023
Venture Series
1
–
Momentum Ventures
June 1, 2022
Series C
1
–
–
December 1, 2021
Debt Financing
–
–
–
January 18, 2021
Venture Round
3
$45 million
Prime Movers Lab
March 24, 2021
Series C
1
–
–
December 15, 2020
Series C
3
$50 million
Celesta Capital
April 17, 2020
Venture Round
–
$3.1 million
–
April 1, 2019
Series B
11
–
Emerson Collective
December 1, 2018
Series B
1
–
–
December 5, 2017
Corporate Round
2
$10 million
Japan Airlines (JAL)
Boom Supersonic – Investments
On January 25, 2023, Boom Supersonic invested in Roots Homes.
Boom Supersonic – Growth
In 2020, Boom Supersonic raised $50 million in funding, bringing its valuation to over $1 billion.
Boom Supersonic – Partners
Boom Supersonic has partnered with the below-listed airlines, high-speed government transport, production and facilities partners, suppliers, and sustainability partners:
American Airlines
United Airlines
Japan Airlines
Northrop Grumman
U.S. Air Force
Aernnova
Leonardo
GE Additive
AIR Company
Dimensional Energy
Prometheus
Boom Supersonic – Awards and Achievements
Some of the awards Boom Supersonic garnered to date are as follows:
Nominated for the prestigious 24th Annual Webby Awards in 2020
TIME recognized Boom XB-1 Supersonic Demonstrator as one of the Best Inventions of 2021
Recognized as one of the Top 50 US Startups by LinkedIn in 2021
Named EY winner by Denver Business Journal
Boom Supersonic – Competitors
Some companies giving tough competition to Boom Supersonic include:
Hermeus
Aerion Supersonic
Exosonic
Spike Aerospace
Destinus
Boom Supersonic – Future Plan
Overture is slated to roll out in 2025, fly till 2026, and carry passengers till 2029. The company is committed to achieving net zero carbon by 2025 and zero greenhouse gas emissions by 2040. Boom Supersonic plans to hire over 2,400 workers at the Superfactory by 2032.
FAQs
What is Boom Supersonic?
Boom Supersonic is a Denver, Colorado-based company building supersonic airliners designed for speed, sustainability, and safety. It’s a commercial airplane manufacturer designing and building passenger aircraft while serving customers worldwide.
Who founded Boom Supersonic?
Blake Scholl, Joe Wilding, and Josh Krall are the co-founders of Boom Supersonic.
Who are the main competitors of Boom Supersonic?
The main competitors of Boom Supersonic include Hermeus, Aerion Supersonic, Exosonic, Spike Aerospace, and Destinus.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
One-click checkout has emerged as a game-changing technological solution in the world of e-commerce. With this revolutionary solution, online businesses can simplify their checkout process and reduce the likelihood of cart abandonment, resulting in increased sales. Every e-commerce store looks forward to deploying this solution to improve customer experience and ignite conversion rates.
Years ago, Amazon solely had patent rights to a one-click checkout solution. But things changed, and a US-based startup, Bolt Financial Inc., developed its own one-click, lightning-fast checkout software.
Let’s read more about Bolt’s journey, funding, partners, products, growth, competitors, and more.
Bolt Financial Inc. (Bolt) is a financial technology company providing mobile-read checkout software designed for e-commerce sites to incorporate sales analysis, process online payments, and prevent fraud. The software helps retailers strengthen their relationships with shoppers by unlocking lightning-fast, secure, logged-in, one-click checkout.
Headquartered in San Francisco, California, Bolt works in Salt Lake City and Stockholm while serving about 250 merchants and processing nearly $500 million in sales annually. Moreover, around 5.6 million shoppers have signed onto Bolt’s network.
Bolt – Industry
Bolt operates in the fintech industry, the global market size of which was estimated at $110.57 billion in 2020 and is forecasted to grow to $698.49 billion by 2030. The market is projected to grow at a CAGR of 20.3% from 2021 to 2030. Government around the world is supporting fintech tools, platforms, and solutions to increase financial inclusion resulting in industry growth.
Moreover, during the Covid-19 pandemic, the need for digital payment services increased. And the companies like Google Pay and PayPal witnessed a considerable increase in customers and digital transactions. Other key players in the fintech industry are Ant Group, Stripe, Inc., Intuit, Inc., Coinbase, and Adyen Group.
Bolt – Founders and Team
Ryan Breslow and Eric Feldman are the co-founders of Bolt.
Ryan Breslow
Ryan Breslow – Co-founder and Chairman, Bolt
Ryan Breslow is the Co-Founder and Chairman of Bolt. He completed his graduation in Computer Science from Stanford University. Ryan has founded multiple companies, including The Movement, Sites by Hand, Prism, Eco, and Love. Moreover, he invested in Cove PBC, Terzo, Permanent, and Green Carbon.
Eric Feldman
Eric Feldman – Co-founder, Bolt
Eric Feldman co-founded Bolt but left the company in 2017. He graduated with Ryan Breslow from Stanford University in Computer Science. Moreover, Eric invested in different companies, including Gradia Health, SphereOne, Practice, Rocket Academy, and FrontRow.
Bolt Team
Maju Kuruvilla
Maju Kuruvilla is the CEO of Bolt. He is a Computer Engineering graduate from Mangalore University and an MBA from the University of Washington. Before being appointed as Bolt’s CEO, he was the company’s COO. Additionally, Maju worked as VP at Amazon, CTO at Milliman, and Software Engineer at Microsoft and Honeywell.
Tina Fan – Chief Customer Officer
Scott Stockberger – Chief Financial Officer
Bob Buch – Chief Business Officer
Tom Berger – VP of Marketing
Currently, Bolt employs approximately 1,000+ employees.
Bolt – Startup Story
Bolt was founded in 2014 by Ryan Breslow and Eric Feldman. Ryan and his friends at Stanford used to mine Bitcoin out of their dorm rooms, but he dropped out to start Bolt with a fellow student, Eric Feldman. Their main motive was to simplify online checkout for consumers and help independent retailers compete with Amazon, the only company with a patent on one-click checkout until 2017. The startup operated out of Ryan’s dorm room. Bolt started as a Bitcoin wallet company but, after some time, pivoted to e-commerce payments.
In mid-2016, the company officially launched its first merchant with the payment solution. In 2018, it began publicly pitching merchants on its fraud protection solution. Bolt launched an Amazon-like checkout in 2019. A year later, in 2020, it launched the ‘Retailers Give Back’ Index. In 2021, Bolt launched the Single Store Account and Payment for e-commerce merchants. The company introduced Virtual Shopper Assistant in October 2022.
The company’s mission is to democratize commerce. Its vision is to set new standards for e-commerce.
Bolt – Business Model
Bolt is a mobile-read checkout software that handles online payments for e-commerce retailers, offers fraud protection, and allows customers to buy products with a single click. This one-click checkout software could be plugged into the existing payment platform of any business to convert more shoppers into buyers. The software allows customers to login into e-commerce sites without a password and instantly checkout.
Moreover, Bolt is fully equipped to support messages, gifts, gift cards, redeem discounts, and easily handle shipping. The company claims that Bolt’s integrated functions can help businesses cut their checkout times from more than one minute to 30 seconds.
Bolt – Products and Services
The product offerings of Bolt include the following:
The Bolt Network
One Click Checkout
Account Creation
Fraud Protection
Bolt SSO
Goodbye, Guest Checkout
Bolt Payments
Merchant Analytics
Product Releases
Checkout Everywhere
Bolt – Challenges Faced
It’s been reported that Bolt often overstated its technological capability and misrepresented the number of merchants using its services in a rush to show growth. Moreover, in the investors’ presentations, the company listed customers before verifying whether those merchants were able to use its technology. In November 2021, one of the company’s biggest customers, Authentic Brands Group, sued it for failing to deliver the technological capabilities it held out as processing.
Even in January 2022, Ryan Breslow abruptly stepped down as chief executive, blindsiding some investors who had invested money into Bolt weeks earlier. Some investors were looking to sell their stakes with customers questioning the company’s technology. In April 2022, Bolt announced a three-month hiring freeze in the staff meeting.
Bolt – Funding and Investors
Bolt has raised $972.1 million over 10 funding rounds. Its latest funding round – Secondary Market Round, was conducted on January 19, 2022. General Atlantic, Westcap, Axevil Capital, Schonfeld Strategic Advisors, and Activant Capital are some leading investors funding the company.
Date
Round
Number of Investors
Money Raised
Lead Investor
January 19, 2022
Secondary Market
1
–
–
January 14, 2022
Series E
9
$355 million
–
October 12, 2021
Series D
11
$393 million
–
December 21, 2020
Series C
5
$75 million
General Atlantic, Westcap
June 16, 2020
Series C
7
$50 million
Westcap
July 9, 2019
Series B
23
$68 million
Activant Capital, Tribe Capital
July 1, 2018
Series B
35
$22 million
Activant Capital
October 26, 2016
Series A
3
$9 million
Long Venture Partners
July 29, 2015
Seed Round
3
CN¥500K
–
January 1, 2014
Seed Round
1
–
RRE Ventures
Bolt – Mergers and Acquisitions
Bolt acquired Tipser on November 24, 2021.
Bolt – Growth
The post-money valuation of Bolt is discussed below:
Year
Valuation
2022
$11 billion
2021
$4 billion
2019
$357 million
2018
$250 million
Its revenue in 2021 was roughly $30 million, and it made $7.2 million in Q1 of 2022. From 10 employees in 2018, the company’s team size has grown to 800 in 2022.
Bolt – Partners
Bolt has collaborated with the following e-commerce platforms, agencies, and solution integrators:
During the journey, Bolt has built an award-winning culture and workplace, with the company being recognized by industry leaders. It is honored by the following listed awards:
Forbes 2019 Fintech50
Fintech 250 by CB Insights
2020 Inc. Best Workplaces
Entrepreneur 360 Bolt
Fortune Best Workplaces in the Bay Area 2020
Great Places to Work (Certified APR 2021 – APR 2022 USA)
Bolt Financial Inc. (Bolt) is a financial technology company providing mobile-read checkout software designed for e-commerce sites to incorporate sales analysis, process online payments, and prevent fraud.
Who are the founders of Bolt Financial Inc.?
Ryan Breslow and Eric Feldman are the co-founders of Bolt.
Who is the CEO of Bolt Financial Inc.?
Maju Kuruvilla is the CEO of Bolt.
Who are the main competitors of Bolt Financial Inc.?
The main competitors of Bolt Financial Inc. include PayPal, Stripe Connect, Signifyd, Apple Pay, Amazon Pay, and Checkout.com.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by BETA Technologies.
With climate change, there is a dire need for the aerospace industry to shift to sustainable and safe aircraft, batteries, and other accessories. In the last few years, electric aviation has become a critical area of research following the exponential growth of the aviation industry.
Despite the electric aircraft’s promising emission reduction potential, multiple technological and regulatory challenges restrict the development of a new regime of sustainable air transportation. Significant technological advancements, new certification standards, and infrastructural development are primary requirements for making commercial air transport viable.
BETA Technologies is a crucial part of a fast-growing industry. The U.S.-based company is out to prove that electric, fully-sustainable aviation can be commercially viable. In this article, we’ve compiled all the essential details about BETA Technologies, including its startup story, founders, mission, funding, products, partners, future plan, and more.
BETA Technologies is an electric aerospace manufacturer developing a safe, reliable, sustainable, and fully integrated electric transportation ecosystem. The company develops electrical vertical take-off and landing (VTOL) aircraft and a network of specially designed, multi-modal charging infrastructure to support its aircraft.
BETA Technologies – Industry
BETA Technologies is a part of the aerospace part manufacturing industry. The industry’s global market size was approximately $899.48 billion in 2022 and is forecasted to grow at a CAGR of 4% during 2023-30.
The market is growing due to increasing passenger and cargo traffic. In addition, the surge in demand for lightweight and fuel-efficient aircraft to minimize greenhouse gas emissions is another market growth driving factor.
In the highly competitive global aerospace parts manufacturing industry, JAMCO Corporation, Rolls Royce plc, Intrex Aerospace, Safran Group, and Woodward Inc. are top-rated industrial players.
BETA Technologies – Founders and Team
Kyle Clark is the founder and CEO of BETA Technologies.
Kyle Clark
Kyle Clark – Founder and CEO, BETA Technologies
Kyle Clark, an aerospace engineer, and pilot, is the founder and CEO of BETA Technologies. He graduated from Harvard University, where he completed B.A. in Materials Science (Engineering). He co-founded iTherm Technologies and worked as V.P. of Engineering. Clark is the ex-founding Partner of Venture.co and currently holds the position of Adjunct Faculty Member at the University of Vermont.
With Blain Newton, the COO of BETA Technologies, the company is a team of over 350 employees.
BETA Technologies – Startup Story
BETA Technologies was founded by Kyle Clark in 2017 in Burlington, Vermont. Clark’s path to aviation was not typical. It began when he was growing up around his father’s machine shop in Vermont and met an aerobatic pilot, George Coy, who rebuilt trainer airplanes.
After his high school classes, Clark used to help Coy out. Once Coy took him up in a side-by-side Zin 142 aerobatic with a sliding canopy, Clark was totally hooked. However, at Harvard, Clark’s childhood dream of building and flying aircraft detracted when his love and talent for ice hockey encouraged him to join the National Hockey League.
He signed with the Washington Capitals organization in 1999 and moved to its farm team in Richmond, Virginia. It’s where he learned to fly and got his pilot certificate. After pro hockey, Clark completed his graduation in 2004 and started working full-time to incorporate the aviation business.
In 2017, the BETA team started developing its first eVTOL: AVA-XC and the company moved into its first space at Heritage Aviation. Furthermore, it moved into its research and development facility and commenced AVA’s free hover testing in 2018.
It was in 2019 that BETA Technologies built ALIA’s Iron Bird and generation 1 electric motor. Later in the same year, it installed its first prototype elevated landing pad & pilot station. The company welcomed its first employee on four legs; whiskey, and ALIA was airlifted to Plattsburgh, New York, in 2020.
BETA obtained crewed Military Flight Release from U.S. Air Force Agility Prime Program in 2021 and opened Ohio and Washington, D.C. offices after a few months. In 2022, the team took ALIA for the first cross-country flight and launched a smartphone app to interact with the company’s E.V. charging solutions.
BETA Technologies – Mission and Vision
BETA Technologies’ mission is to design a self-sufficient eVTOL aircraft ecosystem satisfying human needs, embracing the law of nature, and working in harmony with the planet. Furthermore, the company envisions simplified and amplified access to the vertical dimension of mobility. “Just simple enough to be revolutionary.”
BETA Technologies – Business Model
BETA Technologies operates an eVTOL business. It builds an exceptionally reliable, sustainable, high torque-to-weight ratio electric motors, inverters, and battery systems, along with aircraft. The company targets defense applications, cargo delivery, medical logistics, air taxis, passenger transportation, and building out its network of rapid-charging systems in the U.S.
BETA Technologies – Revenue Model
BETA Technologies supports its aircraft and also generates revenue from a charging network repowering a range of electric vehicles.
BETA Technologies – Challenges Faced
BETA Technologies’ major project of developing a manufacturing facility at Williston Road, South Burlington, faced difficulty due to parking problems. The South Burlington Development Review Board allowed the company to move forward with its project with the condition of having a separate building in the front to block the planned parking lot’s view from the road. It was a major snag for BETA Technologies since they needed a second building designed and permitted.
BETA Technologies – Products and Services
The main product offerings of BETA Technologies include:
ALIA-250
Charging Infrastructure
CX300
BETA Technologies – Funding and Investors
BETA Technologies secured a total amount of $886 million by undertaking 3 funding rounds. The company’s latest funding round – Series B Round, was held on April 20, 2022, and raised $375 million. 4 leading investors back the company, including Fidelity Management and Research Company, TPG Rise Climate Fund, Climate Pledge Fund, and RedBird Capital Partners.
Date
Round
Number of Investors
Money Raised
Lead Investor
April 20, 2022
Series B
2
$375 million
Fidelity Management and Research Company, TPG Rise Climate Fund
May 18, 2021
Series A
3
$368 million
Fidelity Management and Research Company
March 1, 2021
Venture Round
–
$143 million
–
BETA Technologies – Growth
The post-money valuation of BETA Technologies grew to $2.4 billion in 2022 from $1.4 billion in 2021. Its employee count increased by approximately 1066.6% in three years, from 30 employees in 2019 to 350+ in 2022.
Some possible competitors of BETA Technologies are as follows:
Blue Origin
Joby Aviation
Archer
Kittyhawk
Eviation
BETA Technologies – Future Plan
BETA Technologies expects to assemble its aircraft in Vermont to ship off to customers in the coming year. Moreover, it aims to get the CX300 prototype FAA certified and deliver it to customers by 2025.
FAQs
What is BETA Technologies?
BETA Technologies is an electric aerospace manufacturer developing a safe, reliable, sustainable, and fully integrated electric transportation ecosystem.
Who is the founder of BETA Technologies?
Kyle Clark is the founder and CEO of BETA Technologies.
Who are the main competitors of BERA Technologies?
The main competitors of BETA Technologies include Blue Origin, Joby Aviation, Archer, Kittyhawk, and Eviation.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Ashnam.
The handicrafts and figurines industry is a fascinating and diverse sector that showcases the creativity and craftsmanship of skilled artisans. From intricately designed handicrafts that reflect cultural heritage to elegant figurines that add charm to any space, this industry offers a wide array of exquisite creations. With a focus on preserving traditional art forms and embracing modern design sensibilities, the industry continuously evolves to cater to changing tastes and preferences. Each piece crafted with passion tells a unique story, making the world of home décor and handicrafts a captivating and timeless realm of art and beauty.
A name making remarkable strides in this field is Ashnam, a brand specializing in figurines, home décor products, wall décor items, and more.
In this article, explore the journey of Ashnam, its founder, products, challenges, and more.
Ashnam, a prominent and innovative brand in the Indian home décor and figurine market, has been serving as a leading polyresin figurine manufacturer and white-label supplier to modern retail outlets throughout India. Established in 2012 by Manoj Kumar Sharma, the company takes pride in crafting exquisite polyresin artifacts with unique designs. With an extensive product range of over 260 distinctive items and more than 2700 SKUs, Ashnam caters to a wide price spectrum.
Ashnam – Industry
The company operates in the Indian handicraft and figurine industry, which is highly unorganized, and there are thousands of units manufacturing such products in almost every state of India. The unstructured nature of the market has resulted in the absence of formal data gathering, and quoting any verified or accurate numbers related to market size would not be possible at this point.
However, when we talk about the organized sector of modern retail of handicrafts, the segment that we aim to transform and expand, the overall market size is estimated to be about INR 1,000 crore per reliable and documented sources. We are just getting started by establishing a distribution company for the brand Ashnam to distribute our product lines.
Ashnam – Founders and Team
Manoj Kumar Sharma – Founder, Ashnam
Manoj Kumar Sharma is the founder of Ashnam. He holds a Bachelor’s degree in Commerce (B.Com.). Manoj is the driving force behind the company’s growth and success, leading it with dedication and expertise.
Manoj’s close friend, Mona Sanghvi, became a co-founder of Ashnam after their marriage in 2017. With her qualification as an architect, Mona played a crucial role in the company’s journey until her untimely demise in 2021. Since then, Manoj has been spearheading the business solely.
I firmly believe that Failure is the first step toward achievement. You put your best foot forward only once you see the first failure and are at your lowest. Post this step, a whole new world of possibilities opens up, said Manoj.
Ashnam’s core team comprises individuals who have been with Manoj since the inception of the manufacturing unit in Vasai. He believes in providing training to his team members, regardless of their educational or demographic backgrounds. Their industry is such that a person who truly wants to learn can get trained in their manufacturing units and gradually scale up from there.
Manoj is committed to offering employment opportunities to those from the lower strata of society who may face challenges in finding jobs in corporate settings due to their educational backgrounds. However, the skills they learn from Ashnam empower them to earn their livelihoods with respect, and they can grow and earn the same perks and benefits that an organized corporate setup can provide over time. Despite an attrition rate of around 10% among new trainees, Ashnam continues to invest in training people, having successfully trained over 1,000 laborers in this segment over the last eight years.
Ashnam – Startup Story
Home décor is an exciting and high-potential market. Manoj, the founder of Ashnam, identified that the unorganized nature of the players in this arena had prevented brands from achieving true growth potential and hindered overall market growth. Ashnam was initially started as a trading company by Manoj in 2012, sourcing silver and gold-plated gift items and figurines from a Vasai-based manufacturer. The business served several high-profile clients, such as Vijaypat Singhania, for whom the gold-plated articles were refurbished in his private jet. Corporate clients included Archies, Waman Hari Pethe Sons, Dagdusheth Halwai Trust, and PNG Jewelers. However, a dispute with the manufacturer led to the shutdown of operations.
The second innings started when Manoj’s wife, Mona (then a close friend and a qualified architect), reposed faith in his ideas and lent him INR 5 lakh. He resumed business with a different approach and set up an 800-square-foot manufacturing facility in Vasai with a small team. In 2017, Mona and Manoj got married, and she became a co-founder of Ashnam. By 2019, the business had proliferated, and a 7,000-square-foot space was rented in Vasai with an investment of INR 50 lakh to scale the business. However, the pandemic disrupted operations badly, and workers had to return to their villages in 2020. The scenario only got darker in April 2021, when Manoj lost his wife Mona to COVID-19, and he was utterly distraught. At one point, he even thought of shutting down Ashnam.
However, Manoj soon realized that by losing his way and hurting Ashnam’s growth, he was also going to do injustice to his wife, Mona, as Ashnam had been a project she truly believed in. With renewed spirit and determination to advance with the objectives for which Ashnam was established, Manoj engaged with creditors, suppliers, and the whole team to rally their support. There has been no looking back since then, and within a short span of less than two years, Ashnam scaled to become a team of over 200 people.
Ashnam is a leading manufacturer of décor artifacts made from Polyresin in India. The company aims to transform the unorganized artifact manufacturing segment by introducing an unprecedented, organized sector approach and focusing on employee welfare and women’s empowerment.
The name “Ashnam” is a creative rearrangement of Manoj’s name, derived by combining “ASH” from his surname Sharma with the first three letters of his first name, Manoj, forming NAM.
The logo was well thought out, and every element of the logo has a deeper meaning to it. It comprises five colors, with every color having a significance of its own:
Brown: Mother Earth
Green: Present
Blue: Future (Sky’s the Limit)
Gold: Every product is unique and specially created
Ash Grey: One day, everything ends in Ashes and returns to Mother Earth. The cycle of life and creation thus continues.
Ashnam – Product/Service
Ashnam Products
Ashnam is a brand specializing in figurines, home décor products, and wall décor items. Renowned for its expertise in manufacturing polyresin artifacts, Ashnam boasts a design bank of over 260 unique products and offers an extensive range of more than 2700 SKUs, with prices ranging from INR 599 to INR 1 lakh. The higher-end features the signature products of larger dimensions and enhanced appeal.
Ashnam – Business Model
Ashnam is India’s leading polyresin figurine manufacturer and white-label supplier to modern retail outlets throughout the country. It has a significant market presence, and the demand for its products is growing strongly as no other manufacturer can manufacture the products on the scale that Ashnam does. Ashnam operates on a collaborative model that focuses on making the products available at significant chain outlets as white-label goods and has a few stores under the brand Siddharas.
Ashnam is available in all Metro Cash and Carry outlets under the brand name Siddharas. As a white-label supplier, it serves many prominent brands such as Home Center, Shoppers Stop, Hometown, At Home, Royal Oak, Archies, Bombay Swadeshi Store, Eternal Gandhi by Aditya Birla, Homebox Dubai, etc.
Ashnam – Customer Acquisition Strategies
The first set of clients resulted from the pure hard sell and door-to-door presentations with samples. Once the products started circulating in the market, looking at the quality of the product and the detailing in production, Ashnam began getting references through word of mouth. Ashnam also started actively participating in home décor exhibitions in 2019, making its presence felt among the right set of people and eventually scaling up orders and business.
Ashnam – Growth
Ashnam focuses on growing the brand through collaborative product placement and serves as a market-leading supplier of white-label products to prominent players in the Indian home décor sector. The company is rapidly expanding its brand footprint across the country. In the longer term, Ashnam aims to go omnichannel and is already taking steps in that direction.
With a team of about 200 people, Ashnam operates from four manufacturing facilities spread across 40,000 square feet in Vasai. In FY23, the company achieved a revenue of INR 7 crore. Over the last eight years, Ashnam has successfully sold more than 15 lakh units in the Indian market.
Ashnam – Challenges Faced
Challenges are a part of every entrepreneur’s life. Manoj has overcome several daunting hurdles. The first time he faced an existential challenge was when there were disputes with the manufacturer who used to produce the articles. Manoj decided to let go of that venture completely and start afresh, believing in his talent and capacity to reinvent space. His wife, Mona (then a friend), lent him INR 5 lakh, and he set up a small manufacturing unit in Vasai, 800 square feet, with a small team. Things scaled rapidly, and by 2019, operations had started from a 7000-square-foot space with a team size of 50+ after an investment of INR 50 lakhs in the business. That is when the pandemic disrupted everything, and the workers went back to their villages.
In April 2021, Manoj lost his wife and Ashnam co-founder to COVID-19, and it seemed to be all over. However, he drew inspiration from her faith in the vision and Ashnam and resumed operations with renewed vigor. Since then, it has been a quick journey, scaling one milestone after another. The biggest learning in all of this has been to take the first step and then the next. Only once you take the step does a whole new world of possibilities open up.
Ashnam has acquired the brand Tansha Quo, which was involved in B2C operations.
Ashnam – Tools and Technology
Ashnam is renowned for its exquisite, handcrafted art and does not use any modern tools or technologies in the manufacturing process. As a modern retail brand, they embrace digital marketing platforms to create awareness and engage customers. Data analytics and design tools aid in market research and product ideation. Ashnam has integrated e-commerce tools to expand outreach and enhance customer service. Continuous investment in research and development leads to innovative raw materials and processes, elevating the quality and precision of their product line.
Ashnam – Competitors
The Indian home décor, sculptures, and figurines market is expansive and unorganized. Thousands of players with average team sizes of around 20 or more operate in various states nationwide. Most of these players work in local markets and through e-commerce marketplaces, and there is no specific brand they can name as a competitor considering the scale at which Ashnam operates. Thus, it is safe to say that Ashnam sees itself as its own competition and consistently raises the bar. This factor also defines and contributes to the fact that Ashnam has always been the sole supplier to many brands like Hometown, At Home, and Royal Oak over the last decade.
Ashnam – Future Plans
Ashnam has extensive plans to scale as a brand in the years ahead. With robust demand for products sold through Metro Cash and Carry under Siddharas and as white-label goods at several major home décor sector brands in India, they are also exploring other partnerships and opening new retail channels. The upcoming relaunch of their Tathastu brand by Archies is expected to significantly boost their market coverage. Ashnam is actively working on these initiatives and remains open to exploring new opportunities in the coming years.
FAQs
What is Ashnam?
Ashnam, a prominent and innovative brand in the Indian home décor and figurine market, has been serving as a leading polyresin figurine manufacturer and white-label supplier to modern retail outlets throughout India.
Who is the founder of Ashnam?
Manoj Kumar Sharma is the founder of Ashnam.
When was Ashnam established?
Ashnam was established in 2012.
What are Ashnam’s products?
Ashnam is renowned for its expertise in crafting figurines, home décor products, and wall décor items from polyresin. With over 260 unique designs and a vast range of 2700+ SKUs, they offer exquisite and diverse products.
Tanusha Verma
