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 BigID.
Many companies in this technologically advanced age struggle to manage their sprawling data estates and minimize data risks. Vendors are furiously developing tools to help manage data while addressing privacy concerns. However, the disconnected nature of point-tool development is hurting efficiency with data becoming more distributed.
Now the question is, can a single platform approach address the modern challenges associated with data management? It’s when BigID came forward as the most appropriate answer. BigID is an America-based company offering cloud-native solutions to help organizations organize and secure data while ensuring compliance with protection regulations.
BigID is a data intelligence company developing software offering data security, compliance, privacy, and governance. The platform leverages advanced machine learning and data intelligence to enable enterprises to proactively discover, manage, secure, and get value for their business data for better visibility and control.
Customers deploy BigID to minimize their data risk, automate security and privacy control, achieve compliance, and gain valuable insights from business data across their entire data landscape, including hybrid cloud, multi-cloud, SaaS, IaaS, PaaS, and on-prem data sources.
BigID operates in the enterprise data management industry, the global market size of which is estimated to reach $122.9 billion by 2025 from $77.9 billion in 2020, at a remarkable CAGR of 9.5%. The increasing need for effectively managing the hierarchical master data generated across different departments, adoption of IoT devices, and digitalization are key market growth driving factors. Even the global industry benefited from the Covid-19 pandemic.
The global enterprise data management market comprises prominent players, such as IBM Corporation, SAP SE, Oracle Corporation, Talent, Symantec, and Informatica.
BigID – Founders and Team
Dimitri Sirota and Nimrod Vax are the co-founders of BigID.
Dimitri Sirota
Dimitri Sirota – Co-founder and CEO, BigID
Dimitri Sirota completed his bachelor’s in Physics with Honors from McGill University and master’s in Engineering Physics from The University of British Columbia. Currently, he is the co-founder and CEO of BigID. Moreover, he is the Investor at Pomelo Pay, Subscribe, Zuplo, Sifflet, Kili Technology, TopCoat Data, AtomicJar, Inc., and many other leading companies. In addition, Sirota co-founded eTunnels and Layer7.
Nimrod Vax
Nimrod Vax – Co-founder and CPO, BigID
Nimrod Vax completed B.Sc in Computer for Bar-Ilan University and MBA in Marketing from Tel Aviv University. He is the co-founder and CPO of BigID. Additionally, he is the Seed Investor at Jit.io and Slim.ai. Vax worked as a Development Manager at Business Layers and Netegrity and as VP of Product Management at CA Technologies.
BigID Team
Scott Casey – Chief Operating Officer
Avi Aronovitz – Chief Financial Officer
Marc DeGaetano – Chief Revenue Officer
Sarah Hospelhorn – Chief Marketing Officer
BigID currently employs 400+ employees.
BigID – Startup Story
Dimitri Sirota and Nimrod Vax co-founded BigID in 2016. When Sirota was running a security strategy for the security businesses in California, he saw many companies focused on the problem of authentication, authorization, single sign, and all traditional IAM capabilities. He lived in West Chester, and when commuting to work, he read about the data being stolen, lost, or misused in the Wall Street Journal and New York Times.
When he looked for the solution, he didn’t see anything focused on the problem of identity security but identity management. He then thought of commencing his new venture. So, for about one-and-a-half years, he thought about what he wanted to do and started networking in New York. As a part of that, he thought about the problem space and realized there is a gap, white space, between the protection of personal information and available technologies. Moreover, he was aware that a new regulation named GDPR would come with fines for not doing anything to protect personal information.
When he left California for his second anniversary, he reached out to Nimrod Vax, whom he worked with, who ran identity products. He talked to him and got this opinion around this venture idea, and then they workshopped it. They worked on the idea for a few months to give it a final shape so that they could take it to the investors. Within six months, they raised money and started building BigID in 2016.
BigID launched its first GDPR & Privacy Compliance Product, “BigID BigOps,” in October 2017. Furthermore, the company introduced Data Exchange App for ServiceNow in 2020. A year later, in 2021, it expanded Access Intelligence for Cloud and Data Centers. The company introduced Cookie Consent Management in 2022 and Secrets Detection Capabilities in 2023.
BigID – Mission and Vision
BigID aims to revolutionize data privacy and protection for companies in the digital age.
BigID – Business Model
BigID is a modern, extensible data privacy, protection, and perspective platform. The platform combines next-generation ML cataloging, classification, cluster, analysis, and correlation across each data type to help customers find sensitive and critical data anywhere with transformative data discovery. The modular apps are built on the first-purpose build app framework to let enterprises take action for data privacy and protection.
Furthermore, the BigID platform lets its customers unleash the value of their business data by automating data-driven initiatives. They can accelerate data solutions by leveraging an active metadata hub to enable the data fabric.
BigID – Revenue Model
BigID pricing model depends on a few factors specific to the organization’s team and data. The client organizations are asked to choose a pricing bundle from multiple options, including Data Discovery, Classification & Inventory, Zero Trust, Insider Threat, DSPM, Data Minimization, Data Lifecycle Management, Data Rights, Preferences, Data Mapping, and other bundles. In addition, enterprises need to choose where their data live- “Cloud, Hybrid, or On-Prem,” to get the pricing plan.
BigID – Products and Services
BigID offers a wide range of products, including:
Data Discovery & Classification
Automated Labeling
Data Retention
Metadata Exchange & Enrichment
Consent Governance
Breach Data Investigation
PIA Automation
Data Deletion
Data Risk Scoring
Privacy Portal
Access Intelligence
Data Quality
Data Remediation
Data Stewardship
Data Rights Automation
Cookie Consent
Get Full Visibility On All Your Data, Everywhere.
BigID – Funding and Investors
BigID has undertaken 12 funding rounds to raise $246.1 million. Its latest funding round – Venture Series Unknown Round, was conducted on October 21, 2022. Bessemer Venture Partners, Boldstart Ventures, ClearSky, Comcast Ventures, Genacast Ventures, Information Venture Partners, Salesforce Ventures, and Tiger Global Management are some investors of BigID.
Date
Round
Number of Investors
Money Raised
Lead Investor
October 21, 2022
Venture Round
1
–
–
February 3, 2022
Corporate Round
2
–
ServiceNow
January 25, 2022
Venture Round
1
–
Splunk Ventures
April 22, 2021
Series D
2
$30 million
Advent International
December 16, 2020
Series D
6
$70 million
Salesforce Ventures, Tiger Global Management
October 1, 2020
Venture Round
2
–
–
January 6, 2020
Series C
1
$50 million
Tiger Global Management
September 5, 2019
Series C
12
$50 million
Bessemer Venture Partners
June 25, 2018
Series B
6
$30 million
Scale Venture Partners
January 29, 2018
Series A
5
$14 million
ClearSky
BigID – Growth
BigID grew by 7,242% in 2021, and its valuation accelerated from $1 billion at the end of 2020 to $1.25 billion in 2021. Moreover, the company’s employee count increased from 300 in 2021 to 400 in 2022.
BigID – Partners
BigID has partnered with various service, technology, marketplace, and resell partners. Some of these are as follows:
The industry has recognized BigID for its data intelligence innovation as it was:
2023 Globe Awards Gold Winner by Disruptors
2023 The Global Infosec Awards Winner by Cyber Defense Magazine
Cybersecurity Speak Through Award in 2022
Named as one of the Top 100 Cloud Computing Companies by Forbes in 2021
Listed as the 19th Fastest Growing Private Company in America and ranked first in Security by Inc 5000 in 2021
Recognized as AI Startup to Watch by Business Insider in 2020
RSA Innovation Sandbox Winner in 2020
BigID – Competitors
The top competitors of BigID are as follows:
Egnyte
Segment
Smartsheet
Demandbase One
Planhat
BetterCloud
FAQs
What does BigID do?
BigID is a data intelligence company developing software offering data security, compliance, privacy, and governance. The platform leverages advanced machine learning and data intelligence to enable enterprises to proactively discover, manage, secure, and get value for their business data for better visibility and control.
Who are the founders of BigID?
Dimitri Sirota and Nimrod Vax are the co-founders of BigID.
When was BigID founded?
BigID was founded in the year 2016.
Who are the main competitors of BigID?
The main competitors of BigID are Egnyte, Segment, Smartsheet, Demandbase One, Planhat, and BetterCloud.
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 Aviatrix.
Over the past few years, the business world has been shifting towards hybrid infrastructure services, with the massive growth of cloud and industrialized services and the decline in traditional data center outsourcing. Using hybrid cloud networking platforms, enterprises can scale computing resources, avoid investing capital in handling short-term spikes in demand, and improve business agility and performance.
With the growth in hybrid cloud networking market size, many businesses are looking for intelligent and secure cloud network solutions. It’s when Aviatrix comes to the help. The US-based company is popular for providing cutting-edge hybrid cloud solutions to enterprises worldwide.
Consider going through the article to learn more about Aviatrix, including its founders, startup story, business model, growth, and future plan.
Aviatrix is a hybrid cloud network startup offering a suite of networking and security services for the company’s cloud environments. The platform is designed to deliver an enterprise-grade secure cloud network to support databases, artificial intelligence, and cybersecurity.
With 1800+ combined years of networking experience, Aviatrix serves over 500 innovative enterprises worldwide to accelerate innovation, minimize downtime, and control IT costs. The company’s leading customers include VMware, NASA, Netflix, Informatica, DXC Technology, Ivanti, ChargePoint, and Age of Learning.
Aviatrix – Industry
Aviatrix operates in the cloud networking industry by offering hybrid cloud networking software. A hybrid cloud can be explained as a cloud computing environment combining private and public cloud services.
From $129.43 billion in 2023, the global market size of hybrid cloud networking is projected to reach $348.53 billion by 2028, at a CAGR of 21.9% from 2023 to 2031. Rapidly growing digitization due to Covid-19 and the acceptance of global cloud computing are two factors contributing to the growth of hybrid clouding.
Besides Aviatrix, Citrix Systems Inc., Amazon Web Services, CISCO Systems Inc., Microsoft, Google, and Splunk Inc., are the key players in the industry.
Aviatrix – Founders and Team
Pankaj Manglik and Sherry Wei co-founded Aviatrix in 2014.
Pankaj Manglik
Pankaj Manglik – Co-founder, Aviatrix
Pankaj Manglik studied MBA at The Warton School. He is the ex-product Manager of Cisco Systems and ex-Director of Alteon WebSystems. Moreover, Manglik has been the co-founder and CEO at Aruba and Aviatrix. From 2020 to April 2023, he worked as the Chief Executive Officer at Altos Data.
Sherry Wei
Sherry Wei – Co-founder and Advisor, Aviatrix
Sherry Wei went to Purdue University to complete her Ph.D. in Electrical Engineering. She has been a Member of the Technical Staff at Ardent Communications, acquired by Cisco Systems. Additionally, Wei worked as Engineer Manager at Cisco Systems.
Co-founder of Aviatrix, Wei has held the role of Chief Product Officer and CTO at the company. Currently, she is Aviatrix’s Advisor and Angel Investor at Alchemist Accelerator.
Aviatrix Team
Doug Merritt – Chief Executive Officer
John Jendricks – Chief Operating Officer
Cyrous Jamé – Chief Financial Officer
Aviatrix is a team of nearly 400 employees.
Aviatrix – Startup Story
Sherry Wei left her job at Cisco in 2014 to create Aviatrix on the premise that cloud networking is entirely different from data center networking from the enterprise customer’s perspective.
It was in 2019 that Steve Mullaney, ex-CEO of software-defined Nicira, came out of his retirement and joined Wei at Aviatrix when he saw the massive growth in cloud demand from the companies.
In August 2019, Aviatrix shifted its headquarters to Santa Clara from Palo Alto, Calif, to expand its office space and accommodate rapid staff expansion. Three months later, in November 2019, the company launched the industry’s first and only multi-cloud networking certification, the Aviatrix Certified Engineer (ACE) program.
It kicked off the multi-cloud seminar series’ Networking Above the Clouds’ across Europe and North America in 2021. In 2023, Aviatrix launched its online community, ‘The Cloud Network,’ and delivered the industry’s first distributed cloud firewall
Aviatrix – Mission and Vision
Aviatrix’s mission is to help businesses achieve their digital transformation goals. The company’s mission statement centers around empowering enterprises to navigate and harness the potential of the cloud securely.
Aviatrix – Business Model
Aviatrix is a cloud-native networking software that understands the cloud provider’s native constructs. It enables enterprises to leverage and control the native constructs via cloud provider’s APIs that extend their capabilities and integrate them into Aviatrix’s software. The platform further provides organizations with critical solutions to accelerate their cloud journey.
The company help solves common networking problems that enterprises encounter on their public cloud journey by providing a common control plane offering multi-account or multi-cloud automation, security services, visibility, advanced transit services, and troubleshooting capabilities.
Aviatrix – Products and Services
Aviatrix offers several products and services, including Secure Cloud Networking, Embedded Cloud Network Security, Cloud Network and Security Operations, Secure Cloud Networking Edges, and Advanced Technical Services.
Moreover, its solutions comprise Aviatrix Distributed Cloud Firewall, Secure Cloud Networking for Service Providers, and Secure Cloud Network Backbone.
Aviatrix raised $340.8 million by conducting 7 funding rounds. Its latest funding round – Venture Series Unknown Round, was raised on December 8, 2022. CrossWork.us, TrueBridge Capital Partners, general catalyst, CRV, Meritech Capital Partners, and Ignition Partners are some investors funding the company.
Date
Round
Number of Investors
Money Raised
Lead Investor
December 8, 2022
Venture Round
1
–
–
September 8, 2021
Series E
11
$200 million
TCV
February 23, 2021
Series D
8
$75 million
General Catalyst
October 28, 2019
Series C
4
$40 million
CRV
January 18, 2017
Series B
3
$15 million
CRV
February 26, 2015
Series A
2
$10 million
–
September 30, 2014
Seed Round
1
$800K
Monta Vista Capital
Aviatrix – Growth
In 2022, Aviatrix experienced three-year revenue growth of approximately 900%, with double sales and customers per year. Besides this, the company was valued at $2 billion in 2022.
Aviatrix – Partners
Aviatrix has over 50 business and technology partners. Some leading partners of the company are as follows:
Microsoft Azure
Amazon Web Services (AWS)
Splunk
Palo Alto Networks
Terraform Labs
Oracle Cloud Infrastructure
Megaport
Datadog
Google Cloud Platform
AHEAD
Aviatrix – Awards and Achievements
Industry leaders have recognized Aviatrix as it’s named to the:
Futuriom 50 list of Strongest Private Companies in Cloud and Communications Infrastructure in 2023, consecutively for the 3rd year.
2022 Deloitte Technology Fast 500 list of Fastest Growing Companies in North America.
CNBC’s Inaugural Top Startups for the Enterprise list.
Listed as the leader in the 2022 Futuriom Secure Multicloud Networking Report.
Recognized as one of the 2022 Inc. 5000 Fastest-Growing Private Companies in America.
Awarded Gold for the ‘Best IT Company of the Year for IT Cloud/SaaS’ in the 17th Annual 2022 Information Technology Awards.
Aviatrix Enterprise Multicloud Backbone Overview
Aviatrix – Competitors
Aviatrix ranked second among its 194 active competitors. Some of its direct competitors are listed below:
Alkira
Prosimo
VMware
Cisco Systems
Comarch
Cloudflare
Rackspace Cloud
Aviatrix – Future Plan
Aviatrix is preparing for a trip to the public markets by aiming to list its shares by the end of 2023.
FAQs
What does Aviatrix do?
Aviatrix is a hybrid cloud network startup offering a suite of networking and security services for the company’s cloud environments. The platform is designed to deliver an enterprise-grade secure cloud network to support databases, artificial intelligence, and cybersecurity.
Who are the founders of Aviatrix?
Pankaj Manglik and Sherry Wei co-founded Aviatrix in 2014.
Who are the main competitors of Aviatrix?
Alkira, Prosimo, VMware, Cisco Systems, Comarch, Cloudflare, and Rackspace Cloud are some of the main competitors of Aviatrix.
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 Better.
Homeownership forms a considerable part of the economy. Housing is approximately a $33 trillion business, with mortgages accounting for $15 trillion. Despite these vast figures, home finance operates in the same traditional way it has for decades – via opaque systems and higher commission charging intermediaries whose interests are misaligned with the consumers.
It’s when Better comes into the picture. This US-based company is redefining the homeownership process from the ground up through technology and human effort. From founders to the plan, learn more about Better further in the article.
Better.com, Better, or Better Holdco, Inc. operates as an online mortgage lender. It is a digital-first platform for mortgage origination, homeowners insurance, and related services. The company is the direct lender of jumbo loans, conventional loans, refinancing loans, and adjustable-rate mortgages.
Headquartered in New York, U.S., Better has 3 subsidiaries Better Mortgage, Better Settlement Services, and Better Cover. Till mid-2021, the company funded $45 billion+ in home loans and provided $25 billion+ in cumulative coverage via Better Cover and Better Settlement Services.
Better – Industry
Housing finance is a lending service that offers money to customers to purchase new properties, including land and home. Better is a digital homeownership platform operating in the housing finance industry. The industry’s global market size was estimated to be $4,520.67 billion in 2021 and is forecasted to grow to $33,298.79 billion by 2031 at a CAGR of 22.3%.
The increasing need to streamline the housing lending service and for money among individuals and businesses to purchase housing is the leading industry growth factor. However, the Covid-19 pandemic, stringent rules by banks and financial institutions to provide finance, and rising prices of housing properties in developing countries worldwide are expected to hamper the market growth.
Vishal Garg and Shawn Low are the co-Founders of Better.
Vishal Garg
Vishal Garg – Co-founder and CEO, Better
An Indian-American entrepreneur, Vishal Garg attended NYU Stern School of Business for BS in Finance (International Business). In addition to Better, he previously co-founded MRU Holdings. Moreover, Vishal is the ex-Founding Partner of One Zero Capital, Phoenix Holdings. Now he holds the position of Better’s CEO.
Shawn Low
Shawn Low – Co-founder, Better
Shawn Low graduated from Harvard University. He worked as a Consultant at The Boston Consulting Group and the Co-founder and Senior Advisor at Better till July 2021. Shawn is the ex-Advisor of Huspy and the ex-Visiting Partner of Iterative. Currently, he is the co-founder of LXA.
At present, Better has around 5,500+ employees.
Better – Startup Story
Better was incorporated as “Better Holdco Inc.” by Vishal Garg and Shawn Low in 2014 to re-engineer the mortgage process. Vishal and his wife had a negative experience obtaining a mortgage when looking forward to buying their first home, which led to the company’s formation.
Better developed an investor rules engine for matching borrowers and mortgage products to 10+ large institutional investors via algorithms in 2015. Later in the same year, the company started working with borrowers directly online and funded its first 100% digital loan.
In 2016, the company launched its first subsidiary named Better Mortgage. After one year, in 2017, it introduced the one-day verified pre-approval letter. Better surpassed $1 billion in total funded loans and launched a second subsidiary named Better Real Estate in 2018. Later in 2019, it launched its third and fourth subsidiaries, Better Cover and Better Settlement Services.
The company announced its plan to go public via a SPAC merger with Aurora Acquisition Corp by the end of 2021. However, in August 2022, its deadline to go public was delayed until March 2023. A year later, Better announced the shutdown of its Better Real Estate subsidiary in June 2023.
Better – Mission and Vision
Better’s mission is to make homeownership simpler, faster, and, most importantly, more accessible for all Americans.
Better – Business Model
Better obtain leads from personal finance companies such as NerdWallet and Credit Karma to attract customers and market to them. The platform offers users fast quotes and a quick loan application approval process without the intervention of mortgage intermediaries. It further allows the company to pass on savings to the customers in the form of more competitive rates. Moreover, Better doesn’t charge loan origination fees while providing loans.
Better – Revenue Model
Better generates revenue by selling mortgages to approximately 30 secondary mortgage investors, including Wells Fargo, Bank of America, and Fannie Mae, before making interest. Moreover, it also runs an affiliate company that looks after title services, letting Better earn money by receiving a percentage of fees.
Better – Products and Services
Better offers multiple services, including Buy a Home, Sell a Home, Home Affordability Calculator, Get Cash Offer, Contact an Agent, Home Improvement Loan, and Get Home Inspection.
Better – Challenges Faced
In December 2021, Vishal laid off around 900 employees over a Zoom call due to employees’ lack of productivity and efficiency. Vishal received severe backlash from the public and took a break from the company but returned in January 2022. The company further terminated 3,000 employees in March 2022.
Three months later, in June 2022, the company’s former senior executive filed a lawsuit alleging that Better misled investors in its financial filings and other representations to go public. After a few months, three senior executives left the company. In August 2022, Better terminated around 250 employees in the fourth round of layoffs. And in June 2023, the company laid off its entire real estate team and shut down the unit.
Over 6 funding rounds, Better raised a total of $905 million. Its latest funding round – ‘Secondary Market,’ was raised on April 8, 2021, and secured $500 million. Some leading investors that back the company are SoftBank, Citi, Ally, Pingan Bank, Goldman Sachs, KPCB (Kleiner Perkins Caufield Byers, and American Express.
Date
Round
Number of Investors
Money Raised
Lead Investor
April 8, 2021
Secondary Market
3
$500 million
SoftBank Visio Fund
November 10, 2020
Series D
8
$200 million
L Catterton
February 7, 2019
Series C
11
$160 million
Activant Capital
February 9, 2017
Series B
4
$15 million
–
June 13, 2016
Series A
7
$30 million
–
February 1, 2014
Seed Round
1
–
–
Better – Mergers and Acquisitions
Better acquired 2 companies, London House Exchange on September 3, 2021, and Trussle on July 12, 2021.
Better – Growth
Better was reported to generate $250 million in net profits in 2020. Its estimated annual revenue during 2020 was around $875.6 million – up nearly 10x the prior year – leading to $172.1 million in income. And in 2021, the company’s revenue grew to $1.23 billion or 41%. Furthermore, in 2020, the company’s valuation was $4 billion, which grew to $6 billion in April 2021.
Better – Partners
Better has partnered with the following:
Avex Funding
Palantir
Ally Financial
Look Before You Lock | Better Mortgage
Better – Awards and Achievements
Some popular awards that Better garnered over the years are as follows:
Listed as the Best Mortgage Lenders with No Origination Fee 2021 by Forbes.
Recognized as one of the Best Online Mortgage Lenders 2021 by Forbes.
Ranked #1 on LinkedIn’s Top Startups List for 2021.
Named in the Best Company Workplace Culture Awards list 2020 by Comparably.
Listed in The Forbes Fintech 50: The Most Innovative Fintech Companies in 2020.
Better – Competitors
Better’s competitors include the following:
Guaranteed Rate
LoanDepot
Rocket Mortgage
Better – Future Plan
Better’s deadline for going public via a SPAC merger with Aurora Acquisition Corporation has been extended until September 30, 2023.
FAQs
What does Better do?
Better.com, Better, or Better Holdco Inc. operates as an online mortgage lender. It is a digital-first platform for mortgage origination, homeowners insurance, and related services. The company is the direct lender of jumbo loans, conventional loans, refinancing loans, and adjustable-rate mortgages.
Who are the founders of Better?
Vishal Garg and Shawn Low are the Co-founders of Better.
Who are the main competitors of Better?
Guaranteed Rate, LoanDepot, and Rocket Mortgage are amongst the top competitors of Better.
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 Beyond Identity.
With more and more businesses, individuals, and governments increasingly relying on the internet, bad actors erode trust, steal intellectual properties, and pilfer funds. And to protect systems and networks from cyberattacks or hacking-related breaches, people consider relying on passwords.
However, passwords are fundamentally insecure authentical models because these ‘shared secrets’ transit networks are stored insecurely in databases, shared among family and friends, and reused across multiple applications. It’s when Beyond Identity came with the passwordless architecture allowing businesses and individuals to run computers and phones securely without having passwords or credentials in the system.
Let’s dig in to learn more about Beyond Identity, from its startup story and founders to its business model, funding, products, and growth.
Beyond Identity is the developer of the most secure, passwordless authentication platform for tech forward-thinking enterprises. The company breakdown the barriers between cybersecurity, identity, and device management. Beyond Identity does so by changing how the world logs in by eliminating passwords and providing users with a frictionless multi-factor login experience.
Beyond Identity – Industry
In 2022, the global cybersecurity market was estimated at $173.5 billion. And the market is projected to reach $266.2 billion by 2027 with a CAGR of 8.9%. The increased number of data breaches, rising digitalization, and advanced cyber intrusions are some cybersecurity market growth driving factors.
During the pandemic, many companies shifted to remote working culture and, thus, deployed cyber security solutions, resulting in market growth. Moreover, the market is expected to continue growth due to the hybrid working trend that is anticipated to stay in the future.
Some prominent players capturing the large size of the global cybersecurity market include McAfee, Palo Alto Networks, Cisco Systems Inc., and Trend Micro Incorporated.
Jim Clark and Thomas Jermoluk are the co-founders of Beyond Identity.
Jim Clark
Jim Clark is a serial entrepreneur who earned a bachelor’s and master’s degree in physics for the University of New Orleans. He co-founded Silicon Graphics in 1982, Netscape in 1994, and Healtheon in 1995. In addition, he co-founded Beyond Identity in 2019 and working as the company’s Chairman.
Jim Clark – Co-founder and Chairman, Beyond Identity
Thomas Jermoluk
Thomas Jermoluk studied at Virginia Tech. He is a Silicon Valley inventor in leading companies like Netscape, Silicon Graphics, and WebMD. Moreover, he is the Venture Capitalist at Clark Jermoluk Founders Fund and Board Member at Ibotta Inc. Jermoluk co-founded Beyond Identity and now holds the CEO position in the company.
Thomas Jermoluk – Co-founder and CEO, Beyond Identity
Beyond Identity Team
Jasson Casey – Chief Technological Officer
Bill Hogan – Chief Revenue Officer
Patrick McBride – Chief Marketing Officer
Kurt Johnson – Chief Strategy Officer
Beyond Identity is a team of 170 employees.
Beyond Identity – Startup Story
The co-founders of Beyond Identity – Thomas Jermoluk and Jim Clark, were originally working on a “Smart Home” solution but faced the change of user authentication. However, they wanted to create a system that automatically recognizes the user without a password. Jermoluk considered passwords as one of the ‘original sins’ of the internet as it shared secrets. It was how Jermoluk and Clark started the whole thing of launching Beyond Identity in 2019.
In 2021, Beyond Identity released a free version of its ‘Passwordless’ technology. A few months later, in 2021, the company announced a new platform upgrade featuring behavioral biometrics. Furthermore, Beyond Identity announced its expansion into Europe in May 2021. It launched Zero Trust Authentication in 2022.
Beyond Identity – Mission and Vision
Beyond Identity aims to empower all individuals and businesses to securely, effortlessly, and privately control their digital identities.
Beyond Identity – Business Model
Beyond Identity is FIDO2 certified, extending the standard with an organization-ready platform that secures hybrid work environments. The platform prevents credential-based breaches by eliminating passwords and ensuring user and device trust. Moreover, the company’s cloud-native Universal Passkey Architecture delivers secure and frictionless multi-factor authentication to ensure the enterprise’s data is accessed from secure, authorized, and identity-bound devices.
Beyond Identity – Revenue Model
Beyond Identity is a cloud, SaaS-based platform with an annual pricing model.
Beyond Identity – Products and Services
The products that Beyond Identity offers are Secure Workforce, Secure DevOps, and Secure Customers.
Beyond Identity – Funding and Investors
Beyond Identity raised funding worth $205 million over 3 rounds. Its latest funding round – Series C Round, was raised on February 21, 2022, and acquired $100 million. 7 investors fund the company, including New Enterprise Associates (NEA), Koch Disruptive Technologies (KDT), Silicon Valley Venture Capital firm, and Evolution Equity Partners.
Date
Round
Number of Investors
Money Raised
Lead Investor
February 21, 2022
Series C
6
$100 million
Evolution Equity Partners
December 8, 2020
Series B
3
$75 million
–
April 14, 2020
Series A
2
$30 million
Koch Disruptive Technologies, New Enterprise Associates
Beyond Identity – Growth
Beyond Identity tripled its annual revenue and customer base in 2022 when compared year-over-year (YOY). Moreover, the company’s annual recurring revenue (ARR) rose 330% from 2020 to 2021, and its roster of customers grew 640%. In 2022, Beyond Identity achieved a valuation worth $1.1 billion. And its employee count increased from 70 in 2020 to 200 in 2022.
Eliminate Credential Based Attacks with Beyond Identity
Beyond Identity – Partners
Beyond Identity partners with leading technology vendors, system integrators, distributors, resellers, and managed service providers.
Beyond Identity is the developer of the most secure, passwordless authentication platform for tech forward-thinking enterprises. The company breakdown the barriers between cybersecurity, identity, and device management.
Who are the founders of Beyond Identity?
Jim Clark and Thomas Jermoluk are the co-founders of Beyond Identity.
Who are the main competitors of Beyond Identity?
Salesforce Platform, Microsoft Authentication, Ping Identity, Duo Security, and LastPass are a few top competitors of Beyond Identity.
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 Axiom Space.
In the emerging private spaceflight industry, many players such as SpaceX, Blue Origin, and Virgin Galactic were involved in building launch vehicles or rockets. But quite a few companies focused on providing human spaceflight services for people, corporations, and space agencies.
That is when Axiom Space thought of targeting this particular market segment. The United States-based company is known for arranging ‘private astronaut’ missions to the ISS. To learn more about Axiom Space, consider going through the article. Let’s discover the company’s founders, startup story, products, business model, funding, growth, and more.
Axiom Space is a private space habitat company developing space infrastructure and providing human spaceflight services. The company owns, builds, and operates commercial space station modules connected to the ISS (International Space Station). It plans human spaceflight for government-funded and commercial astronauts engaged in in-space research, manufacturing, and exploration.
Axiom Space – Industry
The aerospace industry is all about manufacturing and selling aerospace equipment and aircraft, undertaking aircraft maintenance, repair, and overhaul services, and product support and auxiliary equipment, including air traffic control towers, radar, and satellites. The industry’s global market size is forecasted to reach $442.25 billion in 2026 from $271.76 billion in 2022 at a CAGR of 12.9%.
The pandemic created plenty of uncertainties in the aerospace industry, including lost revenues, loss of staff, and upset customers. However, post-pandemic, the overall economic growth of emerging economies, along with rising disposable income, are positively impacting the demand for air travel.
The Boeing Company, Safran SA, Airbus Group SE, Raytheon Technologies Corporation, and Royce Holdings plc are some competitive companies in the aerospace industry.
Axiom Space – Founders and Team
Michael T. Suffredini and Kam Ghaffarian are the co-founders of Axiom Space.
Michael T. Suffredini
Michael T. Suffredini – Co-founder, President, and CEO at Axiom Space
Michael T. Suffredini attended The University of Texas at Austin to complete B.Sc. in BS, Aerospace Engineering. He is the ex-Manager of the International Space Station Program at NASA. Currently, Suffredini is the Co-founder, President, and CEO at Axiom Space.
Kam Ghaffarian
Kam Ghaffarian – Co-founder and Executive Chairman at Axiom Space
Kam Ghaffarian completed his B.Sc. in BS, Engineering from The Catholic University of America and a Master’s in Information Technology from The George Washington University. He is known for co-founding and founding multiple leading companies, including Emerging Light Foundation, Limitless Space Institute, Intuitive Machines, X-energy, IBX, Gratia, Quantum Space, and Axiom Space.
At present, Ghaffarian is the Executive Chairman of Emerging Light Foundation, Limitless Space Institute, Intuitive Machines, X-energy, Quantum Space, and Axiom Space. In addition, he is the CEO of IBX.
Axiom Space is a team of 790 employees.
Axiom Space – Startup Story
Michael T. Suffredini, CEO of Axiom Space, worked as the program manager for International Space Station from 2005 to 2015. After Suffredini and Kam Ghaffarian retired from NASA, they came together to commence Axiom Space to target the emerging commercial spaceflight market.
The Axiom Station was designed in 2018. It’s in 2022 that the company achieved a historic milestone by completing its first-ever private astronaut mission to the ISS.
The company entered into a contract with SpaceX on March 2020 to fly commercial astronauts to the ISS via Crew Dragon and Falcon 9, scheduled for March 2022. The Axiom Mission 1 (Ax-1) was launched on April 8, 2022, and the crew returned on April 25, 2022.
Moreover, Axiom Space received a NASA contract worth $140 million to provide at least one habitable spacecraft to attach to the ISS. In February 2023, the company announced its Ax-2 crew, a second all-private mission to the ISS. NASA selected Axiom Space for its third private astronaut station mission one month later.
Axiom Space’s mission is to create a thriving home in space, benefitting every human everywhere.
Axiom Space – Business Model
Axiom Space simplifies access to the International Space Station (ISS) for research and in-space manufacturing. In addition, the company constructs the world’s first commercial space station as a platform that a global user base can use. Thus, it offers full-service solutions to access the Low Earth Orbit now and in upcoming years.
Furthermore, Axiom Space arranges so-called ‘private astronaut’ missions to the ISS, including training for at least seventeen weeks and custom itineraries based on individual goals for government-funded or commercial space trips.
Ax-2 Mission Highlight
Axiom Space – Products and Services
Axiom Space offers access to multiple services, including Human Spaceflight, Exploration Systems (for space agencies), Mission to ISS (for innovators), and Research and Manufacturing (for private astronauts). Additionally, the company provides AxEMU (Axiom Extravehicular Mobility Unit) spacesuit.
Axiom Space – Funding and Investors
In 6 funding rounds, Axiom Space raised a total of $432 million. On December 22, 2022, the company conducted its latest funding round – Series C Round and raised $110 million. 27 organizations and individual investors fund Axiom Space, including Boryung Pharmaceutical, Drake Management, TQS Advisors, Jesse Robbins, Bossanova Investimentos, and Hemisphere Ventures.
Date
Round
Number of Investors
Money Raised
Lead Investor
December 22, 2022
Series C
1
$110 million
Boryung Pharmaceutical
January 1, 2022
Convertible Note
–
$172 million
–
February 16, 2021
Series B
20
$130 million
C5 Capital
December 31, 2019
Series A
7
$7 million
–
August 15, 2018
Series A
5
$5 million
–
January 15, 2016
Seed Round
1
$8 million
IBX
Axiom Space – Growth
In 2021, Axiom Space’s post-money valuation stood at $1 billion. Moreover, the company’s team size increased from 110 employees in 2021 to 790 employees in 2023, with a growth of around 618%.
Axiom Space – Social Media Presence
Axiom Space has increased online visibility by regularly posting its mission updates on multiple social media profiles, thus driving more and more followers.
Axiom Space has partnered with leading organizations, and these are:
Art Blocks
Build-A-Bear
Fisher Pens
Jose Andres & Think Food Group
Loro Piana
Omega
Timeshifter
Axiom Space – Awards and Achievements
In 2023, Axiom Space is honored to be named by Fast Company in the Top 50 World’s Most Innovative Companies list.
Axiom Space – Competitors
Some direct competitors of Axiom Space are:
SpaceX
Blue Origin
QinetiQ
Gilmour Space Technologies
Airbus OneWeb Satellites
NanoRacks
Space Adventures Ltd.
Moon Express Inc.
Axiom Space – Future Plan
Operating its commercial space station is the long-term goal of Axiom Space. Ax-3 and Ax-4 missions will launch in November 2023 and mid-2024, respectively. In addition, the company plans to launch two pressurized modules and attach them to the ISS by 2025. And those modules would detach themselves and become a free-floating Axiom Station on ISS decommission in 2030.
FAQs
What does Axiom Space do?
Axiom Space is a private space habitat company developing space infrastructure and providing human spaceflight services. The company owns, builds, and operates commercial space station modules connected to the ISS (International Space Station).
Who are the founders of Axiom Space?
Michael T. Suffredini and Kam Ghaffarian are the co-founders of Axiom Space.
Where is Axiom Space headquartered?
Axiom Space is headquartered in Houston, Texas, United States.
Company Profile is an initiative by StartupTalky to publish verifiedinformation ondifferent startups and organizations. The content in this post has been approved by Scuzo Ice ‘O’ Magic.
Indulging in delicious desserts is a pleasure shared by people around the world. From mouthwatering gelato to delectable popsicles and tempting sundaes, the dessert industry continues to captivate taste buds and create unforgettable experiences. One such example of a dessert brand that is making its name shine in the industry is Scuzo Ice ‘O’ Magic.
Scuzo Ice ‘O’ Magic is not just your average dessert cafe. It is a haven for dessert enthusiasts, a place where flavors come alive and sweet memories are made. Founded by the visionary entrepreneur Mr. Gagan Anand, Scuzo Ice ‘O’ Magic has quickly become a beloved name in the dessert scene.
In this article, let’s explore the captivating world of Scuzo Ice ‘O’ Magic. From its founder’s journey to its business model, delightful products, triumph over challenges, and more.
Scuzo Ice ‘O’ Magic is a beloved dessert cafe headquartered in Okhla, Phase 2, New Delhi. Established in September 2020, Scuzo has quickly gained popularity among people of all ages. With its wide variety of delectable treats, including refreshing popsicles, gelato, indulgent sundaes, and more, Scuzo Ice ‘O’ Magic offers a delightful and guilt-free indulgence for dessert enthusiasts.
With a commitment to using natural ingredients and a passion for exceptional dessert experiences, Scuzo has become a sought-after destination for those seeking a memorable and enjoyable dessert experience.
Scuzo Ice ‘O’ Magic – Industry
The gelato and ice lolly market (also known as popsicles) has been a popular and thriving segment within the frozen dessert industry. The demand for these refreshing treats has been on the rise, driven by factors such as increasing disposable income, changing consumer preferences, and the desire for indulgent yet convenient options. Flavor innovation, a natural and artisanal focus, health, and wellness considerations, and diverse retail channels have also contributed to the market’s growth.
It’s important to note that the industry is subject to evolving consumer preferences, market dynamics, and competition. The gelato and ice lolly market may experience further changes and developments over the next few years, driven by factors such as emerging trends, technological advancements, and shifts in consumer behavior.
As for Scuzo Ice ‘O’ Magic, the company envisions expanding its presence globally over the next 5 to 10 years. With a strong market position, a robust product portfolio, and strategic partnerships, Scuzo anticipates entering new markets and capitalizing on emerging trends. By continuously investing in research and development, Gagan, the founder of Scuzo Ice ‘O’ Magic, is confident that the company will remain at the forefront of innovation and successfully meet the evolving needs of its customers.
Scuzo Ice ‘O’ Magic – Founder and Team
Gagan Anand is the founder of Scuzo Ice ‘O’ Magic.
Gagan Anand
Gagan Anand – Founder, Scuzo Ice ‘O’ Magic
Mr. Gagan Anand is the visionary and mastermind behind Scuzo Ice ‘O’ Magic, India’s pioneering Live popsicle concept and dessert café. Despite embarking on his career at the young age of 17, Mr. Anand displayed exceptional determination and managed to successfully complete his graduation and master’s while juggling part-time work.
Throughout his journey, Mr. Anand garnered invaluable experience and honed his skills at renowned food establishments such as Pizza Hut, Keventers, Rasna Buzz, and Gloria Jean’s Coffee. His diverse background in the food industry served as a solid foundation for his entrepreneurial endeavors and equipped him with the necessary expertise to spearhead Scuzo Ice ‘O’ Magic.
Scuzo Ice ‘O’ Magic is powered by a dedicated team of 70+ professionals stationed across different locations in India. Their collective efforts play a pivotal role in driving the company’s success and expansion nationwide.
Scuzo Ice ‘O’ Magic – Startup Story
The decision to launch the Scuzo Ice ‘O’ Magic brand was driven by a desire to provide a distinctive and exceptional experience to customers. The idea for Scuzo Ice ‘O’ Magic originated from Gagan’s childhood experiences and love for sweets. Growing up, his mother would make jaggery, and he developed a strong affinity for desserts.
“I vividly remember chasing after the Ice Cream Man in my neighborhood, creating lasting memories associated with ice cream and sweets,” said Gagan.
Throughout his career, Gagan has had the opportunity to work with various F&B brands, including Rasna Buzz. It was during this time that his childhood nostalgia and the flashbacks of ice cream vendors triggered a moment of inspiration. This eureka moment paved the way for theestablishment of Scuzo Ice ‘O’ Magic.
Fueled by a passion and unwavering belief in the vision, Gagan embarked on the journey of launching Scuzo Ice ‘O’ Magic and opened the first store in Netaji Subhash Place, New Delhi, in November, following the first wave of the pandemic. The aim of Scuzo Ice ‘O’ Magic is to provide a unique, enjoyable, and guilt-free indulgence that aligns with the preferences and well-being of our customers. This interactive and personalized experience has become the driving force behind our business.
By introducing the concept of live popsicles and emphasizing the use of 100% natural ingredients, the aim was to differentiate Scuzo Ice ‘O’ Magic from the competition. The primary objective is to create a platform where people of all age groups can indulge in lively and joyous sweet moments without concerns about excessive sugar content or any adverse health effects. The commitment is to offer healthier options without compromising taste or enjoyment. Their focus on using natural products and ensuring a delightful experience for customers sets Scuzo Ice ‘O’ Magic apart in the market.
Scuzo Ice ‘O’ Magic – Vision and Mission
Scuzo Ice ‘O’ Magic’s long-term vision is to become the definitive global dessert brand and the epitome of success in the frozen treats industry. The company strives to deliver customers an unparalleled and blissful dessert experience that surpasses all expectations while simultaneously fostering and empowering the entrepreneurial spirit.
Their motto is to provide ‘Wow and Joyful Dessert Experiences’ and to inspire and promote entrepreneurship.
Scuzo Ice ‘O’ Magic – Product/Service
Scuzo Ice ‘O’ Magic Products
Scuzo Ice ‘O’ Magic offers a wide variety of delicious treats across seven categories, including popsicles, gelato, sorbet, milkshakes, waffles, pancakes, sundaes, and mocktails. With an extensive selection of approximately 90 unique products, Scuzo strives to provide a diverse range of options to satisfy every customer’s taste buds.
While the initial focus was on popsicles, the product range was later expanded to cater to a wider audience. By offering a variety of desserts, Scuzo aims to attract and satisfy the diverse preferences of its customers.
The core value of the company lies in offering wholesome and natural products, ensuring that customers can enjoy high-quality treats. Furthermore, Scuzo prioritizes customers’ individual dietary preferences by providing vegan and sugar-free options to accommodate specific needs.
Innovatively, Scuzo combines traditional kulfi unit principles with innovative technology in its popsicle churner unit. This unique approach allows the brand to embrace the essence of traditional craftsmanship while harnessing the benefits of modern advancements. The goal is to create a seamless fusion of tradition and innovation, resulting in the production of exceptional, high-quality popsicles.
Scuzo Ice ‘O’ Magic – Business and Revenue Model
Scuzo Ice ‘O’ Magic has successfully set up 13 franchise outlets across India, with the first franchisee opening in Super Mart 1, Gurgaon. Additional franchise locations include Noida, Faridabad, Gujarat, Mizoram, and Andhra Pradesh. In line with the company’s growth strategy, there are ambitious plans to open 6–7 more outlets by July 2023. Expanding the franchise model is a key objective as Scuzo Ice ‘O’ Magic aims to reach more customers and extend its presence nationwide.
The stores have established a strong customer base, with an average of 2,500 visitors per day, amounting to around 30,000 customers per month. Additionally, approximately 18,000 new customers are attracted each month, showcasing the company’s ability to expand its customer reach and maintain a steady growth trajectory.
At Scuzo Ice ‘O’ Magic, a significant number of transactions are processed at the stores. On average, each store handles approximately 65–70 transactions per day. With a total of 12 stores, this amounts to approximately 780–840 transactions per day across all outlets. This consistent flow of transactions reflects the popularity and demand for Scuzo Ice ‘O’ Magic products among its valued customers.
Scuzo Ice ‘O’ Magic – Launching Company Strategies
When Scuzo Ice ‘O’ Magic initially launched, the company recognized the importance of understanding the needs and requirements of the target audience. A thorough market study was conducted to gain insights into what potential customers were looking for in the industry. The decision was strategically made to enter a marketplace where other established brands were already present. This choice provided a built-in customer base and increased the likelihood of attracting early adopters. By positioning Scuzo Ice ‘O’ Magic alongside well-known brands like Giani, Baskin Robbins, and Naturals, the company was able to leverage their existing customer base and increase its visibility in the market.
Considering the limited marketing budget as a bootstrapped company, Scuzo Ice ‘O’ Magic had to be resourceful and find cost-effective strategies. One approach that worked well was providing samples of the product to the crowd. This allowed the company to showcase the quality and unique aspects of the offering, enticing potential customers to try it out.
Through this approach, Scuzo Ice ‘O’ Magic was able to generate initial interest and initiate word-of-mouth marketing. Satisfied customers who enjoyed the product became advocates, spreading the word to their friends, family, and social networks. This organic approach played a crucial role in gaining traction and acquiring the company’s first 100 customers.
Scuzo Ice ‘O’ Magic – Customer Acquisition and Retention Strategy
Quality Products and Service: Providing high-quality, delicious treats and delivering exceptional customer service is crucial for building a loyal customer base and generating positive word-of-mouth.
Targeted Marketing: Identifying the target audience and tailoring marketing efforts to effectively reach them. This includes utilizing social media, online advertising, and offline marketing channels to create awareness and attract customers.
Online Presence: Maintaining an engaging and visually appealing website along with active social media profiles to showcase products, interact with customers, and provide updates about new offerings and promotions.
Partnerships and Collaborations: Collaborating with complementary businesses or influencers to expand reach and attract new customers. This can involve joint promotional campaigns, cross-selling opportunities, or tie-ups with local events or organizations.
Viral Marketing: Creating unique and memorable marketing campaigns that have the potential to go viral, capturing the attention and interest of a wider audience. This could involve creating engaging content, utilizing storytelling techniques, or leveraging user-generated content.
Customer Loyalty Programs: Implementing loyalty programs or referral programs to incentivize repeat business and encourage customers to share positive experiences with others.
Regarding the budget allocation for marketing and growth hacking, it would vary from business to business based on their goals, resources, and market conditions. Typically, businesses allocate a percentage of their revenue or a fixed budget for marketing activities. The specific amount spent on marketing would depend on various factors such as the scale of operations, growth goals, competition, and available resources.
Scuzo Ice ‘O’ Magic was bootstrapped with an initial investment of 70 Lakhs from Gagan’s personal savings. The company has experienced significant growth since its establishment, with a current turnover of Rs 5.3 crore. In the period from April 2022 to March 2023, the company achieved a turnover of Rs 4.60 crore, showcasing a consistent year-on-year growth rate of 30%.
To cater to a wider customer base, Scuzo Ice ‘O’ Magic is accessible through popular food delivery platforms such as Swiggy and Zomato. Excitingly, it will soon be available on the Open Network for Digital Commerce (ONDC) as well. While these platforms currently contribute 25% of the overall business, the company aims to surpass this figure to reach its desired target.
Scuzo Ice ‘O’ Magic – Challenges Faced and Overcoming Strategies
One of the most challenging aspects encountered by Scuzo Ice ‘O’ Magic was the lack of customer awareness about the benefits of Gelato and natural fruit popsicles in comparison to traditional ice cream. Customers frequently compared the products with those of nearby ice cream brands and perceived them as more expensive. Despite ongoing efforts to educate customers, it was challenging to convey the value proposition during peak hours, resulting in dissatisfied customers who evaluated the brand solely based on value for money.
To overcome this challenge, Scuzo Ice ‘O’ Magic implemented several strategies:
Education and Training: From the beginning, the company made educating customers about the unique qualities of Gelato and natural fruit popsicles a top priority. Staff members were trained to engage with customers and explain the differences, emphasizing the superior taste, freshness, and natural ingredients used in the products. Visually appealing displays and signage were created to highlight the health benefits and premium quality of the offerings.
Product Sampling and Tastings: Scuzo Ice ‘O’ Magic introduced product sampling and tastings as a way to provide customers with a firsthand experience of the superior taste and quality of the Gelato and natural fruit popsicles.
Workshops and Interactive Sessions: Hosting workshops and interactive sessions proved to be an effective strategy to educate customers about the art of Gelato making and the benefits of consuming natural fruit popsicles.
Personalized Approach: Scuzo Ice ‘O’ Magic realized that solely relying on traditional marketing methods such as print advertisements and flyers did not yield the desired results. Instead, a more personal and engaging approach was necessary to effectively communicate the unique qualities of the products.
Scuzo Ice ‘O’ Magic – Funding
Scuzo Ice ‘O’ Magic is actively seeking external funding from potential investors to support its growth and expansion plans. The company aims to secure approximately $1 million in investment, which is equivalent to around Rs 7-8 crore. Out of the funding obtained, approximately half will be allocated towards B2B and B2C marketing initiatives, focusing on enhancing brand visibility. The remaining funds will be utilized for crucial backend operations, franchise development, and infrastructure enhancements.
By securing this investment, Scuzo Ice ‘O’ Magic intends to accelerate the brand’s growth and expand its market presence. The funds will enable the company to execute robust marketing campaigns, strengthen its supply chain, develop new franchise opportunities, and enhance its operational infrastructure. This strategic allocation of funds will drive revenue generation, boost brand recognition, and facilitate overall business expansion.
Scuzo Ice ‘O’ Magic – Marketing Campaigns
Scuzo Ice ‘O’ Magic has implemented several sustainable initiatives to reduce environmental impact and promote responsible consumption. One notable endeavor is the development of rice straws flavored and colored with edible ingredients. These rice straws offer a safe option for consumption and contribute to environmental conservation.
An exciting addition to edible food packaging is the introduction of edible spoons designed specifically for enjoying gelato. This innovative concept allows the company to completely eliminate the use of plastic cutlery at its stores. By embracing this edible alternative, Scuzo Ice ‘O’ Magic aims to inspire customers to make conscious choices while savoring their meals.
The edible spoons have received tremendous positive feedback, making them one of the company’s most successful marketing campaigns. Scuzo Ice ‘O’ Magic takes pride in offering a sustainable and enjoyable experience to customers while simultaneously contributing to the reduction of plastic waste.
Scuzo Ice ‘O’ Magic faces competition from established brands such as Gelato Vinto, Dolce Gelato, Naturals Ice Cream, and Emoi Popsicles in the market. However, Scuzo sets itself apart from these competitors by offering superior quality and value for money. Numerous customers who have experienced popsicles from both Scuzo and its competitors have provided feedback affirming Scuzo’s superiority.
Despite the presence of well-known players in the industry, Scuzo has managed to carve a niche for itself by consistently delivering exceptional-quality products. Customers have repeatedly expressed their satisfaction with Scuzo’s popsicles, demonstrating a clear preference for Scuzo over its competitors.
This positive feedback further strengthens Scuzo’s position as a leading brand known for its product quality and customer satisfaction. The company’s commitment to excellence distinguishes it from direct competitors, cementing its reputation as the preferred choice for popsicle enthusiasts.
Scuzo Ice ‘O’ Magic – Future Plans
Within a span of three years, Scuzo has successfully established 13 stores, with four of them located in Delhi, NCR. Excitingly, the brand has plans to expand further by opening seven new stores across various regions of the country in the upcoming month. Currently, Scuzo’s primary focus is on metro cities and Tier 2 cities. However, the brand also intends to venture into Tier 3 cities in the future, aiming for broader market penetration.
The company is actively working on launching its retail model, which indicates a strategic shift in its business approach. The goal is to open a total of 100 outlets across India by 2024. This expansion will consist of a combination of franchise and company-owned stores, allowing Scuzo Ice ‘O’ Magic to effectively reach and cater to a diverse range of customers throughout the country.
FAQs
What is Scuzo Ice ‘O’ Magic?
Scuzo Ice ‘O’ Magic is an innovative dessert cafe that offers delightful and guilt-free indulgence. It is known for its pioneering concept of live popsicles made with 100% natural ingredients that provide a delightful and interactive experience for customers.
Where is Scuzo Ice ‘O’ Magic headquartered?
Scuzo Ice ‘O’ Magic is headquartered in Okhla, Phase 2, New Delhi.
When was Scuzo Ice ‘O’ Magic established?
Scuzo Ice ‘O’ Magic was established in September 2020.
What are the offerings of Scuzo Ice ‘O’ Magic?
Scuzo Ice ‘O’ Magic offers a wide variety of delicious treats across seven categories, including popsicles, gelato, sorbet, milkshakes, waffles, pancakes, sundaes, and mocktails.
Who are the competitors of Scuzo Ice ‘O’ Magic?
Scuzo Ice ‘O’ Magic faces competition from established brands such as Gelato Vinto, Dolce Gelato, Naturals Ice Cream, and Emoi Popsicles in the 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 Betterment.
When it comes to investing, almost every individual expects not to know what he is doing. People expect to be confused about which investment option to consider simply because the traditional players have made it confusing. However, just because traditional players have designed the financial system in a certain way, it doesn’t mean it’s right.
Betterment is an America-based company that came forward to design the financial industry into something better. It helps people manage their money and invest it profitably. Read on to learn more about Betterment, including its founders, startup story, challenges, products and services, funding, growth, and more.
Betterment is an app-based independent robo-advisor that provides digital investment, retirement, and cash management services. The investing and saving application offer tools for spending, saving, and developing customized plans for the future. Moreover, users often focus on investing in cash reserves and ETFs to meet their long-term financial goals.
Betterment – Industry
Wealth management is an investment advisory service combining investment and financial counseling to address clients’ needs. The industry generally involves providing strategies to achieve financial goals, plan for retirement, estate, and legal planning, portfolio management, etc.
The global size of the wealth management market was estimated at $1.25 trillion in 2020 and is forecasted to reach $3.43 trillion by 2030, with a CAGR of 10.7%. Rapid demand for alternative investments, including commodities, private equity, intellectual property act, hedge funds, real estate investment trusts, etc., is the key driving force of the global wealth management industry. However, Covid-19 hurt the industry due to economic slowdown, highly volatile markets, and unpredictable global financial sectors.
Jon Stein and Eli Broverman are the co-founders of Betterment.
Jon Stein
Jon Stein- Co-founder and Board Member, Betterment
Jon Stein attended Harvard University for BA in Economics and Premedical Studies and Columbia Business School for MBA in Entrepreneurship. He is the Board Member of Demin and Valora and Advisor to the CEO at Solve Finance, SpinWheel, Setpoint.io, Concreit, Parallel Markets, and Treasury Interactive.
Jon co-founded Betterment and worked as its CEO till 2020. At present, he is the Founder and Board Member of Betterment.
Eli Broverman
Eli Broverman – Co-founder, Betterment
Eli Broverman attended Brown University for AB in Chemistry and New York University School of Law. He is the Executive Board Member at BitFinance and Adviser at Bloom Credit, Good Money, and Masterworks. Eli co-founded Betterment and Treasury. Moreover, he is on the Board of Directors at Betterment.
Sarah Levy
Sarah Levy – CEO, Betterment
Sarah Levy completed her graduation in Economics from Harvard University and post-graduation in MBA from Harvard Business School. She worked as Chief Operating Officer at Nickelodeon and Viacom. Currently, Sarah is the Board Member at Funko and Chief Executive Officer at Betterment, leading a team of around 400 employees.
Betterment Team
Sarah Levy – CEO
Raoul Bhavnani – Chief Communications Officer
Peter Lorimer – Chief Financial Officer
Kim Rosenblum – Chief Marketing Officer
Betterment – Startup Story
Jon Stein and Eli Broverman co-founded Betterment in 2008. Jon experienced bad investing behavior when he invested his money via seven different brokerage accounts. He constantly monitored his accounts and tried to time the market. But it resulted in wasting time, taxes, and transaction costs.
He wanted a service that could tell him what to do with his money and then do the same for him. But Jon realized that he needed to build this kind of service himself. He started focusing on the front end of Betterment, and his roommate Sean Owen, a software engineer, built everything, including Apache and Tomcat servers, MySQL database, and Java application for the website. Next, Jon needed to understand the regulatory landscape. It’s when he started a conversation with Eli Broverman, who was a securities attorney.
Jon and Eli met over a weekly poker game, and Eli was interested in commencing his own company. They both had lunch at a Dominican restaurant on Amsterdam Avenue, sketched a working arrangement, and suddenly were in business together. Sean, Jon, and Eli met Ryan O’Sullivan, who grew a retail clothing line called Le Tigre and sold it to Kenneth Cole. He joined Betterment as a BD partner.
In August 2008, Betterment got its four founding members, Jon, Seal, Eli, and Ryan. On January 29, 2008, the parent company for Betterment LLC and Betterment Securities, Betterment Holdings, Inc, was established in Delaware. After Ryan and Sean left the company as founding members, Jon and Eli worked on Betterment for a year.
And on May 26, 2010, Betterment was launched at the first-ever TechCrunch Disrupt and won the ‘Biggest New York Disruptor’ award. Within 24 hours, the company attracted around 400 customers. 800,000+ customers trust the company, and it has $36+ billion as assets under management in 2023.
Betterment – Mission and Vision
Betterment aims to help people live better by growing their money. Its mission is to provide the best possible solution to the question, “What should I do with my money?”
Betterment – Logo
Betterment Logo
Betterment released a new logo in November 2021 with an icon representing a rising sun.
Betterment – Business Model
Betterment is a robo-advisor that automatically determines the investor’s asset allocation based on financial goals, preferences, and risk appetite. First, an investor needs to tell the company what he wants to do with his money. Next, Betterment provides some recommendations and sets up an ideal account.
Once an investor’s account is built, the platform’s technology manages his money to help him earn more. Moreover, as the investor’s money grows and his priorities change, the platform evolves with ongoing advice and updates to help him stay on track. In last, the same investor can withdraw and use his money.
Betterment – Revenue Model
Betterment’s pricing for the “Investing” account is $4 monthly, and the “Crypto” account is 1% + trading expenses. The “Cash Reserve” and “Checking” accounts are offered for free.
Moreover, the company generates the most revenue from the portfolio management fees it charges as a percentage of total assets under management (AUM). In addition, Betterment charges interchange fees and commissions from partner banks and earns by selling phone consultations.
With Betterment, users can open Investing, Crypto Investing, IRAs and 401(k)s, Roth IRAs, Checking High-yield cash, and Trusts accounts. Furthermore, it offers different types of Investments, including Portfolio Options, Socially Responsible Investing, Charitable Giving, Tax-Smart Investing, 401(k) Rollovers, and Retirement Income.
The application provides access to multiple tools, such as Retirement Planning, All-in-one Dashboard, Track Your Goals, Rewards, and Refer-a-Friend Program.
Betterment – Challenges Faced
In April 2023, The Securities and Exchange Commission charged Betterment for material misstatements and omissions concerning its automated tax loss harvesting service (TLH), not providing clients with the notice of contract changes, and not maintaining certain necessary books and records. The company agreed to pay a $9 million penalty and distribute funds to affected clients as a settlement.
Betterment – Funding and Investors
Over 10 funding rounds, Betterment raised $435 million. Its latest funding round – Debt Financing Round, was conducted on September 29, 2021. 26 investors fund the company, including Kinnevik, Aflac Global Ventures, ID8 Investments, Citi Ventures, Bessemer Venture Partners, and Francisco Partners.
Date
Round
Number of Investors
Money Raised
Lead Investor
September 29, 2021
Debt Financing
2
$100 million
ORIX Growth Capital
September 29, 2021
Series F
12
$60 million
Treasury
April 30, 2021
Venture Round
2
–
SharesPost Investment Management
August 29, 2017
Secondary Market
1
–
–
July 21, 2017
Series E
4
$70 million
Kinnevik
March 29, 2016
Series E
8
$100 million
Kinnevik
February 17, 2015
Series D
5
$60 million
Francisco Partners
April 15, 2014
Series C
5
$32 million
Citi Ventures
October 3, 2012
Series B
4
$10 million
Menlo Ventures
December 1, 2010
Series A
9
$3 million
Bessemer Venture Partners
Betterment – Mergers and Acquisitions
Betterment acquired 3 companies, including Gradvisor on February 23, 2022, Makara on February 8, 2022, and ImpulseSave on October 18, 2013.
Betterment – Growth
Betterment’s revenue surged to $100 million in 2021, marking a remarkable 30% growth compared to the previous year. Moreover, the company’s AUM grew by 50% in 2020 and 18.5% in 2021. However, its AUM growth slowed to 1.2% YOY in the second quarter of 2022. Betterment’s post-money valuation in 2021 stood at $1.3 billion.
Betterment is an app-based independent robo-advisor that provides digital investment, retirement, and cash management services.
Who are the founders of Betterment?
Jon Stein and Eli Broverman co-founded Betterment in 2008.
Who is the CEO of Betterment?
Sarah Levy is the CEO of Betterment.
What is the pricing of Betterment accounts?
Betterment’s pricing for the “Investing” account is $4 monthly, and the “Crypto” account is 1% + trading expenses. The “Cash Reserve” and “Checking” accounts are offered for free.
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 BetterUp.
The value of coaching has increased significantly in today’s constantly changing corporate world. Just like a sports coach helps an athlete achieve his potential, a workplace coach guides employees to build skills, enhance performance, and meet organizational and individual goals.
When it comes to corporate coaching, you can’t ignore BetterUp’s contribution to the industry. The California-based company connects employees with certified executive coaches who can help them grow professionally and emotionally. Let’s dig in to learn more about BetterUp, including its founders, startup story, products, funding, challenges, growth, and more.
BetterUp is a mobile-based company delivering transformative coaching experiences to individuals and workforces to drive productivity, engagement, and retention at scale in the companies. Top organizations, including Workday, Federal Aviation Administration, and Google, trust the company.
BetterUp helps businesses invest in their employees, boasting a 130% increase in job performance via its platform. Moreover, its solutions helped companies increase retention by 68%, bet new sales by 7x, and productivity by 66%.
BetterUp – Industry
The global market size of the corporate training and coaching industry was valued at $151.75 billion in 2021 and is projected to grow to $487.3 billion by 2030, with a CAGR of 8%. Corporate coaching involves training and learning activities to empower employees to perform better in the workplace.
The Covid-19 pandemic negatively impacted the industry by causing 195 million job losses worldwide. Some companies that still maintain top positions in the corporate coaching and training industry are Skillsoft, LinkedIn Learning, Udemy for Business, Pluralsight, Cornerstone on Demand, and OpenSesame.
BetterUp – Founders and Team
Alexi Robichaux and Eduardo Medina are the co-founders of BetterUp.
Alexi Robichaux
Alexi Robichaux – Co-founder and CEO, BetterUp
Alexi Robichaux attended the University of Southern California for a B.A. in Political Science and Public & Non-Profit Management. He has been the Partner and CFO at The Glenroe Group, Product Manager at Socialcast, and Director at VMware. At present, Alexi is the Co-founder and CEO of BetterUp.
Eduardo Medina
Eduardo Medina – Co-founder and COO, BetterUp
Eduardo Medina completed a B.S. in Business from the University of Southern California and an MBA from the University of California, Berkeley, Haas School of Business. He is the ex Associate Consultant of Bain 7 Company, Associate of Altamont Capital Partners, and Growth Consultant of Envisions Schools. Now Eduardo is the Co-founder and COO of BetterUp.
BetterUp is a team of over 3,000 coaches, 50+ behavioral scientists, and 500+ employees.
BetterUp – Startup Story
Alexi Robichaux and Eduardo Medina founded BetterUp in 2013. After Alexi’s first startup was acquired, he found himself in an unexpected place. At 25, he became a Fortune 1000 company executive and regularly met with the CEO. At board meetings, he felt like being the court jester among 50, 60-year-old senior leaders. Public speaking was not a big deal for him, but during that period, he felt nauseated as he hoped to make it through without becoming physically ill.
He was pretty discombobulated through that experience and wasn’t caring for himself. Finally, he realized he needed a pause and take time off from work. He read positive psychological books and talked to therapists, but none worked. At last, he went hiking in Spain, and through personal coaching, communicating with colleagues, and endless soul searching, he realized the problem: himself.
Tired of struggling emotionally and physically, Alexi decided to make a change. He wanted to prove to himself and Silicon Valley that it was possible to build a startup without trading between peak performance and taking care of yourself and the people around you. So, he and co-founder Eddie Medina incorporated BetterUp, a coaching platform to connect employees with certified executive coaches who could help them grow their careers.
BetterUp – Mission and Vision
BetterUp’s mission is to help people everywhere pursue their lives with greater clarity, purpose, and passion.
BetterUp – Business Model
Every aspect of the BetterUp experience, including personalized coaching programs, learning content, customized reporting, etc., is scalable across the client’s organization. The company delivers personalized coaching and learning via one-on-one and group experiences aligned with personal and business goals. Its platform runs on the built-in brain power of the leading global behavioral scientists and H.R. thought leaders.
Although BetterUp’s methods are backed by science and powered by technology, its approach is human. It matches employees with the best-in-class coach using A.I. to unlock their potential and improve their performance, purpose, and mental well-being.
BetterUp – Revenue Model
BetterUp generates revenue by charging a fee to customers using their professional and research-driven coaching services.
BetterUp – Products and Services
BetterUp offers two products- Lead and Care, along with Sales Performance, Executive, and Diversity & Inclusion solutions.
In April 2022, BetterUp announced to modify its coaches’ contracts which stirred up a revolt within the company. Two key issues were coaches’ pay and a new rating system influencing coaches’ fees. The company announced a plan to cut the stipend coaches used to research clients, note-taking, and assign activities.
BetterUp – Funding and Investors
Over 7 funding rounds, BetterUp has raised a total of $566.9 million. Series E is the company’s latest funding round and was conducted on October 8, 2021. 25 investors back the company, and the main ones are Mubadala Capital Ventures, Morningside Venture Investments, ICONIQ Growth, Lightspeed Venture Partners, and Wellington Management.
Date
Round
Number of Investors
Money Raised
Lead Investor
October 8, 2021
Series E
9
$300 million
ICONIQ Growth, Lightspeed Venture Partners, and Wellington Management
February 25, 2021
Series D
9
$125 million
ICONIC Growth
June 12, 2019
Series C
7
$103 million
Lightspeed Ventures Partners
March 28, 2018
Series B
5
$26 million
Lightspeed Ventures Partners
November 16, 2016
Series A
6
$10 million
Threshold
November 6, 2016
Seed Round
7
$2.9 million
–
April 1, 2015
Pre Seed Round
1
–
–
BetterUp – Mergers and Acquisitions
BetterUp acquired 2 companies, including Impraise on September 17, 2021, and Motive Software on September 17, 2021.
BetterUp – Growth
In February 2021, BetterUp witnessed a growth in customer base by 80%, with a revenue retention rate of 170%. Moreover, the company reached $100 million in annual recurring revenue later in July 2021.
In the first half of 2021, it achieved an aggressive 2x growth. BetterUp’s valuation grew from $125 million in 2019 to $1.7 billion in February 2021 and $4.7 in October 2021. Furthermore, the company doubled its corporate employee headcount to 500+ in the latter half of 2021.
What Is BetterUp?
BetterUp – Partners
BetterUp has partnered with the following:
Carahsoft Partner
International Coaching Federation
Invictus Games Foundation
U.S. Air Force
BetterUp – Awards and Achievements
BetterUp has won many awards and recognitions, including:
Great Place to Work and Fortune named one of the 2022 Best Small & Medium Workplaces.
Won Brandon Hall 2020 Group Gold for Excellence in Technology Award.
Inc. Magazine included BetterUp on the Annual List of Best Workplaces for 2020.
BetterUp – Competitors
Here listed are BetterUp’s main competitors:
CoachHub
Ezra
AceUp
Simply.Coach
Ceresa
ClientFol.io
LifeLabs Learning
FAQs
What does BetterUp do?
BetterUp is a mobile-based company delivering transformative coaching experiences to individuals and workforces to drive productivity, engagement, and retention at scale in the companies.
Who are the founders of BetterUp?
Alexi Robichaux and Eduardo Medina are the co-founders of BetterUp.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved bySupplyNote.
The global food and beverages market grew from $6,729.54 billion in 2022 to $7,221.73 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. In businesses specific to the F&B industry, customer service is of the utmost importance. And to offer highly valued services, the F&B industry needs to strengthen its supply chain networks. Thus, there is an upsurge in demand for supply chain management in the F&B industry. Along with advances in technology, the supply chain industry is evolving.
SupplyNote provides a full-stack platform for the entire supply chain management process. It helps Food and beverage businesses with inventory management, vendor management, and logistics supply chain needs.
SupplyNote – Company Highlights
Startup Name
SupplyNote
Headquarters
Noida, Uttar Pradesh, India
Industry
SaaS, E-Commerce Platform for Food Businesses
Founder
Kushang, Nitin Prakash, Harshit Mittal, and Abhishek Verma
SupplyNote is a B2B SAAS platform for F&B businesses that provides a platform for end-to-end management of supply chains with an integrated marketplace.
Talking about the long-term vision of the company, its aim is to become the backbone of the F&B supply chain by evolving into a one-stop solution for all supply chain needs – software, service, and marketplace.
In the short term, the idea is to provide a marketplace where merchants can discover suppliers for their raw materials and transact with them, orders from which will be fulfilled by SupplyNote.
SupplyNote – Industry
The global food and beverages market is projected to reach $9,225.37 billion in 2027, experiencing a CAGR of 6.3% from 2023.
The industry has been operating its supply chain using traditional methods (pen and paper) and needs a digital transformation, which SupplyNote intends to bring in. Every F&B outlet suffers noticeable losses due to inventory mismanagement, procurement flaws, etc. For a business that runs on major fixed costs, it becomes more important than ever to maintain the margins. Following the major blow from the pandemic, they observed an accelerated tech disruption in the industry. Therefore, they believe that five years down the line, the industry will be completely digitized in terms of operations.
SupplyNote – Founders and Team
Kushang – Co-founder and CEO of SupplyNote
The founding team has Kushang (CEO), Nitin Prakash (CPO), Harshit Mittal (CTO), and Abhishek Verma (COO). They are a bold, intrepid, highly passionate group of tech-loving geeks, foodies, change-makers, doers, and entrepreneurs who are committed to empowering F&B businesses with technology & innovation.
Four friends from IIT Kanpur came together to build SupplyNote, with Kushang leading the idea, Harshit Mittal leading the technological development, Abhishek Verma leading the Business Operations, and Nitin Prakash leading the Product. During the final year, Adcount Technologies Pvt Ltd was incepted (parent company of SupplyNote).
The company currently has a strength of 75, and they believe in flexible work culture. More than the hours spent in the office, they care about making progress toward the goal. They work as hard as they play. They like people who like to take on challenges and ownership, who are competitive and yet they care about nature. Most of the team comprises foodies. And they love sports.
SupplyNote – Idea and Startup Story
SupplyNote was formerly known as Adurcup. AdCount Technologies was originally founded in 2015 by IIT-Kanpur alumni Kushang, Abhishek Verma, Harshit Mittal, and Nitin Prakash with the idea of monetizing paper cups. Over the period, the company built its network of merchants and started dealing in a variety of supplies. The company was using its own software, which was developed in-house, for managing its supply chain, when a client discussed the requirement of such a solution for their inventory management purpose. The team customized the software as per the client’s requirement, and that gave birth to SupplyNote in 2019, a platform that is actively being used across not less than 2000 outlets today.
SupplyNote – Name, Tagline, and Logo
SupplyNote Logo
The name itself is made up of two words, Supply-Note, which essentially means noting down the supply. They discovered that inventory management isn’t digitized yet in a major part of the F&B industry in India. As they started the mission of digitizing the supply chain, they came up with the name that means recording the inventory data—SupplyNote, for short.
The logo of SupplyNote might look like an arrow pointing towards the top (that signifies growth), but it’s more than that. That arrow is made up of two letters, S and N, which are the initials of Supply-Note.
The tagline of SupplyNote is ‘Fix Your Supply Chain,’ enabling companies to expand into new geographies faster by eliminating the hassle of building supply chains or discovering suppliers. SupplyNote has already solved those challenges for them, making it much easier for companies to scale and explore markets. Hence, the logo represents growth—in numbers, in business, in every aspect.
SupplyNote – Products and Services
SupplyNote is an ecosystem of software and services for the management of Supply Chain for F&B businesses. It has 4 products under its umbrella:
The Point of Sale Solution: Having an exclusive strategic partnership with Posify, SupplyNote offers its customers a platform for the management of sales, such as billing, kitchen management, table management, rider tracking, web ordering, and more.
The Inventory Management / Supply Chain Management Software: Integrated with Point of Sale, SupplyNote IMS takes in the data of sales, and its advanced algorithms break down the sold items into the raw material that has been consumed and updates the inventory in real-time. It also helps with the management of suppliers, the generation of purchase orders, sales orders, and more.
The Fulfilment Services: SupplyNote helps merchants and vendors transact with each other without worrying about operational challenges, as SupplyNote offers warehousing and logistic services (dry and cold) to fulfill supply chain needs.
The Marketplace: A product of SupplyNote that helps merchants discover suppliers and transact with them, getting more options and flexibility on price, payment terms, quality options, and more.
SupplyNote – USP
SupplyNote is the only full-stack platform for supply chain management, as all the other companies are only solving a part of the supply chain and not the entire supply chain.
The clients pay a subscription fee for using the SAAS, while they pay per usage for their fulfillment services. In the marketplace model, they only charge for the fulfillment of delivery (storage and transport) currently and do not charge any commissions from either party.
SupplyNote – Acquiring Clients
Back in 2015 when the company was incepted, the strategy for the acquisition of clients was Feet-on-Street. The team went from door to door, proposing the offerings of the company at that time and built its network of clients. Later, they got great clients who gave us referrals for other clients and word on the streets picked up gradually. Further, in 2019 when SupplyNote was launched, they already were doing business with over 300 clients that showed interest in the software and some of them even turned out to be the first users.
SupplyNote is solving various challenges related to the supply chain and they reach out to every F&B business to discuss the problems they are facing, further contemplating how SupplyNote can solve it for them.
For 100 to 1000, their approach was more linear, with their teammates reaching out to all businesses in the nearby area and pitching them with their propositions. However, as it reached the mark of 1000, they started marketing and taking up branding initiatives, spreading awareness around the significance of digitizing the supply chain, the cost that a good Inventory management software can save, and much more. They are also tying up with companies to provide multiple value propositions to their clients to retain them longer.
SupplyNote – Challenges Faced
One of the earlier products of AdCount Technologies Pvt. Ltd. was Adurcup, an e-commerce platform that was supplying various raw materials to F&B businesses. The challenge was the disorganization of the entire F&B industry at the time, and digitization was yet a foreign concept within the Industry. That is why they decided on solving that challenge, and discovering a bigger opportunity.
SupplyNote – Growth
Since April 2020, the company has grown 12X in GMV and has become the second-largest F&B Supply Chain Company in India (By GMV).
SupplyNote – Funding
SupplyNote has successfully raised a total of $4.7 millionin funding across seven rounds from a diverse group of investors. Among the recent investors are Cogniphy and DSP Family Office, and other notable investors include LetsVenture, SucSEED Indovation, Soonicorn Ventures, Venture Catalysts, SOSV, Artesian VC, and more.
Here are the details of SupplyNote’s funding rounds:
Date
Funding Round
Amount
Lead Investors
July 12, 2023
Series A
$2.3 million
Artesian VC, Venture Catalysts
October 20, 2022
Series A
—
—
October 28, 2021
Seed Round
$1.2 million
Venture Catalysts
October 21, 2021
Seed Round
$667K
—
September 10, 2021
Convertible Note
—
—
October 21, 2020
Seed Round
$600K
Artesian VC, SOSV, Venture Catalysts
February 22, 2020
Seed Round
—
MOX (now Orbit Startups)
SupplyNote – Advisors and mentors
SupplyNote Advisors and Mentors
Yogesh Bellani, William Bao Bean, Vikram Upadhaya, and Apporv Ranjan Sharma are the mentors and advisors of SupplyNote.
SupplyNote – Tools Used in The Company
They use many tools within the company like- Zira, Asana, and Slack to manage work, and Google Suite for emails, meetings, calendars, docs, slides, and sheets. They use Figma for designing, Hubspot as their CRM, MixPanel, and Google Analytics for data analytics and insights, and more.
SupplyNote – Future plans
They are planning to launch a new kind of marketplace in Delhi NCR which they will be expanding across the country shortly.
FAQs
What is SupplyNote?
SupplyNote is a B2B SAAS platform for Food & Beverage businesses that provides a platform for end-to-end management of the supply chain.
Who is the founder of SupplyNote?
Kushang, Nitin Prakash, Harshit Mittal, and Abhishek Verma are the founders of SupplyNote.
When was SupplyNote founded?
SupplyNote was founded in 2019.
What is AdUrCup?
SupplyNote was formerly known as Adurcup – one of the earlier products of AdCount Technologies Pvt. Ltd.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
We yearn to enjoy hassle-free lives and smartphones have a major role to play in achieving this dream. Mobile apps have given us the kind of freedom and the opportunity to leverage the same, which was hard to imagine even a decade back. Product delivery is one such thing that has been streamlined with the radical innovations in mobile apps. However, pick-and-drop services in India were rather expensive, chaotic, and troublesome, dominated by unorganized players until Dunzo came up with its promising delivery services at nominal charges.
Founded in 2015, Dunzo has been a blessing for many out there when it comes to delivery-related tasks.
The kind of features Dunzo offers will indeed make you slouch on your couch. With thousands of positive reviews and admiration from investors, Dunzo is in the process of creating an impact.
Read on to find out more about Dunzo’s Startup Story, Founders and Team, Business Model, Revenue Model, Funding and Investors, Growth, Logo,Tagline, Competitors, Challenges, and more.
Dunzo is a hyper-local on-demand delivery service in India. It delivers anything and everything as and when needed with minimum delivery charges. For instance, if you forget some documents at home, Dunzo can get them to your office. Besides, if you are in a situation where you would like to buy a t-shirt from a mall but are not in a position to go there and purchase it, Dunzo will get it for you.
Dunzo also has tie-ups with some restaurants, clothing stores, and a few general stores as well. It is currently providing services in the following cities – Bengaluru, Delhi, Gurugram, Pune, Chennai, Mumbai, Jaipur, Noida and Hyderabad. Dunzo is helpful for people who do not want to go out, cannot go out for some reason, and want to buy or send over some product/item.
Dunzo Digital Private Limited is the parent company of the hyper-local demand delivery service startup Dunzo. It was incorporated on July 8th, 2014, and is registered at the Registrar of Companies, Bangalore.
Dunzo – Founders/Owners and Team
Kabeer Biswas, Ankur Agarwal, Dalvir Suri, and Mukund Jha are the founders of Dunzo.
Kabeer Biswas
Kabeer Biswas ideated Dunzo. At the age of 28, he decided to save people’s time and initiated the plans for Dunzo. He is an engineer who graduated from Mumbai University and completed his Master’s at the Narsee Monjee Institute of Management in Mumbai. In 2007, he started working with Airtel as a product and sales manager. Kabeer subsequently served in the New Product Development and the Product divisions of Y2CF Digital Media and Videocon Telecommunications respectively before founding Dunzo. Kabeer is currently appointed as the CEO of Dunzo.
Co-Founders of Dunzo
Ankur Agarwal
Ankur Agarwal, a computer science graduate from IIT Roorkee, is the co-founder of Dunzo. Ankur worked with the third co-founder Mukund Jha at Google and the duo also started an HR tech company named ‘Filter‘.
Mukund Jha
Mukund Jha is the Co-founder and CTO of Dunzo. After completing his BTech., Computer Science from Motilal Nehru National Institute of Technology, Jha pursued his Master’s in Computer Science from Columbia University, where he also served as a research assistant before moving on to join Google as a software engineer. He served as a software engineer for a little less than 3 years before founding Wisdom.ly and Habet, which he founded in 2013 and 2014. Dunzo was the third company that he co-founded with Ankur, Kabeer, and Dalvir in 2015.
Dalvir Suri
Dalvir Suri was another co-founder of Dunzo and is a BE in Information Technology graduate from the Sardar Patel Institute of Technology at Mumbai University. Dalvir had previously worked at IBM as an application developer and a security and privacy consultant. Next, he went on to be the Head of Operations and Delivery at Cybrilla Technologies before co-founding Dunzo in May 2015.
Dalvir Suri left the company on October 2, 2023, amid financial strain and layoffs, according to numerous sources familiar with the development.
Dunzo – Startup Story
Kabeer Biswas got bored in six months after shifting to Bengaluru. He decided to test a new business idea based on a self-completing, to-do-list product. This was the core idea behind Dunzo. His small room in a duplex became the headquarters of Dunzo. He then started spreading the word about the concept to his friends, which began to spread fast. Kabeer soon started running errands for people on bikes and completed deliveries all by himself. People dropped a message on his WhatsApp number and he ensured their task was done.
To help him in this initiative, he hired a few people from an NGO on a part-time basis. This team completed 70 deliveries in just one day in June 2015. This gave Dunzo a popularity boost and in the next three months, the startup received its first major investment. Due to the surge in demand, the WhatsApp-based business and service were transformed into an app in 2016. Other co-founders stepped in and made the Dunzo app a huge success.
Dunzo- Startups in India | Startup Story
Dunzo – Mission and Vision
Dunzo’s mission is “to be the logistics layer of every city.” The vision of the company is to expand all across the country and emerge as the go-to delivery service provider of each of the cities.
Dunzo – Name, Tagline, and Logo
Dunzo is a slang abbreviation that refers to ‘do, over, and finished’. The company kept the name Dunzo to finish the work that people had pending or wanted to delegate. The idea behind the logo and the brand is to be quick, reliable, and bold. Dunzo is about being constantly on the move.
“Just Dunzo it!” says the Dunzo tagline.
Dunzo Logo
Dunzo – Business Model and Revenue Model
Dunzofunctions through an app and a website. It provides on-demand concierge services in the hyper-local market. Dunzo offers many features under one roof, i.e., its app suffices for all possible needs. Home groceries, food, medicines, pet supplies, health and wellness, gifts, bike rides, pick and drop, laundry delivery, and various other categories/services are provided by Dunzo.
Dunzo works through a data-driven platform that connects a delivery person to the nearest user. The activity of this person can be tracked throughout the delivery. When there are any purchases to be made, the users can even use the chatbox, send relevant images of the specific product, and communicate accordingly. Dunzo also provides Dunzo cash and other digital payment options. Dunzo uses Artificial Intelligence with its platform to give users a satisfactory and smooth experience.
Dunzo – Growth and Revenue
Initially starting in 2015 on Whatsapp, when the users typed their needs and Dunzo used to deliver the same promptly, to now, when Dunzo is hailed as an all-in-one 24X7 delivery ecosystem to significantly deliver anything and everything within the city, the growth is right in front of us. Furthermore, it is important to note that Dunzo has its headquarters in Bengaluru and is now serviceable in 8+ cities in India, which entered Chennai in 2018 after starting its operations in Hyderabad in the same year.
Dunzo Daily
The company has last launched its new dark store named Dunzo Daily, which started in Bengaluru and claims to be designed as a grocery delivery service. As per the recent updates, Dunzo Daily has also been launched in Pune in February 2022 and will have its stores set up in over 10 Indian cities during the first half of 2022. Dunzo Daily has entered Mumbai, as per reports dated April 7, 2022, Dunzo’s service will also operate in the satellite towns of Navi Mumbai and Thane. This makes Dunzo Daily operable in 4 cities – Bengaluru, Chennai, Mumbai and, Pune, and is aiming to be launched in Hyderabad and Delhi NCR later in April 2022.
The fresh fruits and vegetable delivery service arm of Dunzo is now aiming to have 200 mini-warehouses, have 30,000+ delivery partners, and have set a target of completing 2 lakh orders daily by June 2022.
The word “Dunzo” has grown from just the name of a startup to a verb in the real world, where people prefer to just dunzo things.
Here’s a glance at the growth highlights of Dunzo:
The company is spread across 9 of India’s Cities
Dunzo is backed by none other than Google and Reliance Retail
The company also has a bike taxi service in Gurugram
Dunzo boasts of a whopping 40X growth in the last 2 years, as reported in March 2021
Google-backed Dunzo scaled its revenue by 1.6X in FY21 and has prominently reduced its expenses by 43%
Dunzo fulfilled 1 million orders monthly.
It has acquired 30,000+ merchants.
The company has 40,000 delivery partners
Dunzo Digital as part of the Drone Vaccine Delivery Initiative in Telangana
Dunzo Digital has currently been called upon along with Skye Air, a part of the Dunzo MedAir consortium for the Government of Telangana’s ‘Medicines from the Sky’ project to enable faster and more efficient healthcare logistics. Soon after, permission was granted to the Telangana government to use drones within the visual line of sight (VLOS) for the experimental delivery of COVID-19 vaccines from the Ministry of Civil Aviation (MoCA) for one year, the state government tied up with Dunzo Digital.
The trials of the delivery of the vaccines are scheduled to begin on September 20, 2021, and will start from Vikarabad, Telangana, as per the reports dated September 18, 2021. They are expected to continue till September 25, 2021. The Dunzo Digital and Skye Air duo will demonstrate numerous healthcare logistics-related use cases as part of the trials.
Financials
Dunzo Financials
Dunzo Financials
FY23
FY22
Operating Revenue
Rs 226 crore
Rs 54 crore
Total Expenses
Rs 2,054 crore
Rs 532 crore
Profit/Loss
Loss of Rs 1,801 crore
Loss of Rs 464 crore
Expenses Breakdown
The company’s total expenses in FY22 were Rs 532 crore , and in FY23 it is Rs 2,054 crore.
EBITDA
The company’s EBITDA margin declined from -643% to -677% during FY22 and FY23, a symptom of considerable operating losses. Due to rising costs, the expenses per unit of operational revenue went from Rs 9.85 to Rs 9.09.
FY22- FY23
FY22
FY23
EBITDA Margin
-643%
-677%
Expenses/Rs of operation revenue
Rs 9.85
Rs 9.09
ROCE
-32%
–
Dunzo – Funding and Investors
Dunzo has raised a total funding of $476 Million in over 19 rounds of funding. Dunzo raised $75 million from a funding round led by Google on April 6, 2023.
Reliance Retail is the major shareholder in Dunzo with a 25.8% stake. Google, in contrast, owns a somewhat lower ownership interest of under 20%. In an effort to take advantage of the changing e-commerce and delivery trends in the market, Reliance Retail and Google have made this strategic investment, demonstrating their interest in the quickly expanding hyperlocal delivery market.
Dunzo funding details are as follows:
Date
Amount
Investors
Series
November 2016
$1.18 Million
Aspada Investment
Series A
December 2017
$12.3 Million
Google, Blume Ventures, Aspada Investment
Series B
November 2018
$1 Million
Alteria Capital
Debt
February 2019
$3.1 Million
Blume Ventures, Lakshmi Narayanan, Raintree Family Office, Monika Garware Modi
Lightbox Ventures, 3L Capital, STIC Investment, STIC Ventures and Google
Series D
February 2020
$11 Million
Alteria Capital
Debt
September 2020
$28 Million
Google, Lightstone Fund
Series E
January 2021
$40 Million
Google, Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada, and Alteria
Series E
January 6, 2022
$240 Million
Reliance Retail, Lightbox, Lightrock, Alteria Capital
Venture Round
November 30, 2022
$6.2 Million
BlackSoil
Debt Financing
April 6, 2023
$75 Million
Google
Convertible Note
Dunzo – Partnerships
Dunzo have some prominent partners:
Pepsico
Dunzo partnered with PepsiCo. With this partnership that was announced on May 26, 2020, Dunzo now delivers four different food products produced by the PepsiCo subsidiary brand Frito-Lay, which are Lay’s, Kurkure, Doritos, and Quaker.
Leadsquared
Dunzo next partnered with LeadSquared to bring greater efficiency in its process of onboarding new retailers on the platform. Besides, this partnership that materialized on June 23, 2020, will also be empowering them with a wider reach and local delivery services. It also partnered with Zee5 and Alt Balaji in September 2021 to push Dunzo Daily.
Alliance Insurance Brokers
Dunzo partnered with alliance insurance brokers in February 2023 to give its nationwide network of delivery partners insurance coverage.
Shield
The company partnered with Shield in April 2023 to enhance its ability to prevent fraud activities in real-time.
Parinaam Foundation
Dunzo partnered with the Parinaam Foundation in May 2023, and with this partnership, they aim to support the financial literacy of women delivery partners and store executives.
Open Network for Digital Commerce (ONDC)
The seller division of Dunzo joined the Open Network for Digital Commerce (ONDC) in August 2023, and with this alliance, the company hopes to sign up over 20,000 merchants from a variety of industries.
One-Tap
Dunzo partnered with OneTap in September 2023 to pay employees’ salaries for August, as the company had previously missed multiple deadlines and failed to pay staff members’ August salaries.
Dunzo – Awards
Dunzo was listed in the LinkedIn Top Startups of the Year in 2021.
It has won the Digies Award for both consecutive years (2019 and 2020).
The company won the Mommy Awards in 2020 and 2021.
Like every other startup, Dunzo also faced many hiccups and challenges. The major pain points for the company were an inefficient delivery system, the time taken by the runners to complete the deliveries, website and mobile application management, and major financial losses.
Dunzo Threatens Staff
Some of the Dunzo staff allegedly received messages from Dunzo on July 27, 2022, which threatened them with permanent suspensions if they were found guilty of supporting strikes.
The message that Dunzo staff have received allegedly on July 26, 2022, read, “It is to inform you that any ID found at the location of a strike will be permanently suspended. Please don’t be a part of a strike or support a strike either.”
Data Breach Issue
Dunzo suffered a data breach issue in July 2020, when the company said that the Dunzo website, which had the users’ information, email addresses, and more, was hacked by the hackers. The exact amount of user data that was accessed was not known then but the payment information of the users was not been accessed by the hackers. The technical team at Dunzo updated the security pattern after that incident, which is now stronger. Dunzo had initiated an internal investigation into this case. The investigation eventually came up with the suggestion that the unauthorized access to the database could have followed a break in the servers of a third party. While speaking on this issue after the data breach, Dunzo CEO Mukund Jha published a post and said that his company has taken “swift action” to fix the security problems and has also, “added additional layers of security protocols” to fix the issue.
The company also claimed they have enhanced the old logging and tracing mechanism to monitor any such incidents, which will help the users receive an alert when there will be any doubtful activity in the future.
Jha said, “While our best teams are working on resolving and strengthening our security efforts, we’re also engaged with leading cyber security firms and experts to further strengthen our efforts,”
The Case of Drugs
Both Dunzo and Rapido delivery agents were arrested in Bengaluru, as a part of the ongoing crackdown on narcotics, which included two men. Police busted two delivery agents who were found delivering huge amounts of drugs around the city. Police, however, said that the food delivery services at Twitter Pany “cannot be blamed” for their employees being involved in crime.
In one of their biggest hauls of marijuana and other synthetic drugs, the Bengaluru Police have seized 240 kgs of ganja (marijuana), MDMA tablets, MDMA crystals, weed oil, brown sugar, and much more. The seizure is part of Bengaluru Police’s continuing crackdown on narcotics and its wide networks.
“This bust is not just one place but from across Bengaluru,” Bengaluru police commissioner Kamal Pant said.
While Dunzo doing good job of door delivery of essentials during the lockdown,some misusing it & doing illegal things. CCB arrest 2 accused who used the cover of DUNZO delivery boys & procured & tried to sell two headed snake (SAND BOA) prohibited under Wildlife Protection Act.. pic.twitter.com/PwHOwelog2
According to the top police officials, marijuana is being sourced from Kerala and Andhra Pradesh. Further investigation is underway and the police are hopeful of making more arrests. The local police are heading the investigation but they are cooperating with other state police and central agencies.
Dunzo – LayOffs
On July 21, 2023, Dunzo fired 300 people, representing 30% of the workforce. The layoffs are being done because of cash flow problems. According to several media sources, the corporation has also postponed paying half of the employees’ June salary due to a cash shortage, and the senior leadership would be most affected.
Dunzo, however, has let go of up to 400 people over the past nine months as a result of being compelled to downsize its consumer-facing business, Dunzo Daily, and shift its emphasis to the B2B vertical, Dunzo Merchant Services.
Dunzo fired 150–200 people in its third round of layoffs on September 27, 2023, to cut costs. According to many news reports, the pending payouts for June and July for the employees will be cleared in November.
Apart from Meratask in Delhi and Jugnoo in Chandigarh, it also has rivals emerging out of metro cities like Delhi, Pune, and Bengaluru. The logistics industry in India is huge and intense competition is inevitable.
Dunzo – Future Plans
Dunzo has garnered massive popularity in the cities it presently operates in. The company has made the lives of people easy and stress-free. Shortly, the company is aiming to strengthen product searches on its app by partnering with different merchants and vendors. The team at Dunzo wants to expand its coverage of physical retail stores on the mobile application. Dunzo is also in the process of expanding its outreach to different tier-two cities.
Dunzo Founder and CEO, Kabeer Biswas spoke at an event, where he mentioned the company’s growth plans to deliver essentials to customers in just 15-20 minutes. He also revealed that in the next 24 months, Dunzo will be rolling out the daily category across the country to 20 cities, and digitizing the same for the company’s TAM of 50 million customers.
Dunzo is planning for an IPO in 2-4 years as per various news reports of January 2022.
Kabeer the Founder said ” We were looking forward to a partnership that would allow us to be able to do that, and we have been able to agree and work very closely with the Reliance team towards this goal.”
The company is planning to raise a fund of $ 35 million in funding from existing investors like Reliance Industries and Google as well as new investors.
FAQs
What is Dunzo used for?
Dunzo is a hyper-local on-demand delivery service in India. It is a delivery company that delivers anything and everything on demand with minimum delivery charges.
How much does Dunzo cost?
Dunzo approximately charges INR 40 for 4 km, INR 80 for 8 km, and INR 120 for distances greater than 8 km.
What does Dunzo mean?
Dunzo is a slang abbreviation that refers to‘do, over, and finished‘.
Who is the CEO of Dunzo?
Kabeer Biswas is the founder and CEO of Dunzo.
How long does Dunzo take to deliver?
The entire delivery cycle approximately takes 35-45 minutes.
Is Dunzo reliable?
Delivering an exceptional customer experience for its platform’s users is Dunzo’s main motto. Hundreds of positive reviews speak for Dunzo’s reliability.
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