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ICICI Bank is one of India’s leading private-sector banks, offering a wide range of financial products and services to individuals, businesses and corporations.
With a robust presence across the country and a growing international footprint, ICICI Bank has consistently leveraged advanced technology to drive its banking operations.
As it continues to evolve, the bank remains dedicated to enhancing customer experience, maintaining operational efficiency and embracing future-forward banking solutions.
In this Startuptalky article, we will explore ICICI Bank’s journey, innovations and future prospects.
ICICI Bank Limited, based in Mumbai and registered in Vadodara, is one of India’s leading banks. It serves both businesses and individuals with a variety of financial services, including investment banking, insurance (life and non-life), venture capital and asset management. These services are delivered through its branches, ATMs and specialized subsidiaries.
The bank operates an extensive network of 6,613 branches and 16,120 ATMs across India, making it easily accessible. It also has an international footprint, with operations in 11 countries.
ICICI Bank Limited – Industry
The Indian banking system has made remarkable progress since 2016. By 2022, the total assets in the sector had grown to $2.67 trillion. Between FY16 and FY22, credit saw a modest compound annual growth rate (CAGR) of 0.62%, while deposits expanded at a strong CAGR of 10.92%, reaching $2.12 trillion.
Public sector banks held a significant share of the total banking assets, accounting for 59.53%, which includes assets from public, private and foreign banks. In 2024, public banks generated $128.1 billion in interest income, while private banks contributed $95.7 billion in interest income, highlighting the sector’s consistent growth and robust performance.
ICICI Bank Limited – Founders and Team
ICICI Bank was established in 1994 as a wholly-owned subsidiary of ICICI Ltd., which was founded in 1955 through a collaboration between the World Bank, the Government of India, and Indian industry leaders. Sir Arcot Ramasamy Mudaliar, a distinguished Indian statesman, served as the first Chairman of ICICI Ltd., laying the foundation for the institution’s future growth.
Sandeep Bakhshi – Managing Director and CEO
Sandeep Bakhshi – Managing Director and CEO
Sandeep Bakhshi has been leading ICICI Bank as Managing Director and CEO since October 15, 2018. Before stepping into this role, he served as a Whole-Time Director and Chief Operating Officer (COO) of the bank.
A seasoned professional with ICICI Group since 1986, Mr. Bakhshi has taken on various leadership roles across its subsidiaries, including ICICI Lombard General Insurance, ICICI Bank and ICICI Prudential Life Insurance. Notably, he was the MD & CEO of ICICI Prudential Life Insurance from 2010 to 2018 and ICICI Lombard General Insurance from 2002 onwards.
Growing up in a defense family, Mr. Bakhshi had the opportunity to study in schools and colleges across India. He later completed his management education at XLRI Jamshedpur, setting the foundation for his long and accomplished career.
ICICI Bank Limited – Startup Story
ICICI Bank was founded in 1994 as part of the ICICI Group, which has a rich history dating back to 1955. The Industrial Credit and Investment Corporation of India (ICICI) was established in 1955 as a joint initiative by the World Bank, the Government of India and Indian public-sector banks and insurance companies. Its primary goal was to support Indian businesses by offering medium- and long-term project financing.
For decades, ICICI focused on funding industrial projects, but the financial sector liberalization in the 1990s marked a turning point. The institution evolved from a development-focused financial entity into a diversified provider of financial services. Through its subsidiaries and group companies, it began offering a broad range of products to cater to the growing and varied needs of businesses and individuals.
ICICI Bank, created as part of this transformation, rapidly grew to become a key player in India’s banking sector. In 1999, ICICI made history by becoming the first Indian company—and the first non-Japanese Asian bank or financial institution—to be listed on the New York Stock Exchange (NYSE), solidifying its position on the global stage.
ICICI Bank Limited – Mission and Vision
Mission
ICICI Bank is dedicated to offering practical financial solutions that make a real difference for its customers. With a focus on financial stability, ethical practices and delivering quality products.
Vision
It’s focus is on building trust through a customer-first approach, driving innovation and always staying true to its core values.
ICICI Bank Limited – Name, Tagline and Logo
ICICI stands for Industrial Credit and Investment Corporation of India and has its roots as a government-established institution. Over the years, it has grown into one of India’s leading private sector banks.
Logo
The bank’s logo reflects simplicity and clarity, combining geometric shapes with text to create a professional and approachable design.
ICICI Bank – Logo
Taglines
Primary Tagline: “Leading the way in banking innovation”
Other Tagline: “Hum Hai Na” (We are here for you)
ICICI Bank Limited – Business Model
Whether it’s savings accounts, fixed deposits, personal or home loans, credit cards, or wealth management, there’s something for everyone. For businesses, the bank offers specialized services like trade finance, treasury management and corporate lending, making it a go-to partner for individuals and companies alike. This variety reflects ICICI Bank’s focus on serving a broad customer base with dedication and care.
ICICI Bank Limited – Revenue Model
By offering a wide range of products, including retail banking, corporate banking and treasury services, ICICI Bank caters to a broad audience. Its focus on digital banking and value-added services boosts non-interest income, which plays a big role in enhancing profitability. This balanced approach not only drives growth but also helps maintain a loyal and growing customer base.
ICICI Bank Limited – Challenges Faced
Credit Risk
Volatile markets and rising interest rates impacted customers’ financial stability. ICICI Bank tackled this through strong risk management practices across all business areas. Regular reviews, stress testing and maintaining robust capital and liquidity positions—well above regulatory requirements—helped mitigate these risks.
Market and Liquidity Risk
Tight monetary policies, reduced liquidity from central banks and fluctuating exchange rates created hurdles. The Bank countered these challenges with well-defined policies, frequent reviews by the Board and committees and a focus on asset-liability management. Strengthening the Bank’s liability franchise was a strategic priority.
Cyber Risk
With increasing digitization, the threat of cyberattacks and security vulnerabilities grew, especially through third-party partnerships. ICICI Bank invested heavily in resilience, data privacy and data loss prevention. Thanks to these efforts, no significant security breaches or data losses occurred in fiscal 2023.
Technology Risk
As digital transactions and customer reliance on them rose, ensuring system availability and scalability became critical. ICICI Bank made proactive technology investments and maintained robust governance frameworks. Board-level oversight ensured alignment between IT and business strategies. The Bank’s IT systems remained stable and uninterrupted throughout fiscal 2023.
ICICI Bank Limited – Funding and Investors
ICICI Bank primarily raises funds through deposits, debt instruments and equity capital, leveraging its robust financial position to fuel growth. The bank’s key investors include institutional investors, mutual funds and foreign portfolio investors, reflecting strong market confidence in its operations.
Announced Date
Transaction Name
Money Raised
Lead Investors
Oct 3, 2023
Post IPO – Debt
INR 40 crore
—
Dec 12, 2022
Post IPO – Debt
INR 50 crore
—
Dec 17, 2021
Post IPO – Debt
INR 50 crore
—
Aug 18, 2020
Post IPO – Equity
INR 150 crore
People’s Bank of China
ICICI Bank Limited – Investments
ICICI Bank strategically invests in technology, digital transformation and innovative financial solutions to enhance customer experience and drive sustainable growth.
Announced Date
Organization Name
Funding Round
Money Raised
April 16, 2024
GPS Renewables
Debt Financing
INR 4.1 crore
Sept 22, 2023
Quantum CorpHealth
Corporate Round
INR 50 lakh
Jul 25, 2023
Auxilo
Venture Round
INR 4.7 lakh
May 5, 2023
PropertyPistol
Series A
INR 5.5 lakh
Apr 29, 2023
Affordmed
Debt Financing
INR 14 lakh
Feb 15, 2023
Mufin Green Finance
Post IPO Debt
INR 5.3 lakh
Feb 6, 2023
SatSure
Series A
—
Jan 31, 2023
SwirePay
Seed Round
INR 1 lakh
Jan 11, 2023
LEAD
Debt Financing
INR 1.6 crore
Oct 17, 2022
Snapmint
Debt Financing
INR 10.5 lakh
ICICI Bank Limited – Mergers and Acquisitions
ICICI Bank has pursued strategic mergers and acquisitions, such as its merger with Bank of Rajasthan in 2010, to expand its market presence and strengthen its financial services portfolio.
Acquisition Date
Acquiree Name
Price
Current Acquirers
Aug 12, 2010
Bank of Rajasthan
—
—
Sept 12, 2011
i-Process
—
ICICI Bank
Mar 23 , 2024
Trident Microfin
$15M
ICICI Bank, HDFC Bank, Indian Overseas Bank, Bank of India, Axis Bank, Union Bank of India
ICICI Bank Limited – Financials
ICICI Bank Financials Consolidated
FY24 (INR crore)
FY23 (INR crore)
Total Income
236,037.73
186,178.80
Total Expenditure
191,030.98
151,715.77
Net Profit/Loss
45,006.74
34,463.03
ICICI Bank Financials
ICICI Bank Limited – Advertisements and Social Media Campaigns
iMobile Pay with Anil Kapoor
iMobile Pay with Anil Kapoor
ICICI Bank launched a witty and relatable campaign highlighting the ease of making UPI payments with its iMobile Pay app. The campaign features a film starring Anil Kapoor, who cleverly demonstrates the app’s utility during a playful interaction.
In the story, Kapoor’s bike tyre bursts, leading him to a shop for repairs. The enthusiastic shopkeeper insists on upfront payment, leaving Kapoor seemingly in a fix as he only has his phone. To everyone’s surprise, Kapoor effortlessly pays using the iMobile Pay app, showcasing how the app simplifies everyday transactions. The film concludes with a humorous twist, as Kapoor demands a payment from the shopkeeper before sharing the secret to his fitness.
This engaging campaign emphasizes convenience and showcases the seamless functionality of iMobile Pay in a memorable and fun way.
The Bench – Solving Space Crunch, Creatively
In a country where personal space is often a luxury, ICICI Bank introduced an innovative concept called The Bench, a smart bench that automatically expands to accommodate more people when fully occupied.
Placed in high-traffic areas like R City Mall and select ICICI Bank branches, The Bench addresses the challenge of overcrowding in public spaces with a touch of ingenuity. By expanding as needed, it becomes a symbol of inclusivity and adaptability, resonating with the bank’s values of serving all without limits.
This initiative isn’t just about providing a seat; it’s about sparking conversations on solving real-world problems with creativity. It also reflects ICICI Bank’s commitment to innovation, not just in banking but in creating a better everyday experience.
ICICI Bank Limited – Awards and Achievements
Retail Banking
Best Retail Bank in India – Won at the Asian Banker Excellence in Retail Financial Services International Awards for nine consecutive years.
Best Retail Bank – India – Awarded at the Retail Banker International Asia Trailblazer Awards 2019.
Technology
Excellence in Technology – Won at The Signature Awards London 2022.
Best Use of IT & Data Analytics – Awarded at the Indian Banks’ Association (IBA) Banking Technology Awards 2021.
Best Fintech Adoption – Won at the IBA Banking Technology Awards 2021.
Financial Services
Best Banking & Finance Legal Team of the Year
Award for Consistent Excellence – Presented by Global Custodian, a publication covering international securities services.
Best in Talent & Workforce Management – Awarded at the Business Today Annual Awards.
Workplace Recognition
Recognized as India’s Coolest Workplace by Business Today magazine.
ICICI Bank Limited – Competitors
The following competitors operate across similar segments as ICICI Bank, such as retail banking, corporate banking and technology-driven services, creating a highly competitive landscape in the Indian banking industry, such as:
Tackling Revenue Fluctuations – Financially, ICICI Bank is projecting a slight decline in revenue, forecasted to decrease at a rate of 2% annually. However, the bank expects its earnings to grow at a steady pace of 8.5% per year, with earnings per share (EPS) also rising by 8.1% annually. The return on equity (ROE) is anticipated to reach an impressive 16.6% over the next three years. Overall, while revenue may see a slight dip, ICICI Bank’s focus on digital innovation, retail banking expansion and international diversification, combined with strong risk management practices, is expected to drive sustainable profitability and improve shareholder returns in the long term.
Impending Digital Transformation – One of the key priorities is digital transformation, with a focus on investing in technology to enhance the customer experience. The bank plans to digitize its underwriting process, enabling instant loan approvals for customers.
Retail banking offerings – In terms of international expansion, the bank is exploring opportunities to diversify its revenue streams by entering global markets. To complement these growth initiatives, ICICI Bank is committed to strengthening its risk management practices, ensuring financial stability with a strong balance sheet, prudent provisioning and healthy capital levels.
ICICI Bank is a leading private sector bank in India that offers a wide range of banking and financial services. It was established in 1994 by the Industrial Credit and Investment Corporation of India (ICICI).
Who is the CEO of ICICI Bank?
Mr. Sandeep Bakshi is the CEO of ICICI Bank.
What is the full form of ICICI ?
ICICI stands for Industrial Credit and Investment Corporation of India.
The global luxury perfume market is set to reach USD 21.31 billion by 2033, with increasing demand for niche and artisanal fragrances. House of Moksha (HOM) is making its mark in this growing industry by blending the fragrance traditions of India, the Middle East, and Europe. The brand offers premium perfumes at mid-luxury pricing, focusing on sustainable sourcing and advanced blending techniques. With a deep connection to heritage and a focus on accessibility, HOM is reshaping the luxury fragrance industry.
In this article, explore more about House of Moksha, its founder, business model, challenges, growth, and more.
House of Moksha – Company Highlights
Company Name
House of Moksha
Headquarters
New Delhi, India
Sector
Luxury Fragrance, Fine Perfumery
Founder
Ashish Khandelwal
Founded
2025
Website
houseofmoksha.com
House of Moksha – About
House of Moksha (HOM) is a luxury perfumery brand that masterfully blends Western and Middle Eastern fragrance styles with high-quality Indian ingredients. Founded with over 15 years of expertise in essential oils and aromatics, HOM delivers high-end luxury quality at a mid-range price, ensuring an opulent yet accessible scent experience.
House of Moksha – Industry
House of Moksha operates within the fine perfumery and luxury fragrance industry. The global luxury perfume market reached USD 13.32 billion in 2024 and is projected to grow to USD 21.31 billion by 2033, reflecting a CAGR of 5.09% during the period 2025–2033. Based on estimated industry growth and the expansion of niche perfumery, the brand aims to capture a small yet significant segment within the high-end niche fragrance sector.
Over the next five years, the niche and artisanal fragrance industry will continue to grow, with increasing demand for high-quality, exotic, and sustainable ingredients.
Within the next 5 to 10 years, House of Moksha aims to establish itself as a leading player in the niche fragrance space, with a strong global presence across both retail and digital channels, while expanding into personalised scent experiences and exclusive collaborations.
House of Moksha – Founder and Team
Ashish Khandelwal is the founder of House of Moksha.
Ashish Khandelwal, Founder, CEO & Creative Director (right) and Kushank Gupta, COO, House of Moksha (left)
Ashish Khandelwal (MBE, BSc) has over 15 years of experience in aromatics and essential oils and is recognised as one of the pioneers of organic essential oils and ingredients in India. He has developed memorable fragrances for numerous international brands. With House of Moksha, Ashish introduces some of his most exquisite creations to the world at an accessible price point. As CEO and Chief Perfumer, he oversees Research & Development, Finance, and the overall health of the company.
Kushank Gupta (BTech) brings with him deep expertise in production, manufacturing, supply chain, and operations. As Chief Operating Officer, he is responsible for managing the company’s production processes, supply chain, and day-to-day operations.
House of Moksha – Startup Story
The creation of House of Moksha was inspired by the founder’s extensive background in essential oils and aromatics, combined with a deep passion for perfumery. With a database of over a thousand perfume formulations developed for various international brands, the founder brought a wealth of expertise to the brand’s inception.
Comprehensive market analysis, insights into consumer preferences, and rigorous testing of blends confirmed the strong potential of the concept behind House of Moksha. Initial discussions with industry experts and perfume enthusiasts further validated the brand’s unique positioning, leading to the refinement of its offerings. The brand is proud to note that each of the 10 fragrances launched this season has been a hit with the selective Indian consumer.
House of Moksha – Mission and Vision
Long-term Vision: House of Moksha aims to establish itself as a globally recognised niche fragrance brand, renowned for its rich, exotic blends that celebrate the fragrance heritage of India, the Middle East, and Europe.
Short-term Vision: The brand seeks to expand its market presence in key international locations, particularly in the Middle East, Europe, and Southeast Asia.
Core Belief: House of Moksha believes that luxury should be meaningful, immersive, and deeply rooted in heritage. The brand is committed to crafting scents that evoke profound emotions and cultural connections.
House of Moksha – Name, Tagline, and Logo
The name House of Moksha (HOM) signifies liberation and transcendence through the power of fragrance. It reflects the brand’s philosophy of offering scents that go beyond the ordinary, connecting deeply with one’s senses and spirit.
The tagline, “Timeless Fragrance. Modern Elegance.”, captures the essence of the brand, where heritage-inspired blends meet contemporary refinement.
The logo features a minimalist yet regal design, symbolising a seamless blend of tradition and modernity.
House of Moksha – Products
House of Moksha Perfumes
House of Moksha offers luxury perfumes with unique blends such as Tobacco Oud, Vetiver Oud, Saffron Oud, Leather Oud, and more. Each fragrance is meticulously crafted with a harmonious balance of Indian, Western, and Middle Eastern fragrance traditions.
The brand uses in-house extracted natural essential oils, adding a layer of complexity to the formulations. House of Moksha fills a significant gap in the market by offering affordable luxury perfumes that rival top-tier niche brands in terms of quality.
The brand’s unique selling proposition lies in its premium quality at mid-range pricing, with a focus on Indian raw materials and deep scent complexity. Innovation is at the core of House of Moksha, employing advanced blending techniques, long-lasting formulations, and unique ingredient sourcing.
Notably, the brand boasts the first of its kind automated fragrance blending unit, which allows lower production costs and higher accuracy between batches.
House of Moksha – Business Model
House of Moksha operates on a direct-to-consumer business model, focusing primarily on online sales, complemented by selective retail partnerships and exclusive collaborations. Positioned in the mid-luxury segment, the brand offers its perfumes at a price range of INR 2,500 to INR 3,500 per bottle. This strategy allows House of Moksha to maintain healthy profit margins while remaining more affordable than ultra-luxury competitors, making high-quality niche fragrances accessible to a wider audience.
House of Moksha – Launching Company Strategies
Launching a brand is always the most important moment, and getting the first 100 customers is a milestone that brings great satisfaction. House of Moksha’s initial launch strategy focused on impactful social media campaigns, influencer collaborations, and leveraging the founder’s well-established network within the fragrance and aromatics industry. The brand reached its first 100 customers through a combination of word-of-mouth, pre-launch sampling, and carefully targeted online advertisements.
As part of its growth strategy, House of Moksha continues to expand its presence through premium online marketplaces, strategic PR campaigns, and exclusive fragrance events designed to build community and brand recall.
House of Moksha – Marketing Strategy
One of House of Moksha’s most successful marketing efforts was the use of 3D perfume model reels made with Blender. These videos showed off the perfume bottles in a creative way and attracted a lot of attention on Instagram and YouTube. The brand also worked with perfume lovers and influencers, which helped spread the word and connect with more people who enjoy unique fragrances.
House of Moksha – Growth
House of Moksha currently operates online, with plans to expand into retail soon. Within just two weeks of launch, the brand reached its first 100 online orders. In the first month, it saw steadygrowth with a 20–25% increase in revenue week on week. The brand is also in talks with luxury retail stores and boutique partners to build strong collaborations for the future.
House of Moksha – Challenges Faced
House of Moksha faced several key challenges in its early journey, including designing and creating distinctive packaging that reflected the brand’s identity, entering a highly competitive niche fragrance market, sourcing rare and high-quality raw materials, and building meaningful brand awareness. To address these challenges, the brand adopted a focused approach, emphasising storytelling, sustainable sourcing practices, and experiential marketing campaigns that connected with consumers on a deeper, more emotional level.
House of Moksha – Competitors
Some of the prominent competitors of the brand include:
Oud Arabia
NEESH
Aeronot
House of Moksha – Future Plans
In the next one to two years, House of Moksha plans to expand its product range, enter new markets, and build a strong international distribution network. Looking ahead, the brand aims to become a leading name in niche fragrances with a solid global presence. The long-term goal is to have local brand ambassadors and trusted retail partners in all major countries.
FAQs
What is House of Moksha?
House of Moksha (HOM) is a luxury perfumery brand that masterfully blends Western and Middle Eastern fragrance styles with high-quality Indian ingredients.
What is House of Moksha’s business model?
House of Moksha operates on a direct-to-consumer business model, focusing primarily on online sales, complemented by selective retail partnerships and exclusive collaborations.
What kind of perfumes does House of Moksha offer?
House of Moksha offers luxury perfumes with unique blends such as Tobacco Oud, Vetiver Oud, Saffron Oud, Leather Oud, and more. Each fragrance is meticulously crafted with a harmonious balance of Indian, Western, and Middle Eastern fragrance traditions.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
In today’s world, the emphasis is on comfort and ease, and the banking industry has seen quite a revolution in this regard. Carrying cash was rather cumbersome, which led to the birth of digital payments and mobile wallets, and PhonePe has grown up to be one of the major exponents in this sector.
Mobile apps are the preferred method for the payment of groceries, utility bills, phone recharges, etc. Even large transactions are now done digitally rather than in cash, which has not only removed the risk factors in the physical world but also streamlined the whole banking and finance sector for good.
PhonePe is one such payment app that has made the lives of millions of Indians simple. Founded in December 2015, PhonePe is currently hailed as the market leader in the digital payments space in India. The app allows users to maintain their bank accounts digitally, access them at their convenience, and use their funds for all the purposes that they want. They can easily link their credit and debit cards with a mobile wallet to make their digital payments. Furthermore, instant money transfers can also be done through PhonePe. These are only some instances when PhonePe appears to be indispensable and trust us, there are more!
If you want to know more about PhonePe’s Success Story, its founders, history of PhonePe, its business model, revenue model, funding and investors, revenue, growth, competitors, and more, then stay glued.
PhonePe, founded in December 2015, is a renowned digital payments company that supports over 11 languages. It is among the first payment apps built on the Unified Payments Interface (UPI) and holds the distinction of being the first UPI payments app to surpass the billion-transaction milestone. The app offers a wide range of services, allowing users to send and receive money, check bank balances, make POS payments, purchase gold, and perform various transactions such as phone recharges, DTH payments, and utility bill payments. It is widely recognized and approved by Indian merchants, enabling users to book rides, order food, shop online, and more.
Obtaining regulatory approval from the Reserve Bank of India (RBI), PhonePe operates as an account aggregator. This groundbreaking service empowers Indian consumers to grant consent and securely share their financial data, including bank statements, insurance policies, and tax filings, with regulated Financial Institutions or Financial Information Users (FIUs). Through this service, users can easily apply for loans, obtain insurance, seek investment advice, and explore other financial solutions. Importantly, users retain complete control over their data consent, with the ability to request, pause, or revoke access conveniently through aa.phonepe.com or directly within the PhonePe app.
With its wide range of services, innovative features, and regulatory approval as an account aggregator, PhonePe continues to redefine the digital payments landscape in India, empowering users with secure and convenient financial solutions while putting them in control of their data.
How Does PhonePe Work?
PhonePe is a digital payment and wallet-based app that operates within the Unified Payments Interface (UPI) ecosystem. To use PhonePe, users need to download the app, link their phone numbers, and verify their bank accounts. Once set up, users can make transactions directly through the app. PhonePe acts as a mediator between users and their bank accounts, enabling seamless fund transfers, bill payments, and online shopping. The app provides a secure and convenient platform for users to manage their digital payments, ensuring a smooth and hassle-free experience.
PhonePe – Industry
UPI Market Share by Volume (July 2024)
As per the Statista reports, the Digital Payments market in India is projected to grow by 11.56% (2024-2028) resulting in a market volume of US$394.40 billion in 2028. PhonePe, along with Google Pay and Paytm, emerged as the dominant players, collectively accounting for nearly 96% of all UPI transactions by value in March. PhonePe continued to lead the market in terms of both value and volume for UPI transactions, solidifying its standing in the market.
Sameer Nigam, Burzin Engineer, and Rahul Chari are the founders of PhonePe.
Sameer Nigam
Sameer Nigam – Founder and CEO, PhonePe
Sameer Nigam is the founder and CEO of PhonePe. Before PhonePe, Sameer held key positions at Flipkart, including Senior Vice President of Engineering and Vice President of Marketing. Sameer’s association with Flipkart dates back to 2011, when his earlier startup, Mime360, was acquired by the company. He has also worked as the Director of Product Management at Shopzilla, Inc. Sameer holds an MBA from the Wharton Business School at the University of Pennsylvania, a Master’s degree in Computer Science from the University of Arizona, Tucson, and a Bachelor’s degree in Computer Science from the University of Mumbai, India.
Rahul Chari is the Founder and CTO of PhonePe. He started his career as a software engineer with Andiamo Systems Inc. after completing an internship at Sun Microsystems. Chari then went on to serve in managerial positions in a couple more companies like Cisco Systems, Mime360, and Flipkart, where he served as the Senior Software Engineer, Manager, Co-founder and CTO, and Vice President of Engineering, respectively. Rahul holds a Master’s degree in Computer Science from Purdue University, USA, and a Bachelor’s degree in Computer Engineering from Mumbai University, India.
Burzin Engineer
Burzin Engineer – Founder and CRO, PhonePe
Burzin Engineer is the Founder and CRO (Chief Reliability Officer) of PhonePe. He was the Vice President of Engineering and Operations at M-GO for two years before founding PhonePe. Furthermore, he has also worked with Flipkart, mime360.com, Shopzilla.com, SoftAware Inc., MarchFirst Inc., Twin Sun Inc., and AT&T Global Information Systems (Teradata). Burzin pursued his Bachelor’s degree from the University of Mumbai and later completed a Master’s degree in Computer Science from the University of Southern California.
PhonePe – Startup Story
PhonePe was founded in 2015 by Sameer Nigam, Rahul Chari, and Burzin Engineer, who were ex-Flipkart employees. With a vision of simplifying transactions and making financial services accessible to all, they founded PhonePe.
In 2016, PhonePe took a significant leap forward when it caught the attention of Flipkart, one of India’s leading eCommerce giants. Recognizing its immense potential, Flipkart swiftly acquired PhonePe, forging a strategic partnership that would shape the future of digital payments.
With the backing of Flipkart, PhonePe began its journey toward revolutionizing the digital transaction landscape. The founders had a groundbreaking idea to leverage the Unified Payments Interface (UPI), a newly launched infrastructure by the National Payments Corporation of India (NPCI). This decision would prove to be a turning point in PhonePe’s story.
By integrating with UPI, PhonePe offered users a seamless and secure way to make transactions directly from their bank accounts. The app gained popularity for its user-friendly interface, fast processing times, and convenient features. It quickly became a trusted name in the digital payment space.
As PhonePe continued to innovate and expand its offerings, it solidified its position as a leader in the fintech industry. The platform’s commitment to user empowerment, data privacy, and convenience resonated with millions of users across India.
In December 2022, Flipkart and PhonePe announced their complete ownership separation. This move granted PhonePe the independence to chart its growth trajectory, marking a pivotal moment in its journey. Additionally, PhonePe shifted its domicile from Singapore to India in October 2022.
Today, PhonePe continues to redefine the way Indians transact digitally. With its secure and innovative solutions, PhonePe empowers users to effortlessly manage their finances, access a wide range of financial services, and experience the convenience of digital payments.
PhonePe – Mission and Vision
PhonePe’s mission is to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
The vision statement of PhonePe is, “Our Vision is to build India’s largest transaction platform anchored on payments. A scalable ecosystem that creates maximum positive impact for all stakeholders”.
PhonePe – Name, Tagline, and Logo
PhonePe Logo
The name of PhonePe sounds quite similar to its peers, Google Pay, Amazon Pay, and more because it is essentially a payments app. However, PhonePe has an interesting take on the word “pay” by using “Pe” in its name. This evokes the Hindi connotation of the term, aligning with its operation on mobile phones. The brand chose the color purple as its primary color and incorporated it into the logo. The linguistic mixing of Hindi and English in writing “Pe” helps users recall the Hindi connotation.
PhonePe goes by the tagline “Karte Ja. Badhte Ja,” which means “Keep doing, keep growing,” written on a very positive note that hints toward the transactions on the app and the expansion of the business of PhonePe.
PhonePe – Business Model
PhonePe operates on a combined B2B and B2C business model in the digital payments and financial services sectors.
Consumer Side: On the consumer side, PhonePe offers a digital payment platform that allows users to make seamless transactions using their smartphones. Users can link their bank accounts, debit cards, and credit cards to the PhonePe app, enabling them to make payments, transfer money, recharge mobile phones, pay bills, and more. PhonePe provides a user-friendly interface and a secure platform for convenient and efficient financial transactions.
Merchant Side: PhonePe also caters to merchants by providing them with payment solutions and tools to accept digital payments. Merchants can use the PhonePe app or integrate PhonePe’s payment gateway into their own applications or websites. This enables them to accept payments from customers using various payment methods, including UPI, cards, and wallets. PhonePe offers features such as payment notifications, transaction history, and easy reconciliation to enhance the merchant’s payment experience.
PhonePe has also obtained a license from the RBI (Reserve Bank of India) to provide services related to money transactions and payment systems in India. The company strives to expand its user base, generate profits, and offer additional services beyond traditional banking transactions.
The PhonePe Services encompass a comprehensive range of offerings, including Pre-Paid Instruments, Gift cards, Payment gateways, Recharges and Bill Payments, Insurance, Mutual Funds, Gold sales, and purchases, and switch interfaces and access. These services exemplify PhonePe’s dedication to delivering a diverse and user-centric platform that caters to various financial needs.
PhonePe – Revenue Model
PhonePe operates on a revenue model that encompasses various streams of income which are as follows:
Transaction Fees: PhonePe generates revenue by charging transaction fees or commissions on each transaction made through its platform. This includes fees on UPI payments, bill payments, recharges, and other financial transactions processed through the app.
Merchant Services: PhonePe offers merchant services, enabling businesses to accept payments through its POS machines. PhonePe earns revenue by charging merchants a fee for using its POS machines and accepting payments from customers.
Insurance Brokerage: With its insurance brokerage license obtained from the IRDAI (Insurance Regulatory and Development Authority of India), PhonePe offers insurance products to its user base. The company earns revenue through commissions on insurance policy sales.
Affiliate Commissions: PhonePe partners with various brands and vendors to promote their products and services to its users. It earns affiliate commissions when users make purchases or engage with partner offerings through the PhonePe platform.
Advertising and Promotions: PhonePe generates revenue through advertising and promotional activities. Brands and businesses can leverage PhonePe’s platform to reach a large user base, and PhonePe charges fees for advertising and promotional placements on its app.
Data Insights: PhonePe leverages its extensive user database to gather valuable insights on payment patterns, customer behavior, and preferences. These insights can be used for targeted marketing and data-driven decision-making, potentially generating revenue through data analytics services or partnerships.
PhonePe, founded in December 2015, was acquired by Flipkart in 2016 for about $20 million. Since then, the company has experienced remarkable growth, reaching a valuation of over $12 billion in 2023.
PhonePe became the first UPI-based app to surpass 10 million downloads in 2017 and has consistently ranked among the top finance apps in major app stores. It has emerged as a leading player in UPI transactions and achieved the milestone of 1 million app transactions in a day in 2017. With its popularity as a digital payments service provider, PhonePe recorded $2 billion in monthly transactions in October 2021. The company has reached 5 billion (5.33 billion) transactions via unified payments interface (UPI) for the first time in October 2023.
PhonePe’s growth is evident through its innovative offerings, including the Smart Speaker, Pulse platform, Pincode App, merchant lending platform, and POS devices.
PhonePe Smart Speaker
PhonePe expanded its offerings with the launch of the PhonePe Smart Speaker in August 2022, aimed at enhancing the payment tracking experience at stores. Equipped with multilingual payment notifications and up to 4 days of battery life, these speakers are installed at merchants’ doorsteps for a nominal initial cost of Rs 50 and a monthly rental fee of Rs 50.
PhonePe Pulse
PhonePe Pulse is a leading platform in India that launched in September 2021 and provides comprehensive data and insights on digital payment trends. It offers valuable information on the country’s digital payment landscape through an interactive map showcasing transactions, enabling users to understand the adoption and usage patterns of digital payments across various regions. PhonePe Pulse is a valuable resource for government, media, industry analysts, merchants, startups, and academic institutions, offering deep insights into consumer and merchant behavior.
PhonePe Pincode App
PhonePe launched Pincode, a new consumer-facing application that operates within the framework of India’s Open Network for Digital Commerce (ONDC), in April 2023. This allows PhonePe to strengthen its presence in the eCommerce space and directly compete with rivals like Paytm. Pincode focuses on hyperlocal commerce and offers categories such as grocery, food, pharma, electronics, home decor, and fashion. The app aims to provide a seamless shopping experience, with plans to expand to multiple cities. With this, PhonePe is the first player to have a dedicated app on the ONDC platform, supporting the government’s push for digital commerce in India.
PhonePe Merchant Lending Platform
In June 2023, PhonePe launched its merchant lending platform. This innovative platform aims to address the challenges faced by small and medium enterprises (SMEs) in accessing organized credit. By leveraging its extensive base of over 35 million merchants, PhonePe enables banks and non-banking financial companies (NBFCs) to provide credit digitally and seamlessly. Through the PhonePe for Business app, SMEs can experience a streamlined and quick loan approval process, ensuring timely access to credit for their growth and development.
Phone.Pe Launches App Share.Market
PhonePe, a major player in the fintech industry with strong backing from retail giant Walmart, took a significant step forward by venturing into the world of stock broking on 30 August 2023. They did so by introducing their new mobile application aptly named “Share.Market”.
This user-friendly app is set to provide individuals with the means to partake in stock trading, invest in mutual funds, and even delve into the world of exchange-traded Funds (ETFs). This move not only marks a significant expansion of PhonePe’s services but also positions them to cater to a broader audience looking to explore the world of financial markets through a convenient and accessible platform. It’s a noteworthy development in the ever-evolving landscape of fintech, with PhonePe aiming to make stock market participation more accessible to the masses.
“We launched lending, insurance, and payment gateway businesses recently. We started mutual fund distribution four years back and now we are entering the stock broking business under its subsidiary PhonePe Wealth,” said Sameer Nigam, founder and chief executive officer (CEO) of PhonePe.
PhonePe Point-of-Sale (POS) Device
PhonePe has expanded its presence in the digital payment ecosystem by entering the point-of-sale (POS) device market. This strategic move positions PhonePe to compete with industry players like Pine Labs, Paytm, and Razorpay, offering reliable and efficient payment solutions for merchants accepting payments via debit cards, credit cards, and UPI. By leveraging its expertise in digital payments, PhonePe aims to provide seamless transactions for customers in both online and offline environments, catering to the diverse needs of businesses.
PhonePe – Financials
PhonePe’s revenue has seen significant growth over the years, but expenses have also increased, resulting in continued losses. Below is a detailed breakdown.
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 5,725 crore
INR 3,085 crore
INR 1,692.8 crore
INR 725.3 crore
INR 427.2 crore
Expenses
INR 7,756 crore
INR 5,907 crore
INR 3,705.7 crore
INR 2,456.9 crore
INR 2,202.9 crore
Profit/(Loss)
INR -1,996 crore
INR -2,795 crore
INR -2,013.8 crore
INR -1,728.8 crore
INR -1,771.7 crore
PhonePe Financials FY24
In 2024, PhonePe’s operating revenue grew by 74% to INR 5,064 crore, up from INR 2,914 crore in 2023. However, total expenses also increased by 31% from INR 5,907 crore in 2023 to INR 7,756 crore in 2024. Despite this, PhonePe reduced its losses by 29%, with a loss of INR 1,996 crore in 2024 compared to INR 2,795 crore in 2023.
PhonePe also witnessed robust revenue growth, surging 77% growth to INR 2,914 crore in FY23 from INR 1,646 crore in FY22.
The company claims that in FY23, as opposed to FY22, its EBITDA for the payment segment stood at negative INR 1,755 crore whereas in FY22 it was negative INR 1,622 crore.
PhonePe Revenue:
Revenue has nearly doubled from FY23 to FY24, mainly driven by growth in operations.
Revenue Breakdown
FY24
FY23
Revenue from operations
INR 5,064 crore
INR 2,914 crore
Other income
INR 661 crore
INR 171 crore
PhonePe Expenses:
Expenses have increased due to higher employee costs and amortisation expenses.
Expense Breakdown
FY24
FY23
Employee benefit expense
INR 3,603 crore
INR 3,096 crore
Amortization & Depreciation
INR 1,117 crore
INR 536 crore
Other expenses
INR 3,001 crore
INR 2,251 crore
PhonePe Profit/Loss:
Despite revenue growth, losses persist, but they have slightly decreased in FY24.
Profit/Loss Breakdown
FY24
FY23
Profit/(Loss) before tax
INR -2,006 crore
INR -2,802 crore
Tax Expense
INR -10 crore
INR -7 crore
Net Profit/(Loss)
INR -1,996 crore
INR -2,795 crore
Quick Summary:
Revenue Surge: Revenue nearly doubled from INR 3,085 Cr in FY23 to INR 5,725 Cr in FY24.
Expense Growth: Major increase in employee expenses and amortization costs.
Loss Reduction: Losses decreased from INR 2,795 Cr in FY23 to INR 1,996 Cr in FY24.
Operational Growth: Strong increase in revenue from operations, showing business expansion.
PhonePe – Challenges Faced
Starting up was indeed a big challenge for PhonePe because the industry was quite new and rather unexplored. However, the PhonePe acquisition by Flipkart settled things.
Blockage by ICICI Bank and Airtel
PhonePe was blocked on January 14, 2017, by ICICI Bank because the PhonePe transactions did not meet the NPCI guidelines. Though the NPCI initially instructed ICICI to allow UPI transactions via PhonePe on January 19, 2017, the regulatory body confirmed a day later that the digital payments service provider had indeed violated the UPI norms. Airtel was another company that blocked PhonePe transactions on its platforms during the same period.
This led PhonePe to close its operations on Flipkart’s website, which helped the startup align itself with the terms stated in the updated verdict from the NPCI. The digital payments app resolved all of these issues with ICICI and Airtel by February 2017.
QR Code Burning Incident
PhonePe faced a notable incident where its QR codes were allegedly burned by employees of Paytm. PhonePe promptly filed a police complaint at Surajpur Lakhnawali police station in Greater Noida. Upon identification of the individuals involved, including a Paytm Area Sales Manager (ASM) and a former PhonePe employee, Paytm took immediate action and suspended them. Paytm emphasized its commitment to upholding high standards of work ethics and stated that it does not tolerate any form of misconduct.
Domicile Shift and Investor Contribution
Another challenge PhonePe encountered was the process of shifting its domicile from Singapore to India. PhonePe’s investors contributed approximately Rs 8,000 crore in taxes to facilitate this domicile shift. This significant financial contribution from investors played a vital role in aligning PhonePe’s operations with the regulatory framework in India.
PhonePe – Funding And Investors
PhonePe has raised over $2.6 billion in funding across 18 rounds as of May 2023. The ongoing financing round has propelled Walmart-backed PhonePe’s valuation to $12 billion, with investments from notable investors including General Atlantic.
Here is a detailed list of PhonePe’s funding and investors below:
Date
Amount Raised
Round
Lead Investors
May 22, 2023
$100 million
Private Equity
General Atlantic
April 12, 2023
$100 million
Private Equity
General Atlantic
March 17, 2023
$200 million
Corporate
Walmart
February 14, 2023
$100 million
Private Equity
–
January 19, 2023
$350 million
Private Equity
General Atlantic
August 18, 2021
$350 million
Corporate
Walmart
December 14, 2020
$21 million
Corporate
Flipkart
December 3, 2020
$700 million
Corporate
Walmart
April 27, 2020
$28 million
Corporate
Flipkart
February 26, 2020
$59.6 million
Corporate
Flipkart
December 10, 2019
$78.8 million
Corporate
Flipkart
October 22, 2019
$54.7 million
Corporate
Flipkart
July 30, 2019
$93.5 million
Corporate
Flipkart
March 22, 2019
$101 million
Corporate
Flipkart
August 9, 2018
$60 million
Corporate
Flipkart
April 1, 2018
$42.7 million
Corporate
Flipkart
March 23, 2018
$69.4 million
Corporate
Flipkart
October 4, 2017
$33.4 million
Corporate
Flipkart
PhonePe – Shareholding
PhonePe shareholding pattern as of November 2023, sourced from Tracxn:
PhonePe Shareholders
Percentage
General Atlantic
4.4%
Three State Capital Advisors
1.0%
Qatar Investment Authority
1.0%
Ribbit Capital
0.4%
Tiger Global Management
0.2%
TVS Capital Funds
0.2%
Walmart
71.2%
Headstand
5.7%
Microsoft
0.7%
WCH Q3 2020 1
0.1%
Jadoff SPV 5
< 0.1%
Angel
–
ESOP Pool
15.2%
Total
100.0%
PhonePe Shareholding
PhonePe – IPO
PhonePe, backed by Walmart, is preparing for an IPO. It has appointed four investment banks, JP Morgan, Kotak Mahindra Capital, Morgan Stanley, and Citi, as advisors for the listing.
The company seeks a valuation of up to $15 billion and plans to launch its IPO soon. PhonePe aims to go public on Indian stock exchanges, marking a major milestone in its 10-year journey. The move follows strong growth in its revenue and efforts to improve its bottom line.
In a significant step towards its public listing, PhonePe converted from a private limited company to a public limited company in April 2025. The company will now be registered as “PhonePe Limited,” aligning with regulatory requirements ahead of its anticipated IPO.
PhonePe – Acquisitions
PhonePe has made six acquisitions, including Indus OS, Zopper, GigIndia, Indus App Bazaar, OpenQ, and WealthDesk. Notably, it acquired OpenQ and WealthDesk in a combined deal worth $75 million in May 2022. In July 2022, PhonePe announced the acquisition of Indus’ parent company, OSLabs, after reaching an amicable settlement with Affle Global.
Acquiree Name
Date
Amount
Indus OS
July 29, 2022
$60 million
OpenQ
May 18, 2022
$25 million
WealthDesk
May 17, 2022
$50 million
GigIndia
March 22, 2022
–
Indus App Bazaar
May 19, 2021
$60 million
Zopper
July 16, 2018
–
PhonePe – ESOPs
PhonePe offers ESOPs to its full-time employees. In November 2021, the company conducted a buyback of ESOPs worth INR 135 crores, benefiting 75% of its workforce who have completed at least one year of service. Additionally, as part of the separation from Flipkart, eligible employees will receive a one-time cash payout from a $700 million employee stock option (ESOP) buyback conducted by Flipkart. These payouts aim to compensate for the loss of PhonePe’s value in the stock options.
PhonePe – Partnerships
PhonePe has seen many partnerships over the years that it has been operating. Here’s a dive into some of the most important ones:
PhonePe partnered with Axis Bank in July 2021 on the UPI multi-bank model. It has already collaborated with Yes Bank.
Ola collaborated with PhonePe in July 2020 to allow Ola payments through the PhonePe app and wallet.
PhonePe has partnered with Flipkart to digitize cash-on-delivery payments in July 2021.
PhonePe became the official payments partner for KBFC in September 2021.
Edelweiss General Insurance tied up with PhonePe in December 2021 to offer digital motor insurance products.
In April 2022, PhonePe and Extreme IX entered into a strategic partnership to minimize latency in the PhonePe app during transactions.
PhonePe – Advertisements and Social Media Campaigns
PhonePe actively engages in advertisements and social media campaigns to promote its digital payments platform and services. The company has launched successful marketing campaigns to raise brand awareness and drive user engagement.
One of PhonePe’s notable campaigns was launched during the IPL in 2020, featuring popular actors Aamir Khan and Alia Bhatt. This highly successful marketing campaign effectively conveyed the message of encouraging people to embrace digital payments for their convenience and security. The campaign highlighted the seamless transaction experience offered by PhonePe.
In April 2023, PhonePe launched its new brand campaign, ‘PhonePe – Insurance your way’, focused on motor insurance. The campaign aims to convey the unique advantages of purchasing motor insurance through PhonePe, highlighting the convenience, reliability, and absence of unwanted calls or unnecessary add-ons.
PhonePe #InsuranceYourWay Marketing Campaign
The company also utilizes social media platforms to share informative content, customer stories, and special offers, aiming to establish a strong presence in the digital payments industry and educate users about its platform’s advantages.
PhonePe – Awards and Achievements
Some of the prominent awards and achievements received by PhonePe include:
Recognition by the National Payments Corporation of India (NPCI) for driving the largest number of merchant transactions on the UPI network in 2018.
Best Mobile Payment Product or Service Category at the IAMAI India Digital Awards 2019.
Excellence in the Insurtech category at Assocham’s Fintech and Digital Payments Awards 2021.
Winner at the Third ET BFSI Innovation Tribe Virtual Summit & Awards (APAC edition).
Winner at the 8th Annual India Retail and e-Retail Awards 2019.
Winner at the IAMAI 9th India Digital Awards 2019.
Best BFSI Brand 2023 at The Economic Times Best BFSI Brands Conclave.
Best Payment Solutions and Best Insurtech of the Year at the BW Festival of Fintech 2023.
PhonePe – Competitors
The top competitors of PhonePe include Google Pay, Amazon Pay, Whatsapp Pay, Juspay, Paytm, MobiKwik, BharatPe, and more.
GPay is a Google-developed digital wallet platform and online payment service. Released in 2011, GooglePay initially offered contactless payment options.
Amazon Pay was founded in 2007 and serves as an online payment processing service owned by Amazon, headquartered in Seattle.
Whatsapp Pay is a payment service provider powered by the social media giant Facebook, which owns Whatsapp, to help users send and receive money while chatting.
Juspay is an online platform used for mobile-based payments. Juspay was founded in 2012.
Paytm is a pioneer of the Indian eCommerce payment system. It is a financial technology company. Paytm was founded in 2010.
MobiKwik is an Indian company. It has a mobile phone-based payment system. MobiKwik was founded in 2009.
BharatPe is a platform, particularly for retailers and businesses. It is a QR-based payment app. The company was founded in 2018.
PhonePe – Future Plans
The company seeks to leverage its strong user base, innovative technologies, and strategic partnerships to drive growth and expand its market presence. With a focus on seamless payments and financial inclusion, PhonePe aims to enhance its product offerings, expand its merchant network, and provide a comprehensive ecosystem of services. Going public will provide additional investment opportunities and propel the company’s expansion plans in the competitive digital payments landscape.
FAQs
What is PhonePe?
PhonePe is a popular digital payments platform in India, known for its seamless and secure transactions using UPI technology. It allows users to make payments, transfer money, recharge phones, and pay bills through their smartphones.
Who is the founder of PhonePe?
Sameer Nigam, Rahul Chari, and Burzin Engineer are the founders of PhonePe.
What is PhonePe launch date?
PhonePe was founded in 2015.
Who is Burzin Engineer from PhonePe?
Burzin Engineer is the Founder and CRO (Chief Reliability Officer) at PhonePe. He was previously Director of Engineering at Flipkart.
How does PhonePe make money?
The main revenue streams of PhonePe include Transaction fees, Merchant Services, Insurance Brokerage, Affiliate Commissions, Advertising and Promotions, and Data Insights.
What is PhonePe Switch?
PhonePe Switch is a feature within the PhonePe app that allows users to conveniently access a variety of apps and services, such as food delivery, transportation, and e-commerce, all in one place. It eliminates the need to download and install multiple apps individually, providing a seamless experience for users.
What is the PhonePe Merchant Lending Platform?
PhonePe’s Merchant Lending Platform offers digital credit solutions to SMEs through the PhonePe for Business app in partnership with NBFCs, facilitating quick access to funds for their growth.
What is PhonePe valuation?
PhonePe’s valuation has reached $12 billion as of June 2023, reflecting its significant growth and successful fundraising efforts.
How many Phonepe users did the app register?
PhonePe has 50 crore (500 Million) registered users and 3.7+ crore (37+ Million) merchants covering over 99% of the postal codes across India.
Does PhonePe charge customers anything for transactions?
No, transactions made through the PhonePe app are free of charge for customers. There are no additional costs associated with using PhonePe to make transactions.
When was the PhonePe app launched?
PhonePe was founded in 2015, and its app, based on the Unified Payments Interface (UPI), went live in 2016.
What is PhonePe tagline?
PhonePe goes by the tagline “Karte Ja. Badhte Ja”.
What is PhonePe business model?
PhonePe operates on a freemium model, earning through merchant transaction fees, premium services, advertising, and financial products like insurance and mutual funds. It also profits from partnerships with banks and businesses for UPI-based payments.
PhonePe is which country app?
PhonePe is an Indian app. It was founded in 2015 and is owned by Walmart through Flipkart. PhonePe origin country is India.
How would you describe PhonePe in one word?
PhonePe can be described as Fintech in a single word.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
The SMEs or the small and medium-sized enterprises in India comprise over 63.4 mn units, employ about 460 million people, and generate around 30% of the GDP of the country. Here, OfBusiness is one of the Indian startups that is largely focusing on SMEs and is materialising the procurement of the raw materials and making the availability of credit easy for them.
Through its raw material fulfilment engine and new possibilities platform, OfBusiness delivers value to SMEs’ businesses beyond funding. OfBusiness is located in Gurgaon and has operations in 14+ countries. Oxyzo Financial Services, which is a nonbanking finance company that is registered with the RBI and its parent OfBusiness, offers business-to-business credit facilities to small and medium enterprises.
OfBusiness has turned unicorn with a $160 mn funding round that came on July 31, 2021, thereby becoming the 18th Indian startup to turn unicorn in 2021. The OfBusiness company has thus been the only women-led Indian startup to turn unicorn in the same year. Oxyzo, the lending arm, and a subsidiary of OfBusiness, has also joined the unicorn club in March 2022, after it successfully raised $200 mn in funding, in what has been hailed as India’s largest Series A round.
OfBusiness is a raw material collector and supplier of procurement financing. The firm collaborates with banks to provide loan lines to small and medium-sized businesses with annual sales of more than $3 million. The platform gathers information about user behaviour that it uses to insure loans to firms who use the OfBusiness platform to get raw materials and bids.
Get to know more about OfBusiness India, its founders and team, industry details, startup story, mission and vision, investors, growth, revenue, business, and revenue model, investments, funding, and more here.
OfBusiness – Company Highlights
Startup Name
OfBusiness
Also known as
OfBusiness.com, OFB Tech, OFB Tech Pvt Ltd
Legal Name
OfB Tech. Pvt. Ltd.
Headquarters
Gurgaon, Haryana, India
Industry
Fintech, NBFC, Lending
Founders
Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
OFB Tech (OfBusiness) is a tech-enabled platform that enables SMEs in the infrastructure and industrial sectors to acquire raw materials and obtain finance. It incorporates technology into SME purchasing behaviour to provide clients with better items, at better costs, and in shorter time frames, as well as extensive online and offline assistance. Metals, chemicals, polymers, agricultural commodities, petrochemicals, and construction materials are all important raw materials.
Through its NBFC ‘Oxyzo Financial Services,’ OfBusiness offers SMEs cash flow-based finance for the purchase of raw materials. It has also launched BidAssist on September 20, 2017, which acts as a free of cost, revolutionary platform that brings a wide range of opportunities for the discovery of new SMEs and also makes recommendations of these SMEs based on their profiles.
Small-medium businesses in the manufacturing and infrastructure industries can use the company’s platform to acquire financing from local distributors and lenders, allowing them to satisfy their financial needs. OfBusiness provides SMEs with institutional loans (both secured and unsecured). They accomplish this by combining numerous raw materials, obtaining financing from local distributors and financiers, and then passing on the majority of the aggregation advantages to the SME, such as bulk discounts from manufacturers.
OfBusiness allows SMEs to get credit lines for a variety of raw materials, including industrial steel (structures, plates, and coils), electrical items, cement, bulk polymers, chemicals, construction materials, and solar systems, through the aforementioned method. The selected raw materials that SMEs across clusters order directly to the manufacturer are subsequently aggregated through OfBusiness.
OfBusiness – Industry
Non-Banking Finance Companies (NBFCs) have played an essential role in the Indian financial system by augmenting and contending with banks, as well as introducing effectiveness and variation into financial intermediaries. In terms of operations, heterogeneity, asset quality and profitability, and regulatory architecture, NBFCs have come a long way.
In India, the non-banking financial companies (NBFC) sector has seen a tremendous transition in recent years and now plays an important role in the development of the Indian financial system. In India, NBFCs play an important role in the development of core infrastructure, transportation, job creation, wealth creation, and economic growth of the poor.
Technology is assisting NBFCs in customizing credit assessment models and streamlining business operations, lowering time to market, and improving customer experience. NBFCs are now going out to Tier-2, Tier-3, and Tier-4 markets, distributing loans through many client touch-points, and developing a linked channel experience that gives an omnichannel seamless experience with 24/7 sales and service.
With today’s customers changing and accessing digital media like never before, NBFCs have embarked on new and better methods to engage with the customer.
OfBusiness was founded by Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
OfBusiness Founders
Asish Mohapatra
Since August 2015, Asish Mohapatra has been the Co-Founder and CEO at OfBusiness. From October 2010 through August 2015, Asish worked as a Senior Associate at Matrix Management Corporation in Mumbai. Asish’s goal at Matrix was to use his healthcare and operational knowledge to help entrepreneurs grow their businesses. Asish has a B. Tech in Mechanical Engineering from the Indian Institute of Technology, Kharagpur, and an MBA in Finance and Marketing from the Indian School of Business, Hyderabad.
Bhuvan Gupta has been the Co-Founder and Chief Technology Officer of OfBusiness since November 2015. Bhuvan formerly worked at Snapdeal as the Vice President of Engineering and Exponential as the Director of Engineering. Bhuvan holds an MBA degree from the University of Delhi and has done his B.Eng in Civil Engineering from the Birla Institute of Technology and Science in Pilani.
Ex Chandranshu Sinha
Ex Chandranshu Sinha, is the Co-Founder and CTO of EkAnek Networks and the Co-Founder and CTO of Foxy. Ex Chandranshu Sinha has also worked at OfBusiness as the co-founder and Head of Products.
Nitin Jain
Since September 2015, Nitin Jain has been the Co-Founder and Head of Construction at OfBusiness. Nitin formerly worked at the Royal Bank of Scotland as Vice President of Structured Solutions Trading. Nitin graduated from the Indian Institute of Technology Delhi with an M.Tech. and a B.Tech. in Computer Science.
Ruchi Kalra
Since 2016, Ruchi Kalra has been the Co-Founder and Head of Credit and Payments at OfBusiness. Ruchi formerly worked for McKinsey & Company as a Partner and Evalueserve as a Senior Business Analyst. Ruchi has a B.Tech. in Chemical Engineering from the Indian Institute of Technology, Delhi, and an MBA from the Indian School of Business.
Srinath Ramakkrushnan
Since November 2015, Srinath Ramakkrushnan has been the Co-Founder and Head of MRO at OfBusiness. Srinath formerly worked with ITC Ltd as an Assistant Manager of Projects, Manager of Operations and Supply Chain, and Manager of Sustainability Operations. Srinath graduated from the Indian Institute of Technology, Madras, with a B.Tech. in Mechanical Engineering.
Vasant Sridhar
Since November 2015, Vasant Sridhar has been a Co-Founder of OfBusiness. OfBusiness is a VC-backed startup that adds value to SMEs through technology-enabled innovations in commerce, lending, and logistics. Vasant was formerly at ITC Limited, where he was in charge of New Business Development & Projects. Vasant received his Bachelor’s degree in Chemical Engineering from the Indian Institute of Technology, Madras. He also co-founded Bloodline, a mobile and internet-based solution for bridging the country’s significant demand-supply gap for emergency blood.
OfBusiness – Startup Story
Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar founded OfBusiness in January 2016. They had worked at McKinsey, Religare, Royal Bank of Scotland, ITC, and Snapdeal. Everyone was in various stages of laying their resignation papers down while trying to start their own business in 2015. They believed that real India’s companies, which are SMBs, had a significant piece of the issue to solve.
The co-founders aspired to create a major B2B platform that would serve small and medium businesses in industries such as manufacturing and construction. What sparked it was the fact that B2B was a relatively unexplored industry in 2015 and there was a major B2C boom at the time.
OfBusiness is a tech-enabled platform that enables SMEs to acquire raw materials and get loans, with an emphasis on the industrial and infrastructure industries. It incorporates technology into SME purchasing behaviour to provide clients with better items at better costs in shorter time frames, as well as extensive online and offline assistance. It aids in the procurement of critical raw resources such as metals, chemicals, polymeric materials, agricultural commodities, petrochemical products, and construction materials.
BidAssist for new growth prospects is one of the company’s many digital services for SMEs.
OfBusiness – Vision, Mission, and Values
It aids in the procurement of critical raw resources such as metals, chemicals, polymeric materials, agricultural commodities, petrochemical products, and construction materials.
All of their activities and plans are guided by guiding principles, according to the firm, which are,
Warrior Spirit
Unrivaled Culture
IntegrityIntegrity
Industry Excellence
Customer Centricity
OfBusiness – Name, Logo, and Tagline
OfBusiness Logo
OfBusiness’s tagline says, “Spurring Small and Medium to Large” as small-medium businesses in the manufacturing and infrastructure industries can use the company’s platform to acquire financing from local distributors and lenders, allowing them to satisfy their financial needs.
OfBusiness – Business Model and Revenue Model
OfBusiness has a lending vertical through its non-banking finance firm, as well as a SaaS business, in addition to its primary commerce operation in the B2B raw material supply chain arena. Oxyzo, the company’s lending vertical, is the company’s second-largest business vertical, with a loan book of roughly $280 million. The SaaS vertical assists SMEs in the Indian and worldwide industrial and infrastructure industries with online procurement of different tenders.
OfBusiness said in a statement that it is on track to quadruple its income in commerce year over year. The business noted that OfBusiness has been profitable for the past four years, with technology at the core of recruitment, servicing, and productivity. Through its NBFC ‘Oxyzo Financial Services,’ OfBusiness offers SMEs cash flow-based finance for the purchase of raw materials. BidAssist for new growth prospects is one of the company’s many digital services for SMEs.
While commerce accounts for 55% of the company’s overall net revenue, loans and SaaS account for 43% and 2%, respectively. Lending is the largest contributor to earnings, followed by trade.
Over the course of 12 rounds of financing, OfBusiness has raised a total of $978.1 million. Its most recent funding rounds came in the form of a Series-G and a Secondary Market round on December 20, 2021, with which it raised $185 mn and $140 mn respectively. After receiving $325 million in total funding in the month of December itself via a Series G and a Secondary round, OfBusiness is valued at over $2.86 billion.
Date
Round
Amount
Lead Investors
April 16, 2025
$11.7M
Cornerstone Ventures
Oct 17, 2024
Secondary Market
$100M
–
Dec 20, 2021
Secondary Market
$140M
Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
Dec 20, 2021
Series G
$185M
Alpha Wave Global, SoftBank Vision Fund, Tiger Global Management
Sep 30, 2021
Series F
$200M
Tiger Global Management
Jul 31, 2021
Series E
$160M
SoftBank Vision Fund
Apr 8, 2021
Series D
$110M
Alpha Wave Global
Sep 24, 2019
Series D
INR 242.52 crore
Norwest Venture Partners
Jan 1, 2019
Venture Round
–
InnoVen Capital
Jul 18, 2018
Series C
$29M
Alpha Wave Global, Creation Investments Capital Management, LLC
Oct 27, 2017
Debt Financing
INR 25 crore
Kotak Mahindra Bank
Dec 13, 2016
Series B
$11M
Zodius Capital
OfBusiness Shareholding
OfBusiness Shareholding as of June 2024 (source: Tracxn):
OfBusiness Shareholders
OfBusiness Shareholders
Percentage
Ashish Mohapatra
28.6%
Ruchi Kalra
14.2%
Bhuvan Gupta
5.2%
SoftBank Group
16.1%
Tiger Global Management
10.2%
Falcon Edge Capital
9.4%
Panthera
3.2%
Creation Investments
1.3%
ESOP Pool
8.5%
Others
3.3%
OfBusiness – Investments
OfBusiness has invested in 4 companies to date.
Below are the details:
Date
Organization Name
Round
Amount Raised
Aug 8, 2023
Bidso
Pre Seed Round
$300K
July 27, 2022
TraceCost
Corporate Round
$2.5M
Oct 21, 2021
FarMart
Series A
$10M
Aug 17, 2021
UpScalio
Series A
$42.5M
OfBusiness – Acquisitions
OfBusiness has acquired one company to date.
Company Name
Date
Price
Koeleman India
Apr 11, 2023
$10 Million
SMW Ispat
May 20, 2022
–
OfBusiness – Financials
OfBusiness Revenue Breakdown
FY22
FY23
FY24
Operating Revenue
INR 7,140 crore
INR 15,343 crore
INR 19,296 crore
Total Expenses
INR 6,994 crore
Rs 15,037 crore
INR 18,696 crore
Profit/Loss
Profit of INR 201 crore
Profit of INR 463 crore
Profit of INR 603 crore
OfBusiness Financials
OfBusiness Expenses Breakdown
OfBusiness total expenses rises from INR 15,037 crore in FY23 to INR 18,696 crore in FY24.
OfBusiness EBITDA
OfBusiness demonstrated improvement in FY24 over FY23. The EBITDA margin grew from 6.30% in FY23 to 7.44% in FY24. The ROCE increased from 9.28% in FY23 to 12.23% in FY24, indicating a noteworthy improvement in the company’s capacity to provide returns on capital. This implies that OfBusiness’s financial performance is on the rise.
OfBusiness FY22 – FY23
FY22
FY23
FY24
EBITDA Margin
6.18%
6.30%
7.44%
Expense/₹ of Op Revenue
INR 0.98
INR 0.98
INR 0.97
ROCE
5.78%
9.28%
12.23%
OfBusiness – IPO
OfBusiness is preparing for an IPO in 2025, planning a stock market debut in the second half of 2025. The IPO, estimated at $750 million to $1 billion, includes $200 million in new shares and the remainder from existing shareholders. OfBusiness has appointed five investment banks including Bank of America, Citigroup, JP Morgan, Axis Capital, and Morgan Stanley for the offering, according to CFO Bhavesh Keswani.
OfBusiness – Products and Services
Bidassist.com
OfBusiness introduced BidAssist on September 20, 2017, a cutting-edge, free tool that not only compiles fresh prospects to facilitate discovery but also provides suggestions for SMEs based on their individual profiles.
MobileApp
To welcome merchants, farmers, distributors, and small medium-sized, and micro businesses (SMEs), OfBusiness launched its mobile app on March 3, 2023.
OfBusiness – Partnership
OfBusiness has partnered with many Debt Partners. Some of those are listed below:
At the ninth iteration of India’s most esteemed entrepreneurship awards, The Economic Times Startup Awards 2023, OfBusiness took home first place.
The esteemed Petrosil AMEA Convention Award for Exemplary Performance and Outstanding Achievements in the Bitumen Industry has been given to OfBusiness on March 2, 2023.
OffBusiness has been awarded as Emerging Startup of 2022 in Alternative Lending.
OfBusiness – Future Plans
OfBusiness is planning a significant expansion, including a potential $1 billion IPO in the second half of 2025. The company also aims to invest ₹3000 crore over the next three years to grow its steel business and expand into new categories like pre-painted galvanised iron.
FAQs
What does OfBusiness do?
OfBusiness is a raw material collector and supplier of procurement financing. The firm collaborates with banks to provide loan lines to small and medium-sized businesses with annual sales of more than $3 million.
Which country is OfBusiness based in?
OfBusiness is an Indian company.
Which companies do OfBusiness compete with?
Funding Circle, Moglix, OnDeck, Zetwerk, Avant, Capital Float, InCred, SMEcorner, Infra Market, and Black Knight are among OfBusiness’s main rivals.
Who founded OfBusiness?
OfBusiness was founded by Asish Mohapatra, Bhuvan Gupta, Ex Chandranshu Sinha, Nitin Jain, Ruchi Kalra, Srinath Ramakkrushnan, and Vasant Sridhar.
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 Wakefit.
Sound sleep can work wonders for one’s body and mind. It can help you improve immunity, increase concentration, stay in shape, and look younger. Fascinating, isn’t it? However, not all are lucky enough to fall asleep in a jiffy. A worldwide survey that ranked sleep patterns revealed that the Indians fall under the most sleep-deprived segment. Wakefit was established to tackle this issue and eliminate the menace of sleep deprivation once and for all.
Wakefit is a Bengaluru-based startup, which operates with the objective of bringing sleep into Indians’ consciousness and helping them take steps to improve their sleep health through a wide range of sleep-efficient products. A fully owned subsidiary of Wakefit innovations pvt ltd Bangalore, Wakefit commands a market share of 35-40%.
Keep on reading to find out more about Wakefit’s Startup Story, Founders and Team, Name, Tagline, Logo, Wakefit Challenges, Revenue, Acquisitions, Awards and Achievements, Competitors, Funding and Wakefit Investors, and more.
Wakefit was launched in March 2016 in Bangalore as a sleep solutions startup with an aim to revolutionize the quality of sleep among Indians. The Wakefit team believes that quality sleep is a basic need and not a luxury; this mantra motivates the team to focus on innovation in product development, efficiency in processes, cost optimization, and excellence in customer experience. Besides, Wakefit’s superior quality products are also found really efficient and more affordable than its competitors.
Wakefit Advertisement
Wakefit currently has four variants of its core product, which can be summed up as:
Orthopedic Memory Foam Mattress
Dual Comfort Mattress
Foam Spring Mattress
7-Zone Wakefit Latex Mattress
Wakefit had initially started with “Orthopedic Memory Foam” and “Dual Comfort” variants of its mattresses and eventually rolled out the other 2 as well. The company wants to keep things simple, and therefore, it delineates its Wake fit mattress into 4 easy-to-remember categories. Talking about the same, Wakefit founder Chaitanya Ramalingegowda said that this choice has been made to avoid decision fatigue.
With the plethora of decisions a person has to make in a single day, we want to simplify consumer’s life by helping them make at least one less decision.
In line with this philosophy, the firm saw the transition from a mattress firm to a sleep solutions company, where it decided to launch bed frames, pillows, back pillows, and mattress protectors. To complete the sleep portfolio, the firm further decided to launch a maternity pillow, a nursing pillow, a pet bed, and a baby bed by the end of 2020.
In its current capacity, Wakefit is able to produce more than 500 mattresses a day and ships around 7500-9000 mattresses in a month. The machinery is imported from Europe and the Middle East so as to ensure world-class quality in terms of consistency and chemicals used. Manufacturing is done in Bengaluru, and quality checks take place in Europe. Wakefit is certified under the Certi-PUR process (for foam). The chemicals used are certified by Greenguard, an environmental institute that aims to reduce human exposure to pollutants. Wakefit invests its profits into German manufacturing equipment which in turn guarantees high efficiency and low costs.
Wakefit.co, the website hosted by Wakefit, conducted a survey and it was found that in India, 48% of people complained of back problems. Furthermore, 80% of Indians reportedly feel sleepy at work once every three days a week. To solve the increasing number of sleep-related problems, Wakefit included many innovative features while designing its products. Wakefit claims that its mattresses are made of proprietary “open-cell structures” for cool summers and that its high-density foam gives complimentary support. Body contour is another factor the company has focused on. Wakefit claims that its mattresses’ memory foam provides pressure relief.
Since immigrant millennials in metro cities may prefer renting, Wakefit has tied up with online furniture and home appliances rental platform Rentomojo to provide mattresses along with the latter’s beds. Wakefit is also in talks with more players in the B2B space.
The company now delivers products all over India. Wakefit sells products online through its website and e-retailers such as Amazon, Flipkart, and Pepperfry. It currently ships around 300 mattresses a day but the numbers do go up to 800 during the sale periods. Around 75% of its sales are from the top 8 metros and the rest are from the tier-2 and tier-3 towns.
The Indian mattress industry is a growing market, estimated at USD 2.31 billion in 2025 and expected to reach USD 3.48 billion by 2030, with a CAGR of 8.54%. While a few brands have been operating in the space, it is largely dominated by unorganized players. The overall market has seen very little innovation in the past few decades. With the entry of new-age players, the mattress market is seeing a revolution, with products designed and customized to suit customer needs and comfort.
As per internal estimates, Wakefit.co owns 2-3% of the overall mattress marketbut with respect to the online sleep solutions space, it commands a market share of almost 35-40%. As sleep health becomes a pertinent topic among wellness and health circles and as people start understanding the role of sleep in one’s life, the market is pegged to grow at a rapid pace and the team at Wakefit is confident of making India sleep better every day.
Wakefit – Founders
Ankit Garg and Chaitanya Ramalingegowda are the founders of Wakefit.
Ankit Garg and Chaitanya Ramalingegowda – Founders, Wakefit
Ankit Garg
Ankit Garg is the Director and Founder atWakefit. He is a Chemical Engineer from IIT-Roorkee. He was featured in the Forbes 30 under 30 Young Entrepreneurs list of 2019. Ankit worked as a management trainee at Bayer Material Science for 4 years before starting up with Wakefit.
Chaitanya Ramalingegowda
Chaitanya Ramalingegowda is the co-founder of Wakefit. He has done an MBA from ISB, after obtaining a BE in Computer Science, and has been working closely with startups since 2012. Chaitanya has experience serving as a VP, Investor Relations, Director, and Business mentor in 4 different companies – YourStory, LetsVenture, PurpleGull Services, and Neotec Hub, before he joined Ankit to found Wakefit.
The growth that Wakefit has achieved can be attributed to the vision held by the two founders and a committed team of more than 250 employees who work tirelessly to ensure that people don’t compromise with their sleep.
Wakefit – Startup Story | How Wakefit Began
The motivation to start up was born out of Ankit Garg’s personal experience of buying a mattress. He comes from a strong ‘foaming’ background, having worked with a German multinational in the space. This gave him a detailed understanding of the raw materials that went into a mattress and the cost at which these materials were bought and sold. When he experienced the journey of buying a mattress through the traditional business model, he realized that there was no innovation in the product that was being sold; it was highly overpriced and the sales representatives of retail stores had no knowledge of the science of sleep. This sparked the drive to change the way Indians accessed sleep products in the country.
One day over a cup of coffee, Ankit and Chaitanya Ramalingegowda decided the time was ripe to revolutionize sleep and make good-quality sleep products accessible to larger masses in the country by bringing in a range of efficiencies in the business model. The growing popularity of D2C brands fueled the idea to start an online model where products were manufactured at a centrally located plant and shipped directly to customer households.
Before launching Wakefit officially, Ankit bought a few hundred mattresses and sold them on Amazon in 2015 to understand the unit economics. He made a profit of INR 60 lakh in this trial period.
Wakefit Memory Foam Mattress – Relieve Body Pain
Wakefit – Mission and Vision
Wakefit’s vision is “to democratize sleep for one and all with premium quality sleep products at affordable pricing.”
As an online mattress, bedding, online furniture, and furnishing company, Wakefit believes that it can educate the customers that this category too can be purchased online.
Wakefit – Name, Tagline, and Logo
Wakefit Logo
Wakefit works with the vision to improve the sleep health of individuals. Its scientifically-designed mattress makes the users feel well-rested and allows them to wake up feeling active and fit; hence, the name ‘Wakefit’.
The logo of the brand is colored in bright blue and orange tints, symbolizing energy and vitality. The letter “K” in the logo is ingeniously represented by a person who is fit and hence, jumping for joy!
Wakefit has opted for the tagline, “The more you know, the better you sleep” as per the brand’s videos.
Wakefit – Business Model and Revenue Model
Wakefit follows a D2C business model so as to rationalize costs. The company operates in the e-commerce space and all the products are listed on its website as well as on Amazon, Flipkart, and PepperFry. Wakefit delivers to more than 19,000 pin codes in India through these channels. With 3x growth in revenue since inception, Wakefit has also maintained profitability since 2016.
The flagship product, Orthopedic Memory Foam Mattress, starts at INR 7499, the Dual Comfort Mattress starts at INR 6399, whereas the 7-Zone Latex Mattress and the Foam Spring Mattress are priced INR 9299 and INR 10,984 onwards. The product portfolio of the brand also includes pillows, bed frames, comforters, bedding accessories, Wakefit furniture for the living room, dining room, study, home and garden, kids, and more.
“We want to democratize sleep and for that it is important to ensure affordability. To reduce manual labor and increase efficiency, we are using vertical cutting and compression machines. Our customer acquisition cost is Rs 800-900, and our average ticket size is Rs 11,000, so there is no cash burn,” says Ankit.
Since no middlemen are involved, Wakefit is able to provide prices that are 50% lesser than its competitors. The Wakefit mattress price starts from INR 5,000 onwards, which goes up to over INR 26,000.
Wakefit – Financials
Wakefit Financial
FY23
FY24
Operating Revenue
INR 812.6 crore
INR 986.4 crore
Total Expenses
INR 965.7crore
INR 103.24 crore
Profit/Loss
INR -145.68 crore
INR -15 crore
Wakefit Financials
Expense
The firm’s total expenses rose by 6.9% to INR 1,032.4 crore in FY24.
EBITDA
Wakefit managed to decline its losses by 90% to Rs 15 crore from INR 145 crore in FY23. Despite losses, the Bengaluru-based company achieved positive EBITDA at INR 65.9 crore in FY24. Its ROCE and EBITDA margins improved to 0.29% and 6.48%, respectively.
On a unit basis, Wakefit spent INR 1.05 to earn a rupee of operating revenue in FY24. Its current assets grew significantly to INR 574 crore, while its cash and bank balances were recorded at INR 17.21 crore in FY24.
Ankit and Chaitanya undertook the deliveries themselves for the first 100 customers to closely understand the customer behavior, attitudes, and pain points.
“Internet adopters were our first users. We visited homes for our first 100 deliveries, and did video interviews for feedback.”
Ankit shares that those experiences taught them how to improve their product in terms of longevity, aesthetics, packaging, thickness (soft/medium/hard), and helped them understand customer pain points better. The direct feedback received from the customers aided a lot in the development of the core offerings that Wakefit provides today.
Experts opine that the comfort and adaptability of a mattress can only be judged by an individual once he or she sleeps on it and experiences it for at least 14 days. A cursory visit to the store cannot give an indication of the quality. That is why Wake fit provides a 100 day free trial with 100% return policy. This Wakefit return policy also helped build confidence among customers in the online mode of purchase. The insights enabled Wakefit to model its organizational structure such that the customer pain points are adequately addressed right from the product development stage till the post-sale customer experience stage.
Wakefit.co has built a community of over 4 lakh customers and has garnered more than 12,000 positive reviews online that have propelled the business forward. The company never spent heavily on advertisements. Word-of-mouth marketing has been the most potent tool that has helped the Wakefit team build the business in a steady and sustainable manner. The firm also does a lot of online content marketing on the importance of sound sleep and health.
Wakefit – Startup Challenges
The major challenge in the mattress industry is the lack of awareness among the general public about choosing the right kind of mattresses and prioritizing sleep wellness. Wakefit is committed to bridging this gap by sharing trustworthy, first-hand information about choosing the right kind of mattress as well as building knowledge around the science of sleep.
Another challenge is making the most of the consumers’ need to touch and feel the mattress. The Wakefit team believes that the right kind of mattress cannot be chosen merely by means of ‘touch-and-feel’. So, the company offers a 100-day free trial policy which allows customers to test the Wakefit mattresses for themselves in the privacy of their homes and gauge whether it is the right choice for them.
One of the initial challenges that the Wakefit founders faced was to take care of everything by themselves.
“Taking care of everything ourselves was hard, as was finding the right people at the right time. We found the team through referrals and LinkedIn,” said one of the co-founders fo Wakefit.
Wakefit has raised a total of $148.04 million across 5 funding rounds since 2014. Their most recent funding round was on January 13, 2023. The Funding details are as follows:
Date
Amount
Series
Investors
January 13, 2023
$39 mn
Series D
Investcorp
December 6, 2022
$45 mn
Venture Round
Investcorp
November 11, 2021
$28 mn
Series C
SIG, Sequoia Capital India and Verlinvest
December 15, 2020
$25.50 mn
Series B
Verlinvest, Sequoia Capital
December 11, 2018
$8.72 mn
Series A
Sequoia Capital
Wakefit – Awards and Achievements
Won the Startup of the Year award at the Small Business Awards 2019, conducted in collaboration with Economic Times & Entrepreneur magazine.
Won the Business Today Coolest startup 2018 award.
Won ‘Startup of the Year – Home and Lifestyle’ award at India Retail and eRetail Congress 2019.
Won Amazon Aces Gold as Bestsellers in 2019.
Won Best Customer Service Award in 2019 at an Award ceremony organized by Entrepreneur India Magazine.
Nominated for SABRE awards for its innovative ‘One India One Wakefit’ campaign
Wakefit – Acquisitions
Although mergers and acquisitions are common in the e-commerce segment, Wakefit wants to continue as an independent entity and has not acquired any companies till now.
Duroflex, all of which entered the industry in the last few years.
Wakefit competition is always raging from startups, unorganized players, and biggies like:
Kurl-On
Sleepwell
Wakefit – Future Plans
Wakefit plans to focus on expanding its product categories, omnichannel presence, and brand building to drive double-digit growth. They are also aiming to increase their presence in Tier II and III cities through store expansion, targeting 130 new stores by the end of FY25, 40% of which will be in Tier II towns. Wakefit also aims to increase their offerings in decor and furnishing, seeing it as a significant growth area.
Traveling brings with it great experiences and memories, but it also presents an opportunity to find reasonably priced accommodations and distinctive regional cuisine. We may maximize our travel without sacrificing the overall fun by making sensible plans and looking into reasonably priced lodging and dining options.
To create an unforgettable and rewarding adventure, it all comes down to striking the appropriate balance between expense and experience. But you need not worry about this anymore, FabHotels has got your back.
FabHotels is a chain of budget hotels present in more than 80+ cities of India. FabHotels was started in 2014, with the aim to provide business travelers affordable and comfortable stays near major commercial hubs of India.
Read all about FabHotels Founders and Team, Funding and Investors, Business Model, Revenue Model, Growth, Future Plans, and more.
FabHotels is a well-known brand that offers franchisesto small and budget hotels. Post offering the Franchise, FabHotels ensure that its Partner Hotels are well maintained, comfortable, and yet very pocket friendly. On joining as a FabHotels Franchise, FabHotel takes the responsibility to ramp up a hotel according to its standard. Besides providing technological support, FabHotels train the staff of its partner hotels. It also conducts regular audits of its Franchise Hotels to make sure that the services offered by these hotels are up to the mark and meet the set standards.
As per report analysis from Mordor Intelligence, the Indian hospitality sector is expected to develop at a notable compound annual growth rate (CAGR) of 4.73% from 2024 to 2029, from USD 24.61 billion in 2024 to USD 31.01 billion by 2029.
This is a good trend driven by factors including rising tourism, a growing middle class, and a focus on better travel experiences.
FabHotels – Founders and Team
Vaibhav Aggarwal and Adarssh Mnpuria founded FabHotels in 2014.
Vaibhav Aggarwal
Vaibhav Aggarwal, Co-Founder and CEO of FabHotels
Vaibhav Aggarwal is the Co-Founder and the CEO of FabHotels. An alumnus of IIT Guwahati, Vaibhav Agarwal is an MBA from Wharton School, University of Pennsylvania. Prior to starting FabHotels, Vaibhav co-founded FabFurnish.com, a company backed by Rocket Internet.
Vaibhav also worked as a consultant with ‘Bain & Company’, and as Vice President of Chicago based Coupon Website GropuOn in the early years of his career.
Adarssh Mnpuria
Adarssh Mnpuria, Co-Founder of FabHotels
Adarssh Mnpuria is the Co-Founder of FabHotels. He previously was a Venture Development Associate at Rocket Internet GmbH. Adarssh Mnpuria was also an Analyst at Bain Capital. He began his career as an Intern at Bajaj Hindusthan. Adarssh too completed his MBA from Wharton School, University of Pennsylvania. He completed his graduation from the University of Delhi. He is also the Co-Founder of TravelPlus.
The company has 201-500 employees.
FabHotels – Shareholding
Below is the FabHotels shareholding pattern:
Name
Holding Percentage
Founder
26.7%
Vaibhav Aggarwal
19.7%
Adarsh Manpuria
6.9%
Fund
64.5%
Accel
20.5%
Goldman Sachs
20.5%
Qualcomm Ventures
7.9%
Panthera
9.9%
RB Investments
4.5%
xto10x
0.7%
SRI Capital
0.3%
Alteria Capital
0.2%
Tracxn Labs
< 0.1%
Angel
3.1%
Mohandas Pai
2.4%
Anupam Mittal
0.7%
Other People
< 0.1%
ESOP Pool
5.6%
Total
100.0%
FabHotels – Startup Story
Vaibhav Aggarwal discovered his business calling after earning his MBA from Wharton and co-founding FabFurnish.com in 2012. But in 2014, he and fellow alumnus Adarssh Mnpuria founded FabHotels after spotting a business opportunity in the hospitality industry. Their objective was to offer accommodations that are affordable and suitable for business travelers. FabHotels acquired popularity quickly because of their asset-light business strategy and emphasis on quality, demonstrating the ability of creative thinking and entrepreneurial vision to satisfy consumer demands.
The mission of the company is “to make great hospitality affordable.”
The vision on the company’s website states “to be India’s preferred value-for-money hospitality brand.”
FabHotels – Name, Tagline, and Logo
FabHotels Logo
The parent company of FabHotels, Casa2 Stays Pvt Ltd, offers a strong platform for the development and expansion of this cutting-edge hospitality business.
Fabhotels – Products and Services
FabHotels products and services are:
100 percent Safe place to Stay
FabHotels made all the required preparations in May 2020 to guarantee the security and welfare of their visitors. Through the introduction of a program named “100% Safe Place to Stay,” the company established several security measures at more than 600 franchise locations throughout India.
Refer and Earn Program
‘Refer-and-Earn’ initiative from FABHOTELS launched on September, 27, 2018. Through a shared referral link, it is intended for devoted customers to ask their friends and family to book a stay at FabHotels. For each referred friend that stays at FabHotels, customers receive Fab credits worth 500.
FabHotels uses a business model that is asset-light, working with small hotels through a franchising structure to enable quick growth without significant capital expenditure. They make sure that all partner hotels provide the same services, emphasizing hygiene and basic facilities.
They target corporate clients and obtain business bookings with a devoted enterprise sales staff. With features designed with business visitors in mind, FabHotels offers reasonably priced lodging in prime locations with dependable Wi-Fi, fostering long-term growth and profits.
FabHotels earns revenue from different resources, some of them are listed below:
Franchise Charge:
A franchise fee, equivalent to about 20% of partner hotels’ monthly income, is levied by FabHotels. This charge makes up a major portion of FabHotels’ revenue stream and is consistent with its business strategy, which involves working with hotel partners to grow its network of lodging options.
B2C Reservations:
To make reservations, individual clients can go straight to the FabHotels website or utilize its mobile app. From these business-to-consumer (B2C) transactions, FabHotels receives income.
Special Discounts & Offers:
To encourage reservations, FabHotels uses marketing techniques like discounts, exclusive offers, and loyalty plans. These marketing campaigns increase overall revenue by encouraging recurring business in addition to bringing in new clients.
FabHotels – Funding and Investors
FabHotels has raised a total of $68.6 million over the 8 funding rounds.
Date
Funding Round
Amount
Lead Investors
September 2, 2023
Venture Round
$20 million
Panthera Growth Partners
January 6, 2020
Series B
$5.6 million
–
January 4, 2019
Series B
$6.5 million
Goldman Sachs
January 1, 2019
Venture Round
–
Tracxn labs
July 26, 2017
Series B
$25 million
Goldman Sachs Investment Partners
September 30, 2016
Venture Round
–
InnoVen Capital
June 27, 2016
Series A
$8 million
Ancel, RB Investments Pte. Ltd.
January 1, 2015
Seed Round
$2.3 million
–
FabHotels – Financials
FabHotels Financials
FY23
FY24
Gross Revenue
INR 412.6 crore
INR 552.3 crore
Total Expenses
INR 424.7 crore
INR 588 crore
Profit/Loss
INR -92.7 crore
INR -114 crore
FabHotels Financials
EBITDA
FabHotels Financials
FY23
FY24
EBITDA Margin
-1.7%
-19.52%
Expense/INR of Op Revenue
INR 1.08
INR 1.06
ROCE
-33%
-84.09%
FabHotels – Advertisements and Social Media Campaigns
FabHotels Campaign
In 2018, FabHotels launched a T.V. campaign, ‘Recharge. Refresh‘. The campaign was especially for business travelers. FabHotels thought of recharging and refreshing its target customers, the business travelers with an innovative advertisement. The advertisement was broadcasted everywhere, including the leading T.V. channels and on social media platforms like Facebook, YouTube, etc.
The top competitors of the company FabHotels are OYO, Treebo, and RedDoorz.
OYO
OYO is the top competitor of FabHotels. This company is headquartered in Gurgaon, Haryana, India, and was founded in 2013.
Treebo
Treebo is one of the top competitors of FabHotels. It is headquartered in Bangalore, Karnataka, India, and was founded in 2015.
RedDoorz
RedDoorz is also one of the top competitors of FabHotels. It is headquartered in Singapore, Central Singapore, and was founded in 2015.
FabHotels – Future Plans
In the future, the FabHotels intends to enter additional Indian cities in order to increase the size of its presence. This calculated action fits perfectly with FabHotels’ long-term strategy to expand its footprint and serve a range of markets, taking advantage of the success and demand for upscale lodging in both developed and developing metropolitan areas across the country.
FAQs
How many FabHotels are there in India?
There are over 1500+ FabHotels spread across 80+ cities in India.
Who are the founders of FabHotels?
Vaibhav Agarwal and Adarssh Mnpuria are the founders of FabHotels.
The beauty industry has changed a lot in the last few decades. Fair, white, and dusky complexions does not matter much now, as they used to be the focus of the beauty industry in the past. Healthy skin has taken over it. “Healthy Skin” has often been referred to now as “Happy Skin.” To keep the skin healthy and happy, skincare is the ultimate solution.
Foxtale is a skincare brand that provides skin care products to make your skin happy at an affordable rate. It is a woman-led startup that was started with the knowledge of the skin types of thousands of women and the challenges they face in their skincare routine. The startup is focused on making every woman’s skin healthy with products made with the safest and most efficacious ingredients.
Read to know more about Foxtale, its founder, business model, revenue model, and more.
Foxtale is a cosmetics and skincare brand that is headquartered in Mumbai. Founded in 2021, Foxtale offers skincare products that are specifically formulated for the Indian skin types and Indian climates. The company wants to simply provide highly efficacious products that have the ability to bring each human 2 minutes of happiness every day without making a hole in their pockets or requiring them to have a 14-step skincare routine.
Foxtale – Industry
According to Statista’s comprehensive data research, the beauty and personal care market in India is expected to grow at a substantial rate, with a predicted revenue of US $31.51 billion by 2024. The market is anticipated to increase at a consistent annual rate of 3% between 2024 and 2028, indicating that the nation’s beauty and personal care sectors are headed in the right direction.
This optimistic projection highlights how dynamic the market is, offering plenty of chances for companies in this industry to prosper and adapt to the changing needs of their clientele.
Foxtale – Founder and Team
Romita Mazumdar is the Co-Founder and CEO of Foxtale.
Romita Mazumdar
Romita Mazumdar, Co-Founder and CEO of Foxtale
Romita Mazumdar is the Co-Founder and CEO of Foxtale. She is an alumnus of the University of California, Los Angeles. Romita started her career with HDFC Finance as an intern. She then went on to serve at four companies, including Bank of America, Provident Healthcare Partners, Harbor Ridge Capital, and more.
The company has around 51–200 employees.
Foxtale – Startup Story
In 2019, Foxtale’s founder, who had previously worked for Bank of America, made the decision to start a new business venture, motivated by the growing potential in India’s internet banking industry. The firm naturally changed its focus from makeup and personal care to skincare, specifically catering to the particular requirements of Indian skin.
Romita, the founder, is aware of the widespread impact of foreign beauty standards and wants to redefine beauty by creating products that cater to more than 200 different types of Indian skin. Based on three fundamental principles—simplicity, efficacy, and safety—Foxtale designs its products with the best interests of its clients in mind. Foxtale is a skincare brand that caters to the diverse range of its audience, changing beauty standards and addressing a variety of skin ailments faced by Indians and women of color.
When I decided that I wanted to create a skincare brand, I realised that the first thing I need to do is understand women,” says Mazumdar, who interviewed roughly a thousand women to understand their skin types and product-related problems. Through this research, Mazumdar came across a big problem in the industry. There weren’t skincare products that were quick to solve people’s problems and those that could be used consistently. “Either these products weren’t available or were extremely expensive,” says Mazumdar, who wanted to create a brand that solves the problems of consistency and affordability. Thus, Foxtale was born from the ‘tales’ of women.
Foxtale – Mission and Vision
Foxtale’s mission “is to provide goods that are incredibly effective for those who are also really effective! We think that skincare is more than just looking good.”
Foxtale’s vision is to “bridge the gap between efficacy and affordability, making skincare accessible to all.”
Foxtale’s legal name is “Foxtale Consumer Private Limited.”
Foxtale – Products and Services
The products of Foxtale aim to score the highest in terms of efficacy and have claimed to launch only after 97% of its community approves of their efficacy.
The four main products of Foxtale are:
Foxtale Vitamin C Serum
Foxtale Zero: White Cast Sunscreen
Foxtale Smoothening Moisturiser
Foxtale Hydrating Face Wash
Foxtale Products
The Foxtale products can also be filtered according to skin types, like:
Oily Skin
Dry Skin
Sensitive Skin
Combination Skin
Foxtale – Business Model
Foxtale is a direct-to-consumer (D2C) company that primarily relies on a simple business plan. The business gets money via commissions on products that are featured on its website and app, both connected to the products and the delivery of such things.
Through direct customer interaction, Foxtale generates revenue through commissions on goods sales and delivery services while streamlining the purchasing process. With this direct-to-consumer (D2C) strategy, Foxtale can maximize its revenue streams while fostering a more intimate and tailored relationship with its clients by providing them with a carefully chosen range of skincare items.
Foxtale – Revenue Model
Foxtale makes money from different resources; some of the prominent ones are:
Sales from repeat customers:
Foxtale depends on a consistent flow of revenue from clients who buy skincare items on a regular basis. This promotes brand loyalty by highlighting the company’s dedication to high-quality products and customer pleasure.
Customer Retention:
A crucial component of Foxtale’s business strategy is cultivating enduring connections with customers. By providing a reliable and fulfilling experience, Foxtale urges clients to stick with them for their skincare requirements.
Revenue from advertising and campaigns:
Foxtale invests in campaigns and advertising to diversify their revenue streams. In order to increase its consumer base and generate extra cash, the company works with partners, produces sponsored content, and holds promotions.
Foxtale – Challenges Faced
In the cutthroat cosmetics market, Romita Mazumdar faced a number of obstacles when she founded Foxtale. A significant obstacle was the seeming dearth of skincare products that provided both rapid fixes and regular use, creating a void in the market. In order to solve this, Mazumdar carried out a thorough investigation in which she spoke with about a more than 3,000 women to learn about their various skin types and product-related worries.
The problem facing the industry was twofold: either these needs could not be satisfied by products, or they were too costly. This gap in the market served as the impetus for Foxtale’s ambition to establish a brand that guaranteed accessibility and affordability for its clients while simultaneously offering potent answers to skincare issues.
A major issue was navigating the intricacies of satisfying customer requests for affordable products, reliable usage, and speedy results while standing out in a competitive market. Nonetheless, Foxtale was founded on Mazumdar’s dedication to comprehending women’s skincare requirements and filling the industry vacuum.
Foxtale – Funding and Investors
Foxtale has raised$67.15 million in 5 rounds of funding.
Here are the funding details:
Date
Funding Round
Amount
Investors
January 15, 2025
Series C
$17 million
KOSE
June 12, 2024
Series B
$30 million
Panthera Growth Partners
March 7, 2024
Venture Round
$14 million
Panthera Growth Partners
June 14, 2022
Pre-Series A Funding
$4 Million
Matrix Partners India
December 8, 2021
Seed Round
$705K
Kae Capital, Kunal Shah, Nitin Gupta
Foxtale Financials
Foxtale Financials
FY23
FY 24
Operating Revenue
INR 13.8 crore
INR 13 crore
Profit/Loss
INR – 18.49 crore
INR -55 crore
Foxtale Financials
Foxtale – Awards and Achievements
Foxtale demonstrated its excellence in the business by winning the coveted D2C Brand of the Year title in the Beauty and Personal Care category at the 2023 Economic Times Retail E-Commerce and Digital Natives title.
Foxtale – Competitors
Foxtale is surrounded by reputed companies as competitors in the D2C beauty and skincare market. Some of the Foxtale competitors are:
Foxtale’s vision is to build a Rs 1,000 crore brand within the next three to four years. They are actively expanding into new categories, staying committed to delivering exceptional products tailored for Indian consumers. For the company, success is not just about scale—it’s about doing right by our customers, understanding their needs, and bringing them high-quality, effective skincare solutions. As the company continue to grow, their focus remains on innovation, accessibility, and building long-term trust with our audience.
FAQs
When was Foxtale founded?
Foxtale was founded in 2021 in Mumbai.
Who is the founder of Foxtale?
Romita Mazumdar is the founder of Foxtale.
Who is the CEO of Foxtale?
Romita Mazumdar, the Founder of the company is the CEO of Foxtale.
In a world where new ideas are constantly emerging, the consumer goods industry is always evolving. dreamDO was born from a simple yet powerful idea, to help people turn their product dreams into reality. The company enables creators to earn royalties while ensuring that products remain affordable and of high quality.
By removing barriers and streamlining the process to market, dreamDO is working to make a real impact. In this article, explore the story behind dreamDO, its founders, its journey, the challenges it is overcoming, and more.
dreamDO – Company Highlights
Company Name
dreamDO
Headquarters
Hyderabad, Telangana, India
Sector
Retail, Product Innovation
Founder
Sidharth Dugar, Aryan Barnwal, Sneha Borkar
Founded
2024
Website
dreamdo.one
dreamDO – About
The dreamDO project is a platform that aims to transform product ideas from individuals into innovative and useful products, managing everything from development to sales to after-sales. It seeks to empower people by bringing their ideas to life for the world through a seamless process, enabling them to earn royalties on sales.
dreamDO – Industry
dreamDO Market Size
DreamDO operates within the consumer goods and product innovation industry, focusing on transforming individual product ideas into tangible, market-ready products. It has identified the industry and target market size for each product umbrella by researching publicly available data from trusted sources such as industry reports, market research publications, and business insights platforms. The company focused on markets like metals, bamboo, recycled plastics, ceramics, clay, plastics, packaged foods, and clothing, particularly examining their applications in consumer goods across India, Asia, and Europe. These are the markets dreamDO is initially targeting.
dreamDO – Founder and Team
Sidharth Dugar is the founder of dreamDO, with Aryan and Sneha serving as co-founders.
Sidharth first met Sneha in 2020 while working at Randstad. From the very first day of orientation, they became friends. When Sidharth spoke to her about dreamDO in June 2024, she was immediately intrigued and showed keen interest in joining the project. Recognising her strong skills, insights, and expertise, Sidharth brought her on board as his first co-founder.
Sidharth and Aryan met by chance at a café in Hyderabad. Sidharth was looking for a charging socket, and the only one available was near Aryan’s table. What started as a casual encounter turned into a long conversation about various topics. A few weeks later, during a meeting with Sneha, Sidharth invited Aryan to join them and share his insights. They were so impressed by his understanding of the project that they offered him the role of co-founder on the spot.
Aryan Barnwal, Co-Founder, Sidharth Dugar, Founder, and Sneha Borkar, Co-Founder (left to right)
Sidharth Dugar, Founder and CEO
Sidharth has over 6 years of experience at Amazon in multiple roles and 2.5 years at Randstad in Talent Acquisition for multiple clients. Additionally, he has managed family businesses. As the CEO, Sidharth manages overall operations.
Sneha Borkar, Co-founder
Sneha is a post-graduate with over 5 years of experience in hiring and customer support at Randstad and over 1 year at Amazon. She has excellent communication skills and is a great team player. Sneha currently leads marketing strategies and HR.
Aryan Barnwal, Co-founder
Aryan has a strong background in AI, Data Science, and Marketing, with an internship experience at Dell Technologies. Aryan focuses on research and communication at dreamDO.
Together with three interns, the team of six works remotely from Hyderabad, Navi Mumbai, Jaipur, and Delhi. They are committed to building a unique and exceptional work environment at dreamDO, one that values flexibility and a broad perspective.
dreamDO – Startup Story
The idea for this startup came to Sidharth towards the end of 2023. One day, while walking past a store called China Bazar, he decided to step inside. As he looked around, he noticed many products, mostly made of low-quality plastic. Surprisingly, they weren’t even priced cheaply. Many of them were, as expected, made in China.
As he walked back home, a flood of questions ran through his mind: “Do people really need all these products? Why do they spend money on such poor quality? Maybe they don’t have better alternatives at similar prices. What if we asked people what products they actually want?”
That’s when the idea struck him—to create a startup that solves these problems. A startup focused on improving products available in the market, empowering local manufacturing in India, upskilling people, and bringing new product ideas to life.
By June 2024, thanks to his induction in Buildspace, the idea of dreamDO started taking shape. The first people he shared it with were his immediate family and close friends—Sneha was one of them. Everyone loved it!
Sneha, with her sharp insights and business acumen, even expressed interest in joining him. Recognising the value of her expertise and thought process, Sidharth immediately brought her on board as his first co-founder.
At dreamDO, the team is building a global, open community where AI and real people come together to vote for, validate, and even pre-order the products they want to see in the market. However, building such a community takes time. For now, dreamDO is actively researching and validating ideas through online forums and in-person conversations, following a structured validation process.
dreamDO – Mission and Vision
In a world full of ideas, too many remain just that, ideas. The gap between a thought and its creation is often filled with obstacles, such as lack of resources, manufacturing complexities, or market uncertainty.
dreamDO is here to bridge those gaps.
Every product begins with someone thinking differently. The dreamDO team is working tirelessly to ensure that the next great idea becomes a reality. When an idea succeeds, communities thrive, problems are solved, and the world improves, one innovation at a time. Together, a difference can be made.
dreamDO – Name and Logo
dreamDO Logo
Most people only dream of turning their ideas into reality. The name dreamDO was chosen to remind them that the company is here to make it happen, here to work on their dream product ideas. The company helps bring product ideas to life while ensuring that creators are rewarded through endless royalties.
dreamDO – Products/Services
The first thing to know about dreamDO is that it is sector agnostic. While the company currently focuses on three specific categories, it plans to expand into more areas soon. However, dreamDO strictly avoids any ideas that harm the environment or negatively impact health.
The first product, a thoughtfully designed, multi-use smart ceramic bowl, is set to launch in April 2025. Without any promotions, several pre-orders have already been received, which is a great sign. But this is just the beginning. The company aims to launch a diverse range of products across multiple categories, reaching customers worldwide.
The overall process to submit ideas and proceed is quite simple:
Fill out the form through the website or application.
Wait for a period of 1-2 weeks.
If the idea is accepted, dreamDO will reach out to the idea sender.
A legally bound offer of royalty is made to the idea sender after a prototype check.
The concept is sent for production.
The USPs of dreamDO include:
Step-wise global presence
Complete solution from prototype to sales
Human-AI driven idea selection
Democratic – products by people, for people
Omni-channel retailing
Prime focus on environment, innovation, and quality
The dreamDO team is working hard to solve problems such as:
Many individuals have bright ideas but lack the resources to bring them to life, resulting in many important ideas going to waste every year.
The high price of good-quality products.
The high influx of products from China and Hong Kong, while a significant portion of India’s production potential, remains untapped.
Lack of uniformity and vast differences in product availability between countries.
dreamDO is a D2C organisation that aims to reward people with royalties for their selected ideas. The main goal is to keep costs low while delivering high-quality products to customers. By cutting out the middlemen, dreamDO ensures that customers receive great products directly. At dreamDO, the focus is not on burning cash on freebies but on providing excellent quality at pocket-friendly prices.
dreamDO – Launching Company Strategies
The dreamDO project was built through participation in Buildspace and soft-launched on X. It started with very limited funds, which made customer acquisition and other operational aspects slow. However, the support and love from people have been incredible.
dreamDO’s idea validation rate is over 99.5%, showing strong interest in what is being built. With the first product slated to launch in April, dreamDO expects more people to discover the company. While official pre-orders will be launching soon, there is already a good number of early takers.
dreamDO – Challenges Faced
Securing the first investment for the startup has been challenging, and while dreamDO hasn’t fully overcome it yet, the company is on the verge of raising funds.
In addition, hiring was initially a bit difficult, but dreamDO is grateful to Aryan and Sneha for bringing amazing talent to the team.
dreamDO- Recognition and Achievements
dreamDO been recognised by the Startup India Program.
dreamDO – Competitors
Some of the dreamDO’s competitors include:
Jokari
Idea buyer
Enventys Partners
Off/Script
dreamDO – Future Plans
The next five years are expected to bring a massive shift in how consumer products are imagined, developed, and brought to market. As consumers increasingly demand more personalised, purpose-driven, and sustainable products, the industry is moving beyond traditional manufacturing and into community-led innovation. dreamDO envisions a future where ideas from everyday people drive the next wave of product creation, powered by platforms capable of designing, prototyping, and scaling rapidly, exactly the space dreamDO has stepped into.
In the next 7-10 years, dreamDO doesn’t just aim to be a product company, it seeks to become a movement. A global engine of co-created products, profit-sharing innovation, and grassroots problem-solving. The company intends to pioneer community-led R&D, enabling the next generation of entrepreneurs to innovate without needing to be engineers or founders.
FAQs
What is dreamDO?
The dreamDO project is a platform that aims to transform product ideas from individuals into innovative and useful products, managing everything from development to sales to after-sales.
Who is the founder of dreamDO?
Sidharth Dugar is the founder of dreamDO, with Aryan Barnwal and Sneha Borkar serving as co-founders.
Juspay is a leading Indian fintech infrastructure company that specializes in payment orchestration solutions. Known for its innovative products like Safe, HyperSDK, and Express Checkout, Juspay enables businesses to integrate secure and seamless payment systems across various platforms. With a customer-centric approach, the company has built a strong reputation for processing high volumes of transactions daily, serving over 1,200 major digital businesses. Juspay is also known for its flexibility, allowing clients to tailor payment processes according to their specific needs, making it a preferred partner for many in India’s rapidly growing digital payment ecosystem.
Learn more about Juspay, its founders, business and revenue model, startup story, growth, revenue, funding, challenges, and more.
Juspay is the go-to platform for businesses looking to simplify payments, maximize conversions and cut down fraud. Trusted by top enterprises worldwide, they make transactions smoother, faster and more reliable—so customers enjoy a seamless experience every time. Juspay Technologies is a pioneer in India’s fintech space, providing cutting-edge solutions that streamline digital payments. Their suite of products includes a powerful payments stack, advanced checkout APIs and a widely adopted two-factor authentication (2FA) SDK.
Payment Processing: They handle transactions for major brands like Amazon, Ola, Vodafone and Jio.
2FA SDK: Their security framework is one of the most widely used in India.
BHIM App: They played a key role in developing BHIM 1.0, which now processes over INR 5 billion monthly.
Optimized Transaction Routing: Lower costs and increase revenue by directing payments efficiently.
Unified Payment Integration: Bring all payment methods under one system for easy management.
Seamless API Compatibility: Works smoothly with major payment providers.
Smart Infrastructure:
Multi-cell architecture ensures zero downtime
Fully isolated stacks with autonomous recovery keep operations running
Automated failover and real-time monitoring enhance reliability
Intelligent auto-scaling adapts to traffic spikes effortlessly
Juspay – Industry
India’s FinTech sector is on a meteoric rise. Valued at $584 billion in 2022, it’s expected to skyrocket to $1.5 trillion by 2025. Nowhere is this growth more evident than in digital payments, with transaction volumes projected to hit $100 trillion and generate $50 billion in revenue by 2030.
But it’s not just payments that are transforming. Digital lending, worth $270 billion in 2022 climbed around $350 billion by 2023. FinTech innovations—like alternative credit scoring and seamless digital loan approvals—are bridging India’s credit gap, making financial services more accessible than ever before.
Vimal Kumar is the Founder and CEO of Juspay. Vimal Kumar is a seasoned technology leader with a strong background in software engineering and innovation. He earned his Bachelor of Engineering in Computer Science from the College of Engineering, Guindy, Chennai and achieved notable recognition by securing 5th place in Asia at the ACM International Collegiate Programming Contest (ICPC) 2001 held at IIT Kanpur.
His professional journey includes serving as the Chief Information Officer (CIO) at BankBazaar.com, where he played a key role in shaping the company’s tech strategy. Before that, he was a Tech Lead at Amazon.com and a Software Development Engineer at Amazon India, contributing to scalable and high-impact technology solutions. He began his career as an Associate at Trilogy, gaining valuable experience in software development. With deep expertise in building cutting-edge financial and e-commerce platforms, Vimal continues to drive innovation in the industry.
Nishant Sameer is the VP, Product Strategy at Juspay. Nishant Sameer is an experienced technology and product leader with a strong background in engineering and innovation. He holds an MS in Electrical Engineering from Stanford University (2002-2004) and a BE in Computer Science from the Indian Institute of Technology, Roorkee (1993-1997).
Currently, Nishant serves as the Vice President of Product Strategy at Juspay, leading initiatives in Bangalore and San Francisco since January 2021. Previously, he was the Co-Founder and Chief Product Officer at Rizort, focusing on innovative travel solutions. He also held leadership roles as General Manager of Open Innovation at Samsung Electronics and General Manager of Sales & Marketing for Asia & Japan at Ittiam Systems Pvt Ltd. Additionally, he founded Eduflix, a platform aimed at enhancing digital education.
With a career spanning cutting-edge technology, product strategy and business development, Nishant continues to drive innovation in the fintech and tech industries.
Sheetal Lalwani
Sheetal Lalwani – Co-founder and COO
Sheetal Lalwani is the Co-founder and COO of Juspay. He joined the company in 2014.
Juspay – Startup Story
Juspay was founded in 2012 by Vimal Kumar and Ramanathan RV, with a vision to simplify digital payments. Over the years, the company has evolved into a leading player in the fintech space. In January 2023, Ramanathan RV moved on from his role at Juspay to launch Hyperface.co, a startup focused on issuing co-branded credit cards and providing a white-labeled Buy Now, Pay Later (BNPL) stack for businesses.
Juspay’s journey began with Card Vault, its first product designed to securely store user card details for seamless transactions. With the Reserve Bank of India’s (RBI) card tokenization mandate, which took effect on January 1, 2022, Juspay transitioned its card storage service to a tokenization-based model, reinforcing security while maintaining ease of transactions.
Juspay – Mission and Vision
Vision
Juspay envisions a future where digital payments are seamless, secure and accessible to a billion Indians. By building innovative and scalable solutions, the company aims to remove friction in online transactions, ensuring a smooth and intuitive experience for both businesses and consumers.
Mission & Core Values
At the core of Juspay’s mission is a commitment to innovation, efficiency and empowerment. The company believes in maximizing value creation by fostering a culture of innovation, optimizing resources and always doing the right thing. Juspay is dedicated to enabling people to unlock their full potential, cultivating a depth-seeking culture that promotes personal and professional growth. Taking big, courageous moves in the right direction is a fundamental part of its ethos, embracing uncertainty and taking calculated risks to drive transformative change.
Juspay – Name, Tagline and Logo
Juspay Logo
Juspay operates with the tagline “Payments designed for global outcomes,” reflecting its mission to create seamless, scalable and innovative payment solutions that transcend geographical boundaries.
Juspay – Business Model
Juspay’s business model is centered around providing technology-as-a-service, enabling merchants to seamlessly integrate payment solutions into their existing systems. By leveraging its proprietary technologies, Juspay offers flexible and highly customizable solutions that allow businesses to tailor payment processes to their unique needs. Beyond just integration, the company provides end-to-end support, including consultancy services to help clients optimize workflows, enhance security and reduce fraud. This client-focused approach fosters long-term partnerships, ensuring that businesses not only adopt Juspay’s solutions but continue to rely on them as they scale.
Juspay – Revenue Model
Juspay’s revenue model is primarily driven by transaction-based fees, where the company earns a small percentage from every payment proRacessed through its platform. This structure aligns its success with that of its clients, creating a mutually beneficial growth cycle. Additionally, Juspay generates revenue through custom implementations and consultancy services, offering businesses expert guidance on optimizing their payment infrastructure. This diversified revenue stream ensures sustainability while also fueling ongoing innovation, allowing Juspay to expand its product offerings and maintain its leadership in the digital payments ecosystem.
Juspay – Shareholding
Juspay’s shareholding pattern as of November 2024 as sourced from Tracxn:
Juspay Shareholding as of November 2024
JusPay Shareholders
Percentage
Vimal Kumar
20.3%
Ramanathan Rv
16.1%
Sheetal Lalwani
2.1%
Nishant Sameer
< 0.1%
Accel
12.3%
SoftBank Vision Fund
10.9%
VEF
10.2%
Wellington
5.2%
Aigi
2.2%
Avendus
1.7%
QED Innovation
< 0.1%
Raghupathi Ramakrishnan
2.8%
Rajesh Balpande
< 0.1%
Parikshit Dar
< 0.1%
Ashish Hemrajani
< 0.1%
Anupama Sharma
–
ESOP Pool
16.0%
Total
100.0%
Juspay – Challenges Faced
Scalability and High Transaction Volumes
Juspay operates in a fast-paced digital payments ecosystem where handling peak traffic during shopping seasons and major events is crucial. The platform must maintain a robust infrastructure capable of processing millions of transactions per second without disruptions, ensuring seamless payments even during high-demand periods.
Integration with Multiple Payment Methods
With India’s diverse payment landscape, Juspay must integrate a wide range of payment options, including UPI, credit and debit cards, net banking, wallets and emerging digital payment solutions. Ensuring smooth compatibility across multiple platforms while delivering a seamless user experience is a continuous challenge.
Fraud Prevention and Security
As digital payments grow, so do fraud risks. Juspay must implement advanced fraud detection algorithms to prevent unauthorized transactions while minimizing false positives that could impact genuine customers. Striking a balance between security and frictionless transactions is key to maintaining trust.
Regulatory Compliance and Legal Adaptation
The Indian financial sector is constantly evolving with new regulations, including KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines. Juspay must stay ahead of these regulatory changes, ensuring compliance across all its payment channels to avoid legal risks and maintain operational efficiency.
Data Protection and Cybersecurity
Protecting sensitive customer payment information is a top priority. Juspay must continuously enhance its encryption techniques, secure data storage methods and overall cybersecurity framework to safeguard user data against breaches and cyber threats.
User Experience Optimization
A seamless and intuitive checkout experience is critical for increasing conversions. Juspay needs to design frictionless payment interfaces across various devices and platforms, reducing checkout abandonment and enhancing customer satisfaction.
Network Stability and Connectivity Issues
Ensuring reliable connectivity with multiple banks and payment gateways across India is a constant challenge. Juspay must optimize its infrastructure to handle network fluctuations, reducing transaction failures and improving overall system reliability.
Adapting to Local Market Dynamics
India’s payment ecosystem is highly diverse, with varying consumer preferences and regional regulations. Juspay must continuously adapt its solutions to cater to different market segments, providing localized payment options while ensuring compliance with state and national policies.
JUSPAY has raised a total of $ 147.42 million across four funding rounds. Below are the details of each round
Announced Date
Transaction Name
Money Raised
Lead Investors
April 7, 2025
Series D – JUSPAY
$60 million
Kedaara Capital
Dec 15, 2021
Series C – JUSPAY
$60 million
SoftBank Vision Fund
Mar 31, 2020
Series B – JUSPAY
$21.6 million
VEF
Feb 25, 2016
Venture Round – JUSPAY
$5.8 million
Accel
Juspay – Mergers and Acquisitions
Juspay has acquired LotusPay in Feb 2024 in an all-cash deal.
Juspay – Financials
Fiscal Year
Operating Revenue
Total Expenses
Profit/Loss
FY22
INR 112.7 crore
INR 223 crore
INR -101.5 crore
FY23
INR 213.39 crore
INR 342.59 crore
INR -105.75 crore
FY24
INR 319.32 crore
INR 443.74 crore
INR -97.54 crore
Juspay Financials 2024
Juspay’s operating revenue saw a steady rise from INR 112.7 crore in FY22 to INR 319.32 crore in FY24, marking a 49.6% YoY growth in FY24. Despite increasing expenses, the company managed to reduce its net loss from INR 105.75 crore in FY23 to INR 97.54 crore in FY24.
Juspay – Awards and Achievements
Juspay won the “Best B2C Payment Experience Award” at the APAC Payments Excellence Awards, recognizing its innovative and seamless payment solutions for consumers across the Asia-Pacific region.
Juspay – Competitors
Juspay operates in a highly competitive fintech landscape, facing competition from established payment gateways and digital transaction platforms each offering unique solutions in the digital payments ecosystem, such as:
With the fresh funding from Kedaara Capital, Juspay plans to deepen its investments in artificial intelligence to enhance workforce productivity and improve the merchant experience, the company said in a press release.
The funding comes at a time when several payments platforms — including Paytm, PhonePe, Cashfree, and Razorpay — have ended their partnerships with Juspay as a third-party orchestration provider.
Launched in 2012, Juspay provides full-stack orchestration, checkout experience, 3DS authentication, tokenisation, unified analytics, and value-added services for enterprise merchants, as well as end-to-end payments acceptance and real-time payments infrastructure for leading banks
The company claims to process more than 200 million transactions daily at 99.999% reliability, with over $900 billion in annual total processed volume.
Besides India, Juspay has extened its services to Asia-Pacific, Latin America, Europe, the UK, and North America.
FAQs
What is Juspay?
Juspay is a leading payments technology company that provides solutions to simplify digital payments for businesses and consumers.
Who are Juspay founders?
Juspay was founded in 2012 by Vimal Kumar and Ramanathan RV.
Who are Juspay competitors?
Main competitors of Juspay include Paypal, CCAvenue, Razorpay, Instantmojo, and more.
What is Juspay business model?
Business Model of Juspay revolves around providing payment solutions for businesses through payment gateways, one-click checkout, and fraud prevention tools. It earns revenue by charging transaction fees and offering customized payment products to e-commerce platforms, fintech companies, and other digital businesses.
The wearable industry has seen remarkable growth in recent years, driven by rising demand for smart, portable, and stylish gadgets. Among these, audio wearables like headphones and earphones have become particularly popular as consumers seek seamless sound experiences on the go.
In this evolving market, boAt has emerged as a standout brand, offering innovative and affordable audio solutions that connect with India’s young and tech-savvy audience.
boAt provides a wide selection of wireless speakers, earbuds, headphones, and earphones. This article tells about boAt company, product offerings, and financial performance in the booming wearable industry along with its history, success story business model, revenue, startup journey, and more.
boAt, an Indian powerhouse in the tech industry specializes in marketing an impressive array of audio-centric electronic gadgets. boAt offers a wide range of products to meet the various demands of music lovers, including wired and wireless headphones and earphones, as well as stylish earbuds called Airdopes.
The business expands its product line beyond personal audio devices to include high-end tough cables, home audio equipment, and an alluring assortment of additional tech accessories. boAt has made a name for itself as the brand to turn to when looking for premium audio solutions that also feature creative design and high-caliber craftsmanship.
boAt – Industry
boAt thrives in the vibrant and ever-evolving consumer electronics industry, which holds a pivotal role in India’s growing technological landscape. This industry has experienced remarkable growth, fueled by the increasing demand for electronic devices and gadgets. With its prominent presence, boAt stands at the forefront of this dynamic market, poised to meet the changing preferences of tech enthusiasts and tech-savvy consumers alike.
According to a Statista analysis, the Indian consumer electronics industry is expected to generate US $73.0 billion in revenue in 2024, growing at a rate of 6.06% per year (CAGR 2024 – 2028). This highlighted the noteworthy growth and economic prospects within the Indian consumer electronics industry throughout that time frame.
boAt – Founders and Team
Sameer Mehta and Aman Gupta are the co-founders of boAt.
Sameer Mehta
Sameer Mehta, Co-founder and Chief Product Officer, boAt
Sameer Mehta is the co-founder and Chief Product Officer (CPO) of boAt company. He is also the Executive Director of Kores (India). Sameer Mehta started his career at Redwood Interactive and was the owner of the company. Mehta completed his schooling at St. Xavier School, Mumbai, and pursued his bachelor’s degree in commerce from Narsee Monjee College of Commerce and Economics. Sameer also co-founded Imagine Marketing Pvt. Ltd., the parent company of boAt.
Aman Gupta, Co-founder and Chief Marketing Officer, boAt
Aman Gupta is the co-founder and Chief Marketing Officer (CMO) of boAt. He pursued his bachelor’s degree in commerce from Delhi University, after which he joined the Institute of Chartered Accountants of India. Gupta also pursued an MBA in Finance and Strategy at the Indian School of Business and an MBA in General Management and Marketing as an exchange student at the Kellogg School of Management at Northwestern University.
He started working as an Assistant Manager at Citibank and later worked as the co-founder and CEO of Advanced Telemedia Pvt. Ltd. Aman then joined KPMG as a Senior Management Consultant. He also worked as a Sales Director at HARMAN International. Aman Gupta ultimately co-founded boAt company in 2016 with Sameer.
He also co-founded Imagine Marketing India, which became the parent company of boAt. Aman Gupta served as a judge during Season 1, Season 2, and Season 3 of Shark Tank India and he will be seen in Season 4 too. He is also the first entrepreneur to walk the red carpet at Cannes in 2023.
The history of boAt company shows its rapid rise since its founding in 2016 by Aman Gupta and Sameer Mehta. Aman Gupta’s extraordinary journey from his birth and upbringing in Delhi to founding the immensely popular lifestyle audio brand boAt is a testament to his tenacity and entrepreneurial spirit. Initially urged by his father to pursue a career as a chartered accountant, Aman harbored a strong ambition to start his own business. Before achieving success with boAt company, he ventured into five other businesses, all of which faced failure.
The turning point in Aman’s entrepreneurial career occurred when he founded boAt at the age of 36, driven by his passion for creating a lifestyle brand catering to the preferences of millennials. Reflecting on past mistakes, he identified a recurring pattern of concentrating solely on starting businesses without considering other crucial factors.
boAt startup began with a vision to offer stylish, affordable, and high-quality audio products to India’s growing tech-savvy audience. boAt lifestyle began as a bootstrapped firm, with the founders contributing an initial capital of about Rs 30 lakh. Initially focused on manufacturing and selling cables, the company quickly evolved its trajectory. Aiming to deliver stylish audio products and accessories, boAt successfully tapped into the millennial market.
By 2020, boAt’s product categories had expanded to serve over 800,000 clients, a remarkable accomplishment considering its humble beginnings. Aman Gupta’s perseverance and commitment to learning from the past have played a crucial role in transforming boAt into the prosperous success story it is today.
The amazing success of boAt in the audio technology business is attributed to the strategic foundation set by Imagine Marketing India, the parent company of boAt, at its founding in 2014.
boAt – Business Model
boAt operates on an agile business model, prioritizing a keen understanding of consumer needs, desires, and behavior patterns. Its capacity to quickly adjust and respond in real-time to give customers exactly what they want gives it a considerable competitive advantage.
The company’s dynamic product expansion, which offers technological solutions in line with changing customer demands and consumption patterns, demonstrates its dedication to ongoing innovation.
boAt startup company uses a multi-channel distribution approach, being active on online marketplaces like Amazon and Flipkart as well as physical storefronts. The brand is also aggressively growing its offline presence. This omnichannel strategy contributes to the overall expansion and market reach of the brand while guaranteeing accessibility for customers with a range of buying preferences.
Licensing & Brand Partnerships: Collaborating with influencers and companies, boAt creates co-branded products, leveraging their notoriety for joint sales and exclusive releases.
Promotion and Advertising:
boAt invests in marketing and advertising to build brand awareness, utilizing various platforms for a wider audience reach. These efforts contribute to product visibility and customer acquisition, further enhancing revenue streams.
boAt – ESOP
According to regulatory filings, the boAt board approved a special resolution to grant its employees 9,55,523 Employee Stock Options (ESOPs) valued at around Rs 72 crore (almost $9 million) on October 17, 2023. As per the filing, these ESOPs were intended to be converted into equity shares, aligning with the goal of promoting employee ownership and attracting, retaining, motivating, and rewarding key personnel in line with business growth. This strategic decision demonstrated boAt’s commitment to both its personnel and its long-term growth ambitions in the tech sector.
boAt – Challenges Faced
In its early stages, boAt faced formidable challenges, especially in convincing Chinese contract manufacturers to produce in small quantities. A crucial juncture arose as the dedicated boAt team, immersed in product and packaging design, implored manufacturers with a commitment to larger orders in the future: “Please support us now, we will order more later.”
The logistical intricacies unfolded as products were shipped to the Indian company, maintaining minimal inventory, and Amazon took charge of distribution. Before the official launch of its brand in 2016, boAt served as a distributor for the international audio brand House of Marley from 2014 to 2016. boAt’s early narrative was defined by bootstrap funding, approximately Rs 30 lakh from the founders, and the resilience to surmount financial challenges.
Even with such modest beginnings, boAt faced enduring difficulties in the fiercely competitive business. The business negotiated the challenging terrain of producing fashionable goods at reasonable prices, a challenge made more difficult by a market full of equally skilled rivals.
boat’s dedication to conquering challenges and providing cutting-edge audio solutions has been important in forming its success story in the tech sector as it carved out its place.
boAt – Funding and Investors
boAt has raised a total amount of $177 million in funding over 8 funding rounds.
Date
Transaction Name
Amount
Lead Investor
February 1, 2024
Funding ROund – boAt
–
Ranveer Singh
October 28, 2022
Convertible Note – boAt
$60 million
–
April 16, 2021
Series B
Rs 50 crore
Qualcomm Ventures
January 5, 2021
Series B
$100 million
Warburg Pincus
September 1, 2020
Debt Financing
$3.34 million
InnoVen Capital
July 26, 2019
Debt Financing
$2.3 million
InnoVen Capital
July 17, 2019
Debt Financing
Rs 20 crore
Navi Technologies
May 3, 2018
Venture Round
Rs 6 crore
Fireside Ventures
boAt – Shareholding
As of December 2023, the shareholding pattern of boAt, based on information from Tracxn, indicates the following distribution:
Shareholders
Percentage
Warburg Pincus
38.30%
Sameer Mehta (Co-founder)
26.80%
Aman Gupta (Co-founder)
26.80%
Fireside Ventures
3.60%
Malabar Investments
1%
Others
3.50%
boAt Company Equity Split
boAt – Acquisitions
boAt has acquired two companies to date: KaHa Pte on January 15, 2022, and TAGG on June 9, 2021. These strategic acquisitions reinforce boAt’s commitment to innovation and market expansion in the audio technology sector.
boAt – Growth
boAt has experienced phenomenal growth by strategically placing its products in leading retail outlets, including Croma, Myntra, Amazon, Paytm, and Flipkart. The remarkable growth of the brand is evidence of the reliable, high-caliber performance of boAt products, drawing in a large consumer base.
By emphasizing innovation and flexibility in response to customer demands, boAt has become a prominent player in the audio technology sector, attaining notable accomplishments and acknowledgment within the industry.
Here’s a quick glance at some of the most prominent growth milestones of boAt:
boAt has gathered a community of more than 3 million customers, whom they proudly call ‘boAtheads’.
It claims to add one boAthead to its family within every 3 minutes that pass.
The company sells four units every minute and over 6,000 units each day as it reported in 2022.
boAt became the 5th largest wearables brand globally, as per a news report of December 2020.
boAt has surpassed Xiaomi and Samsung to become the 2nd-largest wearable brand after Apple, according to the IDC (International Data Corporation) report for Q3 2023.
Over the past five years, boAt has experienced significant growth in revenue, with a peak in FY23, followed by a slight decline in FY24. Despite the recent dip, the company has made substantial progress in reducing its net losses.
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 3,121.6 crore
INR 3,284.7 crore
INR 2,873.0 crore
INR 1,313.8 crore
INR 700.4 crore
Expenses
INR 3,233.6 crore
INR 3,562.1 crore
INR 2,787.0 crore
INR 1,202.2 crore
INR 637.6 crore
Profit/Loss for the year
INR -81.7 crore
INR -124.6 crore
INR 69.4 crore
INR 86.5 crore
INR 49.5 crore
boAt Financials
In FY24, boAt’s revenue slightly decreased by approximately 5% to INR 3,121.6 crore, down from INR 3,284.7 crore in FY23. However, the company managed to reduce its net loss by about 47%, from INR 124.6 crore in FY23 to INR 81.7 crore in FY24
boAt Revenue Breakdown:
Revenue Source
FY24
FY23
Revenue from Operations
INNR 3,117.7 crore
INR 3,376.8 crore
Other Income
INR 17.7 crore
INR 26.4 crore
Total Revenue
INR 3,135.4 crore
INR 3,403.2 crore
The primary revenue from operations decreased by approximately 7.7%, from INR 3,376.8 crore in FY23 to INR 3,117.7 crore in FY24. Other income also saw a decline, contributing to the overall reduction in total revenue.
boAt Expense Breakdown:
Expense Type
FY24
FY23
Purchases of Stock-in-Trade
INR 2,271.1 crore
INR 2,526.9 crore
Changes in Inventories
INR 39.2 crore
INR 83.7 crore
Employee Benefit Expense
INR 130.5 crore
INR 99.4 crore
Finance Cost
INR 68.4 crore
INR 78.4 crore
Depreciation & Amortization
INR 35.6 crore
INR 25.6 crore
Other Expenses
INR 688.8 crore
INR 748.1 crore
Total Expenses
INR 3,233.6 crore
INR 3,562.1 crore
Total expenses decreased by approximately 9.2%, from INR 3,562.1 crore in FY23 to INR 3,233.6 crore in FY24. Notably, employee benefit expenses increased by about 31.2%, reflecting investment in human resources.
boAt Profit/Loss Breakdown:
The net loss reduced significantly by approximately 47%, from INR 124.6 crore in FY23 to INR 81.7 crore in FY24, indicating improved cost management and operational efficiency.
In April 2025, Imagine Marketing, the parent company of boAt, filed draft papers for IPO via a confidential pre-filing route. This is the company’s second attempt at going public. The first, filed in 2022 with an INR 2,000 crore issue, was later withdrawn.
The upcoming IPO will include a fresh issue of equity shares worth INR 500 crore, along with an offer for sale (OFS) by existing investors. The total issue size is expected to be around INR 2,000 crore. The final OFS details remain undisclosed.
The filing was made under SEBI’s confidential pre-filing route, allowing boAt to avoid public disclosure until later stages. This route has also been used recently by companies like Tata Capital and PhysicsWallah.
boAt aims for a listing in FY26 and is targeting a valuation of over $1.5 billion. As per reports, ICICI Securities, Goldman Sachs, and Nomura are acting as lead managers.
boAt – Products
boAt has launched various products. Some of the prominent products are:
Stream Edition
boAt launched stream edition audio products including a neckband, headphones, and TWS earbuds in India in partnership with Netflix in December 2022.
StanceOS
boAt, and StanceBeam, a leading sports technology start-up in April 2023, have joined forces to offer StanceOS, which includes advanced smart sensors and sports motion-detecting AI technology in smartwatches.
Dolby-powered neckband
The Nirvana 525 ANC was formally introduced by boAt and Dolby in June 2023.
Kids Wireless headphones
Rockid Rush, a line of wireless Bluetooth headphones for kids, was introduced by boAt in August 2023, expanding its line of products. The 10-hour battery life, 30-mm drivers, and 85 dB sound limit of the limited-edition Bluetooth headphones are included.
Airdopes
As a new addition to the Airdopes series, boAt introduced the Airdopes Flex 454 ANC in India in September 2023. These cost less than Rs 2,000 and have ANC, up to 60 hours of playback time, and other capabilities.
boAt – Partnerships
boAt has partnerships with many companies. Some of the most prominent partnerships are:
Netflix
boAt partnered with Netflix in December 2022, and through this collaboration, boAt announced that it would launch True Wireless Earbuds (TWS), On-Ear Headphones, and Wireless Neckbands.
boAt partnership with IPL team
boAt agreed to become the official audio and wearable partner of three Indian Premier League (IPL) clubs, including Gujarat Titans (GT) and Royal Challengers Bangalore (RCB) in March 2023.
The company stated in a press release that it also extended its relationship with the Kolkata Knight Riders (KKR) and continued to serve as the team’s official audio partner throughout the IPL’s 16th season.
ONDC Partnership through Shopalyst’s Plugin
boAt and Shopalyst teamed up to make their product catalog searchable on the Open Network For Digital Commerce (ONDC). Through this partnership, boAt aimed to create multiple consumer touchpoints in May 2023.
Reliance Digital
boAt partnered with Reliance Digital in September 2023, and through this collaboration, they planned to introduce 3D hologram projections as part of an exciting retail experience featuring the boAt Smart Ring.
boAt – Advertisment and Campaign
boAt Campaign
360-degree campaign
boAt enlisted a star-studded lineup, including actor Kiara Advani, cricketer Shreyas Iyer, fashion designer Masaba Gupta, and co-founder Aman Gupta, for their comprehensive 360-degree campaign.
The ad, which was released to mark the audio line’s launch, masterfully conveys how Indians value their freedom to watch movies and TV shows whenever it suits them. This celebrity-studded commercial demonstrates the brand’s dedication to providing a captivating and entertaining auditory experience.
boAt – Awards and Achievements
boAt has been awarded and recognized on numerous occasions by a list of organizations. Here’s a look at some of the most prominent awards and achievements of the brand:
National Creators Award: Gupta was named Celebrity Creator of the Year at the inaugural National Creators Award in 2024.
Aman Gupta, the Chief Marketing Officer and co-founder of boAt, was named the e4m D2C Tycoon of the Year 2023.
He was recognized as the Entrepreneur of the Year in 2020 and included in the list of 40 Under 40 Achievers by Businessworld.
Aman Gupta received the Businessworld Young Entrepreneur Award in 2019.
In terms of boAt’s achievements
In Q3 of CY21, boAt became the “Number 1 brand for truly wireless and earwear in India.“.
The company was recognized as the “5th largest wearable brand in the world in 2020.”
boAt served as the official audio partner for six Indian Premier League (IPL) teams in 2021.
In the 16th season of the IPL, boAt became the official wearable partner for RCB and GT and the official audio partner for KKR.
Celebrities and cricket players that the brand has partnered with include Hardik Pandya, Diljit Dosanjh, and Kiara Advani.
boAt – Competitors
The top competitors of the boAt are Noise, Mivi, and Skullcandy.
Noise
Gonoise is one of the biggest rivals of boAt. It is headquartered in Gurgaon, Haryana, India, and was founded in 2014. Noise competes in the electronic equipment industry.
Mivi
Mivi is another rival of boAt. It is headquartered in Telangana, Andhra Pradesh, India, and was founded in 2015. Mivi also operates in the electronic equipment industry.
Skullcandy
Skullcandy is also one of the top competitors of boAt. It is headquartered in Park City, Utah, and was founded in 2003. Skullcandy also works in the electronics industry.
Apart from these, there are certain other competitors of boAt like pTron, Boult Audio, Fire-Boltt, and Ambrane.
boAt – Future Plans
One of the main reasons for boAt’s success is that they are aware of the trend of customers buying earbuds together with new smartphones. This is in line with a larger trend in the business, where big phone manufacturers collaborate strategically with audio providers to offer bundled prices that deter independent purchases. Co-founder of boAt Aman Gupta claims that changing market dynamics are reflected in this bundling technique.
boAt has a strategic positioning that focuses on providing fashionable yet reasonably priced products for Indian consumers in order to address the growing demand for technology gadgets. boAt is planning an IPO, with expectations of a valuation of around $1.5 billion.
FAQs
What is boAt?
boAt is an Indian startup that manufactures and distributes electronic gadgets. boAt was founded by Aman Gupta and Sameer Mehta and is hailed as one of India’s favourite audio and wearable brands today.
When did boAt Company start?
The boAt company was started in 2016 by Sameer Mehta and Aman Gupta.
How boAt company started?
boAt was started in 2016 by Aman Gupta and Sameer Mehta with the aim of providing high-quality, affordable audio products for young, tech-savvy consumers in India.
Who are the boAt founders?
The founders of the boAt are Sameer Mehta and Aman Gupta.
What is boAt’s revenue for FY2024?
boAt’s revenue dropped by 5% to INR 3,122 crore in FY24 from INR 3,285 crore in FY23.
What is boAt origin country?
boAt is an Indian Company. It is headquartered in Gurgaon, Haryana, India.
How much is boAt valuation?
boAt is aiming for a valuation of over $1.5 billion in its upcoming IPO in FY25.
How are boAt headphones?
According to most reviews, boAt headphones are decent in quality, amazing in design and looks, and pocket-friendly too. boAt is building its brand image and credibility through these qualities that the branch wields.
What is boAt business model?
boAt’s business model focuses on selling affordable, high-quality audio products like earphones, headphones, and speakers. It uses a direct-to-consumer approach through online channels, emphasizing strong branding, influencer marketing, and value for money. The company outsources manufacturing and has expanded into smartwatches and wearables.
Shruti Kasera
