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Tag: 📄Company Profiles

  • Ecom Express: How it is Leading End-To-End Logistics Solutions

    Collection and Distribution are the two main aspects of trade and commerce. Especially these days when eCommerce is booming, logistics has gained renewed importance. As per a report, the eCommerce retail logistics market was valued at USD 224.51 billion in 2021 and is expected to grow by $388.63 billion by 2030. To tap this growing demand, four ex-Blue Dart employees started up Ecom Express in 2012. Today Ecom Express offers nationwide express delivery services to the eCommerce industry.

    The Indian logistics sector is undergoing significant consolidation, with Delhivery Limited announcing its acquisition of a 99.4% controlling stake in Ecom Express Limited for up to INR 1,407 crore ($169.5 million) in an all-cash deal. This acquisition, approved during a Delhivery board meeting on Thursday, April 5, represents one of the largest transactions in the logistics industry. Let’s explore more about the journey and accomplishments of this startup that has established itself as one of the best delivery services in the country, now acquired by Delhivery.

    Here’s more about the Ecom Express Company, Ecomexpress Tracking, Owners, Ecom Express Pvt. Ltd. Founders, history, Startup Story, Logo and Tagline, Vision and Mission, Growth, Competitors, Business Model, Revenue Model, Funding and Investors, and more.

    Ecom Express – Company Highlights

    Company Name Ecom Express
    Headquarter Gurugram
    Founders T.A.Krishnan, K.Satyanarayana, Manju Dhawan & Late Sanjeev Saxena
    Sector Logistics
    Founded 2012
    Acquired by Delhivery
    Website ecomexpress.in

    Ecom Express – About
    Ecom Express – Industry
    Ecom Express – Startup Story
    Ecom Express – USPs
    Ecom Express – Founders and Team
    Ecom Express – Mission and Vision
    Ecom Express – Name, Tagline and Logo
    Ecom Express – Product And Service
    Ecom Express – Business Model and Revenue Model
    Ecom Express – Growth
    Ecom Express – Financials
    Ecom Express – Funding and Investors
    Ecom Express – Shareholding
    Ecom Express – IPO
    Ecom Express – ESOPs
    Ecom Express – Investments
    Ecom Express – Challenges
    Ecom Express – Awards
    Ecom Express – Competitors
    Ecom Express – Future Plans

    Ecom Express – About

    Ecom Express is a leading logistics service provider in the country, which was started in the year 2012. The company offers a variety of facilities, such as express services, digital services, and fulfillment services.

    The Express services include ‘Ecom Express Service’ and ‘Ecom Ground Service’. Ecom Express Service renders pick-up (from sellers or warehouses) and delivery of products (to end customers) that are ordered online. While Ecom Ground Service is specifically designed for transporting huge and bulky products, they use inbuilt automated systems for tracking end-to-end orders. Under the Express service, Ecom Express also ensures QC (quality check) -enabled reverse logistics facilities, whereby trained Ecom Express executives perform quality checks of the products being returned by the end customers and deliver them safely to the sellers or to the warehouse from where the product was dispatched.

    Ecom Digital Services offers e-KYC-Aadhar-based biometric verification and industry-specific cash, cheque, and document collection and Contact Point Verification (CPV) services

    Under Ecom fulfillment services, Ecom Express offers warehousing and order management services. As for warehousing, the clients can choose the location of the warehouse and the space required per their requirements.

    The company was recently acquired by Delhivery in April 2025 for INR 1407 crores in an all-cash deal.

    With Delhivery Limited announcing its acquisition of a 99.4% controlling stake in Ecom Express Limited for up to ₹1,407 crore ($169.5 million) in an all-cash deal, Ecom Express is now fully acquired by Delhivery. This acquisition, approved during a Delhivery board meeting on Thursday, April 5, represents one of the largest transactions in the logistics industry.

    For Ecom Express, this appears to be a distressed sale, as the company had last raised private equity at a valuation of approximately INR 7,300 crore. The acquisition price suggests a sharp decline in valuation, down by about 78% since its most recent funding round. Ecom Express has faced multiple challenges, including scrapping its plans to go public this year and dealing with controversial layoffs earlier.

    Ecom Express – Industry

    The India eCommerce logistics market is projected to experience significant growth over the next several years. In 2024, the market size is estimated to be USD 3.98 billion. By 2029, it is expected to nearly double, reaching USD 7.24 billion. This expansion represents a compound annual growth rate (CAGR) of 12.72% during the forecast period from 2024 to 2029. The growth is driven by the increasing demand for efficient delivery services as e-commerce continues to expand across India.

    Ecom Express – Startup Story

    Ecom Express was set up by four ex-Blue Dart employees, who collectively had an experience of more than 25 years in the logistics sector. It was way back in 2012 when the markets weren’t as good as they are now, and the eCommerce business was just gearing up for next-level growth. Furthermore, the logistics service wasn’t also as good as it appears today. As per the startup story of Ecom Express, 4 Blue Dart Express business professionals – Sanjeev Saxena, Manju Dhawan, K. Satyanarayana, and T.A. Krishnan sat for dinner, and when they left the table, they were full of the idea of their new logistics startup, which would eventually be named Ecom Express. The experience that the Blue Dart Express employees bore helped them gear forth with the idea that the B2C segment of the market would need their help, which is why they proceeded with a B2B business. The Ecom Express company was incorporated in August 2012, and its business operations started from January 2013 onwards.

    Ecom Express – USP

    Ecom Express stands ahead of other logistics services with its distinctive qualities. It serves in more than 2400 towns and cities in India, with a secured and reliable shipment of products with GPS-enabled vehicles. With its fleet network operating in 150 long-haul runs and 480 short-haul runs, it covers almost 80% of the total orders via its own network. Ecom Express’ order fulfillment services use cutting-edge technology to ensure controlled movements of orders and ensure point-to-point validation, thus making it a transparent process. Besides, through features like efficient route optimization, real-time electronic proof of delivery, cash-on-delivery collection, and real-time order tracking facilities, Ecom Express provides a seamless experience to both the end customers and the consignees.

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    Ecom Express – Founders and Team

    When Ecom Express was started in 2012, the eCommerce sector was not as popular as it is today. However, with the years of experience they have, the Ecom Express founders could gauge the growth that the logistics sector will see with the eCommerce revolution, and it is this vision that inspired them to start up.

    Ecom Express - Founders (Late Sanjeev Saxena, Manju Dhawan, K. Satyanarayana, T.A Krishnan)
    Ecom Express – Founders (Late Sanjeev Saxena, Manju Dhawan, K. Satyanarayana, T.A Krishnan)

    Ecom Express was founded by T.A Krishnan, K. Satyanarayana, Manju Dhawan, and Late Sanjeev Saxena.

    T.A Krishnan

    Mr. T.A Krishnan has an MBA and has worked as the VP North and Senior Vice President North and All India Head of Ecommerce Vehicle at Blue Dart Express, after which he left the company to found Ecom Express, where he was known as the Co-founder and CEO. He previously served the role of the Chief Operating Officer with Ecom Express. Krishnan had over 28 years of experience when he founded Ecom Express, making his professional experience over 37 years.

    K. Satyanarayana

    Mr. K Satyanarayana is an acknowledged leader in the Indian Express and logistics industry, with more than 26 years of experience in delivery services. Satyanarayana worked as a Regional Controller of the North Division with Blue Dart Express and had been with the company for 26 long years, after which he quit his job and co-founded Ecom Express. Satyanarayana is currently serving as a Co-founder and Director at Ecom Express.

    Manju Dhawan

    With her innovative perceptions of the market trends and client-centric strategies along with 25 years of practice, Manju Dhawan leads the company with functional excellence. Manju had over 24 years of experience with Blue Dart, where she had served as the Head of Customer Care after which she decided to co-found Ecom Express where she currently is the Co-founder and the Head of Customer Care.

    Late Sanjeev Saxena

    Sanjeev Saxena was another Co-founder of Ecom Express and was known for his entrepreneurial insight and visionary approach. Saxena died in 2020 and has been remembered for the strategic and operational direction that he brought into the company, which resulted in the overall growth of Ecomm Express.

    The company has a team of directors and executive management with more than 19000 employees.

    Ecom Express – Mission and Vision

    The company aims to make ecommerce shipping easy. “Providing end-to-end technology-enabled logistics solutions to small and large eCommerce players” is the mission and vision of the company.

    “We Offer Possibilities In Every Direction,” – goes the tagline of Ecom Express. “We Make E-commerce Shipping Easy,” says the company on its website, where we can see another tagline, “Simple Solutions. High Impact.”

    Ecom Express Logo
    Ecom Express Logo

    The name ‘Ecom Express’ portrays the collection and distribution services offered by the company in the e-commerce industry.

    Ecom Express – Product And Service

    WMS & OMS

    Ecom Magnum, a service for sellers, was introduced by Ecom Express as the Warehouse Management Solutions (WMS) and Order Management Solutions (OMS) on February, 9, 2023.

    Same Day Delivery, Same Day Delivery+, and Next Day Delivery

    To meet the increasing needs of Indian eCommerce firms, Ecom Express Limited, a leading provider of end-to-end technology-enabled logistics solutions, announced the debut of three new services: Same Day Delivery (SDD), Same Day Delivery+ (SDD+), and Next Day Delivery (NDD) on April 21, 2023. By providing quicker and more dependable deliveries, Ecom Express hopes to enhance the customer experience and grow its clientele with the introduction of these services.

    Ecom Express – Business Model and Revenue Model

    Ecom Express operates in a B2B business model and offers its services to eCommerce companies. With its digital services, Ecom Express also provides services to companies from the Banking, Insurance, and Financial sectors. Ecom Express’s clientele includes market leaders such as Amazon, Flipkart, Clovia, Myntra, Paytm, Nykaa, and more.

    Ecom Express gains a major portion of its revenues from the deliveries it makes and its related commissions.

    Ecom Expres – Growth

    Ecom Express started its operations in 35 cities with 42 delivery centers and around 300 employees. The company eventually saw its expansion to Kashmir because of the traction it achieved by July 2013, and gradually it again saw quite a customer demand in Mumbai, Delhi, and Surat and rapidly extended its operations primarily to these cities and then to the others. Now, it has 50000+ employees, 3,000+ delivery branches in 2,700+ different cities with 8,00,000 shipments/day.

    Starting in 2012, Ecom Express has certainly achieved numerous milestones in growth. Some of the major growth highlights of the brand are:

    • Ecom Express extends its logistics services to over 2,700+ towns
    • The company is presently servicing 27,000+ pin codes
    • Ecom Express boasts of employing over 50,000+ people
    • The Krishnan-led company has over 3,000 facility centers

    Ecom Express – Financials

    Ecom Express Financials

    Ecom Express has seen steady revenue growth over the last five years. However, the company continues to face profitability challenges, with losses in both FY24 and FY23 despite cost-control efforts.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 2,652.9 crore INR 2,575.5 crore INR 2,162.1 crore INR 1,667.1 crore INR 1,253.9 crore
    Expenses INR 2,921.6 crore INR 2,902.8 crore INR 2,269.4 crore INR 1,613.6 crore INR 1,631.4 crore
    Profit/(Loss) (INR 248.5 crore) (INR 359.9 crore) (INR 91.4 crore) INR 43.4 crore (INR 313.5 crore)

    In FY24, Ecom Express increased its revenue by INR 77.4 crore, while losses reduced from INR 359.9 crore to INR 248.5 crore, showing signs of improved financial control.

    Ecom Express Financials
    Ecom Express Financials

    Ecom Express Revenue:

    Revenue Type FY24 FY23
    Revenue from Operations INR 2,607.3 crore INR 2,548.2 crore
    Other Income INR 45.6 crore INR 27.4 crore
    Total Revenue INR 2,652.9 crore INR 2,575.5 crore

    Revenue grew by INR 77.4 crore in FY24, mainly driven by a jump in other income, which rose INR 18.2 crore, and a modest rise in core operations.

    Ecom Express Profit/Loss:

    Metric FY24 FY23
    Gross Profit (approx) (INR 268.7 crore) (INR 327.3 crore)
    Operating Profit — —
    Net Profit/(Loss) (INR 248.5 crore) (INR 359.9 crore)

    Net loss reduced by INR 111.4 crore in FY24 compared to FY23, signaling improvement, though profitability remains elusive.

    Ecom Express Expenses:

    Expense Type FY24 FY23
    Cost of Materials Consumed INR 1,389.9 crore INR 1,386.7 crore
    Employee Benefit Expense INR 603.3 crore INR 664.0 crore
    Finance Costs INR 86.0 crore INR 87.6 crore
    Amortization & Depreciation INR 221.6 crore INR 211.6 crore
    Other Expenses INR 620.8 crore INR 552.8 crore
    Total Expenses INR 2,921.6 crore INR 2,902.8 crore

    Expenses increased slightly by INR 18.8 crore in FY24. “Other expenses” rose by INR 68 crore, while employee costs decreased by INR 60.7 crore, partially offsetting the increase.

    Quick Summary (FY24 vs FY23):

    • Revenue Growth: Up by INR 77.4 crore (3%), led by higher other income.
    • Expense Management: Marginal rise in expenses a notable cut in employee costs by INR 60.7 crore.
    • Profitability: The Net loss narrowed by INR 111.4 crore, but profitability remains a challenge.
    • Business Implication: The company is making progress toward cost efficiency but needs sustained revenue momentum and loss reduction for profitability.

    Ecom Express – Funding and Investors

    Ecom Express has mopped up a total of $524.4 million in funding over the 6 funding rounds it has witnessed, which includes its latest funding of $14.7 million that came from the Warburg Pincus and British International Investment in July 2023. The Warburg Pincus-backed firm was last valued at $760 mn in August 2022.

    Here’s a look at the Ecom Express funding rounds to date:

    Date Stage Amount Investors
    July 5, 2023 Series C $14.7 million Warburg Pincus, British International Investment
    October 6, 2022 Venture Round $39 million Partners Group
    March 9, 2021 Venture Round $20 million CDC Group
    December 16, 2020 Private Equity Round $250 miilion Partners Group
    December 10, 2019 Venture Round $36 million CDC Group
    September 11, 2017 Private Equity Round $25.38 million Warburg Pincus
    June 4, 2015 Private Equity Round $113.56 million Warburg Pincus
    September 9, 2014 Venture Round $13.36 million Peepul Capital

    Ecom Express – Shareholding

    Ecom Express’ shareholding pattern as of January 2025, sourced from Tracxn:

    Shareholders Percentage
    Kotla Sridevi 2.8%
    Manju Dhawan 1.6%
    Jayanti Krishnan 1.1%
    Saheba Saxena 0.4%
    T A Krishnan < 0.1%
    K Satyanarayana < 0.1%
    Warburg Pincus 35.1%
    British International Investment 8.3%
    CDC Group 2.5%
    Valli Alagappan Trust –
    GEPL Capital –
    Peepul Capital –
    Parent Entity 36.7%
    Boxman –
    Inland Financial services –
    Angel 0.4%
    Other People 3.2%
    ESOP Pool 4.0%
    Other Investors 3.7%
    Total 100.0%
    Ecom Express Shareholding
    Ecom Express Shareholding

    Ecom Express – IPO

    Ecom Express has filed for an IPO to raise up to INR 2,600 crore on August 15 2024 ($310 million). The IPO will include a fresh issue of shares worth INR 1,285 crore, with existing investors selling shares worth INR 1,316 crore. Ecom Express plans to use the funds from the fresh issue to build new processing and fulfilment centers, invest in IT equipment, and repay debt.

    TA Krishnan, Kotla Satyanarayanan, and Manju Dhawan, the founders of the company have invested INR 3.63 crore each to increase their stakes in the company, as per a separate filing of the company.

    Ecom Express – ESOPs

    Ecom Express has adopted a new employee stock option scheme, ECOM ESOP SCHEME 2022. This ESOP scheme of the company consolidates the old ESOP plan from 2017 into the new pool, as per the separate regulatory filings of the company.

    This new ESOP plan contains 126,000 stock options, each convertible to one equity share. The Ecom Express ESOP plan is estimated to be worth somewhere around Rs 115 crore.

    Ecom Express – Investments

    Ecom Express has invested on two occasions in the Bangladesh-based logistics firm Paperfly. While the former investment was in January 2021, the latter one was announced on April 19, 2022, when it invested Rs 34.3 crore in the company, marking the second investment.

    Name of the Company Investment Date Investment Amount Lead Investor Funding Round
    Paperfly April 19, 2022 $4.48 mn Yes –
    Paperfly January 13, 2021 $11.8 mn Yes Corporate Round

    Ecom Express – Challenges

    One of the main challenges that Ecom Express has faced since it was founded is raising funds. The problem was later solved with Mohit from Oliphans, who pumped in the money, which was then followed by the founders, who also contributed to the overall funding of the company from their personal funds. Ecom Express finally managed to raise funds from its Series A funding round when Peepul Capital led a funding round worth Rs 100 crore. The other challenges of Ecom Express include managing a healthy network of delivery partners and clients, monitoring its overall performance, and lifting it up!

    Ecom Express – Awards

    2017

    • Excellent Position Under E-commerce Logistics – CII Scale Awards
    • Best E-commerce Logistics Partner – ISCM LSP Awards
    • Most Disruptive Startup Logistics Idea, Supply Chain Disruptor of the Year – The 11th Express Logistics and Supply Chain Leadership Awards
    • BW Disruptors Awards
    • SCM and Logistics – Entrepreneur India Awards
    • Best Cloud Implementation – BW CIO Imperatives
    • Women Supply Chain Icon of the Year – The Global Logistics Excellence Awards
    • The Enterprise IT World Awards
    • Transport and Logistics Icon – 3rd Edition of the CIO Power List
    • Appreciation for Expert Panel Evaluation – BML Munjal Awards
    • Innovative CIOS Awards

    2018

    • Exemplary Women Leadership Award – The 12thExpress Logistics and Supply Chain Leadership Awards.
    • Ecommerce Logistics – CII Scale Awards
    • Fastest Setting up of Delivery centers in India by a logistics company – LIMCA Book of Records.
    • SCM and Logistics – Entrepreneur India Awards
    • Last Mile Partner of the year, Supply Chain CIO of the year- The Global Logistics Excellence Awards

    2019

    • Strategic Finance Transformation Icon – CFO Power List
    • CIO 500 Award
    • Fastest Growing Logistics Company of the year – Indian Oil Logistics Excellence Awards

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    Ecom Express – Competitors

    The top competitors of Ecom Express are:

    Ecom Express – Future Plans

    Ecom Express company plans to hire around 15,000 employees in the next two years. With its presence not limited to just big cities and towns but to many tier II, III, and IV cities and also hinterlands, Ecom Express aims to be the best benefactor and solutions provider for logistics services in the eCommerce industry. With collective values of Integrity, Commitment, Openness, Respect, and Passion, the Ecom Express’ mission is to be paramount in the industry.

    India’s eCommerce logistics market is growing quickly, fueled by the increasing demand for fast and efficient delivery services. Major investments in infrastructure and technology are reshaping the operations of logistics companies. Ecom Express’s IPO is more than just a fundraising effort; it’s a strategic move to better position the company to meet the rising demands of the market. If successful, this could set a benchmark in the logistics industry, attracting more capital and driving further technological advancements.

    Ecom Express has already converted into a public entity in January when the board has approved a fundraise of about $648 million (INR 4,860 crore) via a public issue of shares.

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    Conclusion

    The leading logistics solutions provider that provides end-to-end with a focus on speed, safe, and reliable nationwide express delivery services to the eCommerce industry. Ecom Express has been operational since its inception and the company has not made IPO claims till now. The company is fully functional without any obstacles and is leading the delivery market with flying colors. The company is planning to upscale its business by opening new branches in new towns and cities.

    FAQs

    How long does ECOM Express take to deliver?

    Ecom Express offers timely cash-on-delivery (COD) remittances and guaranteed last-mile delivery of the orders in India within 24 to 72 hours, all around the year, including Sundays/Holidays.

    How do I track my ECOM parcel?

    You can simply open Ecom Express official site and paste your Ecom Express airway bill number or the Ecom Express tracking order number and click on “TRACK MY ORDER”. Then, you can enter the Ecom Express tracking number and click “track” on top of this page to track your order and Ecom Express delivery, shipping, and shipway.

    What is Ecom Express owner name?

    Ecom Express was founded by Late Sanjeev Saxena, Manju Dhawan, K. Satyanarayana, T.A Krishnan.

    Is Ecom Express owned by Flipkart?

    No, Ecom Express is not owned by Flipkart. Ecom Express is an independent logistics company in India that specializes in e-commerce logistics. While it serves various eCommerce platforms, including Flipkart, it is not owned by any of them.

    What is Ecom Express and how does Ecom Express work?

    Ecom Express uses its cutting-edge technology and automation solutions to enable first-mile pickup, processing, network optimization, and last-mile delivery. Ecom Express has its presence in all 29 states of the country and operates in over 2,700 cities and towns across 27,000+ PIN codes in India.

    How do I return an item to Ecom Express?

    You can follow these easy steps if you want to return an item to Ecom Express:

    • Go to the ‘Orders’ tab in the left menu.
    • Now, click on ‘All Orders’
    • For all shipments that have been marked as ‘Delivered’, you will automatically find a ‘Create Return’ option.
    • Click on ‘Create Return’
    • A new page with prefilled details about your order will open.

    How do I complain to Ecom Express?

    Ecom Express customer support has been notified about the posted complaint. Request you to kindly provide the 9 or 10-digit AWB / tracking number for us to assist you on the same.

    Ecom Express started in which year?

    Ecom Express was started in 2012.

  • The Utopian Story: How Two Professionals Quit Their Corporate Jobs to Build a Clean-Label Beverage Brand

    People today are becoming more mindful about what they eat and drink. Seeing this shift and searching for better options for themselves, two professionals decided to leave their corporate careers and build something of their own. In 2021, Abhishek Sarwate and Shweta Tare Sarwate founded Utopian, a brand offering clean-label juices and smoothies with no preservatives or refined sugar.

    What began with just beverages is now growing into healthy snacking with new products like makhana. Their journey from spotting a real gap in the market to being featured on Shark Tank India shows how strong determination and purpose can help build a brand.

    In this article, explore the story of Utopian, how it started, its founders, business model, funding, and more.

    Utopian – Company Highlights

    Company Name Utopian
    Headquarters Indore, Madhya Pradesh, India
    Sector Food & Beverages
    Founder Abhishek Sarwate, Shweta Tare Sarwate
    Founded 2023
    Website utopian.fit

    Utopian – About

    Utopian – Good Things Only is a healthy food and beverages company that was registered in August 2021 and started its operations in April 2023. With 1.5 years of execution, the brand initially launched with smoothies and has since expanded into categories such as zero-sugar juices, zero-sugar aerated drinks, and makhana, all aimed at promoting a healthier lifestyle.

    Utopian – Industry

    Utopian operates in the fast-growing Indian health beverage market. According to a report by Technavio, this market is projected to grow by USD 3.87 billion from 2024 to 2028, with a compound annual growth rate (CAGR) of 10%. Juices constitute a significant portion of this market, divided into sugary and healthy options. As consumers increasingly prefer healthier drinks, the healthy beverage segment is growing quickly and is expected to surpass sugary juices soon.

    Utopian – Founders

    Abhishek Sarwate and Shweta Tare Sarwate are the co-founders of Utopian.

    Abhishek Sarwate and Shweta Tare Sarwate - Utopian Founders
    Abhishek Sarwate and Shweta Tare Sarwate – Utopian Founders

    Both founders come from corporate backgrounds and saw entrepreneurship as an opportunity to combine their strengths. Abhishek manages operations and finance, while Shweta leads sales, marketing, and product development.

    Abhishek Sarwate, CEO, Utopian

    An IIT Bombay graduate with a B.Tech in Chemical Engineering, Abhishek built a decade-long career in finance, working as Vice President at Deutsche Bank. His expertise lies in financial management, operations, and strategic planning.

    Shweta Tare Sarwate, COO, Utopian

    Shweta is a Petroleum Engineering graduate from MIT Pune. She has worked as a Developer at Cognizant Technology Solutions. With over seven years of experience, she brings deep expertise in technology, product development, and brand marketing.

    Utopian – Startup Story

    At around the age of 27, the founders of Utopian began prioritising health and found themselves constantly searching for healthier alternatives. The challenge became even more evident during office hours—finding nutritious, convenient food without unnecessary empty calories was a daily struggle.

    During their work trips, they realised the stark contrast in food choices available abroad. Healthier eating habits were not only more common but also well-supported through readily available nutritious options, not just in restaurants but even in workplace cafeterias. This was a major gap in India, where healthy choices were often limited, particularly in office spaces and for on-the-go consumption.

    Recognising this as an opportunity, they set out to create a brand catering specifically to health-conscious millennials and working professionals—individuals who prioritise wellness over fleeting taste indulgences. Market research revealed a growing segment of consumers making small but meaningful dietary shifts, such as swapping sugary sodas for no-added-sugar juices or choosing roasted makhana over traditional wafers.

    With this shift in mind, the idea was validated through extensive consumer interactions, product sampling, and surveys. The response was overwhelmingly positive. People sought healthier packaged food options but struggled to find brands they could trust. This led to the birth of Utopian: a brand built on clean-label principles, free from preservatives, refined sugar, and chemicals, making healthy eating both accessible and enjoyable.

    The Journey of Ideation, Design, and Prototyping

    Utopian’s journey began in a small home kitchen, where the founders conceptualised and prototyped the smoothies. In the beginning, the founders started selling directly from home, using consumer feedback to refine flavours and recipes. The main goal was to validate demand, understand customer preferences, willingness to pay for convenience, and whether the brand was solving a real problem or simply acting on intuition. After engaging with over 500 customers, it became clear that there was a strong need for accessible, high-quality nutrition. The overwhelmingly positive response reinforced the vision: to make healthy choices effortless and accessible without requiring individuals to carry lunchbox meals everywhere.

    Despite the growing focus on wellness, access to nutritious food in corporate environments remains limited. Many companies, even those with in-house cafeterias, pay little attention to the quality and nutritional value of meals offered. Utopian aims to bridge this gap by partnering with organisations like Sodexo and Google, providing a range of nutrient-dense, preservative-free products made from locally sourced Indian superfoods. Unlike many existing options that rely on fortification—often unsuitable for all consumers—Utopian emphasises whole, natural ingredients that deliver true nourishment.

    By integrating better food choices into everyday routines, the brand seeks to redefine workplace nutrition and contribute to a healthier, more mindful way of living.

    Utopian – Mission and Vision

    Mission: Utopian is committed to redefining packaged foods and beverages by offering the healthiest options in the market. As a clean-label brand, it ensures that the products contain Zero Added Preservatives, Zero Refined Sugar, and Zero Chemicals. The brand’s mission is to make India’s finest, nutrient-rich foods accessible to everyone at affordable prices while maintaining the highest quality standards.

    Vision: To become a globally recognised Indian brand that sets a benchmark for purity, health, and innovation in packaged foods. Through a robust distribution network, Utopian aims to reach not just Tier 1 cities but also Tier 2 and Tier 3 cities, ensuring that everyone has access to wholesome, natural, and safe food choices.

    Utopian – Products

    Utopian Products
    Utopian Products

    At Utopian, the focus is on creating good-for-you and better-for-you packaged foods and beverages. The beverage products have a six-month shelf life without refrigeration and without any added preservatives. Retort technology is used to ensure they remain shelf-stable.

    Product Range:

    Smoothies

    Fruit- and vegetable-based non-dairy wellness drinks, enriched with superfoods. These products contain zero refined sugar, zero preservatives, and zero artificial colours, flavours, or sweeteners while also being a source of fibre. Naturally sweetened with fruits and honey, they are priced at INR 99 for a 200 ml bottle. Available on the brand’s website and across B2B channels, including corporate offices, airports, gyms, hospitals, and hotels. The range includes:

    • Detox: A popular vegetable smoothie featuring spinach, cucumber, and orange, powered by superfoods, coconut water and ginger.
    • Energy: A strawberry and banana smoothie infused with superfoods ashwagandha and green coffee.
    • Immunity: A kiwi and pineapple smoothie enriched with superfoods tulsi and amla.
    • Tropical: An Alphonso mango smoothie enhanced with superfoods rajgira (amaranth) and oat milk.

    Juices

    The most popular product range is tasty and refreshing, with zero added sugar. These honey-based juices contain zero refined sugar and zero preservatives, naturally sweetened with fruits and honey. Priced at INR 50 for 200 ml, they are available online via the brand’s website, Swiggy Instamart, Blinkit, and YouCare, as well as offline in 3,000 general trade retail stores across Mumbai and Pune. The range includes: Litchi Superrr, Guava Superrr, Orange Superrr, Mango Superrr, Lemon Superrr, and Mix Fruit Superrr.

    Makhana

    For those craving a healthy snack at their desk or on the go, the makhana range offers a tasty and nutritious option. Priced at INR 30, the range includes: Salted, Cream N Onion, Nimbu Pudina, and Masala.

    Fizzy U Pop Range (Launching soon)

    Understanding that customers love Utopian juices but struggle to cut down on sugary cola drinks, the brand identified a gap in the market for zero-sugar fizzy options. To address this, the Utopian U Pop range has been developed—delivering tasty, vibrant, and zero-sugar alternatives in the fizzy drinks space. Currently available offline, each 200 ml bottle contains only 3 kcal. The range includes U Pop Green Apple, U Pop Lemon, U Pop Watermelon, U Pop Classic Mojito, and U Pop Peach Mojito.

    Utopian – Business and Revenue Model

    The brand sells its products through three main channels:

    • Offline General Trade: The largest sales channel until January 2025, with Utopian products available in 3,000+ general trade (mom-and-pop kirana) stores across Mumbai and Pune.
    • Offline B2B: The brand’s first sales channel, supplying products to corporate offices, co-working spaces, hotels, hospitals, and airports.
    • Online (Quick Commerce): The newest channel, with Utopian products available on Swiggy Instamart in seven metro cities: Mumbai, Pune, Bangalore, Delhi NCR, Kolkata, Chennai, and Hyderabad.

    Utopian – Funding

    Date Stage Amount Investors Name
    Sep 2022 Friends and Family INR 1 Cr Friends and Family
    March 2025 Angel INR 2 Cr Angels

    Utopian – Growth Strategy

    The vision for the company began during the pandemic when smoothies were first sold from the kitchen. The first 100 customers came with the help of simple WhatsApp marketing and limited online promotions, with deliveries handled through direct channels at minimal cost. After reaching 500 customers, it became clear that there was a real demand in the market, supporting the idea that this could be a serious business opportunity.

    The brand spends very little on marketing. Utopian products have received great feedback, resulting in a 10x ROAS on marketing spends. The team uses cost-effective marketing tools in both offline and online spaces to keep marketing costs low.

    As of Jan 2025, Utopian generates a monthly GMV of INR 12 lakhs.

    Utopian – Marketing Strategy

    Utopian regularly conducts sampling and tasting activities in small retail stores, exhibitions, and flea markets. This has been one of the most effective ways to grow the business. Sampling and tasting activities help boost sales in stores where the products are available, while exhibitions create demand by introducing the brand to new customers. Awareness campaigns play an important role in helping people understand what makes Utopian different and where they can buy the products when they want to make a purchase.

    Utopian – Key Tools and Software

    Utopian is an FMCG brand that is tech-enabled, extensively using software such as Bizom, Zoho Books, WooCommerce, Haptik, and MS Office.

    Utopian – Startups Program/External Support

    Utopian has received financial support from Riidl, the Somaiya College incubator, through the Government of India’s Nidhi Prayas Grant, which assisted in R&D and filing a patent for its shelf-stable products. The brand also secured funding under the Startup India Seed Fund Scheme from IIM Lucknow EIC (Incubator for IIM Lucknow), which helped the launch of its products in the market. Additionally, Utopian was incubated by NSRCEL (IIM Bangalore) and CIIE (IIM Ahmedabad) early in its journey, benefiting from their mentorship and guidance in entrepreneurship.

    Utopian – Challenges Faced

    Utopian’s first challenge was technical—developing beverages with a six-month shelf life, without refrigeration, and free from preservatives. It took 18 months of research and development to launch the first batch of products. This process involved multiple rounds of laboratory and factory testing to ensure the products were both high-quality and safe. Every batch underwent rigorous testing before finalising the formulations.

    The current challenge lies in introducing these products to customers without excessive marketing expenditure. Utopian employs cost-effective marketing strategies, such as in-shop branding, posters, banners, and events for offline brand discovery, while also utilising targeted ads via Meta, Google, and marketplaces for online reach.

    Utopian – Achievements and Recognitions

    Utopian Founders on Shark Tank India
    Utopian Founders on Shark Tank India

    Utopian was featured on Season 4 of Shark Tank India. It was a valuable learning experience, where the Sharks appreciated the products and provided feedback on the business and positioning.

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    Utopian – Competitors

    Utopian’s biggest competitor in the healthy juice segment is RAW Pressery, which was acquired by Wingreens World in 2021. RAW Pressery primarily focuses on offline and quick commerce channels, selling coconut water and other juice products, catering to the premium segment.

    Other brands, such as Storia, Paperboat, Real Juice, and Tropicana, operate in the broader beverages and juices category. While they are not direct competitors, they serve as indirect competition due to their presence in the packaged drinks market.

    Utopian – Future Plans

    Utopian aims to expand sales on Quick Commerce platforms. Currently available in the top 7 metro cities via Swiggy Instamart, the brand plans to scale up to the top 30 cities across all Quick Commerce players.

    For offline expansion, Utopian will continue to strengthen its presence in Maharashtra and other metro cities.

    In terms of product development, the focus will be on expanding the healthy snacking segment. While the brand currently offers four flavours of makhana, future plans include launching dry fruits, ragi chips, and jowar puffs. Additionally, Utopian will explore new categories in the healthy beverage space.

    FAQs

    Who are the founders of Utopian?

    Abhishek Sarwate and Shweta Tare Sarwate are the co-founders of Utopian.

    What products does Utopian offer?

    Utopian offers healthy juices, smoothies, and snacks like makhana. All products are made without preservatives or refined sugar.

    How does Utopian distribute its products?

    Utopian sells its products through general trade stores, B2B spaces like offices and hotels, and online via quick commerce platforms like Swiggy Instamart.

  • Pratilipi – India’s Largest Digital Platform Connecting Readers and Writers

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    People love reading novels, stories, magazines, poems, essays, etc., and they go to libraries in their free time to do so. They love reading books. They are attached to various collections and verses.

    But now, in today’s life, you need not go out and search for your favorite books. Pratilipi is present to provide you with emotions and thoughts. It brings both the readers and the writers under the same canopy. Read the Pratilipi success story below.

    Pratilipi: Company Highlights

    Startup Name Pratilipi
    Headquarters Bengaluru, Karnataka, India
    Sector Digital Media
    Founders Ranjeet Pratap Singh, Sahradayi Modi, Sankaranarayanan Devarajan, Rahul Ranjan and Prashant Gupta
    Founded 2014
    Website pratilipi.com

    Pratilipi – About
    Pratilipi – Startup Story
    Pratilipi – Founders And Team
    Pratilipi – Logo
    Pratilipi – Business and Revenue Model
    Pratilipi – Funding And Investors
    Pratilipi – Shareholders
    Pratilipi – Financials
    Pratilipi – Products and Features
    Pratilipi – Acquistion
    Pratilipi – Award
    Pratilipi – Competitors
    Pratilipi – Future Plans

    Pratilipi – About

    Pratilipi – Let’s make the world a better place, one read at a time

    The company is the largest digital platform for readers as well as writers. Both are found together on a common platform. It is an audiobook portal based in Bengaluru, Karnataka, India. Collections are available in several languages, like Gujarati, Urdu, Hindi, Malayalam, English, Kannada, Bengali, and Marathi. Pratilipi has around 2 million users. The word ‘Pratilipi’ is derived from a Sanskrit word meaning ‘copy’.

    Pratilipi – Startup Story

    Ranjeet Pratap Singh says in his interview that once anybody starts reading books through their characters and stories, they can live many lives. Pratilipi is a Sanskrit word that means to copy. So, the founders selected the name Pratilipi because the readers can read the stories and can become a good, bad, or adventurous man as it is written in the story. The idea behind Pratilipi was to make available content in almost all languages of India so that everybody is compatible with their own language and nobody misses a chance to say, ‘I don’t know this language. So, I was unable to read the story.

    Pratilipi – Founders And Team

    Ranjeet Pratap Singh, Sahradayi Modi, Sankaranarayanan Devarajan, Rahul Ranjan, and Prashant Gupta are the founders of Pratilipi.

    • Ranjeet Pratap Singh is the co-founder and CEO of Pratilipi. He started his career as an area sales manager at Vodafone.
    • Sahradayi Modi is the product manager and co-founder at Pratilipi. She started her career as a channel manager at Vodafone India.
    • Sankaranarayanan Devarajan is the co-founder of Pratilipi. He started his career as a management trainee at Vodafone. He was also an Analyst and Trader at Capstone Securities Analysis Pvt Ltd.
    • Rahul Ranjan is the tech co-founder at Pratilipi. He began his career as a systems engineer at Tata Consultancy Services.
    • Prashant Gupta was the co-founder and CTO at Pratilipi. Now, he is the co-founder, CTO, and COO at Hubblestellar Technologies.
    Sahradayi Modi, Prashant Gupta, Ranjeet Pratap Singh, Sankaranarayanan Devaranjan and Rahul Ranjan (left to right), Founders, Pratilipi 

    Pratilipi is a Sanskrit word that means to copy.

    Pratilipi Logo

    Pratilipi – Business and Revenue Model

    As it is mentioned above, the meaning is a copy, and it is a place for both readers and writers. Pratilipi serves all the bookworms at any place and at any time. No carrying of books anywhere anymore. The mission is to please customers through the content. There are some compatibility problems because of the languages, but they are planning to fix them. The stories are heart-touching. Profits can be made in different contexts. The most interesting part is that users no longer have to download large files and face formatting issues.

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    Commission

    The work is on commission. The company is making money with the help of new writers and Indian authors. There are authors who even want to sell their books through Pratilipi, through which the company earns up to 70%.

    Premium Subscription

    Pratilipi receives money from clients’ premium subscriptions, which they use to access all of the most recent episodes of ongoing shows through the SuperFan subscription. An individual writer’s subscription costs INR 25, according to the firm.

    Brand Advertising

    Pratilipi makes revenue from the brand advertising of the company through various sources like online advertising, content marketing, social media marketing, influencer marketing, email marketing, and more.

    Pratilipi – Funding And Investors

    The company had already raised a total of $93.7 million in funding so far over the 10 funding rounds that it received, with the last Series E round coming from Jungle Venture.

    Date Transaction Name Money Raised Lead Investor
    April 3, 2025 Series E $20 million Jungle Venture
    January 7, 2025 Venture Round $5.1 million Alteria Capital
    January 7, 2025 Debt Financing $5.1 million Alteria Capital
    July 14, 2021 Series D $48 million KRAFTON Inc.
    June 28, 2021 Debt funding $2.68 million Alteria Capital
    April 30, 2020 Series C $9.4 million Tencent Holdings
    June 6, 2019 Series B $14.7K Qiming Venture Partners
    February 5, 2018 Series A $4.3 million Omidyar Network
    June 28, 2016 Seed Round $925K –
    March 1, 2015 Seed Round $50K –

    Pratilipi is funded by 10 investors. Jungle Venture is the most recent investor. The latest fundraise will support Pratilipi’s expansion into new storytelling formats, including animation and vertical drama shows, while also facilitating its entry into new geographies beyond India, the company said in a press release.

    Pratilipi – Shareholders

    Pratilipi shareholding as of November 2024 (source: Tracxn):

    Pratilipi Shareholders Percentage
    Ranjeet Pratap Singh 4.7%
    Sankaranarayanan Devarajan 2.0%
    Omidyar Network 17.7%
    Nexus Venture Partners 10.4%
    Qiming Venture Partners 6.7%
    Shunwei Capital 5.0%
    Timesgroup 3.0%
    Krafton 15.6%
    Tencent 5.0%
    Asnu Finvest 5.0%
    Angel 4.6%
    ESOP Pool 6.3%
    Others 14%
    Pratilipi Shareholders
    Pratilipi Shareholders

    Pratilipi – Financials

    Pratilipi Financials FY23 FY24
    Operating Revenue INR 34.9 crore INR 57.8 crore
    Total Expenses INR 192.8 crore INR 116.7 crore
    Profit/Loss Loss of INR 152.63 crore Loss of INR 58.13 crore
    Pratilipi Financials
    Pratilipi Financials

    Pratilipi operating revenue surged from INR 34.9 crore in FY23 to INR 57.8 crore in FY24, and its losses saw a significant drop from INR 152.63 crore in FY23 to INR 58.13 crore in FY24.

    EBITDA

    FY23 – FY24 FY23 FY24
    Operating Revenue -359.94% -89.74%
    Expense/₹ of Op Revenue INR 5.53 INR 2.02
    ROCE -141.31% -81.01%

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    Pratilipi – Products and Features

    The monetization feature was introduced in October 2021, aligning with Pratilipi’s overarching mission of supporting and empowering aspiring writers across India. This strategic launch aimed to provide a tangible avenue for writers to not only share their creativity but also earn from their literary works.

    Pratilipi – Acquistion

    Pratilipi has acquired two companies to date:

    Company Name Date Price
    IVM Podcasts August, 2021 –
    The Write Order September, 2021 –

    Pratilipi – Award

    The IIT Bombay-hosted Eureka Award is a prestigious venue for honoring innovative entrepreneurship and ground-breaking business endeavors, and Pratilipi won the Eureka Award for Best Business Idea organized by IIT Bombay.

    Pratilipi – Competitors

    The top competitors of the company are Elix, NYC, Wccftech, and Moblog.

    • Elix is a platform that provides an online news portal. The company was founded in 1999. It is a private company.
    • NYC is a service mark and trademark of New York City. It is a private company.
    • Wccftech is a company that is developing a media platform. The company was founded in 2004. It is a private company.
    • Moblog is a phone blogging community. This site provides online and mobile web blogging utilities for its clients. The company was founded in 2006. It is a private company.

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    Pratilipi – Future Plans

    The company has no plans to monetize the platform in the future. But Ranjeet Pratap Singh says that he has some theories to generate more revenue in the coming days. Pratilipi will only be able to do this task when a survey is conducted by the team. And Ranjeet Pratap Singh has plans to predict the next 50 Shades of Grey or Harry Potter. These kinds of bestsellers will help the company generate more capital. Ranjeet Pratap Singh says this model will work when the actual time comes.

    Pratilipi, plans to launch its IPO in January 2026, depending on market conditions, says co-founder Ranjeet Pratap Singh.

    FAQs

    What is Pratilipi?

    Pratilipi is India’s largest digital platform connecting readers and writers in 12 different Indian languages.

    Is Pratilipi a Chinese app?

    No, Pratilipi was founded in 2014 and is an Indian language self-publishing platform headquartered in Bengaluru.

    Is Pratilipi app free?

    Yes, Pratilipi is free to use.

  • Culture Circle: How It’s Shaping the Future of Luxury Fashion and Streetwear in India

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organisations.

    The revenue in the Indian fashion market is expected to reach $17.24 billion in 2025 and $24.35 billion by 2029, with an annual growth rate of 9.02%. As more consumers turn to online platforms for luxury fashion, the demand for authenticity and trust has never been higher.

    This is where Culture Circle comes in. What started as a passion for streetwear and sneakers has grown into India’s largest marketplace for authenticated luxury fashion. By connecting buyers with verified sellers, offering competitive prices, and using advanced authentication technology, Culture Circle is reshaping the way luxury enthusiasts shop.

    In this article, we explore the journey of Culture Circle, a company featured on Shark Tank India, along with its founders, business model, funding, challenges, and vision for the future.

    Culture Circle – Company Highlights

    Company Name Culture Circle
    Headquarters Gurugram, Haryana, India
    Sector Luxury Fashion & Streetwear E-commerce
    Founder Devansh Jain Nawal, Ackshay Jain
    Founded 2024
    Website culture-circle.com

    Culture Circle – About

    Culture Circle stands as India’s number one Hype and Luxury App, revolutionising the luxury fashion landscape with the largest authenticated collection of sneakers, streetwear, and luxury fashion in Asia. The platform has fundamentally transformed how India shops for luxury items, combining technology with a deep understanding of the streetwear culture. Through its proprietary AI-powered verification system and extensive network of KYC-verified sellers, Culture Circle ensures that every product’s authenticity is guaranteed while offering the most competitive prices in the market.

    Culture Circle – Industry

    Culture Circle operates in the luxury and streetwear fashion e-commerce industry, catering primarily to Gen Z luxury enthusiasts and sneaker collectors. The company has also attracted a growing base of millennials who seek authentic luxury fashion.

    Established as India’s largest marketplace for authenticated hype sneakers and streetwear, Culture Circle is rapidly expanding its presence in the broader luxury fashion segment.

    With the surge in digital adoption post-pandemic, the company anticipates significant growth in the luxury fashion space. Its future plans include strategic expansion into the UAE, Eastern Europe, and Asia, capitalising on the increasing demand for authenticated luxury products in these regions. Additionally, the streetwear segment has gained mainstream popularity among younger consumers, while luxury purchases continue to show strong growth trends.

    Culture Circle – Founders

    Devansh Jain Nawal and Ackshay Jain are the co-founders of Culture Circle.

    Devansh Jain Nawal (left) and Ackshay Jain (right) - Culture Circle Founders
    Devansh Jain Nawal (left) and Ackshay Jain (right) – Culture Circle Founders

    Devansh Jain Nawal – Co-Founder & CEO

    Devansh Jain Nawal is a graduate of IIM Ahmedabad and has previously worked at Goldman Sachs. As the Co-Founder and CEO of Culture Circle, he focuses on strategic growth and business development, driving the company’s expansion in the luxury fashion and streetwear market.

    Ackshay Jain – Co-Founder & COO

    Ackshay Jain serves as the Co-Founder and COO of Culture Circle. He is the JIIF Gurgaon Convenor and has a strong background in technology and entrepreneurship. Previously, he worked at Google but declined a pre-placement offer to pursue his entrepreneurial ambitions.

    Before co-founding Culture Circle, he founded The Healthy Company (THC). His expertise lies in technology and machine learning. He has worked as a back-end developer at CollegeDekho, StoreHippo, and InstaLively, contributing to innovative tech solutions. Some of his notable works include GST fraud detection at Wipro and robotic process automation (RPA) projects at EY.

    At Culture Circle, he leads the technology and operations division, ensuring seamless platform functionality and technological advancement.

    Culture Circle – Startup Story

    The origin of Culture Circle traces back to 2016 when co-founder Ackshay purchased his first Jordan (AJ1 PSG). The experience highlighted the significant challenges in the Indian market – uncertainty about authenticity, limited availability of desired sizes, and inflated prices up to 159% above market rates. These personal pain points, combined with Devansh’s insights into the market gaps, led to the conceptualisation of Culture Circle.

    The founders recognised that the sneaker trend in India was being held back by these challenges and set out to create a solution that would address these fundamental issues while creating a community of enthusiasts.

    Culture Circle Founders
    Culture Circle Founders

    Culture Circle – Mission and Vision

    Vision: To establish itself as a global leader in hype and luxury fashion, creating a seamless integration between online and offline experiences, creating a vibrant digital community, and setting new standards in authentication and personalisation through cutting-edge technology.

    Mission: To democratise access to authentic luxury fashion while maintaining unwavering standards of trust and quality in every transaction. The company aims to bridge the gap between global premium brands and digitally savvy Indian consumers.

    Culture Circle’s core belief is to create a trustworthy, tech-driven marketplace that not only ensures genuine products and competitive prices but also delivers an unparalleled user experience that resonates with the modern luxury consumer.

    Culture Circle – Products/Services

    Culture Circle provides a comprehensive, technology-driven marketplace for authentic luxury fashion and streetwear. Its innovative “compare and shop” feature enables users to access exclusive deals from thousands of globally verified sellers. The platform offers prestigious brands such as Nike, Adidas, Louis Vuitton, Dior, Supreme, and Yeezy at highly competitive prices.

    Key Features:

    Culture Circle stands out with several industry-leading features, including:

    • The largest authenticated collection of luxury and streetwear items in Asia
    • A proprietary SourceX platform for efficient inventory management
    • India’s most extensive network of verified resellers
    • A Skyscanner-like interface that allows for luxury fashion price comparison
    • An AI-powered authentication system with a five-step verification process
    • A physical store presence to enhance customer engagement

    Unique Selling Points (USPs):

    Culture Circle differentiates itself through:

    • Advanced computer vision AI for precise product verification
    • Real-time price comparison across verified sellers
    • The largest verified collection of luxury fashion in India
    • Guaranteed authenticity, backed by certification
    • Seamless online-to-offline integration for a superior shopping experience

    Culture Circle – Business and Revenue Model

    Culture Circle operates as a premium marketplace connecting verified sellers with luxury fashion buyers. The platform ensures seamless transactions while maintaining strict quality controls through its proprietary technology.

    Revenue Streams:

    Culture Circle generates revenue through multiple channels, including:

    • Commission on marketplace transactions
    • Authentication and verification services
    • Premium seller services through the SourceX platform
    • Physical retail operations
    • Value-added services for premium customers

    Culture Circle – Customer Growth and Retention Strategies

    Culture Circle employs a multi-faceted approach to drive customer growth and engagement:

    • Community-First Approach: Building a strong digital community of sneaker enthusiasts and luxury fashion lovers
    • Content Strategy: Providing educational content on products, authenticity, and fashion trends to enhance consumer knowledge
    • User-Generated Content: Encouraging customers to share their collections and shopping experiences to build brand engagement
    • Trust Building: Implementing rigorous verification systems and authenticity guarantees to ensure customer confidence
    • Competitive Pricing: Offering the best market rates through a seller comparison model
    • Offline Expansion: Establishing physical stores for enhanced customer experience
    • Local Market Understanding: Adapting strategies to align with Indian consumer behaviour and preferences
    • Influencer Partnerships: Collaborating with key figures in the sneaker and streetwear community to strengthen brand credibility and outreach

    Culture Circle – Funding

    Date Round Name Amount Investors & Facilitators
    Jan ’25 Angel $350.0K Angel: Kunal Bahl, Ritesh Agarwal
    Facilitator: Shark Tank
    Nov ’24 Seed $2.0 million Institutional: Info Edge Ventures
    Angel: Ishaan Khosla, Sanil Sachar
    Feb ’24 Seed $100.0K Institutional: IIMA Ventures

    Culture Circle – Growth and Achievements

    Culture Circle Founders on Shark Tank India Season 4
    Culture Circle Founders on Shark Tank India Season 4

    Culture Circle has rapidly established itself as India’s leading luxury fashion marketplace, achieving significant milestones in a short span of time.

    • User Base: Over one million monthly active users
    • Social Media Presence: More than 210K engaged followers across platforms
    • Growth: Achieved remarkable expansion within just 11 months
    • Recent Milestone: Received the highest-ever offer of INR 8 crores on Shark Tank India
    • Strategic Investment: Accepted INR 3 crores for 3% equity from Kunal Bahl and Ritesh Agarwal

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    Culture Circle – Future Plans

    Culture Circle has ambitious plans for expansion and innovation, focusing on key growth areas:

    • Retail Expansion: Launching four physical retail locations across major Indian cities
    • Financial Target: Achieve an INR 120 crore revenue run rate by FY25
    • International Growth: Expanding into three new international regions with localised platforms
    • Product Diversification: Introducing new luxury categories, including handbags and watches
    • Technology Enhancement: Further developing computer vision AI for advanced authentication
    • Customer Experience: Implementing personalised features to enhance user engagement
    • Supply Chain: Strengthening cross-border logistics and strategic partnerships
    • Community Building: Enhancing the digital hangout space for collectors and enthusiasts

    FAQs

    What is Culture Circle?

    Culture Circle is India’s leading marketplace for authenticated luxury fashion and streetwear, connecting buyers with verified sellers for a seamless shopping experience.

    Who are the founders of Culture Circle?

    Devansh Jain Nawal and Ackshay Jain are the co-founders of Culture Circle.

    Did Culture Circle get an offer on Shark Tank India?

    Yes, Culture Circle accepted an offer of INR 3 crore for 3% equity from Kunal Bahl and Ritesh Agarwal on Shark Tank India Season 4.

  • Big Bazaar: From Retail Giant to Financial Struggles

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Who doesn’t love to buy good products at affordable rates? Undoubtedly, we all love discounts! What if there was only a single store in the city or town providing discounts? It would be very difficult for people to reach their destination and do their shopping before it gets overcrowded. Fortunately, with Big Bazaar’s shopping experience, you don’t have to feel the same way. This is because its online and offline stores are available in different parts of India.

    Big Bazaar is an Indian retail chain of hypermarkets, discount departmental stores, and grocery stores. The company provides the best offers on groceries, food items, kitchen appliances, personal care products, and more. Big Bazaar provides a platform to do your shopping with big discounts. In other words, Big Bazaar is another name for big discounts.

    The Future Group subsidiary has been in the news regularly for the dire conditions that it was in, which prompted Reliance to acquire the same, almost suddenly, undermining the Amazon 2019 deal, when the Bezos-led company infused around $200 mn in a unit of Future Group. This court fight triangle involving Amazon-Future Group and Reliance has ultimately marked a victory for Amazon.

    Read the Big Bazaar success story below to know more about Big Bazaar, Big Bazaar’s history, Big Bazaar’s branches in India, the owner of Big Bazaar, and more.

    Big Bazaar Introduction

    Company Name Big Bazaar
    Headquarters Mumbai, Maharashtra, India
    Industry Retail
    Founder Kishore Biyani
    Founded 2001
    Website bigbazaar.com

    About Big Bazaar
    Big Bazaar – Startup Story
    Big Bazaar – Founder and Team
    Big Bazaar – Tagline, Slogan and Logo
    Big Bazaar – Business Model
    Big Bazaar – Revenue Model
    Big Bazaar – Growth
    Big Bazaar – Financials
    Big Bazaar – Challenges
    Big Bazaar – Competitors
    Big Bazaar – Future Plans

    About Big Bazaar

    Clothing Section, Big Bazaar, Delhi
    Clothing Section, Big Bazaar, Delhi

    Big Bazaar is a company that operates a chain of departmental and grocery stores offering vegetables, fruits, dairy, personal products, garments, etc. Big Bazaar is also the parent company of Fashion at Big Bazaar, eZone, and Food Bazaar. It is one of the largest and oldest chains of departmental stores in India, which is owned by Future Group.

    In 2020, Big Bazaar was acquired by Reliance Retail, the retail arm of Reliance Industries, as part of a ₹24,713 crore ($3.36 billion) deal for the Future Group. However, the acquisition was canceled on 23 April 2022 after creditors of Future Retail (FRL) voted against proceeding. Following this, Reliance Retail introduced its new retail format, Reliance Smart Bazaar, to cater to consumer needs.

    Big Bazaar – Startup Story

    Kishore Biyani, the owner of Big Bazaar, had big dreams for his business as he was from a business family. Biyani’s grandfather owned a clothing business, which is why Kishore was into the business from a very early age, as was his family, all involved in their clothing business. However, what separated Biyani from the other members of his family was his big dream of doing something unique for himself and others. This is what led him to design a retail store that would have everything under one roof. Big Bazaar resulted from his brainstorming, dedication, and hard work. Biyani had already made Pantaloons a big hit as a fashion and retail store since he founded it in 1997. Now, after Big Bazaar was founded in 2001, he took the retail industry by storm.

    He opened his first departmental store in Kolkata after renting and converting the place into a 10,000-square-foot store, which was twice the size of any store in Kolkata back then. Within the next 22 days, he opened more than 2 more stores in the city, and within a year, Biyani successfully opened over 50 stores all across the country. Big Bazaar started spreading across the country, and with the warm reception that the brand has seen, Biyani’s Big Bazaar stores surpassed the 100-mark by 2009.

    The idea for Big Bazaar came from ‘Saravana Stores’, which is the largest family-owned retail store in India. Biyani mentioned Saravana stores’ shopping as an “experience”. Thus, this store inspired Kishore Biyani highly, as mentioned by Biyani in his autobiography. Biyani has also been quoted saying that Saravana Stores is “India’s No.1 retail store in one locality.”

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    Big Bazaar – Founder and Team

    Kishore Biyani

    Kishore Biyani | Founder and CEO | Future Group
    Kishore Biyani – Owner of Big Bazaar

    Kishore Biyani is an Indian businessman, an organizer, a trader, and also a failed filmmaker. He is better known as the Founder and the CEO of the Future Group, which is one of India’s biggest retail chains. Kishore Biyani is also the founder of companies like Big Bazaar and Pantaloons. He was born on 9th August 1961, in Mumbai, to a family that has been involved in the business since the period of his grandfather. His grandfather had a clothes shop when it used to be known as Bombay.

    Biyani graduated from HR College, from where he obtained a B.Com degree. Though he finished his college education, Biyani was not interested in studying and took delight in wandering and devoting his time and efforts to business. He started making trousers when he was 22. Biyani then started his work at Bansi Silk Mills. Biyani started his own business in 1983, in which he used to commission the manufacture of fashionable fabric for sale to garment manufacturers. Kishore Biyani eventually launched his new business called Manz Wear Private Limited, with which he also launched his brand that he called “WBB”, which implied “white, brown, and blue”, the basic colours of fabric for men’s trousers. This led to his launch of “Pantaloons”, which was named from “patloon”, the trousers as they are called in Hindi. Pantaloons went to be a big hit, after which Big Bazaar was launched, under Future Group, which made Kishore Biyani the retail king!

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    Big Bazaar Logo
    Big Bazaar Logo

    Big Bazaar is currently operating with the tagline “Naye India Ka Bazaar”, which was decided on November 17, 2011, replacing the earlier one that said “isse sasta aur accha kahin nahi!”.

    Big Bazaar – Business Model

    Big Bazaar operates on a B2C business model. It offers numerous products on a single platform to its consumers. It is considered to be one of the largest departmental stores in India. The company provides awesome discounts and offers to the customers. This is the only factor that attracts all sorts of people to Big Bazaar.

    Products like home and furniture, electronics, jewelry, toys, sporting and fitness, grocery, clothing, movie and music, footwear, craft and party supplies, stationery, kitchen appliances, etc., can all be found under one roof. This is the specialty. The principle of the company is low margin and high turnover. This is the only reason behind finding offers every time in the stores.

    Big Bazaar – Revenue Model

    Founded in 2001 with a single store, it had more than 400 stores in over 200+ tier 1, 2, & 3 cities in India as of 2024. The revenue model of Big Bazaar is very clear – just selling more products at their price by using the following tactics:

    • Bulk Purchase: Big Bazaar purchases all the items in bulk from the manufacturer at a low price, then sells them to the consumer after adding its margin price.
    • Product Bundling: Big Bazaar bundles the slow-moving products with high-moving products to clear its stock and provide them to customers at a discounted rate. This helps them in stock clearance. Also, product bundling can be witnessed from the manufacturer’s side as well. Sometimes, the manufacturers anticipate the wrong demand and produce the product in large quantities. To maintain the inventory, the manufacturer sells them at a discount. Eventually, companies like Big Bazaar purchase those products at discount rates and sell them at a profit.
    • Leveraging the products: The Companies like Big Bazaar leverage a particular brand’s product in order to increase its visibility in the store. The customer may find the product of any brand in a particular section of the store.

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    Big Bazaar – Growth

    Being one of the oldest and largest chains of retail stores, Big Bazaar has been ailed for its wide variety of quality products at affordable prices. Founded in 2001, when Big Bazaar’s popularity started to skyrocket, the retail stores have also claimed to have served over 2 million customers each week. It has also been said that more than 300 million customers visited and revisited Big Bazaar in a year. However, since 2017, Big Bazaar’s struggle against debts became prominent, and by 2019, many of its stores were closed down. The pandemic outbreak happened in 2020, which wiped away even the sales that Big Bazaar was seeing. This led Future Group to sell Big Bazaar to Reliance Industries. It has previously missed lease payments to Reliance also, which was apparent as its website was also down.

    All of these led Reliance Retail, the retail division of Reliance Industries, to buy out Big Bazaar as a part of the Rs 24713 crore ($3.36 bn) sale transaction of Future Group. However, this sudden acquisition was disputed by Amazon, and Future Retail Group’s (FRL) secured creditors, and eventually received a “no” from the Singapore Court. However, Reliance fraudulently started acquiring the Big Bazaar stores and has already acquired around 900 of its stores, when the Mukesh Ambani-led company said that they were paying rent for 9 months and couldn’t do anything more. These ended with the Supreme Court’s final verdict on August 6, 2021, when the apex court called off the Reliance-Future Group deal. The Future Group deal sprouted many controversies and facts about Future Group, the Jeff Bezos-led Amazon, which is now led by Andy Jassy, and Reliance.

    Big Bazaar – Financials

    Big Bazaar saw significant financial distress in FY21, with a sharp decline in revenue and a huge loss of INR 3,189.5 crore compared to previous years. The Future Group generated a total revenue of INR 5,116.76 Crores in FY 2024.

    Particulars FY21 FY20 FY19 FY18 FY17
    Revenue INR 6,560.9 crore INR 20,418.4 crore INR 20,355.7 crore INR 18,489.6 crore INR 17,098.9 crore
    Expenses INR 9,729.4 crore INR 20,400.6 crore INR 19,628.3 crore INR 17,874.5 crore INR 16,730.6 crore
    Profit/Loss INR -3,189.5 crore INR 11.3 crore INR 727.2 crore INR 11.3 crore INR 368.3 crore

    Revenue in FY21 dropped sharply to INR 6,560.9 crore from INR 20,418.4 crore in FY20, while losses widened to INR 3,189.5 crore.

    Big Bazaar Revenue Breakdown:

    Particulars FY21 FY20
    Revenue from operations INR 6,303.9 crore INR 20,331.7 crore
    Other income INR 256.9 crore INR 86.7 crore
    Total Revenue INR 6,560.9 crore INR 20,418.4 crore

    Revenue from operations fell by over 69% from FY20 to FY21, reflecting a major downturn in business performance.

    Big Bazaar Expenses Breakdown:

    Particulars FY21 FY20
    Purchases of stock-in-trade INR 3,777.8 crore INR 15,173.3 crore
    Employee benefit expense INR 575.6 crore INR 977.5 crore
    Finance costs INR 1,471 crore INR 1,025.8 crore
    Depreciation & Amortization INR 1,382.8 crore INR 1,098.7 crore
    Other expenses INR 1,278.4 crore INR 2,287.2 crore
    Total Expenses INR 9,729.4 crore INR 20,400.6 crore

    Major cost reductions were seen in inventory and employee expenses, but finance costs increased, reflecting rising debt burdens.

    Big Bazaar Profit/Loss:

    Particulars FY21 FY20
    Gross Profit (INR 3,168.5 crore) INR 17.8 crore
    Operating Profit (INR 3,168.5 crore) INR 14.1 crore
    Net Profit/(Loss) (INR 3,189.5 crore) INR 11.3 crore

    Big Bazaar shifted from a profit of INR 11.3 crore in FY20 to a massive loss of INR 3,189.5 crore in FY21, indicating severe financial distress.

    Quick Summary:

    • Revenue declined by 69%, showing a sharp downturn in business performance.
    • Expenses were reduced, but finance costs increased, indicating higher debt burdens.
    • A net profit of INR 11.3 crore in FY20 turned into a massive loss of INR 3,189.5 crore in FY21, reflecting financial instability.

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    Big Bazaar – Challenges

    Though Kishore Biyani’s Big Bazaar almost seems to have smooth sailing, it has witnessed its own fair share of challenges. Rising debts and the onslaught of the coronavirus pandemic were 2 main factors that marred the popularity of the retail chain. Big Bazaar’s rents were paid by Reliance, claimed a Reliance spokesperson when Reliance fraudulently acquired 900 Big Bazaar stores. Though Future Group wanted to sell Big Bazaar to Reliance, thereby getting rid of its debts, that didn’t happen because the Supreme Court decided to call off the Reliance-Future Group deal. The Big Bazaar and FBB stores are closing rapidly. Where more than 260 stores were earlier closed due to non-payment of debts, 300 Big Bazaar stores have been known as operational, as per the latest updates dated May 9, 2022.

    Big Bazaar customers are left amused with their vouchers as they see the Big Bazaar stores closed day after day, while in some cases, the Big Bazaar employees also complained about not receiving their salaries.

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    Big Bazaar – Competitors

    The top competitors of Big Bazaar are DMart, Bigbasket, Grofers now Blinkit, and Reliance Fresh.

    • DMart is the top competitor of Big Bazaar. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 2000. DMart is the counterpart of Big Bazaar.
    • Bigbasket is one of the top rivals of Big Bazaar. The company is headquartered in Bangalore, Karnataka, India, and was founded in 2011. The Tata-owned grocery company brings a wide variety of products, including grocery and essentials, poultry, meat, fish, and more.
    • Grofers (now Blinkit) is perceived as one of the top competitors of Big Bazaar. The company is headquartered in Gurgaon, India, and was founded in 2014. It operates in the grocery sector.
    • Reliance Fresh is a subsidiary of Reliance Retail, which has been designed in a convenience store format that offers a wide selection of products to the customers.

    Big Bazaar – Future Plans

    Big Bazaar has earlier mentioned its potential expansion in the tier-II cities of India, especially those that are less impacted by the Covid-19 pandemic and have greater aspirations. However, we are here now with most of the Big Bazaar stores closed, overlooking none less than a miracle after the calling off of the Reliance and Future Group deal. Whether Big Bazaar will be concentrating more on the expansion strategy or merging with any other companies is still undisclosed, but the Kishore Biyani-founded company cannot simply sustain the losses they have witnessed.

    FAQs

    What is Big Bazaar?

    Big Bazaar is a departmental store that provides a shopping platform for groceries, food items, kitchen appliances, personal care products, and more at discounted rates. It caters to every need of your family.

    Who is Big Bazaar owner?

    Kishore Biyani is the founder of Big Bazaar.

    When was Big Bazaar founded?

    Big Bazaar was founded in 2001.

    Who is Big Bazaar CEO?

    Sadashiv Nayak was the CEO of Big Bazaar before he resigned, effective from March 31, 2022.

    Where is the Big Bazaar head office?

    Big Bazaar’s head office is in Mumbai.

    What is Big Bazaar tagline?

    Naye India ka Bazaar is the latest tagline of Big Bazaar.

  • Phool Startup Story: Transforming Temple Waste into Sustainable Innovation

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    The concerns related to waste management are very crucial in India. We need to understand that waste has a strong negative impact on nature and can cause any form of pollution, whether we’re talking about recycling or dumping accumulated junk from our home, workplace, or industry.

    The commitment of people to maintaining a clean and healthy environment falls on households as well, who must ensure that their trash is managed properly. Industries everywhere are becoming more concerned about the effects of their manufacturing processes on the environment and are continually investing in more environmentally friendly production processes. Waste management is not only healthy for the environment but also for us to have a healthy life.

    When talking about the dumping of waste, the most common place to dump is water. India is a land of many temples and religious beliefs. Most of these temples are usually constructed near the holy river Ganges, the Mother Goddess.

    For instance, take the example of the river Ganges in Varanasi, the spiritual capital of India. Millions of people come to this place and bathe to cleanse themselves of sin. In the act, a lot of flowers are being dumped into the river, thus polluting it with the flowers’ harmful insecticides.

    If someone is bringing a change in the system and doing something about the flower waste problem in India’s rivers, it is this biomaterial startup company called Phool.co.

    Phool.co was founded in 2017 and is owned by Kanpur Flowercycling Pvt. Ltd. The company is engaged in collecting temple flower waste dumped in rivers across India. Once collected, they use these flowers to make incense sticks and other such biodegradable products.

    Read on to uncover more about Phool’s story, founders and team, business model, challenges faced, competition, investors, and future plans.

    Phool.co – Company Highlights

    Startup Name Phool
    Headquarters Kanpur, India
    Sector Private
    Industry Recycling industry
    Founder Ankit Agarwal
    Founded 2017
    Website phool.co

    Phool.co – About
    Phool.co – Industry
    Phool.co – Founder
    Phool.co – Startup Story
    Phool.co – Mission and Vision
    Phool.co – Name, Logo, and Tagline
    Phool.co – Business Model
    Phool.co – Revenue Model
    Phool.co – Financials
    Phool.co – Challenges Faced
    Phool.co – Funding and Investors
    Phool.co – Shareholding
    Phool.co – Advertisements and Social Media Campaigns
    Phool.co – Competitors
    Phool.co – Awards and Achievements
    Phool.co – Future Plans

    Phool.co – About

    Kanpur Flowercyling Pvt. Ltd., which was created in 2017, is the owner of the Phool brand. Since that time, 11,060 metric tonnes of temple garbage have been recycled. Eventually, the business was divided into HelpUsGreen and Phool.

    It is reported, that in South Asia itself, about eight million tonnes of flowers are thrown into rivers each year for religious purposes. Therefore, this is causing the River Ganges, which provides drinking water to over 400 million people, to become more polluted. To help reduce the pollution, Phool came up with the idea, ‘flowercycling’ to become the solution to the massive temple waste problem in India.

    Phool is an Indian biomaterials startup that is doing its part in cleaning up the River Ganges by collecting the flowers from temples and mosques dumped into the river and recycling them to produce more eco-friendly products. It is a for-profit company that works with Dalit women to upcycle floral waste into high-margin products, including incense sticks, organic compost, and a biodegradable substitute for Styrofoam.

    Phool endeavors to divert this harmful waste from the Ganges, thereby enhancing the health of the river, by collecting more than 4 tonnes of floral waste daily from temples in Uttar Pradesh.

    Phool.co – Industry

    Phool startup belongs to the recycling industry. It is quite clear that due to the high population density and growing industrial activity, which are producing large volumes of debris, both perilous and non-hazardous, India’s waste management market is expanding at a healthy rate.

    On the development note, these recycling industries are yet to get the right set of exposure in technology. As per sources, only 30% of the country’s 75% recyclable garbage is being recycled. This poor way of waste management in the nation is caused by a variety of factors, such as a lack of effective infrastructure and inadequate regulations for garbage collection, disposal, and recycling.

    The waste management sector in India has enormous potential. If only they are given innovative solutions, then India could become the primary reason for reducing waste in the rivers and oceans.

    Phool.co – Founder

    Phool.co was founded by Ankit Agarwal in 2017.

    Ankit Agarwal

    Ankit Agarwal, Founder and CEO of Phool.co
    Ankit Agarwal- Phool Founder and CEO

    Ankit Agarwal is the founder and CEO of Phool.co. He graduated with a Bachelor of Science in Computer Engineering from PICT in Pune before going on to complete a Master’s degree in Innovation Management at Symbiosis International University in Pune.

    Ankit started his career as a project intern at Symantec and later on became an Automation Engineer at the same company. He has published around 17 research papers and a Patent. He is a member of Asia Society and Asia 21 Young Leader 2016.

    Ankit Agarwal has been featured in Forbes 30 under 30. Recently, he also has received many accolades, such as the prestigious United Nations Young Leader for Sustainable Development Goals Award, the Takeda Young Global Entrepreneur Award, the Unilever Young Entrepreneur Awards, and the GSG Millennial Honor.

    Phool.co – Startup Story

    The idea of Phool came into existence when Kanpur-based Ankit Agarwal visited the ghats in his hometown with a childhood friend. Upon seeing the river, when many devotees came and performed rituals, they were shocked to see the amount of trash bottling up the river.

    An idea struck Ankit that if he had to improve marine life, then he had to collect the wasted flowers and recycle them. At first, it was challenging as none of the temple management was ready to give up their flowery wastes.

    But this didn’t stop Ankit, as he would still go about and pitch his idea of recycling to various stakeholders and deliver the notion of taking care of temple waste management in the country. After much research and waiting for the right opportunity, the company finally manufactured its first flower-cycled incense.

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    Phool.co – Mission and Vision

    Phool’s mission is loud and clear by the way they do their work. Their mission reads, “Our mission is to repurpose the waste coming from places of worship; it was the birth of Phool.”

    The company envisions itself to empower vulnerable people and preserve the river Ganges from pollution.

    Phool.co – Name, Logo, and Tagline

    The name of the company is derived from the Hindi word ‘Phool’, which means flower.

    As we can see, the logo appears to be the word Phool itself with its tagline underneath, “Made from the Temple Flowers”

    Phool Logo
    Phool Logo

    Phool.co – Business Model

    The business model of Phool is a circular economy model. It encompasses both B2B and B2C business models. The company’s business is to collect flowers and convert them into diverse products, such as organic vermicompost, incense sticks, soap, vegan leather goods, and other biodegradable packaging materials.

    The R&D department of Phool is their greatest asset. Technical entrepreneurs find fulfillment in developing new goods and finding solutions to issues. Their main focus is to worry about how to create a product rather than commercialising their products.

    The products at Phool are handcrafted by women from vulnerable backgrounds who go to collect flowers from the temples, giving them a source of livelihood themselves while managing the waste issue.

    Some of the products by Phool are also made using Tulsi, or holy basil, seeds, which are impregnated in seed paper and ink simulated from vegetable dyes to develop compostable packages.

    The user only needs to unfold the paper, bury it in a pot with dirt, water it frequently, and watch the seeds grow into a Tulsi plant after using the incense or flowers.

    Customers who buy these compostable packages can post pictures of their plants and receive product discounts by scanning a QR code on the pack, which directs them to a microsite.

    One of the other major product ranges by Phool includes vermicompost made from ‘mitti’, which means mud. This mitti is an enzyme and nutrient-rich mineral shot that energises the soil. The entire production of mitti is produced using biological methods, has no carbon imprint, and is devoid of all chemicals and carcinogens.

    A source of income for the local women

    Phool has employed women from the local villages who used to be manual scavengers. Before joining Phool, these women used to earn their bread and butter by removing human waste from dry latrines and sewers, loading it into cane baskets, and bringing it outside the village to be disposed of. Today, these women are proud of joining Phool, where they have secure bank accounts and access to safe and healthy drinking water and toilets and earn over Rs 7,000 per month.

    Key Products of Phool with its business model

    • Incense Sticks (B2C) – These include DIY Incense sticks, incense cones, and flower grow kits.
    • Fashion Industry & Packaging Materials for Products (B2B) – Vegan leather goods made from flowers, packaging material called ‘Florafoam’.

    Phool has its incubation center at the Startup Incubation and Innovation Centre, IIT Kanpur.

    Phool.co – Revenue Model

    Phool generates its revenue by selling incense sticks through its online e-commerce website, Phool.co. They have a wide variety of products displayed on their website from which customers can choose depending upon the product they like.

    The company is also involved with business-to-business markets such as the fashion industry and offers packaging materials, from which they yield their revenue.

    It is estimated that the company’s revenue is approximately $15 million as of now. The previous two years have seen 130 percent YoY growth for Phool, which has increased its operations.

    Phool.co – Financials

    Phool has shown significant revenue growth over the past few years, increasing from INR 3 crore in FY20 to INR 50 crore in FY24. However, the company continues to operate at a loss, with expenses consistently exceeding revenue.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 50 crore INR 28.6 crore INR 15.4 crore INR 7.1 crore INR 3 crore
    Expenses INR 55.2 crore INR 32.1 crore INR 17.2 crore INR 8.9 crore INR 3.7 crore
    Profit/Loss INR -5.2 crore INR -3.6 crore INR -1.8 crore INR -2.4 crore INR -0.2 crore

    Revenue has increased significantly from INR 28.6 crore in FY23 to INR 50 crore in FY24. However, losses have also widened to INR 5.2 crore in FY24 from INR 3.6 crore in FY23 due to rising expenses.

    Phool Financials
    Phool Financials

    Phool.co Revenue Breakdown:

    Particulars FY24 FY23
    Revenue from operations INR 48.7 crore INR 26.4 crore
    Other income INR 1.3 crore INR 2.2 crore
    Total Revenue INR 50 crore INR 28.6 crore

    Phool’s revenue from operations surged from INR 26.4 crore in FY23 to INR 48.7 crore in FY24. However, other income dropped from INR 2.2 crore to INR 1.3 crore.

    Phool Profit/Loss Breakdown:

    Particulars FY24 FY23
    Gross Profit INR 26.2 crore INR 15.3 crore
    Operating Profit (INR 3.7 crore) (INR 2.7 crore)
    Net Profit/(Loss) (INR 5.2 crore) (INR 3.6 crore)

    Despite an increase in gross profit, Phool startup remains in loss, with net losses widening from INR 3.6 crore in FY23 to INR 5.2 crore in FY24.

    Phool Expense Breakdown:

    Particulars FY24 FY23
    Cost of Materials INR 22.5 crore INR 11.1 crore
    Employee Expenses INR 9 crore INR 5.6 crore
    Other Expenses INR 21.5 crore INR 14.1 crore
    Total Expenses INR 55.2 crore INR 32.1 crore

    Phool’s total expenses surged from INR 32.1 crore in FY23 to INR 55.2 crore in FY24, mainly due to increased costs in materials and employee expenses.

    Quick Summary (FY24 vs. FY23):

    • Revenue Growth: Increased by INR 21.4 crore, driven by higher operational income.
    • Expenses Surge: Increased by INR 23.1 crore, mainly due to higher material and employee costs.
    • Profitability: Loss widened from INR 3.6 crore to INR 5.2 crore.
    • Business Implications: While Phool is scaling, rising expenses are impacting profitability. Cost optimization is crucial for future growth.

    Phool.co – Challenges Faced

    The biggest challenge faced by Phool is collecting the thousands of flower waste from the rivers. It is calculated that more than 800 million metric tonnes per year of flowers are thrown into the River Ganges. These flowers rot and fill the water with their chemical insecticides.

    The company is largely involved in manufacturing incense sticks for which they need these flowers fresh. If the flowers are left for a longer period in the water bodies, then they lose their importance.

    Phool.co – Funding and Investors

    In total, Phool has raised $9.4M in investment across 4 rounds. The company had announced that the Bollywood actress, Alia Bhatt is one of the investors of the company.

    Here’s what Alia Bhatt said about her investment: “Phool incense stands out for its fine natural fragrances and amazing packaging. I admire the founder’s vision of making incense and bio-leather from recycled flowers that contribute to keeping our rivers clean, creating a humane alternative to leather, and providing employment to women in India’s heartland.”

    Phool is also backed by the Indian Institute of Technology, Kanpur. The institute has helped the company grow since its early days.

    Date Funding Round Amount Investors
    April 4, 2022 Series A ₹605M Sixth Sense Ventures
    October 7, 2021 Seed Round Undisclosed Alia Bhatt
    Aug 27, 2020 Seed Round $1.4M Indian Angel Network, The Draper Richards Kaplan Foundation, and IIT, Kanpur
    Apr 3, 2019 Non-equity Assistance – –

    Phool also claims it has other companies as its funding partners, such as TATA TRUSTS and Balmer Lawrie & Co. Ltd.

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    Phool.co – Shareholding

    Phool’s shareholding pattern as of January 2025, sourced from Tracxn:

    Phool Shareholders Percentage
    Ankit Agarwal 28.4%
    Prateek Kumar 3.1%
    Sixth Sense Ventures 29.9%
    Indian Angel Network 18.3%
    Social Alpha 3.2%
    iYa Ventures 1.6%
    Indian Institute of Technology Kanpur 0.8%
    Draper Richards Kaplan Foundation 0.6%
    Eternal Sunshine Productions 3.0%
    The Knowledge Company 0.1%
    Balmer Lawrie & Co. –
    Angel 6.9%
    Other People 0.7%
    ESOP Pool 3.5%
    Total 100.0%
    Phool Shareholding
    Phool Shareholding

    Phool.co – Advertisements and Social Media Campaigns

    In 2022, at the time of Holi, Phool came up with the campaign #PhoolWaliHoli to encourage people to use organic colors that are actually made from flowers. During that time, the company unveiled ‘Phool Natural Gulaal’ made with 100% pure plant materials, in its social media campaign.

    Phool.co – Competitors

    Here are some of the competitors of Phool:

    Holywaste

    Founded in 2018 and based in Hyderabad, Holywaste recycles flower waste from temples. It has cooperated with many temples, organisers of special events, decorators, and anybody else who produces floral waste. Today, it operates 40 temples, two flower stands, and a market area that diverts over 200 kg of floral waste every day from dumps and lakes.

    Yuvan

    With assistance from the Dr. Y.S. Parmar University of Horticulture and Forestry in Nauni, businessman Ravinder Prashar of Una created incense sticks utilising floral gifts from temples. It offers fragrances like rose, sandal, and lavender.

    Essent by Apran

    Children from the SRCC Chapter of the Connecting Dreams Foundation started the social innovation company Esscent by Arpan to quickly turn dried flower waste into high-quality floral incense products like twigs, cones, and candles.

    Aaruhi Enterprise

    Gurugram-based entrepreneurs Poonam and Pinky started Aaruhi Enterprises in 2019. So far, the company has been using garland strands to create dhoop-baati, idols, ornaments, and even air fresheners. Five women are currently employed by Aaruhi, and 500 more have received floral product manufacturing training.

    Phool.co – Awards and Achievements

    Phool has received several international recognitions as follows

    • United Nations Young Leaders Award for Sustainable Development Goals
    • United Nations Momentum of Change Award at COP 2018
    • Asia Sustainability Award 2020, Hong Kong
    • Alquity Transforming Lives Awards, London
    • Breaking the Wall of Science, Berlin
    • Wharton India Economic Forum
    • BIRAC Innovator Award 2021 for FLEATHER by The Hon’ble Vice President of India Shri Venkaiah Naidu Ji

    Key Milestones:

    • There have been 11,060 metric tonnes of temple garbage flowercycled to date.
    • 73 households who used to work as manual scavengers now make at least six times as much money after being employed by Phool.
    • Phool has impacted 365 families by raising living standards and ensuring steady earnings.
    • After joining Phool, mothers of 19 children who previously worked as manual scavengers have begun enrolling them in school.

    Phool.co – Future Plans

    As the flower recycling industry is growing slowly in India, Phool company is planning to expand its operations. The fact is that what Phool is doing in terms of recycling can be easily duplicated by other competitors.

    The company currently operates in four cities in Uttar Pradesh and is in talks to expand to other countries like Bangladesh and Nepal. Phool is already in the discussion phase with the Government of India to scale up its growth across India.

    The company is also planning to hire more women to increase its production process.

    FAQs

    Who is Phool founder?

    Ankit Agarwal is the founder and CEO of Phool.co.

    How was Phool.co started?

    When the founder of Phool.co visited his village Kanpur where he saw the waste and then planned to use wasted flowers and recycle them.

    When was the Phool.co founded?

    Phool.co was started in 2015.

    What is Phool company turnover?

    Phool startup reported a revenue of 50 crores in 2024.

    Who is Phool company owner?

    Phool is an Indian biomaterials startup, founded in 2017 by Ankit Agarwal and Prateek Kumar, that repurposes temple flower waste from Kanpur’s rivers into sustainable products.

    What is Phool company net worth?

    Phool has a valuation of $23.2 million as of 2022, as sourced from Tracxn.

    What is Phool business model?

    Phool collects temple flower waste, processes it into eco-friendly products like incense and vegan leather, and sells them through D2C and B2B channels.

  • Success Story of Britannia: A Legacy of Trust and Innovation in Every Bite

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Britannia Industries is one of India’s leading food companies, with a 100-year legacy and annual revenues in excess of INR 16,000 crore. Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusks, and Dairy products, including Cheese, Beverages, Milk, and Yoghurt.

    Britannia is a brand that many generations of Indians have grown up with and is cherished and loved in India and the world over. Brand Britannia is listed amongst the most trusted, valuable, and popular brands in various surveys conducted by prestigious organizations.

    Know the Success Story of Britannia in the article ahead. Also, get a glance at Britannia’s company profile and know about the history of Britannia company, owner of Britannia company, Britannia’s Business Model, Founders, Revenue Model & more…

    Britannia Introduction

    Startup Name Britannia Industries Limited
    Headquarters Kolkata, West Bengal, India
    Industry Food Processing
    Parent Company and Owner Wadia Group
    Founded 1892
    Areas served Worldwide
    Website www.britannia.co.in

    About Britannia and How it Works?
    Britannia – Logo and its Meaning
    Britannia – Founder and History
    Britannia – Mission
    Britannia – Products
    Britannia – Business Model
    Britannia – Revenue and Growth
    Britannia – Financials
    Britannia – Acquisitions
    Britannia – Competitors
    Britannia – Challenges Faced
    Britannia – Future Plans

    Britannia Company

    About Britannia and How it Works?

    Britannia Industries Limited is a food company, that is engaged in the manufacture of Biscuits, Bread, Cakes, Rusks, and Dairy products, including Cheese, Beverages, Milk, and Yoghurt. The Company operates through the Foods segment, which comprises bakery and dairy products.

    The Company’s product brands under the biscuits category include Good Day, Crackers, NutriChoice, Marie Gold, Tiger, Milk Bikis, Jim Jam + Treat, Bourbon, Little Hearts, Pure Magic, and Nice Time. Its products under bread include Whole Wheat Breads, White Sandwich Breads, and Bread Assortment. Its products under the dairy category include Cheese, Fresh Dairy, and Accompaniments. Its products under the cakes category include Bar Cakes, Veg Cakes, Chunk Cake, Nut & Raisin Romance, and Mufills. Its product under the rusk category includes Premium Bake.

    The products of the Company are exported across the world, which include Gulf Cooperation Council Countries (GCC), African Countries, and American Countries. Its subsidiaries include Manna Foods Private Limited and International Bakery Products Limited.

    Britannia – Logo and its Meaning

    Logo of Britannia Industries Ltd.
    Britannia Logo

    As explained by a spokesperson of Britannia, Britannia’s new logo signifies “rebranding as the Total Foods Company from now on with the expansion of its offerings in both healthy and indulgent products. The wings of a bird signify freedom to choose, whenever and wherever you want to enjoy your food.”

    Britannia – Founder and History

    Britannia Industry was founded in 1892 by a group of British businessmen with an investment of ₹295. Initially, biscuits were manufactured in a small house in central Kolkata.

    • 1918 – The Company was born on 21st March of the year 1918 as a public limited company.
    • 1921 – Britannia became the first company east of the Suez Canal to use imported gas ovens. Britannia’s business was flourishing. But more importantly, Britannia was acquiring a reputation for quality and value. As a result, during the tragic World War II, the Government reposed its trust in Britannia by contracting it to supply large quantities of ‘service biscuits’ to the armed forces.
    • 1924 – A new factory was established in the year 1924 in Mumbai. In the same year, the Company became a subsidiary of Peek Frean & Company Limited UK, a leading biscuit manufacturing company and further strengthened its position by expanding the factories at Calcutta and Mumbai.
    • 1952 – The Kolkata factory was shifted from Dum Dum to spacious grounds at Taratola Road in the suburbs of Kolkata. During the same year, automatic plants were installed in Calcutta.
    • 1954 – The automatic plants were installed in the Mumbai plant. Also in the same year, the development of high-quality sliced and wrapped bread in India was initiated by the company and was first manufactured in Delhi.
    • 1965 – A new bread bakery was set up in Delhi in the year 1965.
    • 1975 – Britannia Biscuit Company takes over biscuit distribution from Parry’s during the year 1975.
    • 1976 – The company introduced Britannia bread in Calcutta and Chennai.
    • 1978 – The company made a Public issue in that Indian shareholding crossed 60%.
    • 1979 – The Company redefined itself from Britannia Biscuit Company Limited to Britannia Industries Limited.

    Fast forward to the Current Status of 2025 – Britannia is one of India’s oldest existing companies. It is now part of the Wadia Group headed by Nusli Wadia and is the owner of Britannia. The company’s revenue stood at INR 16,769.3 crores INR in 2024. Varun Berry is the Executive Vice-chairman and Managing Director of Britannia Industries.

    Ranjeet Kohli was the CEO of the company since 2022, and he resigned in March 2025.

    Britannia – Mission

    The mission statement of Britannia says, “To improve the financial health of our members and customers by satisfying their evolving borrowing, investment and housing needs.”

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    Britannia – Products

    Britannia Industry Products
    Britannia Industry Products

    Bakery Products: Biscuits account for 95% of Britannia’s annual revenue. The company’s factories have an annual capacity of 433,000 tonnes. The brand names of Britannia’s biscuits include VitaMarieGold, Tiger Biscuits, Nutrichoice, Good day, 50-50, Treat, Pure Magic, Milk Bikis, Bourbon, Nice Time, and Little Hearts, amongst others.

    In 2006, Tiger, the mass market brand, realized $150.75 million in sales, including exports to the U.S. and Australia. This amounts to 20% of Britannia’s revenues for that year.

    Dairy Products: Dairy products contribute close to 5% to Britannia’s revenue. The company not only markets dairy products to the public but also trades dairy commodities business-to-business. Its dairy portfolio grew to 47% in 2000-01 and by 30% in 2001-02.

    Britannia – Business Model

    The company operates in two business segments, namely, bakery products and dairy products. The company derives ~95% of its revenue from the biscuits segment while ~5% of its total sales coming from the non-biscuits category (dairy) and the International market.

    The company’s Dairy business contributes close to 5 per cent of revenue, and Britannia dairy products directly reach 100,000 outlets. Britannia Bread is the largest brand in the organized bread market, with an annual turnover of over 1 lac tons in volume and Rs.450 crores in value. The business operates with 13 factories and 4 franchisees, selling close to 1 million loaves daily across more than 100 cities and towns in India.

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    Britannia – Revenue and Growth

    Between 1998 and 2001, the company’s sales grew at a compound annual rate of 16% against the market, and operating profits reached 18%. Presently, the company has been growing at 27% a year, compared to the industry’s growth rate of 20%. At present, 90% of Britannia’s annual revenue of Rs 22 billion comes from biscuits.

    Britannia is one of India’s 100 Most Trusted brands listed in The Brand Trust Report. Britannia has an estimated market share of 38%.

    Britannia – Financials

    Britannia Industries has shown steady revenue growth over the years while managing its expenses efficiently. However, its net profit in FY24 declined by 7.8% compared to FY23.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 16,983.5 Crore INR 16,516.4 Crore INR 14,359.1 Crore INR 13,449 Crore INR 11,879 Crore
    Expenses INR 14,063.9 Crore INR 13,864.6 Crore INR 12,279.6 Crore INR 10,935.6 Crore INR 10,018.1 Crore
    Net Profit/Loss INR 2,134.2 Crore INR 2,316.3 Crore INR 1,516 Crore INR 1,850.6 Crore INR 1,393.6 Crore
    Britannia Financials FY24
    Britannia Financials FY24

    Revenue grew by 2.8% in FY24 over FY23, but net profit declined by 7.8% due to rising expenses.

    Britannia Industries Revenue

    Britannia has maintained steady revenue growth, supported by strong demand and expansion efforts.

    Particulars FY24 FY23
    Revenue from Operations INR 16,769.3 Crore INR 16,300.5 Crore
    Other Income INR 214.2 Crore INR 215.9 Crore
    Total Revenue INR 16,983.5 Crore INR 16,516.4 Crore

    Britannia Industries Profit/Loss

    Despite revenue growth, profitability declined due to higher operational costs.

    Particulars FY24 FY23
    Gross Profit INR 2,919.6 Crore INR 2,651.8 Crore
    Operating Profit INR 2,657.2 Crore INR 2,079.3 Crore
    Net Profit/Loss INR 2,134.2 Crore INR 2,316.3 Crore

    Net profit declined by 7.8% in FY24, despite an increase in gross profit.

    Britannia Industries Expenses

    Expense management remains crucial for profitability, with higher costs affecting margins.

    Particulars FY24 FY23
    Cost of Materials Consumed INR 8,546.9 Crore INR 8,326.7 Crore
    Employee Benefits Expense INR 708.7 Crore INR 658.4 Crore
    Finance Costs INR 164.0 Crore INR 169.1 Crore
    Depreciation & Amortization INR 300.5 Crore INR 225.9 Crore
    Other Expenses INR 3,398.7 Crore INR 3,220.0 Crore
    Total Expenses INR 14,063.9 Crore INR 13,864.6 Crore

    Total expenses increased by 1.4% in FY24, mainly due to higher raw material and employee costs.

    Quick Summary:

    • Revenue Growth: 2.8% increase in FY24, supported by strong sales demand.
    • Profitability Decline: Net profit fell by 7.8%, despite revenue growth.
    • Expenses Rise: 1.4% increase in expenses, mainly due to higher material and employee costs.

    Britannia – Acquisitions

    • Britannia Industries, India’s largest processed food company, has announced that it has entered into an agreement with Fonterra Brands (Mauritius Holding) Ltd, Mauritius, for acquiring the latter’s 49 per cent Equity and Preference shareholding in Britannia New Zealand Foods Pvt Ltd (BNZF), their Joint Venture Company engaged in Dairy business. This acquisition is subject to Reserve Bank of India approval.
    • The company and its associates acquired majority stakes in Dubai-based Strategic Foods International LLC and Oman-based Al Sallan Food Industries in March 2007.

    Britannia – Competitors

    The top 10 competitors in Britannia Industry Limited’s competitive set are:

    • Parle Products
    • ITC
    • Horlicks
    • Biskfarm
    • Richfield Industries
    • Frisco Foods
    • Cookie Man
    • MTR Foods Pvt. Ltd.
    • Milo Australia & New Zealand
    • Complan and Cadbury Bournvita

    Its top Dairy competitors are:

    Britannia – Challenges Faced

    • A businessman from Kerala, Rajan Pillai, secured control of the group in the late 1980s, becoming known in India as the ‘Biscuit Raja’. In 1993, the Wadia Group acquired a stake in Associated Biscuits International (ABIL) and became an equal partner with Groupe Danone in Britannia Industries Limited. It was referred to as India’s most dramatic corporate sagas. Pillai ceded control to Wadia and Danone after a bitter boardroom struggle, then fled his Singapore base to India in 1995 after accusations of defrauding Britannia, and died the same year in Tihar Jail.
    • Biscuit major Britannia Industries, the star amongst the Indian FMCG pack of late, says generating consumer demand remains the biggest challenge in the new year. FMCG companies in general, reported lacklustre results in recent quarters. But the biscuit maker’s numbers beat expectations, with the Bengaluru-based company’s profit margins at a record high in the last two quarters.
    • In a separate dispute from the shareholder matters, the company alleged in 2006 that Danone had violated its intellectual property rights in the Tiger brand by registering and using Tiger in several countries (in Indonesia in 1998 and later in Malaysia, Singapore, Pakistan, and Egypt) without its consent. Whilst it was initially reported in December 2006 that agreement had been reached, it was reported in September 2007 that a solution remained elusive. In the meantime, since Danone’s biscuit business has been taken over by Kraft, the Tiger brand of biscuits in Malaysia was renamed Kraft Tiger Biscuits in September 2008.
    • Britannia is also facing the challenge of rising employee attrition after the recent change of guard.

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    Britannia – Future Plans

    Britannia Industries is focusing on a region-specific strategy to compete with local players.

    “We are ready to adapt our brand, flavors, pricing, and recipes to meet regional demands, which has been a strong advantage for us,” said Varun Berry, vice-chairman and managing director, during an investor call.

    Addressing distribution challenges, Berry noted that Britannia lags behind competitors in the rural Hindi belt. The company remains committed to deepening its presence in urban markets while expanding its reach in rural areas.

    FAQs

    Is Britannia a FMCG company?

    Yes, Britannia is a FMCG company and one of the favourite and oldest brands in India.

    How many products are in Britannia?

    Britannia’s product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including Cheese, Beverages, Milk and Yoghurt. Its brand portfolio includes Tiger, Marie Gold, Good Day, 50:50, Treat, NutriChoice and Milk Bikis. BIL has a presence in more than 60 countries across the globe.

    Britannia company is from which country?

    Britannia is an Indian Company with headquarters in Kolkata.

    How does Britannia make money?

    Britannia company operates in two business segments to make money, namely, bakery products and dairy products.

    When was Britannia founded?

    Britannia was launched on 16 April 1953.

    Who is Britannia founder?

    A British businessman C.H. Holmes founded Britannia Biscuit Company in 1918.

    Who is Britannia owner?

    Wadia group is Britannia company owner.

    What is Britannia logo meaning?

    The Britannia logo symbolizes British strength and maritime heritage, featuring a helmeted female warrior with a trident and shield. This iconic representation traces its roots back to Roman depictions of Great Britain, reflecting the nation’s rich history and identity.

  • MakeMyTrip – How the Company is Making Travels Hassle-Free?

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    More Indians are now booking tickets and hotels online than ever before. Nothing can beat the comfort of being able to plan a trip from the comfort of your home. You can check out the prices and compare them to get the best deal. A company that holds a major share in the Indian online travel industry is MakeMyTrip. Since 2000, MakeMyTrip has helped millions of Indians book railway tickets, airline tickets, bus tickets, reserve hotel rooms, and buy holiday packages.

    Founded in 2000 and headquartered in Gurgaon, Haryana, MakeMyTrip is one of the most popular and dependable Indian travel companies that helps the people of India avail of online travel services that include airline tickets, domestic and international holiday packages, and reservations of hotels, railways, and bus tickets.

    If you want to know more about the Story of MakeMyTrip India, its Founders and Team, Growth, History, Startup Story, Mission and Vision, Products and Services, and more, then here’s the MakeMyTrip success story.

    MakeMyTrip – Company Highlights

    Startup Name MakeMyTrip
    Headquarters Gurgaon, Harayana, India
    Sector Travel, Software Development
    Founder Deep Kalra, Keyur Joshi, Rajesh Magow, Sachin Bhatia
    Founded 2000
    Website makemytrip.com

    About MakeMyTrip
    MakeMyTrip – Industry
    MakeMyTrip – Founders and Team
    MakeMyTrip – Subsidiaries
    MakeMyTrip – Startup Story
    MakeMyTrip – Mission and Vision
    MakeMyTrip – Name, Tagline, and Logo
    MakeMyTrip – Business Model
    MakeMyTrip – Revenue Model
    MakeMyTrip – Product and Services
    MakeMyTrip – Challenges Faced
    MakeMyTrip – Funding and Investors
    MakeMyTrip – Investments
    MakeMyTrip – Mergers and Acquisitions
    MakeMyTrip – Growth
    MakeMyTrip – Financials
    MakeMyTrip – Partnerships
    MakeMyTrip – Advertisements and Social Media Campaigns
    MakeMyTrip – Awards and Achievements
    MakeMyTrip – Competitors
    MakeMyTrip – Future Plans

    About MakeMyTrip

    India’s leading online travel company, MakeMyTrip, was founded in 2000 by Deep Kalra, Keyur Joshi, and Sachin Bhatia, and later joined by Rajesh Magow. Headquartered in Gurgaon (Haryana), the company provides online travel services that include flight tickets, domestic and international holiday packages, hotel reservations, and rail and bus tickets.

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    MakeMyTrip – Industry

    The research of Statista indicates that the travel and tourism sector is expanding favorably. The projected yearly growth rate between 2023 and 2027 is an outstanding Compound yearly Growth Rate (CAGR) of almost 12.18%, with a projected value of US $31.45 billion by 2027. These figures highlight the industry’s strength and point to a continuing upward trend, indicating tremendous potential for consistent growth and a plethora of opportunities in the Travel and Tourism sector going forward.

    MakeMyTrip – Founders and Team

    Deep Kalra, Keyur Joshi, Rajesh Magow, and Sachin Bhatia are the co-founders of MakeMyTrip.

    Deep Kalra

    Deep Kalra, Founder of MakeMyTrip
    Deep Kalra, Founder and CEO of MakeMyTrip

    The founder of MakeMyTrip, Deep Kalra, was raised in Hyderabad, attended St. Stephen’s College in Delhi for his economics degree, and graduated with an MBA from IIM Ahmedabad in 1992. He left ABN AMRO after three years to work in business development at GE Capital. In the past, he worked with AMF Bowling to bring bowling alleys to India. With the launch of MakeMyTrip in 2000, Kalra revolutionized the Indian travel sector by introducing cutting-edge online services.

    As the CEO of MakeMyTrip, Deep Kalra guided the company from its inception till its listing on NASDAQ in August 2010. From August 2013 to February 2020, Kalra functioned as the Group CEO. In February 2020, Deep Kalra stepped down from the post of Group CEO to resume responsibilities as executive chairman of the MakeMyTrip board, while co-founder and current group CEO Rajesh Magow took charge as the Group CEO.

    “We believe that separating the roles of Group CEO and Executive Chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market-leading position in our existing businesses,” MakeMyTrip owner Deep Kalra commented on his step-down.

    Kalra also serves as the vice chairman of Internet and Mobile Association of India. He is one of the founders of Ashoka University and is a part of its governing body. He is also a founding member of “I am Gurgaon”, an NGO.

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    Rajesh Magow

    Rajesh Magow – Founder and Group CEO of MakeyTrip

    Rajesh Magow, a co-founder of MakeMyTrip, currently serves as the company group CEO. Magow graduated from the Indian Institute of Chartered Accountants. He began his career with Aptech Ltd. as the Regional Head-ACE North. Afterward, he joined Ebookers as CFO and Head of Financial Services before joining MakeMyTrip as co-founder, CFO, and COO. Magow has held a number of executive positions within the corporation, including those of Group CEO, COO, and CFO.

    Keyur Joshi

    Keyur Joshi - Founder and COO of MakeMyTrip
    Keyur Joshi – Founder and COO of MakeMyTrip

    Keyur Joshi is the co-founder and Chief Operating Officer (COO) of MakeMyTrip and the Strategic Advisor, roles that he is still serving in the company. Besides this, he is also the co-founder of Wildlife Luxuries (I) Pvt. Ltd. The jumpstart of the online travel market in India can largely be attributed to Joshi.

    Before MakeMyTrip, Joshi was involved with Around the World Travel (presently known as JustFares.com), and Tata Motors, where he handled the Market Research and Product Management departments. Keyur has obtained a Bachelor’s degree in Chemistry from Gujarat University. This was again followed by an MBA degree from the City University of New York, New York. Joshi is also a certified pilot!

    Apart from the resignation of Sachin Bhatia, who resigned as the co-founder and CMO of the company, the founding team of MakeMyTrip is intact.

    MakeMyTrip – Subsidiaries

    MakeMyTrip Subsidiaries are Ibibo, Easy to Book Holding B.V., ITC Group, Luxury Tours & Travel Pte Limited, Quest2travel.com India Pvt. Ltd., Hotel Travel Ltd., Travis Internet Private Limited, MakeMyTrip (India) Private Limited, and Makemytrip.com Inc.

    MakeMyTrip – Startup Story

    MakeMyTrip’s genesis lies in the entrepreneurial spirit of its founder, Deep Kalra. Initially an experienced banker at ABN AMRO Bank, Kalra felt the urge to break away from the monotony of corporate life and explore new avenues. After three years in the banking sector, he sought challenges beyond the confines of a traditional career. This quest led him to join AMF Bowling, which aimed to introduce bowling alleys to India. Despite facing challenges in fundraising and the subsequent failure of this venture, Kalra’s determination to run his own business remained unshaken.

    Undeterred by setbacks, Kalra found himself at GE Capital, where he gained valuable insights into the potential of the internet. The realization dawned when he successfully sold his wife’s car online, sparking the idea that the internet could be a powerful platform for his entrepreneurial aspirations. Acknowledging the vast possibilities, he resigned from GE Capital and ventured into the world of online businesses.

    The turning point for MakeMyTrip came during Kalra’s research into the tourism sector. Recognizing the inconvenience faced by Indians queuing at ticket counters, he envisioned a solution that would make ticket bookings accessible online. This insight solidified the foundation of MakeMyTrip. While planning a holiday to Thailand, Kalra observed the cost efficiency of direct online bookings and decided to eliminate intermediaries, leading to the official launch of MakeMyTrip in 2000. The platform aimed to simplify ticket bookings and offer competitive prices, marking the beginning of a transformative journey in the online travel industry.

    MakeMyTrip – Mission and Vision

    MakeMyTrip’s mission is to “provide customers a one-stop-shop for all their travel needs.” It helps the users get optimum user experience across the entire travel journey, which includes “effective planning resources, superior booking experience across all channels, and in-journey 24×7 live customer support.”

    At GO-MMT, our vision is to make travel simple and fun for all, and our core values guide us in making this possible. These core values can be seen in the projects that we undertake, and the way in which we solve problems for our customers. They are a representation of OUR BEING & OUR DOING. Each member of the GO-MMT family is guided by them, each and every day, says the company website while stating its vision and values.

    MakeMyTrip’s tagline is “Dil toh roaming hai”, which the company announced in April 2017.

    MakeMyTrip Logo
    MakeMyTrip Logo

    MakeMyTrip – Business Model

    MakeMyTrip lets users book air tickets and bus tickets, buy holiday packages, book hotel accommodations, and hire vehicles. Users can also access other travel-related services, like visa processing and travel insurance, that are provided by third-party vendors. All of these services are available through MakeMyTrip’s app, website, or through MakeMyTrip-owned and franchisee-owned stores.

    Besides this B2C model, MakeMyTrip India has also introduced MyBiz to offer various corporate travel-related services. MyBiz lets businesses easily manage the travel and accommodation of their employees through various features, such as a single dashboard, MyBiz wallet for central payment processing, and instant refunds to myBiz Wallet on cancellations.

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    MakeMyTrip – Revenue Model

    MakeMyTrip’s revenue model combines traditional and innovative elements, with a focus on strategic air ticket sales contributing 35% to the total revenue. Complementing this, hotels and holiday packages constitute a substantial around 50% of earnings. The transport segment, led by Red Bus, adds 10%, growing at an impressive 35% annually. MakeMyTrip has expanded its revenue streams by partnering with IRCTC for rail tickets and introducing weekend travel, activities, and events.

    Domestic travel takes center stage in revenue generation, with 60% of air ticket revenue and 85–90% of hotel business revenue attributed to domestic travel. This highlights MakeMyTrip’s adaptability to regional preferences and solidifies its position as a comprehensive travel solution.

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    MakeMyTrip – Products and Services

    MakeMyTrip Limited is an Indian online travel company founded in 2000. It’s services include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, inter-city bus ticketing, car hire, and ancillary travel requirements such as facilitating access to third-party travel insurance and visa processing.

    The company is the industry leader in India’s travel sector thanks to its continuous innovation culture and “customer first” strategic focus. This puts it in a unique position to accelerate the online presence of hotels and other lodgings that are largely offline.

    MakeMyTrip employs a sizable number of data scientists in their workforce. It makes considerable use of chatbots: Myra for MakeMyTrip and Gia for Goibibo. These chatbots assist with most post-sale inquiries.

    MakeMyTrip – Challenges Faced

    “The meltdown of dotcom, the exit of venture capital from India, and the 9/11 attacks. By mid-2001, MakeMyTrip were hit by this triple whammy. The next couple of years were the toughest — there were no investors in sight and the company had to shrink the team. But those tough times helped bind the team together. It’s been an incredible journey and the team are thrilled for the possibilities that lie ahead.” said Deep Kalra Founder.

    MakeMyTrip celebrated turning 20 in 2020, marking 20 years of assisting customers with travel arrangements. Unfortunately, the worldwide pandemic made it happen during a difficult period. For everyone, traveling was challenging due to the coronavirus. MakeMyTrip used its knowledge to adapt and come up with new ways to assist travelers in spite of this obstacle. The business demonstrated that it could overcome obstacles and remain a leader in the travel sector even in the face of this challenging circumstance.

    MakeMyTrip – Funding and Investors

    MakeMyTrip has raised $748 mn in over 6 rounds of funding.

    Here are the funding details:

    DATE STAGE AMOUNT INVESTORS
    February 6, 2021 Post-IPO Debt $200 mn –
    May 3, 2017 Post-IPO Equity $330 mn –
    January 8, 2016 Post-IPO Equity $180 mn Trip.com
    October 8, 2007 Series C $15 mn Tiger Fund
    December 14, 2006 Series B $13 mn Helion Venture Partners, Sierra Ventures
    May 1, 2005 Series A $10 mn Tiger Fund

    MakeMyTrip – Investments

    MakeMyTrip has made 7 investments to date. Here’s all of them below:

    DATE NAME OF THE COMPANY INVESTMENT ROUND LEAD INVESTOR
    February 29, 2020 ibibo Group Venture Round Yes
    September 24, 2019 PasajeBus.com Series A Yes
    July 26, 2018 Bitla Software Pvt. Ltd. Venture Round Yes
    September 6, 2017 GoFro Series B Yes
    July 20, 2015 HolidayIQ Series B Yes
    June 25, 2015 Inspirock Seed Round –
    August 11, 2011 ixigo Series A –

    MakeMyTrip Exit

    It has exited from two companies, ibibo Group and Inspirock.

    MakeMyTrip – Mergers and Acquisitions

    MakeMyTrip has made 5 acquisitions to date.

    The MakeMyTrip fintech arm TripMoney has acquired BookMyForex, an online foreign exchange service provider in India, on April 5, 2022, through the acquisition of the majority of the stakes in the company.

    Here’s a look at the list of the companies that MakeMyTrip has acquired:

    COMPANY ACQUIRED DATE OF ACQUISITION AMOUNT
    Quest2Travel May 1, 2019 –
    ibibo Group October 18, 2016 $720 mn
    Mygola April 23, 2015 –
    Easytobook.com February 6, 2014 $5 mn
    HotelTravel.com November 19, 2012 $25 mn

    Some other investments and acquisitions that MakeMyTrip has made during its journey till now are:

    • In August 2011, MakeMyTrip (MMT), along with private equity firm Saif Partners, acquired majority stakes in Travenues Technology Private Limited, which owns Ixigo.com. In November 2011, MMT invested in ‘My Guest House Accommodation’, a budget lodging and hotel operator.
    • In September 2014, the company instituted a $15 mn innovation fund to support early-stage companies in the travel space. It also acquired MyGola, a travel planning website, in April 2015. The acquisition was done through the innovation fund, and as part of the acquisition, all employees of MyGola were absorbed into the MakeMyTrip team.
    • In June 2015, MakeMyTrip acquired an 18% stake in travel planning startup Inspirock. In July 2015, it invested in travel information and hotel review portal HolidayIQ to pick up an approximately 30% stake in the latter. In the same month, it also invested $5 mn in BonaVita Technologies, a startup that plans to utilize the funds to build innovative products in the travel industry.

    MakeMyTrip – Growth

    Starting its journey at the start of the millennium, MakeMyTrip has entirely transformed the ways of travel and bookings and has made the whole process fast, easy, and hassle-free not only for its customers but for the whole country in general. Some of the major growth insights of the company are:

    • As of June 2023, MakeMyTrip had 146 active franchisees operating in more than 100 cities
    • It has covered 2,000 cities via hotels
    • It also has international offices based in Dubai, Kuala Lumpur, Bangkok, New York, Singapore, Phuket, and Istanbul
    • MakeMyTrip has 68 mn+ monthly active users as per its website
    • It has 69 mn+ lifetime transacted users
    • In the post-pandemic world, the company also claims to help the users get 100% refund on their cancellations

    MakeMyTrip – Financials

    MakeMyTrip has shown strong revenue growth in recent years, with a sharp turnaround to profitability in FY24.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 5,490.4 Cr INR 4,062.2 Cr INR 2,034.1 Cr INR 848.1 Cr INR 3,160.7 Cr
    Expenses INR 4,863.9 Cr INR 3,975 Cr INR 2,097 Cr INR 1,053.1 Cr INR 3,593.6 Cr
    Profit/Loss INR 626.5 Cr INR 87.1 Cr INR -62.8 Cr INR -205 Cr INR -432.9 Cr
    MakeMyTrip Financials
    MakeMyTrip Financials

    In FY24, MakeMyTrip’s revenue increased by 35% from INR 4,062.2 Cr in FY23 to INR 5,490.4 Cr, while expenses also increased to INR 4,863.9 Cr. The company reported a profit before tax of INR 626.5 Cr, a huge jump from INR 87.1 Cr in FY23.

    MakeMyTrip Revenue:

    Revenue Source FY24 FY23
    Revenue from Operations INR 5,336.1 Cr INR 4,006.5 Cr
    Other Income INR 154.3 Cr INR 55.7 Cr

    Revenue from operations grew by 33%, reaching INR 5,336.1 Cr in FY24 compared to INR 4,006.5 Cr in FY23. Other income saw a massive increase from INR 55.7 Cr to INR 154.3 Cr.

    MakeMyTrip Expenses:

    Expense Type FY24 FY23
    Employee Benefit Expense INR 883.3 Cr INR 781.8 Cr
    Finance Costs INR 63.2 Cr INR 101.7 Cr
    Other Expenses INR 3,917.4 Cr INR 3,000.2 Cr

    Total expenses increased by 22%, rising from INR 3,975 Cr in FY23 to INR 4,863.9 Cr in FY24. Employee costs increased, while finance costs decreased from INR 101.7 Cr to INR 63.2 Cr, showing better financial management.

    MakeMyTrip Profit/Loss:

    MakeMyTrip achieved a huge jump in profitability, with net profit surging from INR 80.1 Cr in FY23 to INR 1,569.7 Cr in FY24, reflecting strong revenue growth and cost efficiency.

    Quick Summary:

    • Revenue: Grew 35% from INR 4,062.2 Cr (FY23) to INR 5,490.4 Cr (FY24).
    • Expenses: Increased 22%, mainly due to higher operating costs.
    • Profit: Massive jump from INR 80.1 Cr in FY23 to INR 1,569.7 Cr in FY24, showing strong financial turnaround.

    MakeMyTrip – Partnerships

    MakeMyTrip, in its 20+ year-long journey, has witnessed numerous partnerships with a whole lot of brands. Here’s a glimpse into some of the most important collaborations that MakeMyTrip has witnessed in recent years:

    • The Indian travel company led by Rajesh Magow was all set to partner with the Ministry of Civil Aviation, as per reports dated November 22, 2021. With this partnership, the popular travel and tourism company was about to ensure the promotion of regional air connectivity via the UDAN scheme. The company planned to power the UDAN flights on the AIRSewa portal and to market the same on its platform as well in order to promote its products and increase visibility and product discovery.
    • MakeMyTrip has partnered with IndiGo to launch exclusive charter flights between Mumbai and Phuket in Thailand. The announcement came in on November 10, 2021, where MakeMyTrip, as part of the deal, will ensure end-to-end service assistance, including airport transfers, early check-in and check-out, certificate of entry assistance, premium properties, and more.
    • The company entered into a strategic partnership with AmazonPay to offer all-inclusive travel services to Amazon customers that will be enabled by MakeMyTrip and Redbus. This partnership was announced on November 1, 2021.
    • The Indian travel major collaborated with Hopper, a leading AI-based travel booking app, on October 14, 2021, which was aimed to help the customers save money with personalized and flexible bookings.

    MakeMyTrip – Advertisements and Social Media Campaigns

    Ranveer Singh and Alia Bhatt are the brand ambassadors of the MakeMyTrip company, whom the company roped in on February 17, 2016.

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    MakeMyTrip, an online travel company, has launched a funny new campaign that highlights real travel problems. This three-film campaign focuses on International Hotels, Homestays & Villas, and Domestic Hotels. Using relatable situations, it turns common travel frustrations into entertaining stories. Featuring Bollywood stars Alia Bhatt and Ranveer Singh, the campaign shows how MakeMyTrip helps travelers easily find the best places to stay—both in India and abroad.

    MakeMyTrip – Awards and Achievements

    The list of accolades received by the company is quite long. Here are some of them:

    • Great Manager Awards – Companies with Great Manager Award 2022.
    • Economic Times – Future Ready Organization Award 2022.
    • ET Human Capital Awards – Most Inclusive Companies Index Exemplar 2022.
    • Most Inclusive Company Index Study – 100 Best Companies For Women – 2022.
    • Best Travel Innovator – Travel Distribution World Asia Awards (2012).
    • Singapore Airlines – Top agents award (2010-2011); Top Passenger Agent (2007-08).
    • Malaysia airlines – Top Agent Award (2007); Top agent award (2009); Top agent award (2010).
    • Cathay Pacific – Outstanding performance in (2009); Outstanding Performance (2007).
    • Air Mauritius – All India Top Ten Agent/Top North India Sales Award (2007-08); All India Top Ten Agent/Top North India Sales Award (2006-07).
    • British Airways – Outstanding Revenue Contribution (2007-08).
    • Lufthansa – Outstanding Performance (2006-07).
    • Indian Airlines – Achieving Highest Domestic Passenger Sales (2006-07).
    • Kingfisher Airlines – Outstanding Performance (2006-07).
    • Jet Airways – Award of Excellence (2005-06).
    • Air India – Outstanding Contribution to Passenger Sales (2005-06).

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    MakeMyTrip – Competitors

    The main competitors of MakeMyTrip are:

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    MakeMyTrip – Future Plans

    MakeMyTrip plans to become a one-stop travel app by offering many travel services in one place. It will use AI and data to give users a more personalized experience. The company also wants to expand worldwide and grow in religious tourism, which is becoming more popular.

    FAQs

    What is Make My Trip?

    MakeMyTrip is an online travel company founded by Deep Kalra, Keyur Joshi, and Sachin Bhatia in 2000, who were later joined by Rajesh Magow. The company is headquartered in Gurugram, Haryana and offers online travel services including domestic and international holiday packages, hotel reservations, rail, bus and flight tickets.

    Who is MakeMyTrip founder?

    Rajesh Magow is the co-founder and Group CEO of MakeMyTrip. Rajesh joined Deep Kalra, Keyur Joshi and Sachin Bhatia, the founders of MakeMyTrip, in 2006.

    What are the names of MakeMyTrip subsidiaries?

    MakeMyTrip Subsidiaries are Ibibo, Easy to Book Holding B.V., ITC Group, Luxury Tours & Travel Pte Limited, Quest2travel.com India Pvt. Ltd., Hotel Travel Ltd., Travis Internet Private Limited, MakeMyTrip (India) Private Limited, and Makemytrip.com Inc.

    Which is MakeMyTrip origin country?

    MakeMyTrip Limited is an Indian online travel company founded in 2000.

    Who owns MakeMyTrip?

    MakeMyTrip is owned by MakeMyTrip Limited, a publicly traded company listed on the NASDAQ stock exchange under the ticker MMYT. It was founded by Deep Kalra in 2000. The company’s major shareholders include institutional investors, with Ctrip (now Trip.com Group), a Chinese travel services company, being a significant stakeholder.

    When was MakeMyTrip founded?

    MakeMyTrip was founded in 2000 by Deep Kalra, Keyur Joshi, Rajesh Magow, and Sachin Bhatia.

  • Groww Success Story: How It Is Changing the Traditional Ways of Investing

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Investing a decade ago entailed a lot of paperwork, many bank visits, long queues, and application processing that used to take days. When you add in a dearth of knowledge about financial products and widespread misselling by agents, the experience becomes nothing short of a nightmare.

    These days, all you need is a bank account, some disposable income, and a smartphone to begin investing, increasing, and managing your wealth. Though some of the new investors are starting with mutual funds, equities, and other investment platforms, many of the investment-averse citizens were also noticed to step out from it altogether. However, with the emergence of Groww, the investment industry, it seems, has witnessed a laudable disruption with the easy ways of investing money with stockbroking and direct mutual funds that the platform has encouraged.

    Here is the Success Story of Groww, an organization that has made investing simple for millions of Indians. Know more about the Founder and History, Startup Story, Mission and Vision, Products, Business model, Revenue and Growth, Funding and Investors, Acquisitions, Awards, Competitors of the Company, Challenges Faced, and other details ahead!

    Groww – Company Highlights

    Startup Name Groww
    Owner Nextbillion Technology
    Headquarters Bangalore, Karnataka, India
    Industry Financial technology, Investment, Mutual Funds
    Founders Lalit Keshre (CEO), Harsh Jain, Neeraj Singh and Ishan Bansal
    Founded April 2016
    Valuation Approximately less than $2 billion (November 2024)
    Website www.groww.com

    About Groww and How it Works?
    Groww – Founders and Team
    Groww – Startup Story
    Groww – Mission and Vision
    Groww – Name, Logo and Tagline
    Groww – Products
    Groww – Business Model
    Groww – Revenue and Growth
    Groww – Financials
    Groww – Funding and Investors
    Groww – Acquisitions
    Groww – Advisors and Mentors
    Groww – Awards
    Groww – Competitors
    Groww – Challenges Faced
    Groww – Future Plans

    About Groww and How it Works?

    Groww is a web-based investment platform that allows users to invest in mutual funds and equities directly. The company is a creator of a mutual fund direct access platform. Groww’s technology is aimed to make investing simple, accessible, transparent, and fully paperless, allowing customers to invest in mutual funds without any difficulties.

    Groww users can invest in mutual funds through SIPs and equity-linked savings. According to the company, it has over 1.5 crore registered users; the majority of them are under the age of 40 and prefer to use their phones. It offers over 5,000 mutual funds that can be invested directly through its website and app, which is available on iOS and Android.

    It features a straightforward pricing structure that includes cheap trading fees. You can invest in a mutual fund for free with no hidden fees. Groww does not charge an account opening fee or a monthly maintenance cost. Moreover, with Groww’s direct mutual fund plan, you can also earn an additional 1.5%.

    Groww offers E-books, Resources, and Blogs that provide stock market essentials and updates to assist investors in making better decisions. One can open a paperless account immediately and very easily. If you want to participate in the primary market, you can submit an online IPO application. A Brokerage Calculator is included in the software.

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    Groww – Founders and Team

    Founders of Groww - Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal
    Groww Founders – Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal

    Groww, which was founded in 2016 by 4 former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, aim to make investment more accessible to young people by simplifying the process. The DIY (Do It Yourself) model, in which individual investors establish and manage their own investment portfolios, is preferred by most millennials.

    Lalit Keshre

    Lalit Keshre is the Co-founder and CEO of Groww. Keshre was a Btech, Electrical Engineering student in microelectronics from IIT Bombay. He looked after the Product and Engineering of the IITiam Systems. After completing his graduation, Lalit founded Eduflix. He eventually joined Flipkart, where he was in the Product department and served for a little less than 3 years before founding Groww in May 2016.

    Harsh Jain

    Popularly known as the Co-founder and COO of Groww, Harsh Jain was an IIT Delhi student from where he completed his Master of Technology in Information and Communication Technology. Jain also has an MBA in Product Management and Marketing Technology from the UCLA Anderson School of Management.

    Ishan Bansal

    Ishan Bansal is another Co-founder of the company. Bansal was a student of BITS, Pilani, from where he completed his BTech in Mechanical Engineering. He has been a Charter Holder from the CFA Institute. Bansal also has an MBA degree in Finance from XLRI Jamshedpur. Ishan Bansal started his career in ICICI Securities. He eventually left the company and joined Naspers Limited as a Manager. Flipkart was the next company that he joined where he was in Corporate Development. After his brief stint with Flipkart, Ishan opted to co-found Groww.

    Neeraj Singh

    Neeraj Singh is known as the Co-founder and CTO of Groww. Neeraj has a Bachelor’s in Information Technology from ITM University, Gwalior. He then opted for a Post Graduate Diploma in Advance Computing from C-Dac. Singh initially joined JDA Software as a Software Engineer and then opted for Ivy Computech as his company which he started as a Senior Software Engineer. He eventually joined Flipkart in the SDE department and eventually decided to co-found Groww with the other founders.

    Groww – Startup Story

    The founders of the company witnessed the change in the e-commerce market during their time at Flipkart and realized that investment was the next big opportunity. The e-commerce boom signaled an increase in average income and technology savvy, and it was at this point that the founders realized that individuals indeed have discretionary cash and will need assistance in putting it to good use.

    When the founding team started investigating Indian financial options for interested consumers, they spent a lot of time learning about the market and identifying the users’ basic pain concerns. They have to conduct numerous tests to determine the best user experience. Furthermore, the users’ hard-earned money was on the line. This is why they needed to deliver a safe and secure solution, which required some time to develop.

    Groww app began as a direct mutual fund distribution platform in 2016 and has since grown to become one of the country’s most popular mutual fund investing platforms. Groww added equities in the early part of 2020 in response to customer demand, and the following year, it launched digital gold, ETFs, intraday trading, and IPOs in rapid succession.

    Groww is a Bangalore-based brokerage firm that offers online discount brokerage services for a single charge. Groww can help you invest in stocks, IPOs, and mutual funds directly. Nextbillion Technology Private Limited, a SEBI-registered brokerage, is known as Groww. NSE and BSE both have NTPL as a member.

    In India, there are about 200 million people with disposable income, but only about 20 million actively invest. Groww’s goal was to provide consumers with the information, resources, and customer engagement they needed to get started with investing as quickly as possible.

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    Groww – Mission and Vision

    The company’s mission is to give investors the greatest experience possible when it comes to managing their money.

    Lalit Keshre, Co-founder and CEO, Groww, said – “Over the last few years, we have made investing in mutual funds and stocks simple and transparent for millions of investors in India. If we look at the opportunity that lies ahead, it still feels like Day 1. We started our journey with small steps writing blogs and making videos to educate people about investing. Our wealth as a nation will keep growing, and our mission is to provide the best experience for investors to manage their wealth. We are happy to partner with investors who believe in our long-term vision.”

    Groww – Name, Logo and Tagline

    The Groww logo consists of a circle of two colors: Green and Blue. The logo depicts an increasing graph.

    Groww Logo
    Groww Logo

    ‘There’s just one right way,’ says the company’s tagline. The main goal of the company is to make the investing process as simple as possible for their clients. Investors can choose from a variety of mutual funds, and they can also invest in a variety of schemes with varying market capitalizations.

    Groww – Products

    The list of the products of Groww include :

    • Stocks
    • Mutual Funds
    • Digital Gold
    • US stocks

    Groww – How to Select the Best Mutual Funds for Beginners

    Groww – Business Model

    Groww app operates as a commission-free platform, charging flat-fee brokerage on equity and F&O trades, along with regulatory charges like STT, stamp duty, exchange transaction charges, and DP charges. For US stocks, there are no account opening or maintenance fees, but charges apply for forex conversion and exchange fees. Revenue sources include brokerage, interest on deposits, and potential future subscription fees for premium offerings and advisory services.

    Groww company charges a tiny fee, however, it is paid by the mutual fund firm, not by the client. They profit from the funds they sell, but it’s a complicated process.

    To begin, there are two types of mutual fund investments: regular and direct. In the ordinary mode, a distributor appears, and you must pay the distributor a commission. The commission is calculated in such a way that it compensates you for your investment and profits.

    Apps like Groww, on the other hand, give consumers a direct investing opportunity by combining different funds and companies into a single platform, thereby extending a wide range of possibilities.

    For a fintech company like Groww, the first thing to keep in mind is to expand the customer base. Groww leverages technology to reach the proper target audience, which lowers its operating costs. People rarely switch between these types of applications. As a result, once the correct customer base has been established, they are likely to stick with you for the long haul.

    Groww allows users to invest in mutual funds and equities from anywhere in the world, thanks to its high level of technology. With just a few mouse clicks, you can become the owner of a specific stock or mutual fund.

    Groww company recently moved its parent entity back to India from the US, resulting in a reduced fair market valuation of under $2 billion.

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    Groww – Revenue and Growth

    In FY24, Groww reported a revenue of INR 3,145 crore, marking a 119% increase from INR 1,435 crore in FY23. Revenue in previous years stood at INR 351 crore in FY22, INR 283.5 crore in FY21, and INR 55.44 crore in FY20, showcasing significant growth over time. Expenses in FY23 were INR 932.9 crore, up from INR 663.6 crore in FY22. The company recorded a net loss of INR 805 crore in FY24, primarily due to a one-time tax expense, contrasting with a profit of INR 448.7 crore in FY23. In FY22, Groww reported a net loss of INR 239 crore.

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    The company has enhanced its Broking app by introducing the ‘Pay’ feature, enabling users to engage in peer-to-peer transactions and make payments to merchants effortlessly by scanning QR codes.

    Groww Launched Intraday Trading and ETFs

    Groww is hailed as a platform that is trusted by more than 30 million users. It is a customer-first company that brings ease and trust to the users while investing in Mutual funds, FDs, Stocks, Futures and Options, IPOs, and more. Groww had equities and then launched Intraday Trading and ETFs, expanding their product suite. With the launch of these products that cater to two diverse niches within the investing spectrum, Groww aims to provide a gamut of investment options to millennial investors with varied investment objectives. With intraday trading now enabled on 350+ stocks and select ETFs on Groww, investors can short-sell, place a stop-loss order, and track price movements through candlestick charts within just a few clicks.

    On the other hand, ETFs as an asset class can be explored by users who are inclined towards passive investment instruments. With Groww, investors can check all information related to ETFs, such as expense ratio, fund manager details, and scheme objectives, as well as track the live price of the underlying securities on the go.

    Groww launched Intraday Trading at a time when stock trading was gaining unprecedented popularity amongst Indians, especially young millennials. CDSL reported that the number of demat accounts with CDSL crossed 25 million only in the previous month, registering a 25% increase against the pre-lockdown numbers. Moreover, since March 2020, mobile trades have more than tripled, as reported in September 2020, according to BSE’s trading data.

    Speaking on the launch, Lalit Keshre, Co-founder and CEO, Groww said, “The launch of intraday trading and ETFs on our platform is in line with our promise to provide our customers with all kinds of investment options on a single platform. We already have all the direct mutual funds and gold available on the platform. In the days to come, we will keep adding more features to provide an all-encompassing investing experience”.

    Groww also plans to follow this launch with a series of learning modules aimed at educating its investors about the intricacies of intraday trading and ETFs. The company launched stock investing on its platform in June 2020 and has recorded more than 4.5 Lakh Demat accounts within a short span, thereby becoming one of the fastest-growing discount brokers in the country. Currently in invite-only mode, customers will soon be able to invest in US equities on the Groww app as well.

    Some other growth insights of the brand can be compiled as:

    • Groww brags about having 30+ million registered users
    • The platform has nearly $400 million in investment
    • Groww is a one-of-a-kind startup that recorded over a 10X jump (from $250-300 million to $3 billion) in valuation in a little over a year in India.
    • The nearest rival of Groww is Upstox, which recently raised a new round at around a $3.4 billion valuation
    • It is a worthy competitor of Zerodha
    • Groww had 6.63 million active clients, approximately 150,000 or 2.3% more than Zerodha at the end of September 2023, breaking the latter’s lengthy reign at the top.

    Groww will Foray into the Neobanking Segment

    The company is currently looking to foray into the new banking space with a new neo-banking platform that it will likely launch soon. According to one of the sources close to Groww, the company believes that being a neo-banking company will further make it holistic for the users, which want to emerge as a one-stop solution for banking and investment.

    Groww to Launch its Lending Arm

    Groww is also looking to foray into lending and is in final talks for the launch of another vertical to its offerings, which would be lending, as per the reports dated January 14, 2021. The company will offer credit lines to some users after selecting them based on their transaction histories as per the mobile app usage, which Groww has already started to do. This step might prove to play a great role in multiplying the revenues of Groww, which aren’t that noteworthy so far.

    Groww Launched Ab Karega Invest

    A growing number of investors from tier-II cities are now taking to investing through online platforms. The company will host conferences in selected Indian cities to make investing simple and accessible. Groww, a leading investment platform, stated that 60% of users registered with them hail from tier 2 and tier 3 cities. In light of this, Groww has launched a one-of-a-kind financial education initiative, “ Ab India Karega Invest”, to bridge investors’ knowledge gap. As per the initiative, the Groww team will tour 52 select cities in 52 weeks and conduct conferences to explain the nuances of investing. The city meets are focused on creating a knowledge-sharing platform for industry players and aspiring investors as well as fostering local investor communities.

    As a pilot campaign, Groww previously held meets in Lucknow, Jaipur, and Patna, and the overwhelming reception led to the extension of the campaign PAN India.
    On the occasion of the launch, Lalit Keshre, Co-founder and CEO of Groww, said, “The penetration of financial services in India is really low beyond metros. Groww is making investing accessible to millions of people in India with a sharp focus on customer experience. For us, there are no boundaries. This program helps us in multiple ways, but the biggest one is to closely engage with aspiring investors spread across these cities in India”.

    Groww Receives SEBI Approval

    Groww has announced that the startup has received approval from SEBI for the Groww Nifty Total Market Index Fund. This development follows Groww’s strategic move earlier this year when it acquired the mutual fund business of Indiabulls Housing Finance, paving the way for its foray into the mutual fund market. As the competition in India’s mutual fund space intensifies, with formidable players like Groww’s rival Zerodha and Jio Financial Services poised to enter the sector, the landscape is becoming increasingly dynamic.

    Groww Gets RBI Licence to Operate as Online Payments Operator

    Groww successfully secured an online payment aggregator license from the RBI on April 29, 2024. This license permits the financial services firm to conduct e-commerce transactions via its UPI app, Groww Pay. Notably, Groww has been strategically expanding into the credit and payments space over the past two years to cater to both existing traders and new users. RBI’s regulation of offline payment aggregators marks a regulatory shift, affecting face-to-face transactions via PoS machines and QR codes.

    Groww – Financials

    In FY24, Groww reported a revenue of INR 3,145 crore, a 119% increase from INR 1,435 crore in FY23. However, a one-time tax expense led to a net loss of INR 805 crore in FY24 compared to a profit of INR 448.7 crore in FY23.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 3,145 crore INR 1,435 crore INR 351 crore INR 283.5 crore INR 55.44 crore
    Expenses — INR 932.9 crore INR 663.6 crore — —
    Net Profit/Loss INR -805 crore INR 448.7 crore INR -239 crore — —

    Groww Revenue Breakdown:

    Revenue Source FY24 FY23
    Total Revenue INR 3,145 crore INR 1,435 crore
    Operational Profitability INR 535 crore INR 458 crore

    Groww’s revenue jumped from INR 1,435 crore in FY23 to INR 3,145 crore in FY24, reflecting strong business expansion. Operational profitability increased from INR 458 crore in FY23 to INR 535 crore in FY24.

    Groww Expenses:

    Expense Category FY23 FY22
    Total Expenses INR 932.9 crore INR 663.6 crore
    Employee Benefits INR 287 crore INR 230 crore

    Total expenses increased from INR 663.6 crore in FY22 to INR 932.9 crore in FY23, mainly due to higher employee benefit expenses, which rose to INR 287 crore in FY23 from INR 230 crore in FY22.

    Groww Profit/Loss:

    Groww recorded a net loss of INR 805 crore in FY24 due to a one-time tax expense from its domicile shift, in contrast to a net profit of INR 448.7 crore in FY23.

    Quick Summary:

    • Revenue Growth: Grew from INR 1,435 crore in FY23 to INR 3,145 crore in FY24 (+119%).
    • Operational Profitability: Increased from INR 458 crore in FY23 to INR 535 crore in FY24.
    • Net Profit/Loss Impact: Due to a one-time tax expense of INR 1,340 crore, Groww reported a net loss of INR 805 crore in FY24, after recording a profit of INR 448.7 crore in FY23.
    • Expense Increase: Total expenses rose from INR 663.6 crore in FY22 to INR 932.9 crore in FY23, with employee costs being a major contributor.

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    Groww – Funding and Investors

    Groww has raised around $418 million over 7 funding rounds that the company has seen to date. The company recently raised around $25 million in its Series E funding round on March 5, 2023.

    Here’s a glimpse of the funding rounds of Groww:

    Date Round Amount Lead Investors
    March 5, 2023 Series E $25 million –
    October 24, 2021 Series E $251 million Iconiq Growth
    Apr 7, 2021 Series D $83 million Tiger Global Management
    Sep 10, 2020 Series C $30 million Y Combinator Continuity Fund
    Sep 18, 2019 Series B $21.4 million Ribbit Capital
    Jan 23, 2019 Series A $6.2 million Sequoia Capital India
    Jul 9, 2018 Seed Round $1.6 million –

    Groww – Acquisitions

    To date, Groww has acquired only one other mutual fund business, which is Indiabulls AMC. Groww acquired Indiabulls Mutual Fund for INR 175 crore, which includes cash equivalents of INR 100 crore. Groww will be one of the first fintech firms to join the 37 trillion-dollar asset management market as a result of this purchase.

    Acquiree Name About Acquiree Date Amount
    Indiabulls AMC Indiabulls AMC is a mutual fund company provides different types of mutual funds, tax saving investments, SIP investments, SIP calculators. May 11, 2021 $22.99M

    Groww acquired a minority stake in the SaaS startup Digio as part of its strategic investment on January 2, 2023.

    Groww – Advisors and Mentors

    Groww gets Satya Nadella, CEO of the second most valuable company, Google, as its investor and advisor. Groww Co-founder and CEO Lalit Keshre is thrilled about this development and has not missed posting it on Linkedin.


    Groww – Awards

    Some of the awards that Groww has received to date are:

    • 2017-18: BSE Star MF award for Karnataka’s 2nd best performer in the RFD category.
    • 2017-2018: 3rd place in the BSE Star MF Fintech – Highest Transactions competition. 2017-2019
    • 2018-19: BSE Star MF Fintech – Highest Transactions 2018-19: 1st position

    Groww – Competitors

    The top competitors of Groww are:

    • Upstox
    • Angel Broking
    • Zerodha
    • IIFL
    • Finvasia
    • SAS Online
    • Sharekhan
    • Edelweiss
    • Karvy Stock Broking.

    Comparing Groww to its basic competitors :

    • Upstox- They offer nearly identical services and a similar brokerage framework
    • 5paisa- They offer the same services as 5paisa, but their cost is different because they offer zero brokerage trading. 5paisa offers superior service and charges a reduced brokerage fee (INR.10 per order flat)
    • Flyers- In this situation, the services and pricing structure are the same as those of Zerodha. They do, however, give an API that is completely free.
    • Angel Broking offers similar services but with a much bigger profit margin.

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    Groww – Challenges Faced

    The industry has risen at a pace of 12.5% per year over the last ten years, which is more than double the world growth rate. However, India’s mutual fund asset base as a percentage of GDP is only 11%, compared to the world average of 62% this year. Individual investor demographic data suggests that 48% of somewhat older millennials (aged 29-37) participate in equities, whereas only 4% of the young generation (aged 22-28) do so.

    Due to the perceived complexity and the need to have advisors on hand at all times to navigate the dangers, as well as the dread of the hazards, young or first-time investors are hesitant to enter the market. The challenge, according to the founder, was to not only alleviate these concerns but also to educate them. Here’s where digital services like PhonePe, GPay, Paytm, and others have made a huge difference by combining a simple user interface with interactive instructional content.

    Groww clearly displays a variety of goods to potential investors, together with the corresponding risk level and historical performance. It also provides consumers with a comprehensive summary of all mutual fund facts, which helps to educate them.

    Groww – Future Plans

    Groww’s IPO may materialize “somewhere down the line,” hinted co-founder and CEO Lalit Keshre during an event in New Delhi in October 2024. While he acknowledged the possibility, he refrained from providing a specific timeline, stating, “Maybe in some time. It’s somewhere down the line, but we don’t know when.”

    With India’s IPO market thriving, numerous companies are growing the nation’s strong economic growth to go public.

    FAQs

    What does Groww do?

    Groww is an online investment platform that allows users to invest in mutual funds and equities directly. The company is a creator of a mutual fund direct access platform.

    What is Groww launch date?

    Groww app was launched in April 2016.

    What is Groww business model?

    Groww app operates as a commission-free platform, charging flat-fee brokerage on equity and F&O trades.

    What is Groww tagline?

    There’s just one right way, is Groww tagline.

    When was Groww founded?

    Groww was founded in 2016 by 4 former Flipkart employees: Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.

    Which companies do Groww compete with?

    The top competitors of Groww are Upstox, Zerodha, Upstox, IIFL, Finvasia, Angel Broking, SAS Online, Sharekhan, Edelweiss, and Karvy Stock Broking.

    What are the Groww app charges?

    Groww offers accounts for mutual fund investments with zero transaction charges, no redemption charges, or any other hidden charges. Furthermore, it also offers free account opening facilities that requires zero maintenance charges.