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Spinny’s Success Story – The Tech-Driven Startup Transforming Car Ownership

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

Though some of us still want to go for a first-hand experience of things, a significant number of people opt for used products instead of new ones, especially when it comes to the purchase of vehicles.

Our financial conditions have taken a tumble since the outbreak of the coronavirus pandemic, but new cars are getting costlier each day. Furthermore, as ironic as it is, the quality of these cars and their average lifespan are going down equally. Besides, for first-time buyers, going for used cars is always better as a decision. All of these reasons have boosted the sales of used cars.

Buying used cars in India is not at all pain, but all gain today! This is primarily because of the growing used car space in India, which is dominated by promising startups that are equipped with the technology of the age. Spinny is one such used car startup based in Gurgaon, Haryana that is disrupting the segment of used cars in India.

Read more about the brand Spinny, all the details of the used car industry, Logo and Tagline, Founders, Startup Story, Mission and Vision, history, Employees of the company, the Business and Revenue Model, Funding and Investors, Competitors, and more.

Spinny Company Details

Startup Name	Spinny
Also Known As	Spinny Cars , myspinny, Spinny Assured Cars
Legal Name	ValueDrive Technologies Pvt. Ltd.
Headquarters	Gurgaon, Haryana, India
Industry	Automobile, Automotive
Founders	Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar
Founded	2015
Valuation	$1.67 Billion (as of December 2024)
Areas Served	India
Current CEO	Niraj Singh
Website	www.spinny.com

About Spinny
Spinny – Industry
Spinny – Logo, and Tagline
Spinny – Founders and Team
Spinny – Startup Story
Spinny – Vision and Mission Statement
Spinny – Employees
Spinny – Business Model and Revenue Model
Spinny – Funding, and Investors
Spinny – Shareholders
Spinny – Acquisitions
Spinny – Growth and Revenues
Spinny – Financials
Spinny – LayOffs
Spinny – Competitors
Spinny – Challenges Faced
Spinny – Future Plans
Spinny – FAQs

About Spinny

Spinny is a reliable platform for used cars. Powered by cutting-edge technologies, Spinny promises simple, convenient, trustworthy transactions for all the users who look to buy and sell used cars.

The company’s platform contains a list of automobiles with full details that the buyers can check out. Furthermore, it also includes a test drive with a 5-day money-back assurance, thereby allowing the car owners to sell their vehicles and potential consumers to buy cars in an easy and transparent manner.

Sellers may arrange for an evaluation and accept an offer for their vehicle. Buyers may also go through the wide range of cars that Spinny offers online, choose a car, and book a test drive. Car owners may also put their vehicles for sale on the site and receive fast bids.

Spinny eliminates the danger of buying a used car and provides users with complete peace of mind. Its multi-step filtration means that the users always have the option of selecting from a pool of certified used automobiles of the greatest quality. When a customer buys a Spinny Assured automobile, he/she will be getting a used car that hasn’t been in an accident, hasn’t had its meter tampered with, has clean records, and has been properly inspected against a 200-point checklist.

Spinny – Industry

The used automobile market in India was valued at $561.13 million in 2023 and is predicted to grow to $738.57 million by 2032, with a CAGR of 3.10% between 2024 and 2032.

As opposed to the serious aftermath of the pandemic for the new car space, the impact of the COVID-19 pandemic on the industry was negligible. The industry is expected to significantly rise as more individuals desire independent mobility and new financial alternatives are incorporated into the used automobile market. Besides, after the pandemic onslaught, consumers have been forced to search for alternatives to new automobiles, and the used car sector has a lot of room for expansion in this area. Besides, manufacture and sale have also been hampered by the pandemic, which made the purchasers quickly resort to the used automobile market.

Spinny – Logo, and Tagline

Spinny Logo

Spinny has chosen red and black as its brand colors and the logo of the brand is crisp and catching, marked with the starting letter, “S”, of the brand.

Spinny’s tagline says, “Cars you will love to buy.”

Spinny – Founders and Team

Spinny was founded by Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar in 2015.

Spinny Founders (Niraj Singh, Ramanshu Mahaur, Mohit Gupta & Ganesh Pawar)

Niraj Singh

Spinny’s Founder and CEO is Niraj Singh. Niraj Singh has also worked as a Founding Partner at Outbox Ventures in the past.

Ramanshu Mahaur

Spinny and Karmabite were co-founded by Ramanshu Mahaur, who currently serves as the co-founder and CTO of the company. He was most recently a member of Adobe’s technical staff. Ramanshu graduated from the Indian Institute of Technology in Delhi with a Bachelor’s degree in Computer Science.

Mohit Gupta

Mohit Gupta is one of Spinny’s co-founders. Prior to joining Spinny, he worked at Flipkart from 2011 to 2014, holding several responsibilities.

Ganesh Pawar

Ganesh Pawar used to be Senior Manager of Business Development in Flipkart. He, then, co-founded Spinny. Now, he is building the food FMCG business at Udaan – an eCommerce-supply chain.

Spinny – Startup Story

India’s used car industry has been getting a lot of attention for quite some years now. It is mainly due to the better value proposition that used cars offer, that more and more Indians are looking to opt for old cars than the newer ones.

However, the lack of proper information that is inherent in the process of the sales of used automobiles, the absence of trustworthy middlemen, the complexity of navigating through the variety of alternatives when it comes to buyers, and finding the correct price of the vehicles for sellers have all been roadblocks in this path.

Besides, the procedure of buying a secondhand automobile is cumbersome and overly complicated. Independents provide a wide range of rates and services to entice people to buy automobiles of dubious quality. Choosing from a pool of mint and lemon autos, for example, has a high likelihood of bad selection for a beginner. All these provided a cradle for the birth of Spinny.

Niraj Singh, an IIT-Delhi alumni, serial entrepreneur, and investor founded Spinny in 2015. His aim to alleviate young Indians’ automobile ownership woes led to the formation of the firm. Niraj invested $500,000 of his personal money into the company. He is now backed by numerous venture capital groups and has raised close to Rs 418 crore. Niraj saw a need to provide a quality experience for individuals buying used automobiles and decided to build a simple and clear platform for customers to collect information and purchase a car.

Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, and Mohit Gupta embarked on a mission to develop Spinny in order to sift out the quintessential problems of annoyance and skepticism and break down the arduous procedure into a one-click solution.

Buyers may rest assured knowing that all of the cars on offer have been Spinny Certified, which means they have passed a thorough assessment by our expert inspectors. This guarantees that the buyer is fully informed about the vehicle’s condition and is making an educated selection. Buyers of Spinny-certified cars also benefit from a warranty on cars acquired via Spinny.

In addition, the organisation handles all documentation, from registration to title transfers, as well as aiding purchasers with financing their new acquisition. Spinny has finally brought actual ease and a smoother transaction to the used automobile market for both buyers and sellers.

The Spinny business initially started in Delhi NCR in 2015 and has seen quite a growth since then.

Spinny – Vision and Mission Statement

Spinny’s mission is to make car ownership accessible, simple, and delightful.

“Our goal is for the country to trust our method, believe in and enjoy our cars”, states the company’s website.

“Only four percent of people are satisfied with their experience of buying a used car. We are providing trust, transparency, and simplicity. Our aim is that the buyer should be able to purchase the car with the same confidence that he or she shows while buying a new car,” added Niraj.

Spinny – Business Model and Revenue Model

Spinny, transitioned from a customer-to-customer model to a full-stack one in which it buys, refurbishes, and sells old cars. According to the creator and chief executive officer Niraj Singh, the website sells close to 1,500 automobiles every month and is increasing at a constant pace of 15-16% month over month. Spinny hopes to roughly triple its current volume by the end of the year 2021, according to Singh.

“There was a lot more capital available, but we wanted limited dilution in this round because our burn is very limited. We don’t have a runaway problem. It was just that we wanted to add an extra layer of security and the ability to experiment more,” Singh said.

Spinny has over 2 lakh customers and works with around 1000 people in over 11 cities, with ambitions to grow to 6 more by the end of the year, 2021. It now offers used cars in the INR 4-8 lakh range but intends to expand its services to include both cheaper and higher-priced vehicles.

In 2024, Spinny startup sells over 7,000 cars each month. Spinny’s online sales have also increased by 13% to reach 70% of the total sales.

Spinny – Funding, and Investors

Spinny raised around $513.5 million in funding over the 9 funding rounds it has witnessed to date. The last funding came in the form of an undisclosed funding round from Sachin Tendulkar after the huge Series E funding round on November 24, 2021, led by Tiger Global and Abu Dhabi Growth, which helped the company join the unicorn club of Indian companies. Currently valued at over $1.67B, as of December 2024, Spinny has already become the 4th Indian unicorn startup in the used car space and the 39th unicorn startup of India to achieve a unicorn valuation in 2021.

Date	Round	Amount	Lead Investors
December 14, 2021	Funding Round	–	Sachin Tendulkar
November 24, 2021	Series E	$283M	Tiger Global, Abu Dhabi Growth Fund
Jul 9, 2021	Series D	$103.30M	Tiger Global Management
Apr 7, 2021	Series C	$65M	General Catalyst
Sep 27, 2019	Series B	$43.7M	Fundamentum
May 21, 2019	Series A	$13.2M	Accel, Elevation Capital
Nov 13, 2018	Debt Financing	$4M	Blume Ventures
Jun 6, 2017	Seed Round	$1M	Blume Ventures

Spinny – Shareholders

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

Spinny Shareholders	Percentage
Niraj Singh	9.7%
Mohit Gupta	2.6%
Ramanshu Mahaur	2.6%
Tiger Global Management	14.1%
Elevation Capital	12.5%
Accel	13.1%
General Catalyst	6.6%
ADFD	5.6%
Fundamentum	5.2%
Avenir Growth Capital	5.1%
Blume Ventures	5.3%
ESOP Pool	6.7%
Others	10.9%

Spinny – Acquisitions

Acquiree Name	About Acquiree	Date	Amount
Scouto	Scouto is an AI-powered connected car connectivity start-up.	Feb 10, 2022	–
Truebil	Truebil is a team of young, highly motivated professionals who strive to help you buy and sell used cars in the simplest way possible.	Aug 6, 2020	–
HopCar	HopCar is a provider of buy and sell car. Free Inspection. 15 days Sale Guarantee.	Jun 13, 2016	–

Spinny competes with its ESOP buyback for its current and former employees. The ESOP buyback plan announced on December 21, 2021, worth ($12 mn) INR 90 crores, was the first employee stock ownership plan that the company has seen to date.

Spinny – Growth and Revenues

Top Car Preferences: Maruti Suzuki, Hyundai, BMW, and Mercedes-Benz were the most popular in 2024.
Online Sales: 70% of purchases were made online in 2024.
Spinny Parks: 50% of deliveries were from new Spinny Parks in 2024.
Financing: 46% of buyers used Spinny Capital for financing in 2024.
Metro Growth: Bangalore, Delhi NCR, and Hyderabad saw the highest sales in 2024.

Spinny – Financials

Spinny’s financial performance from FY20 to FY24 shows strong revenue growth but continued losses. Revenue grew from INR 17.7 crore in FY20 to INR 3,821.9 crore in FY24, while expenses also increased, leading to a loss of INR 587.5 crore in FY24.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 3,821.9 crore	INR 3,380.7 crore	INR 180 crore	INR 39.7 crore	INR 17.7 crore
Expenses	INR 4,409 crore	INR 4,196.1 crore	INR 670 crore	INR 150 crore	INR 93.9 crore
Profit/Loss	INR -587.5 crore	INR -815.5 crore	INR -490 crore	INR -110.3 crore	INR -76.2 crore

Revenue grew by INR 441.2 crore (13.05%) from FY23 to FY24. Expenses increased by INR 212.9 crore (5.07%), reducing the loss by INR 228 crore.

Spinny Revenue:

Spinny’s revenue grew from INR 3,380.7 crore in FY23 to INR 3,821.9 crore in FY24, mainly due to higher revenue from operations.

Revenue Source	FY24	FY23
Revenue from operations	INR 3,725 crore	INR 3,259.8 crore
Other income	INR 96.8 crore	INR 120.9 crore
Total Revenue	INR 3,821.9 crore	INR 3,380.7 crore

Revenue from operations increased by INR 465.2 crore (14.27%), while other income fell by INR 24.1 crore (19.93%).

Spinny Expenses:

Expenses rose from INR 4,196.1 crore in FY23 to INR 4,409 crore in FY24, driven by higher purchases of stock-in-trade and finance costs.

Expense Type	FY24	FY23
Cost of materials consumed	INR 90 crore	INR 143.8 crore
Purchases of stock-in-trade	INR 3,495.2 crore	INR 3,242.9 crore
Changes in inventories of finished goods, WIP	INR 8.4 crore	INR (217.5) crore
Employee benefit expense	INR 391.7 crore	INR 393.5 crore
Finance costs	INR 90.1 crore	INR 67.7 crore
Depreciation, depletion and amortisation expense	INR 62.1 crore	INR 77.9 crore
Other expenses	INR 271.5 crore	INR 487.8 crore
Total Expenses	INR 4,409 crore	INR 4,196.1 crore

Purchases of stock-in-trade increased by INR 252.3 crore (7.78%), while other expenses decreased by INR 216.3 crore (44.34%).

Spinny Profit/Loss:

Spinny reduced its losses from INR 815.5 crore in FY23 to INR 587.5 crore in FY24 due to revenue growth and cost management.

Profit Type	FY24	FY23
Gross profit/loss	INR 326.7 crore	INR 137.8 crore
Operating profit/loss	INR -497.4 crore	INR -747.6 crore
Net profit/(oss	INR -587.5 crore	INR -815.5 crore

Gross profit increased by INR 188.9 crore (137.08%), and net loss reduced by INR 228 crore (27.96%).

Quick Summary:

Revenue: Increased by 13.05% (INR 441.2 crore), driven by a rise in revenue from operations.
Expenses: Increased by 5.07% (INR 212.9 crore), mainly due to higher stock-in-trade purchases and finance costs.
Profit/Loss: Net loss was reduced by INR 228 crore (27.96%) due to improved gross profit and controlled expenses.

Spinny – LayOffs

Spinny, a used car startup, had laid off 5% of its workforce, or around 300 employees in August 2023, as the company merged the Truebil and Max platforms into the main platform. The reason for the layoff is to have cleaner and more focused execution going forward and to offer everything to customers on the main platform.

The company’s official statement on this “We have witnessed a sharp uptick in demand for reliable, budget-friendly cars as most people have resumed work from the office. By splitting our inventory of cars across different brand platforms, we were sometimes unable to offer enough options to such customers. With this consolidation, we should be able to meet the needs of these customers well.

Spinny is providing affected employees with a three-month severance package, faster ESOP vesting, and the option to maintain their assets as a show of support.

Spinny – Competitors

CarDekho
Droom
CARS24
CarTrade
CarWale
Creative Webmedia Pvt Ltd
Carnation
CheckGaadi
Chehaoduo
CapCar
Shift Technologies
and Carlypso, are the top ten rivals in Spinny’s competitive set.

Spinny – Challenges Faced

The trust issue is one of the major worries consumers have when buying used automobiles, according to Niraj Singh, co-founder, and CEO of Spinny. The startup’s rigorous and transparent inspection of the car, buying it from the owner, and then selling it to clients, addresses those concerns, Singh adds.

The business claims it is removing conventional intermediaries from the mix, making used car purchases more reasonable and reliable for clients. If a consumer is unhappy with the automobile they bought from Spinny, they will receive a complete refund.

Spinny started out as a used automobile marketplace, but according to Singh, the company has grown to become a full-stack platform. The pandemic harmed Spinny’s company for a few months, according to Singh, but the startup has now restored its pre-pandemic growth rates.

According to Singh, the outbreak of the deadly virus made many people wary about taking an Uber or Ola trip, prompting them to look into purchasing their own vehicles. Spinny’s CAC was also dramatically lowered, he claimed.

Though Spinny is an evolving startup that has already achieved a unicorn valuation, it is facing tough competition from its rivals in the used car space. Therefore, surviving in one such landscape with cutthroat competition is itself a challenge that Spinny is battling against.

Spinny – Future Plans

Spinny doesn’t want to be just another participant in the market in the coming year; instead, it wants to be the catalyst for changing people’s perceptions about used vehicle purchases. According to Niraj, the goal is to create a seamless shopping experience that is consistent with openness, quality, responsibility, and trustworthiness.

Spinny – FAQs

What is Spinny?

Spinny is an Indian used car buying and selling platform founded in 2015. It provides a seamless, transparent, and trusted process for purchasing and selling pre-owned cars.

What does Spinny do?

Spinny is a used car trading platform that aims to deliver affordable used cars via an easy and transparent process for everyone.

Who founded Spinny?

Spinny was founded by Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar.

Spinny founded in which year?

Spinny was launched in 2015.

Which companies do Spinny compete with?

CarDekho, Droom, CARS24, CarTrade, CarWale, Creative Webmedia Pvt Ltd, Carnation, CheckGaadi, Chehaoduo, CapCar, Shift Technologies, and Carlypso, are the top ten rivals in Spinny’s competitive set.

What is Spinny business model?

Spinny operates on a direct-to-customer (D2C) model for buying and selling used cars. It owns and inspects the cars, ensuring quality before selling them to customers through its online platform and physical hubs. This eliminates middlemen, offering competitive prices and a better customer experience. The company earns revenue from car sales, financing services, and value-added products like insurance and warranties.

Who is Spinny CTO?

Ramanshu Mahaur is the CTO of Spinny company.

February 21, 2025

Meesho Success Story: The Journey of India’s Premier Reselling App

Today, one can easily launch their very own online business while sitting comfortably at their home, without investing a lot of money. Online shopping has developed significantly over the previous decade, and eCommerce companies now generate billions of dollars in monthly sales all across the globe.

People are depending on online purchasing platforms more than ever since the outbreak of the pandemic, and many are also using this opportunity to develop their online empires. The online reselling industry is no different in that aspect.

If you too are considering starting your reselling business, Meesho is a platform you can consider. Meesho is an online resale platform that allows anybody to establish a company without having to put up any money. Leading the reselling landscape of India, Meesho takes pride in reselling indeed!

Here is the story behind the popular Indian reselling platform: Meesho Startup Story, History, Founders, Mission and Vision, Business Model, Revenue Model, Funding and Investors, Competitors, and more.

Meesho Company Details

STARTUP NAME	MEESHO
Headquarters	Bangalore, Karnataka, India
Sector	Retail, E-commerce
Founder	Sanjeev Barnwal, Vidit Aatrey
Founded	2015
Website	meesho.com

About Meesho
Meesho – How does it Work?
Meesho – Industry
Meesho – Founders and Team
Meesho – Startup Story
Meesho – Name and Logo
Meesho – Mission and Vision
Meesho – Products and Services
Meesho – Business Model
Meesho – Revenue Model
Meesho – ESOPs
Meesho – Challenges Faced
Meesho – Funding and Investors
Meesho – Shareholding
Meesho – Investments
Meesho – Growth
Meesho – Financials
Meesho – Partnership and Tie-ups
Meesho – Advertisements and Campaigns
Meesho – Competitors
Meesho – Future Plans

About Meesho

Meesho is an online shopping platform. The online reseller platform perhaps requires no introduction. It has carved a niche for itself and has gained popularity among consumers and retailers alike by making online reselling and shopping hassle-free and affordable. Meesho provides secure and timely transactions, as well as low-cost returns and shipping.

Meesho – How does it Work?

Meesho, India’s largest resale platform, was founded in 2015. The Meesho app essentially connects manufacturers to resellers. Manufacturers list their commodities on the Meesho shopping app, which allows merchants to choose from any of their products and sell them to customers using social networks like WhatsApp, Facebook, and Instagram. Clothing, accessories, furniture, culinary utensils, and cosmetics producers are among the suppliers who list their products on Meesho.

Independent resellers can then choose any product from these suppliers and sell it to customers using the social media sites mentioned. It’s as simple as posting a photo of the item on Instagram or writing a Facebook post to sell it. After the customer and the reseller have agreed on the purchase, the Meesho items are delivered to the buyer’s home. Buyers have the option of paying with a debit or credit card or cash on delivery for a secure and quick procedure of transaction.

Meesho – Industry

The Indian eCommerce Market is expected to develop significantly, reaching an estimated value of USD 112.93 billion in 2024, according to a Statista report analysis.

The market is predicted to maintain its upward trend and reach USD 299.01 billion by 2029, with a compound annual growth rate (CAGR) of 21.5% over the forecast period of 2024 to 2029. This development trend highlights the robust expansion and considerable prospects found in India’s eCommerce industry.

Meesho – Founders and Team

Meesho startup was founded by Sanjeev Barnwal (Co-Founder and CTO) and Vidit Aatrey (Co-Founder and CEO) in 2015.

Sanjeev Barnwal

Sanjeev Barnwal is the Co-Founder and Chief Technological Officer (CTO) of Meesho. Sanjeev Barnwal has also worked at Sony Mobile Communications as an Android Camera Hardware Abstraction Layer Architecture Designer and Developer. He graduated from IIT Delhi with a bachelor’s degree in engineering and has also worked with Sony Corporation before that.

Vidit Aatrey

Vidit Aatrey is the Co-Founder and CEO of Meesho. Before Meesho, the Meesho Co-founder worked with the mobile marketing platform InMobi, where he designed growth strategies for the company. Aatrey has also seen the Operations part of the business when he was with ITC Limited. He also graduated from IIT Delhi with a bachelor’s degree in engineering.

Meesho works with an employee strength of 1,001-5,000 employees in its team.

Meesho – Startup Story

In 2015, when Meesho was started, it was known as FASHNEAR. The idea behind FASHNEAR was just like Swiggy or Zomato. FASHNEAR dealt with Fashion-related goods and allowed customers to buy clothes and fashion accessories from the shops in their locality. Local shops selling apparel and accessories could register with the FASHNEAR app, and customers could order from these local shops, and delivery persons were there to deliver the goods.

“Sanjeev and I fulfilled every role during this period. We did the inventory of every shop, spending entire days taking photos of all the products and cataloging them on our app. I also worked as the delivery person in the beginning because I wanted to hear my customer’s feedback firsthand.” Vidit said speaking about FASHNEAR’s initial days.

However, soon the founders started to notice some flaws in the FASHNEAR business model. Some major drawbacks they noticed were that consumers were not very concerned about buying clothes from local shops. Besides, the shop owners also wanted to increase sales by selling their products online in different locations of the country rather than selling their products locally. These problems inspired Vidit and Sanjeev to work on a better business model. By the end of 2015, Fashnear was renamed as ‘Meesho’.

The founder duo visited many shopkeepers and resellers to identify their problems. They noticed that many shopkeepers were already selling goods through WhatsApp, but their reach was limited because they delivered their goods only locally. They also found out that most of the shops registered on Meesho were operated by women, and these women sold their goods out of their homes rather than in any physical shops.

The business model of Meesho has been built considering these facts and issues, and currently, with Meesho, women can comfortably start a reselling business from home without owing any inventory. Meesho also empowers small shops and manufacturers to deliver their goods across the country, while Meesho takes care of the delivery of the products, facilitates COD options, and ensures that consumers can seamlessly return the products if they wish.

Thus, Meesho serves as a bridge between suppliers (manufacturers and shopkeepers who list their products on Meesho), resellers, and customers. Meesho also helps suppliers manage their inventories. Meesho online shopping offers a wide range of affordable products, from fashion to home essentials.

Meesho Story - The Rise from a Social Commerce Startup to Becoming a Unicorn — Meesho Story – The Rise from a Social Commerce Startup to Becoming a Unicorn

Meesho – Name and Logo

Meesho Logo

Meesho New Logo: The company’s new logo depicts “Aam” as hospitable and welcoming while reflecting “Jamuni”‘s relationship with desire. The company’s position as a comprehensive platform serving the daily needs of Indian shoppers will be reinforced by this rebranding initiative, which will also increase its attractiveness and resonance with consumers.

Meesho is owned by “Fashnear Technologies Private Limited.”

Meesho – Mission and Vision

Meesho’s mission is to “Democratise Internet Commerce for Everyone.”

The company’s vision is to “enable 100 million small businesses in India, including individual entrepreneurs, to succeed online.”

Meesho – Products and Services

Meesho products and services are:

Meesho Superstore

Meesho relaunched Farmiso as Meesho Superstore in its rebranding attempt on April 5, 2022. This was done to focus on the customer demands of everyday needs in Tier 2 markets and beyond that.

The company boasts of the fact that it has successfully managed to expand its grocery service to 6 states within 9 months.

Meesho Superstore Logo

This rebranding and integration of the Meesho grocery app Farmiso to the main Meesho app is quite significant and is in line with the quest for super apps, which are to dominate the Indian and global digital ecosystem soon. Furthermore, with only 0.5% of the grocery sales happening digitally, it is really important to note that Meesho has a massive market that it can tap into.

Meesho Mall

Meesho is taking a significant step forward with the introduction of ‘Meesho Mall,’ aligning with its ‘User First’ approach. This strategic expansion signifies Meesho’s dedication to meeting the diverse needs of the Indian population. ‘Meesho Mall’ will offer a wide range of products, including branded items, aimed at enhancing the shopping experience for Indian consumers.

Meesho – Business Model

Meesho’s business model deviates little from the direct-to-consumer (D2C) paradigm. In contrast to the direct-to-consumer (D2C) paradigm, which involves producers selling products directly to customers, Meesho functions as a platform that facilitates transactions between businesses, namely between manufacturers and reselling business owners.

These resellers work as go-betweens, bringing together producers and final customers. Meesho essentially operates in a business-to-business (B2B) environment. The corporation made this adjustment in 2021, moving away from its original reseller-centric model. Meesho no longer just facilitates transactions; instead, it helps companies increase sales, earning fees and commissions in the process.

Meesho – Revenue Model

Meesho earns money from different resources; some of the prominent ones are:

Commission

The commissions Meesho charges from the vendors have been a major source of their revenue. When a reseller sells a product on the Meesho platform, the seller of that product will be charged a certain percentage of commission. The commission-based business is similar to those of e-commerce platforms like Amazon, Flipkart, and others.

As per the company’s website, a 0% commission is charged from the suppliers on all product categories. No commission is charged from the resellers.

Logistics

Meesho offers logistics services to the suppliers and charges a fee for the same. The Meesho team is working on reducing the logistics charges to increase the profitability of the sellers.

A portion of Meesho’s revenue comes from advertisements. As the number of sellers on the platform is increasing, sellers who want to highlight their products in front of the resellers and customers on the platform pay a certain amount for advertising their products.

Meesho – ESOPs

Meesho has announced its largest Employee Stock Ownership Plan (ESOP) buyback scheme to date, with a total of Rs 200 crore (about $25 million) as per the news report of March 13, 2024.

With prior buybacks of $1 million in February 2020, $5 million in November 2020, and $5.5 million in October 2021, this is the horizontal e-commerce unicorn’s fourth buyback. This project has the potential to benefit about 1,700 current and former employees, ranging from junior executives to senior leadership positions.

Meesho – Challenges Faced

Meesho faced several difficulties in the early going that are common for a young company in the online retail space. Online retail is becoming more and more popular, but there are still a lot of challenges to overcome, like limited transaction possibilities, shipping limitations, and shortages of supplies. The CEO underlined Meesho’s decision to forgo keeping inventory in their warehouses to promote small businesses from the beginning.

But these difficulties were made worse by the COVID-19 pandemic, especially in terms of supply chain interruptions. Meesho and other companies in the industry continued to face difficulties even after the government took action to loosen mobility constraints.

Some of the other challenges faced by Meesho are:

Pandemic-caused Challenges

COVID-19 had a significant negative impact on Meesho’s business, which prompted the company to concentrate on building logistical networks in the face of inconsistent state laws. Closings in the fashion sector led to a shift in focus toward selling necessities like groceries and masks to sustain resellers. To support resellers and build trust in the face of uncertainty, a microcredit strategy was implemented.

Change in Strategy, Huge Cash Burn, and No Profit

Meesho changed its business model from social commerce to business-to-consumer (B2C) in response to fierce competition from Flipkart and Amazon, substantial financial burn, and little profit. To reorganize the supermarket industry and guarantee its long-term viability, layoffs took place.

Meesho Layoffs

To streamline operations, Meesho let go of 150 workers in April 2022 and 251 in May 2023.

Significant Counterfeit Issues

Meesho had to deal with counterfeit goods, which led to legal lawsuits and quality assurances to protect its brand and customers’ faith.

Meesho Smear Campaigns

Influencers who disseminate false Meesho information may face legal action for doing so. Legal letters were delivered to them.

Meesho – Funding and Investors

Meesho has raised $1.4 billion in 13 rounds of funding. Their latest funding was raised on May 6, 2024, from a Venture – Series Unknown round.

Here are the funding details:

Date	Round	Amount	Lead Investors
May 6, 2024	Venture Round	$275 million	–
Oct 13, 2023	Secondary Market	$52.5 million	Westbridge Capital
Oct 20, 2021	Debt Financing	–	Trifecta Capital Advisors
Sep 30, 2021	Series F	$570 million	B Capital Group, Fidelity Management and Research Company
Apr 5, 2021	Series E	$300 million	SoftBank Vision Fund
Aug 12, 2019	Series D	$125 million	Prosus & Naspers
Jun 14, 2019	Corporate Round	$25 million	Meta
Nov 5, 2018	Series C	$50 million	DST Partners, RPS Ventures, Shunwei Capital
Jun 7, 2018	Series B	$11.5 million	Sequoia Capital India
Oct 12, 2017	Series A	$3.4 million	Elevation Capital
Aug 18, 2016	Seed Round	$120K	Y Combinator

Meesho – Shareholding

Meesho’s shareholding pattern as of September 2021, sourced from Tracxn:

Meesho Shareholders	Percentage
Series Seed	2.7%
Series A	10.9%
Series A1	0.2%
Series B	12.2%
Series C	10.9%
Series D1	9.6%
Series D2	2.7%
Series E	11.5%
Series F	10.9%
Other Capital	28.4%

Meesho – Investments

Meesho’s investment in Elenas is a clear indication of the company’s faith in the business—it has supported Elenas twice. Meesho first contributed $2 million on October 15, 2020, as part of the seed investment round. Meesho strengthened its support by contributing a further $6 million on March 4, 2021, during the Series A investment round, building on this promise.

This follow-up investment demonstrates Meesho’s faith in Elenas’ potential and ambition.

Meesho – Growth

Meesho’s growth highlights are:

It has over 50 lakh products as of August 2024
It has 650+ product categories as of August 2024
The company has 11 lakh+ sellers as of August 2024
Meesho has 14 crore+ customers as of August 2024
It has served 19,000+ pincode as of August 2024
It has 1.1 million resellers as of March 2023
Meesho has passed 14.5 crore app downloads as of 2023
It has more than 20,000 manufacturers from more than 500 towns

Financials

Meesho announced it became profitable in June 2023 and the company expects to be fully profitable for the entire fiscal year by FY25 or FY26. Its adjusted losses dropped by 97%, reaching INR 53 crore for the fiscal year ending in March 2024.

In FY 2024, Meesho’s revenue grew by 33% to INR 7615 crore, compared to INR 5735 crore in FY 2023. Total expenses increased by 8% to INR 8150 crore. Net loss reduced significantly by 82%, from INR 1675 crore in FY 2023 to INR 305 crore in FY 2024.

Meesho Financials	2023	2024
Operating Revenue	INR 5735 crore	INR 7615 crore
Total Expenses	INR 7564 crore	INR 8150 crore
Employee Benefit Expenses	INR 726 crore	INR 750 crore
Logistics & Fulfilment Expenses	INR 4817 crore	INR 5927 crore
Server & Software Tools Expenses	INR 567 crore	INR 575 crore
Net Loss	INR 1675 crore	INR 305 crore

Meesho – Partnership and Tie-ups

Meesho has partnered with many companies: some of the prominent ones are:

Rural Development Ministry of the Union Government

Meesho has partnered with the Rural Development Ministry of the Union Government to promote and market goods made by Self Help Groups (SHGs) from different parts of India, including handloom and handicrafts. Through this partnership, SHGs will be given more opportunities to market their goods while also being empowered and given a platform to do so.

Vision and AI Labs of IISC

Meesho and the Indian Institute of Science’s (IISc) Vision & AI Lab (VAL) have signed a one-year Memorandum of Understanding (MoU). This collaboration seeks to help Meesho advance research in key areas like multimodal large language models (LLMs) and generative artificial intelligence (AI).

“We use AI for product recommendation, product ranking, making listing easy for sellers, suggesting price points to sellers, etc,” said co-founder and CTO Sanjeev Barnwal.

LazyPay

Meesho has joined forces with LazyPay in a partnership designed to enhance the checkout process, providing shoppers with seamless and faster transactions and ultimately improving their overall shopping experience.

Cashfree

The company has partnered with cash-free payments and is set to introduce a feature that allows for instant refunds on cash-on-delivery (COD) orders processed through its platform, streamlining and expediting the refund process for customers.

iCubesWire

It has a partnership with iCubesWire and with this collaboration it will take steps to to improve product discoverability for Indian consumers, enhancing their online shopping experience.

Plum

Meesho and Plum, a platform for employee health insurance, have partnered strategically to raise the bar for employee benefits and care.

We Hub

We Hub has formed a Memorandum of Understanding (MoU) with Meesho to support female entrepreneurs in reaching financial independence by providing them with increased market exposure and prospects.

Meesho – Advertisements and Campaigns

Meesho Campaign

Meesho announced the launch of its “Sahi Sahi Lagaya Hai” campaign in September 2021 to appeal to the tier 2 markets and beyond. Through this campaign, Meesho highlights how its consumers benefit from a wide range of products across diverse categories at affordable prices from sellers all across the country with the help of the Meesho app.

Meesho – Competitors

Some of Meesho’s major rivals are:

Volusion
Elenas
DealShare
GlowRoad
Shop101
Huboo
Drop

Meesho – Future Plans

Meesho stated in an interview that the company plans to go public in the following 12 to 18 months, as per the news report from August 2023. This action demonstrates the company’s faith in its business plan and preparation for the next stage of expansion. Meesho would get more funding and market exposure via a possible stock market offering, which would strengthen its position in the e-commerce industry.

Meesho aims to onboard 10 million small businesses by 2027, a significant increase from its current seller base of 1.3 million. This goal represents a ten-fold expansion.

FAQs

What is Meesho shop?

Meesho, which was formed as “meri eshop“, was founded as a social commerce platform in 2015 by Sanjeev Barnwal and Vidit Aatrey, and operates as an online reselling app for users. Meesho has recently started pivoting an eCommerce model. Meesho online platform helps small businesses and individuals start their online stores with zero investment.

What does Meesho do?

Meesho, based in Bengaluru, is an online reseller platform that aspires to build an environment where anybody can establish a business with no financial investment.

Who are Meesho founders?

Meesho owners are Sanjeev Barnwal and Vidit Aatrey.

When was Meesho founded?

Meesho was founded in 2015.

Which companies do Meesho compete with?

Volusion, Elenas, DealShare, GlowRoad, Shop101, Huboo, and Drop are among Meesho’s major rivals.

How to close the Meesho account?

You can easily close your Meesho account, and there are 3 convenient steps you can follow to do it:

You can email the company
You can call the company and ask them to close your Meesho account
You can message the Twitter or Facebook handle of the Meesho company to delete your account

What does Meesho supplier offer?

Meesho supplier helps the Meesho sellers to sell online to 14 crore+ customers at 0% commission.

How to log out from Meesho?

You can log out from the Meesho supplier app without any hassles just by clicking on the Log Out option.

What is the Meesho customer care number?

The Meesho care number is 080-61799600.

What are the Meesho return charges?

Meesho return charges for the customer, if the product is returned within the SLA, is 0.

Is Messho an Indian company?

Meesho is an online shopping platform owned by the Indian company Fashnear Technologies Private Limited.

February 20, 2025

CARS24 – How It Helps Users Sell the Used Cars in Less Than a Day?

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

Selling a car used to be a tedious task before the online portals made our lives easier. One such portal, which the former skipper of the Indian cricket team, Mahendra Singh Dhoni endorses is CARS24.

Founded by Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal, CARS24 is an e-commerce platform focused on online car buying and selling, which aims to make the whole buying and selling process of cars easier and more efficient.

CARS24 is now a unicorn used car company. The funding on November 24, 2020, has led the company to enter the Unicorn Club by raising $200 million in financing in the Series A round. It was led by DST Global with a post-money valuation of CARS24 being $1 billion. The current valuation of CARS24 is $3.3 billion.

Read on to learn more about CARS24 and its founders, history, business model, revenue model, shareholding, competitors, funding, growth, and more.

CARS24 Company Details

Startup Name	CARS24
Headquarter	Gurgaon, India
Sector	Automotive
Founders	Gajendra Jangid, Mehul Agrawal, Ruchit Agarwal, Vikram Chopra
Founded	August 2015
Parent Organization	Global Car Group
Valuation	$3.23B billion (as of November 2024)
Website	www.cars24.com

About CARS24
CARS24 – Industry
CARS24 – Founders/Owners and Team
CARS24 – Startup Story
CARS24 – Mission and Vision
CARS24 – Name, Tagline and Logo
CARS24 – Business Model and Revenue Model
CARS24 – Growth and Revenue
CARS24 – Financials
CARS24 – Products and Services
CARS24 – Challenges
CARS24 – Competitors
CARS24 – Funding and Investors
CARS24 – Shareholding
CARS24 – ESOPs
CARS24 – Campaign
CARS24 – Partnerships
CARS24 – Future Plans

About CARS24

CARS24 is a cutting-edge e-commerce platform for pre-owned autos, including cars and bikes, which strives to make buying and selling autos a breeze. The platform offers a wide range of certified cars along with smooth and convenient home delivery facilities with the click of a button.

On the other hand, the company also takes care of its sellers, whom it promises to credit the best price of their cars within an hour. With the AI-enabled pricing system that empowers the startup, CARS24 can display the accurate market price and the appraisal value of the vehicle.

CARS24 startup is an ISO 9001:2015 certified company and one of the fastest-growing used car marketplaces in India. CARS24 is the first company in the used-car industry that brought a ‘transaction-led’ approach to selling a car. With this portal, a potential car owner can easily sell their car privately with the utmost security in less than 2 hours and get paid instantly. On the other end, CARS24 has thousands of used car businesses that buy these cars online via mobile auctions from potential car owners across India.

The company, though just 6 years old, has become highly sought-after due to the demand of the supply side conducting over 100,000 transactions a year. CARS24 buys all these cars from more than 15 cities across the country and sells them to over 100 cities in India. The company’s unique C2B model has helped it to leapfrog the existing C2C and B2C models obstructively.

Building this empire on its unique advantages, CARS24 dominates the used car ecosystem that includes sectors such as financial services, and information services. Apart from dealing in used cars online, CARS24 also has an offline presence in terms of brick-and-mortar stores, with more than 155 branches in over 35 cities in India.

CARS24 is disrupting the pre-owned car industry in India and addressing the challenges faced by car owners, by providing them with a world-class customer experience that is quick, easy, and hassle-free.

CARS24 also received an NBFC license from the Reserve Bank of India (RBI) for its new entity — CARS24 Financial Services. With CARS24 Financial Services, the company will facilitate vehicle loans to customers as well as finance channel partners to help them expand their businesses. The customers will be eligible for a credit based on the car value they are buying. For consumers, the average ticket size of a loan would be INR 2.5 Lakh – INR 3 Lakh.

CARS24 – Industry

The used car market in India was valued at $31.62 billion in 2024 and will probably reach around $63.87 billion by 2029. This is an industry that hardly had to face any after-effects of the COVID-19 pandemic. The CAGR of the industry has been registered at 15.10% during the period between 2024 and 2029.

CARS24 – Founders/Owners and Team

Vikram Chopra, Mehul Agrawal, Gajendra Jangid, and Ruchit Agarwal are the founders of CARS24.

Vikram Chopra

Cars24 Founders — Vikram Chopra, CEO and Co-Founder of CARS24

Vikram Chopra is the CEO and Co-Founder of CARS24. He has a BTech and MTech in Engineering from the Indian Institute of Technology, Bombay, and earned an MBA in Finance from the University of Pennsylvania. Vikram is a former Co-Founder of FabFurnish an Investment Analyst of Sequoia Capital and also a Business Analyst at McKinsey & Company.

Mehul Agrawal

Mehul Agrawal is the Co-Founder and COO of CARS24- He holds an MBA from IIM Calcutta and has worked with BCG in the past. Earlier, Mehul started an online furniture company called FabFurnish.

Gajendra Jangid

Gajendra Jangid is the Co-Founder and CMO of CARS24 – Like Vikram, Gajendra too has a BTech and MTech in Engineering at the Indian Institute of Technology, Bombay. Before co-founding CARS24, Gajendra was working with Schlumberger.

Ruchit Agarwal

Ruchit Agarwal is the Co-Founder and Chief Financial Officer of CARS24– Graduated from Cornell University, Ruchit was a Vice President at Bank of America Merrill Lynch before co-founding CARS24.

CARS24 – Startup Story

On scanning the used cars industry, the founders quickly discovered that the industry was in utter chaos. Besides, the industry is full of loopholes that went unmended from the very beginning. A standard procedure is thus, totally absent when it comes to selling or purchasing a used car. Furthermore, the industry was also devoid of any technological advancements that would help in the pricing of the used cars and ultimately prove to be a boon.

Another obstacle related to the used cars market is in finding access to the potential users without bumping into jumbled market players who aren’t aware of a detailed appraisal of the car. Therefore, after a keen observation of the discrepancies in the market, the founders of CARS24 decided to come up with a technology that would help resolve these issues and simplify the process of purchasing and selling used cars online.

CARS24 – Mission and Vision

“Our mission is to revolutionise the way used cars are bought and sold across the world”, says the mission statement of the company.

The vision of the company is to revolutionize the way used cars are sold by coming up with an efficient and reliable way for car owners to sell used cars at a reasonable price.

CARS24 – Name, Tagline and Logo

Though CARS24 hasn’t disclosed a naming story, the name CARS24 has probably come from their idea of emerging as a 24/7 car buying and selling platform.

CARS24 Logo

CARS24 – Business Model and Revenue Model

The business model of CARS24 is based on a used-car resale business model. The CARS24 business model revolves around the parameters of buying any car from its owner at the best price compared with other car resale services in the area. Basically, what CARSs24 aims to offer Indian consumers is an alternative to other tedious means of selling a used car, thus making this process simple and convenient.

CARS24 offers a guaranteed price on any car, regardless of the model, age, or condition. So, what happens is that used car owners can sell their car in just a single visit to any CARS24 branch. Also, the user can obtain a rough valuation that is based on the details of their car online on this portal. The potential sellers who sell their cars on this platform receive an instant payment.

CARS24 also manages the handover of legal documentation relating to vehicle registration, if any, at no additional cost to the seller. This company mainly operates in areas like automotive, e-commerce, retail, and used car trade, and has grown tremendously since its inception based on this stellar model.

CARS24 follows a customer-to-business (C2B) model. It buys cars from individuals and sells them to dealers. Unlike a classified platform, CARS24 enables end-to-end transactions and charges a commission for each transaction, which equals 4-5% of each transaction amount. The sale of the pre-owned is the largest revenue driver for the company. Next, comes the financing services that CARS24 offers its customers, followed by the commission and service income. The unicorn user-car retailers also earn non-operating revenues from the return on financial assets.

CARS24 – Growth and Revenue

CARS24 is currently hailed as the market leader in the online used car space with over 90% of the market share. The company has clocked over 4 lakh transactions to date.

Mega Refurbishment Labs

CARS24 announced its plans to launch refurbishment facilities called ‘Mega Refurbishment Labs’ (MRLs) on October 20, 2021.

CARS24 – Financials

CARS24’s financial performance shows growth in revenue but continued losses over the years. Expenses have risen consistently, impacting profitability.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 6,981.8 crore	INR 5,584.6 crore	INR 6,008.3 crore	INR 2,775.6 crore	INR 3,065.2 crore
Expenses	INR 7,487.9 crore	INR 6,052.4 crore	INR 6,256.3 crore	INR 2,967.1 crore	INR 3,356.2 crore
Profit/Loss	INR -498.4 crore	INR -467.8 crore	INR -248.1 crore	INR -191.5 crore	INR -291.8 crore

CARS24 Revenue:

Particulars	FY24	FY23
Revenue from operations	INR 6,917.1 crore	INR 5,529.6 crore
Other income	INR 64.8 crore	INR 55 crore
Total revenue	INR 6,981.8 crore	INR 5,584.6 crore

Revenue from operations grew from INR 5,529.6 crore in FY23 to INR 6,917.1 crore in FY24.
Other income slightly increased from INR 55 crore in FY23 to INR 64.8 crore in FY24.

CARS24 Profit/Loss:

Particulars	FY24	FY23
Gross profit/loss	INR -506.1 crore	INR -467.8 crore
Operating profit/loss	INR -506.1 crore	INR -467.8 crore
Net profit/loss	INR -498.4 crore	INR -467.8 crore

Gross loss increased from INR 467.8 crore in FY23 to INR 506.1 crore in FY24.
Operating loss also grew from INR 467.8 crore in FY23 to INR 506.1 crore in FY24.
Net loss widened from INR 467.8 crore in FY23 to INR 498.4 crore in FY24.

CARS24 Expenses:

Particulars	FY24	FY23
Purchases of stock-in-trade	INR 6,019.3 crore	INR 5,038.4 crore
Changes in inventories	INR 87.3 crore	INR (107.9) crore
Employee benefit expense	INR 524.5 crore	INR 478.3 crore
Finance costs	INR 112.5 crore	INR 92.9 crore
Amortization & Depreciation	INR 212.7 crore	INR 89.8 crore
Other expenses	INR 531.7 crore	INR 460.9 crore
Total expenses	INR 7,487.9 crore	INR 6,052.4 crore

Stock-in-trade purchases increased from INR 5,038.4 crore in FY23 to INR 6,019.3 crore in FY24.
Employee expenses rose from INR 478.3 crore in FY23 to INR 524.5 crore in FY24.
Depreciation and amortization costs jumped from INR 89.8 crore in FY23 to INR 212.7 crore in FY24.

Quick Summary:

Revenue: Increased by INR 1,397.2 crore (25%), indicating business growth.
Expenses: Increased by INR 1,435.5 crore (24%), driven by higher stock-in-trade purchases and employee costs.
Profit/(Loss): Net loss increased by INR 30.6 crore (7%), reflecting rising expenses impacting profitability.

CARS24 – Products and Services

R&D Center

CARS24 opened its second research and development (R&D) facility in Bengaluru, Karnataka, on October 6, 2023, with the goal of promoting growth, innovation, and ecosystem development.

eChallan Service

CARS24 announces the launch of its eChallan service, on September 6, 2023. Through the CARS24 website and mobile application, private vehicle owners can monitor and clear their outstanding challans thanks to this feature.

Pilot Program

CARS24 launched a pilot program in Gurgaon that allows users to hire drivers, according to a March 12, 2024, news story. This service was introduced earlier in March with the intention of measuring consumer reaction in Gurgaon before going national. Car owners can hire drivers for round-trip, one-way, and out-of-town journeys through the pilot program.

CARS24 – Challenges

The market of used cars sure has a huge potential for growth and this is why most of the startups of today are eying this market. Therefore, CARS24 needs to fight the newcomers in the industry and tackle the existing challenges in the market from the older players. Furthermore, ensuring an adequate supply of used cars might also emerge as a challenge going forward.

CARS24 Shutdown of Supply-Focused Vertical

The company decided to shut down its businesses that strictly focus on supply in around 82 cities of India on December 10, 2021. The company would only be running its supply-side business verticals in the top 100 cities of India, as per an internal note exchanged between the co-founders of the country and its employees.

CARS24 layoffs

CARS24 has announced layoffs of around 600 employees. The used car unicorn marketplace follows many other Indian companies like Vedantu, Unacademy, Meesho, and more, which have already laid off a considerable chunk of their employees between April and May 2022. The main reasons for the layoffs in these companies are cutting costs, fear of the dearth of fundraisers, and the apprehension of a supposed market recession that will take place soon. The CARS24 layoffs have taken place because the startup was looking forward to automatize operations and eventually cutting costs. This layoff of nearly 600 of its staff as announced by CARS24 on May 19, 2022, has made the company with 6.6% of its total workforce.

CARS24 High-Level Exits

After layoffs, CARS24 sees numerous top-level exits that the startup will see in July 2022. This will include Kingshuk Sanyal, Vice President and Business Head of CARS24; Mrinal Sinha, Chief Human Resources Officer of CARS24 and Global CTO of CARS24, Jitendra Agrawal, leaving the firm.

CARS24 – Competitors

CARS24 directly faces cut-throat competition in the market. It competes with companies that operate in the same segment and cater to the same target audience such as:

CarDekho
Droom
Quikr Auto
Olx
CarTrade
NDTV Auto

CARS24 – Funding and Investors

CARS24 has raised a total of around $1.3 billion over 17 rounds of funding to date. The company entered the unicorn club on November 24, 2020, by raising $200 million in a Series A round. It was led by DST Global with a post-money valuation of CARS24 being $1 billion. CARS24 was the second company to achieve unicorn status in the used car space.

CARS24 has seen its Series G round of fundraising led by Alpha Wave Global on December 20, 2021, where the used-car unicorn has raised $400 million, which includes a cumulative debt funding of $100 million.

CARS24 had previously seen a massive $450 million round of equity and debt led by Softbank, Tencent, DST Global, and others on September 20, 2021. With the funding round, the valuation of the company turns $3.3 billion, as of December 20, 2021.

Here is a list of all the finding rounds of CARS24-

Date	Stage	Amount	Investor
July 27, 2024	Corporate Round	$30 Million	Global Car Group
December 20, 2021	Debt Financing	$91.2 Million	–
December 20, 2021	Series G	$400 Million	Alpha Wave Global
November 30, 2021	Debt Financing	$20 Million	Commercial Bank of Dubai
September 20, 2021	Equity and debt round	$450 Million	Softbank, Tencent, DST Global
September 10, 2021	Series F	$258.6 Million	DST Asia, Alpha Wave Incubation, Moore Strategic Partners and Tencent Holdings
June 30, 2021	Debt Round	$1.36 Million	Trifecta Capital
November 24, 2020	Series E	$200 Million	DST Global
November 6, 2019	Venture Round	$42.2 Million	Global Car Group
October 17, 2019	Series D	$100 Million	KCK Global, Unbound
June 7, 2018	Series C	$50 Million	KCK, Kingsway Capital, MPGI, Sequoia Capital India
January 2018	Seed Round	–	–

In August, Mahendra Singh Dhoni had also invested an undisclosed amount in CARS24 as a part of a Series D round. Following the deal, Dhoni became the brand ambassador and owned equity in the company.

CARS24 initially used to buy cars on behalf of the dealers, which it continued till 2019. However, it has now emerged as one of the leading used car marketplaces across the country, and the company has also started to operate in Australia, the UK, and the Middle East.

As per June 18, 2021 reports, the company began its operations in Sharjah, Dubai, Abu Dhabi, and Brisbane in Australia. Furthermore, it will be resuming its functions soon in Sydney and Melbourne.

Additionally, it also mentioned starting its operations in Southeast Asian countries and the countries of the Middle East. The total budget of the company for its international expansion is announced to be more than $100 million.

CARS24 IPO

CARS24’s Singapore entity has converted itself into a public entity on October 20, 2021. Since then, in 2024, Co-Founder Gajendra Jangid announced plans for an IPO coming out sometime in the near future. Henceforth, the company will be known as Global Car Group Limited, which was earlier recognized as Global Car Group Pte. Ltd. Furthermore, M.S Dhoni had taken a partial exit from the company.

CARS24 – Shareholding

CARS24 Shareholding pattern as of August 2023 (source: Tracxn):

CARS24 Shareholders	Percentage
Vikram Chopra	5.4%
Mehul Agrawal	4.9%
Ruchit Agrawal	1.6%
Gajendra Jangid	0.4%
Kingsway Capital	9.8%
DST Global	17.9%
Tencent	7.4%
Alpha Wave Global	9.0%
Peak XV Partners	4.8%
SVF Investment Corp	4.0%
KCK Global Limited	7.6%
Indian Continent Investment	3.0%
Angel	1.7%
ESOP Pool	4.2%
Others	18.3%

CARS24 – ESOPs

The leading used-car selling platform stated that it would be buying INR 75 crore worth of shares from its employees as part of its ESOP plan. This single buyback is estimated to be valued to be more than half of the amount that the company has sold to its employee shareholders as of now.

CARS24 – Campaign

CARS24 Campaign

Buying A Car? CARS24 MRL Check Wali Hi Lena Yaar

Accordingly, the ad highlights CARS24’s solutions, which guarantee premium-quality cars and streamline the purchasing procedure. Designed by Ogilvy (North), MS Dhoni and the enormous MRLs become the movie’s protagonists.

CARS24 “Hidden Car Surprises” Campaign

Say Goodbye to “Hidden Car Surprises” with CarTruth by CARS24

CARS24, a leading autotech platform in India, has introduced CarTruth, a Pre-Delivery Inspection (PDI) service. Designed to address buyer concerns about hidden mechanical issues or flaws, this service ensures confidence in vehicle purchases. The launch is supported by a new campaign highlighting its benefits.

CARS24 – Partnerships

Here are some of the prominent CARS24 partnerships:

Just this year, in 2024. CARS24 partnered with BlackSuit, a top legal services provider on Nov 26, 2024. To improve compliance, enhance customer confidence, and streamline ownership transfers. They also partnered with Truecaller on August 21, 2024, to elevate customer experience with safe, efficient, and trusted business communication. Prior to both of these partnerships, CARS24 had partnered with Lawyered to offer a Traffic Challan solution aimed at simplifying the challan resolution process.

Driva

Australian online car financing company Driva partnered with CARS24 on September 13, 2021, with an aim to extend a loan-matching system that will help customers check out with finance within five minutes

Poonawalla Fincorp

CARS24 and Poonawalla Fincorp Ltd. have come together to fulfill the consumer loans originating through CARS24. They have announced their strategic partnership on November 22, 2021

Bajaj Finance

CARS24 partnered with Bajaj Finance Ltd. on December 30, 2021, to make used car financing easy and transparent, thereby facilitating a quick, frictionless, and streamlined shopping experience

Kotak General Insurance

Kotak Mahindra General Insurance Company Ltd has partnered with CARS24 Financial Services Private Ltd to offer motor insurance services to buyers of used cars on February 2, 2022.

CARS24 – Future Plans

CARS24 has made a commitment to improving internal diversity by aiming for a 50% rise in the proportion of women on its staff. This calculated approach positions the corporation as a socially conscious and innovative organization in the eyes of its stakeholders, reflecting the company’s commitment to promoting diversity and innovation within its own ranks.

CARS24 also plans to expand its reach and strengthen its presence in the used car market, focusing on technology to simplify car buying and selling.

FAQs

What does Cars24 do?

Cars24 is an online platform for buying, selling, and financing used cars, bikes, and commercial vehicles.

What is the valuation of CARS24?

CARS24 has already turned a unicorn in November 2020. The valuation of the company is estimated at $3.23B billion as of 2022.

What is Cars24?

CARS24 is an online used car marketplace where you can buy and sell used cars.

Who is the owner of Cars24?

Cars24 operates under Global Car Group, which is the parent of the company.

Who are Cars24 founders?

CARS24 was founded in 2015 by Vikram Chopra, Mehul Agrawal, Gajendra Jangid and Ruchit Agarwal.

Which is the parent company of CARS24?

Global Car Group is the parent company of CARS24.

What is Cars24 business model?

Cars24 operates a digital platform for buying and selling used cars, bikes, and commercial vehicles. It earns revenue through service fees from sellers, commissions from buyers, and car loans and insurance services.

What is Cars24 revenue model?

Cars24’s revenue model includes service fees from vehicle sellers, commissions from buyers, and income from car loans, insurance, and other value-added services.

What is the operating revenue of CARS24?

CARS24 reported operating revenue of INR 6,917 crore in FY24, and it reported its operating revenues to be around INR 5,530 crore in FY23.

How to sell cars online in India with CARS24?

CARS24 is the newest destination to sell cars. If you want to sell cars online in India with CARS24, then you simply need to:

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February 20, 2025

Nazara: Tracking the Growth of India’s Largest Mobile Entertainment Platform

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

When it comes to online mobile gaming, India is known for having the largest number of players, and the Indian gaming industry is growing every year. Globally, it is projected to reach over $126.10 billion by 2025. As the market for games among the smartphone generation grows, so does the rivalry among gaming production companies.

Nazara is one of India’s most prominent sports and gaming media companies. In countries including India, Africa, and Singapore, the company is a well-known mobile content platform provider and game publisher. The games in the World Cricket Championship and the Motu Patlu series are some of the most recognizable games of Nazara. The current top-grossing smartphone titles of Nazara include the Oggy game and the Chhota Bheem game series for kids.

This article will provide complete insight into the success story of Nazara Technologies. Along with it, we will also help you take a glance at Nazara’s business model, Nazara Technologies company details, funding, revenue model, “How it started?” acquisitions, financials, shareholding, investments, and more.

Nazara: Company Highlights

Company Name	Nazara Technologies
Legal Name	Nazara Technologies Limited
Headquarters	Greater New York Area, East Coast, Northeastern US
Industry	Gaming, Mobile Gaming, Esports, Video Games
Founder	Nitish Mittersain
Founded	1999
Website	corp.nazara.com

About Nazara and How It Works?
Nazara – Target Market Size
Nazara – Name, Logo and Tagline
Nazara – Founders and Team
Nazara – Startup Story
Nazara – Products
Nazara – Business Model
Nazara – Revenue and Growth
Nazara – Financials
Nazara – Awards and Achievements
Nazara – Funding and Investors
Nazara – Shareholders
Nazara – Investments
Nazara – Acquisitions
Nazara – Partnerships
Nazara – Competitors
Nazara – Challenges Faced
Nazara – Future Plans

About Nazara and How It Works?

Based in Mumbai, India, Nazara Technologies is a mobile game developer and sports media platform. In emerging markets such as India, Africa, Southeast Asia, the Middle East, and Latin America, the company provides a diverse range of gaming products in digital games, interactive learning, esports, and gamified early learning ecosystems.

It also offers solutions for developing, deploying, targeting, and monitoring advertising campaigns on mobile networks, as well as wireless solutions that combine media companies’ content, marketing messages, and wireless carriers’ customer reach.

Nazara – Target Market Size

Kiddopia in gamified early learning (39% of revenue), Nodwin & Sportskeeda in eSports (32%), WCC & CarromClash in simulation games (5%), and Halaplay Technologies in real money games (3%) are among Nazara’s most well-known IPs, while Telco Subscription accounts for 21% of revenue. The company is also hailed for being one of the first entrants in the Indian market in esports and cricket simulation. Its in-house content production, game engine growth, technology stack development, and partnerships with other gaming players can help the company achieve its goal of increased penetration and monetization.

In terms of the market size of the Indian esports industry, it was reported to be over $40 million in 2023. Esports targets teenagers and young adults aged between 16 and 24 years, which form 32% of its audience. On the other hand, there are people between 25 and 34 years of age who form another 30% of them.

Nazara – Name, Logo and Tagline

The company was established as Nazara.com on December 8, 1999, in Mumbai, Maharashtra. Thereafter, the company was converted into a public limited company, and the name of our company was changed to Nazara Technologies Private Limited on December 13, 2017.

Nazara Logo

Nazara – Founders and Team

Nitish Mittersain

Nitish Mittersain is the founder and joint managing director of Nazara Technologies. Mittersain was a student of Bombay Scottish and then completed a bachelor’s degree in business from the Sydenham College of Commerce and Economics. Nitish served as the board director of MEF Mobile, along with Nazara. Furthermore, he has also been a member of the board (South Asia) of the Young Presidents Organization and a trustee of the Dr. BK Goyal Heart Foundation.

Manish Agarwal is the present CEO of Nazara Technologies. An IIM Ahmedabad alumnus, Agarwal had previously worked as the CEO of New Media Venture Ltd., Reliance Entertainment, and Reliance Entertainment Digital after serving big international firms like Microsoft, Rediff.com, and Indian technology giant Infosys.

Nazara – Startup Story

Nazara was founded when the internet was still in its nascent stage, with dial-up connections ruling the market. The company has primarily come into existence as a result of the founder’s immense love for gaming. Back in 1999, when Nazara was founded by Mittersain, the company began as an online portal for casual games, which saw exponential growth and now consists of interactive gaming, eSports, gamified early learning ecosystems, and more.

The company has turned into a leading games company from Mumbai that specializes in the acquisition of value-added mobile games and their distribution in emerging markets such as India. Africa, Southeast Asia, the Middle East, and Latin America are some of the world’s most populous regions, and we have already seen Nazara penetrating their markets.

In the year 2000, Nitish Mittersain formed Nazara Technologies in Mumbai. However, after an unfortunate incident, the ground swept out from under his feet. In the same year, the first dotcom crash caused him to second-guess his decision and whether or not to back off. He didn’t want to close his company, though, because it was the gateway to his dreams. Nitish did his best to withstand the burst of the bubble, and with some clear tactics and a little luck, he was able to do so.

There weren’t many companies in India planning to develop gaming technology in the early 2000s. Mittersain’s first approach, to benefit Nazara, was to invest in advertising and brand campaigning. He knew that if it caught the public’s attention, investors would line up outside his door.

As a result, he invited Sachin Tendulkar, the legendary cricketer of the time, to join the team in 2004. Tendulkar eventually agreed with Nazara Technologies after months of requests and persuasion, after which Nazara handed him over an exclusive contract for three years in 2005. His plan shifted the current competitors’ attention away from him. This made the contracts with telecom companies easily fall into place, and soon, Nazara saw an investment of $1.5 million coming from Westbridge Capital.

Nazara – Products

The success of some of its mobile games on the Google Play Store, such as World Cricket Championship 2, Chhota Bheem Race, and Motu Patlu Game, reflects localized gamer insights. These games have consistently ranked in the top three games on the Google Play Store’s top free charts, ahead of well-known titles like Candy Crush, Subway Surfer, and Temple Run.

Nazara Publishing

Nazara Publishing is the new game publishing division of Nazara Technologies, which was launched on October 30, 2023. Over the following 18 months, the company hopes to invest at least Rs 1 crore in each of up to 20 games. The games will be available for PCs, virtual reality (VR), mobile devices, and web3.

Nazara – Business Model

Nazara works on a subscription-based freemium business model. Subscription companies, freemium businesses, and esports businesses comprise a significant part of its operations. The subscription business caters to a huge number of mobile internet users in developing markets, many of whom are first-time mobile gamers.

Due to gamers’ low willingness to pay for online content, the company has adjusted its product offerings to provide optimum value at reasonable prices. Subscription Business’s sachet pricing approach allows gamers to sign up for a daily, weekly, or monthly subscription and gain access to the entire catalog of over 1000 Android games. Billing for Subscription Business is done by mobile carriers (carrier billing), which has made it easier for gamers to play and for the company to raise revenue.

Manish Agarwal, the CEO of Nazara Technologies, mentioned Nazara’s aim to augment its presence in the freemium segment, with a special focus on developed markets.

Nazara – Shareholders

Nazara Technologies shareholding pattern as of September 2024:

Nazara Technologies Shareholders	Percentage
Promoters	10.05%
Flls	9.71%
Dlls	12.21%
Publkic	68.03%

Nazara – Revenue and Growth

Nazara now has over 130 million monthly visitors
operates in 61+ different countries.
Nine of Nazara’s in-house games were among the top three downloaded games on the Google Play Store in 2017.
Users pay subscription fees for access to gamified early learning content, and the company also makes money from its eSports business.

Nazara opened its IPO on March 30, 2021, and the shares were listed at around a 79% premium against the issue price of INR 1101.

Nazara – Financials

Nazara Technologies experienced modest revenue growth in FY24, accompanied by a significant increase in net profit. Below is a detailed breakdown of its financial performance over the past five fiscal years.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 1,138.3 crore	INR 1,091.0 crore	INR 645.8 crore	INR 468.5 crore	INR 263.0 crore
Expenses	INR 1,112.5 crore	INR 1,051.7 crore	INR 575.4 crore	INR 449.4 crore	INR 280.7 crore
Profit/Loss	INR 89.5 crore	INR 63.4 crore	INR 50.7 crore	INR 13.6 crore	INR -26.8 crore

In FY24, Nazara’s revenue increased by 4.3% to INR 1,138.3 crore from INR 1,091.0 crore in FY23. The company also saw a 41.2% rise in net profit, reaching INR 89.5 crore in FY24, up from INR 63.4 crore in the previous year.

Nazara Technologies Revenue

Revenue Breakdown	FY24	FY23
Revenue from operations	INR 1,138.3 crore	INR 1,091.0 crore
Other income	INR 79.6 crore	INR 49.5 crore
Total Revenue	INR 1,217.9 crore	INR 1,140.5 crore

Total revenue grew by 6.8% in FY24, primarily driven by a 60.8% increase in other income, which rose to INR 79.6 crore from INR 49.5 crore in FY23.

Nazara Technologies Expenses

Expense Breakdown	FY24	FY23
Content, event, and web server expenses	INR 390.0 crore	INR 396.7 crore
Advertising and business promotion expenses	INR 177.5 crore	INR 239.9 crore
Employee benefit expenses	INR 186.0 crore	INR 149.0 crore
Other expenses	INR 107.9 crore	INR 87.6 crore
Total Expenses	INR 1,112.5 crore	INR 1,051.7 crore

While total expenses increased by 5.8% in FY24, the company managed to reduce advertising and business promotion expenses by 26%, bringing it down to INR 177.5 crore from INR 239.9 crore in FY23.

Nazara Technologies Profit/Loss

Profit/Loss Breakdown	FY24	FY23
Gross Profit	INR 25.8 crore	INR 39.3 crore
Operating Profit before exceptional items	INR 105.5 crore	INR 88.8 crore
Exceptional items	INR 2.0 crore	–
Net Profit	INR 103.4 core	INR 88.8 crore

Net profit for FY24 stood at INR 103.4 crore, reflecting a 16.4% increase from INR 88.8 crore in FY23. This improvement is attributed to effective cost management and increased income.

Quick Summary

Revenue Growth: Total revenue increased by 6.8% in FY24, with other income contributing significantly to this growth.
Expense Management: Despite a 5.8% rise in total expenses, advertising and promotion costs were reduced by 26%, indicating efficient cost control measures.
Profit Enhancement: Net profit saw a 16.4% uptick, driven by higher other income and strategic expense management.

Nazara – Awards and Achievements

Here are some of the popular awards that Nazara won throughout the years:

Nazara won Sportsie at the M-Billionth Awards in 2017.
Nazara was bestowed with the MADDIES Silver Award in the category of Apps/Games for innovation in 2016.
Nazara received the award for the License of the Year in the Gaming category.

Nazara – Funding and Investors

Nazara raised around $407.6 million to date (November 2024).

Nazara Technologies raised INR 855 crore through a preferential issue led by the SBI Innovative Opportunities Fund to boost its gaming and sports media expansion.

The funding and investor details of Nazara are as follows:

Date	Round	Amount	Lead Investors
Nov 28, 2024	Post-IPO Equity	$103 million	–
Oct 21, 2024	Post-IPO Equity	$26.4 million	SBI Mutual Fund
Jan 17, 2024	Post-IPO Equity	$30 million	–
Aug 30, 2023	Post-IPO Equity	$61 million	–
Dec 20, 2022	Grant – Nazara Technologies	–	The Hashgraph Association
Oct 6, 2021	Post-IPO Equity	$38.4 million	–
Feb 9, 2021	Private Equity Round	$13.7 million	Hornbill Capital Advisers
Jan 5, 2021	Secondary Market	$60.436 million	Plutus Wealth Management
Feb 8, 2018	Venture Round	$3.14 milliom	Turtle Entertainment
Dec 1, 2017	Venture Round	$51 million	IIFL Asset Management
Nov 28, 2013	Venture Round	$0.80 million	–
Dec 27, 2007	Series B	$7 million	Sequoia Capital
Oct 19, 2005	Series A	$1.5 million	–
Apr 1, 2002	Seed Round	—	Rajeev Chitrabhanu (MAGNETIC)

Nazara – Investments

Nazara has made significant investments in various companies like CrimzonCode, Bakbuck, HashCube, and more. The last investment made by Nazara was in BITKRAFT Ventures via a corporate round, when it invested $2.5 million on April 5, 2022. According to the deal, Nazara will be investing $875K in the beginning, while the remaining amount will be invested over the next three years.

Nazara is looking forward to investing Rs 20.10 crore in its material subsidiary, which goes by the name of Absolute Sports Private Limited, which runs the sports news website Sportskeeda. According to the news dated June 18, 2022, the investment has already been given a nod by the board, and it will be done via the secondary purchase of equity shares from Porush Jain, the promoter of Absolute.

The Nazara Gaming Board has also approved another investment in Brandscale Innovations, which will be worth Rs 10 crore and be conducted via optionally convertible debentures.

Date	Organization Name	Round	Amount
Aug 17, 2023	SNAX Games Ltd	Corporate Round	$0.15 million
Apr 5, 2022	BITKRAFT Ventures	Corporate Round	Yes
October 7, 2021	Rusk Media	Secondary Market	Yes
Aug 21, 2019	Sportskeeda	Series A	$1.5 million
May 7, 2019	Bakbuck	Corporate Round	–
Dec 10, 2018	HalaPlay Technologies	Series A	$5.32 million
Aug 16, 2018	InstaSportz Consultancy	Corporate Round	–
Jul 3, 2018	CrimzonCode	Corporate Round	–
Jan 9, 2018	Next Wave Multimedia	Venture Round	–
Apr 7, 2016	TrulySocial	Venture Round	–
Nov 6, 2014	HashCube	Series A	$0.68 million

Nazara – Acquisitions

Nazara has acquired 11 companies. Here’s a list of Nazara’s Acquisitions to date:

Aquiree Name	About Aquiree	Date	Amount
Fusebox Games	Renowned for its interactive story-based games inspired by popular television serials	Aug 8, 2024	$27.4M
Paper Boat Apps	Developer and publisher of the gamified learning app ‘Kiddopia,’ which is designed for children in the age group of 2-8 years	Jul 19, 2024	$36M
Datawrkz	Digital advertising firm founded in 2013 and headquartered in Texas, which has been working with independent agencies and mid-market brands	Jan 18, 2022	$7.8M
Planet Superheroes	Mumbai-based licensed premium character merchandising company	Jan 13, 2022	–
OpenPlay	India’s fastest skill-gaming company from Hyderabad	Aug 27, 2021	$25.38M
Publish Me	Full-service gaming marketing agency based in Turkey	Jun 17, 2021	$2.67M
HalaPlay Technologies	A daily fantasy sports platform.	Jun 12, 2020	$1.95M
Paper Boat Apps	Paper Boat Apps is a children’s games development studio	Oct 16, 2019	$11.15M
SportsUnity	SportsUnity is a cricket quiz platform that provides a one of a kind experience simulating a real cricket match.	Sep 18, 2019	–
Sportskeeda	Sportskeeda App is your home for exclusive sports content. Personalize your app to receive alerts for your favorite teams and leagues.	Aug 21, 2019	$5.87M
NODWIN Gaming	NODWIN Gaming is a gaming solutions company and creator of e-sports events.	Jan 24, 2018	–
MyGamma	MyGamma is a Communities company.	Jan 22, 2013	–
Djuzz	Djuzz (m.djuzz.com) provides a rich variety of free downloads of close to 5000 mobile games and applications.	Jan 22, 2013	–

Nazara Technologies has exited from three companies:

NODWIN Gaming
Sportskeeda
HalaPlay Technologies

Nazara – Partnerships

Nextwave Multimedia, a subsidiary of gaming technology company Nazara Technologies, has partnered with Cricket Australia to create mobile-based cricket league games for the international market. Nextwave, a Chennai-based company in which Nazara owns a majority stake, has signed a three-year licensing agreement with Cricket Australia to create a new ‘Big Bash Cricket’ game based on its iconic mobile cricket gaming platform.

On November 13, 2024, Nazara Technologies partnered with ONDC to launch ‘gCommerce,’ an in-game monetization platform to boost Indian developers’ revenues by integrating e-commerce into games.

Nazara Technologies partnered with Telangana’s government on september 5, 2024, to launch an AI Centre of Excellence for innovation in gaming, interactive media, and digital content using AI, VR/AR, blockchain, and Web 3.0.

Nazara – Competitors

Nazara’s top competitors are:

Juego Studio
PlaySimple
Hammerplay Studios
Mobi2fun Mobile Entertainment
Flixy Games
Workboard
PickMe
Spireon
InfoStretch and more.

Nazara – Challenges Faced

For several years, the development of digital services was stifled by prohibitive internet access, high smartphone prices, and a payment system that was underdeveloped. In a draught red herring prospectus, Nazara Technologies stated that “all of these regions exhibit market commonalities in terms of improving economic outlook and increasing digital adoption, backed by bullish macroeconomic factors such as consistent GDP growth, the online population, a younger median age, and a fast-growing, affordable smartphone market.”

The business, which is backed by renowned stock market investor Rakesh Jhunjhunwala, first filed a draught red herring prospectus (DRHP) in January 2018 and also received SEBI approval for an IPO. However, due to a market downturn, the launch was canceled. However, it was again approved later on and the company was finally listed at NSE.

Nazara Technologies announced a restated loss in the fiscal year 2020 and for the six months ending September 30, 2020.
In the last three fiscal years, one of its group companies has lost money.
It might not be able to efficiently monetize its e-sports products, which could have a material and negative impact on the company’s market, financial position, and cash flow.

Nazara – Future Plans

“IPO is a huge milestone in our journey, and the journey is that we want to be in the top 5 global gaming companies. It is a strategic tool for us to achieve that goal,” said Manish Agarwal, CEO of Nazara.

However, there are several distinctions between the Indian and global gaming environments. According to Agarwal, the gaming industry is dominated by free-to-play games with in-app purchases, which drive global money revenue on the non-real gaming money side.

“In that, in-app purchases is driven by hardcore games. In India, if there are about 380 million gamers, out of that 300 will not do in-app purchases, it’s a very small segment today where people have an inclination to buy virtual items in a game. The driver of that is competitive multiplayer which needs high quality internet, stable connections. The infrastructure for that is improving in India but is still not there. When you have 200-250 million doing competitive gaming over their mobile networks, that’s when you will see monetization,” he said.

But there is still reason to be optimistic. Gaming is becoming the go-to entertainment for young Indians aged 14 to 25, and this will drive development.

FAQs

What does Nazara Technologies do?

Nazara Technologies is a gaming and esports company. It develops, publishes, and distributes mobile games, esports content, and gamified learning platforms.

Who founded Nazara?

Nitish Mittersain is the Founder & Managing Director at Nazara Technologies.

What is Nazara Technologies business model?

Nazara Technologies operates a gaming and esports business model. It earns revenue from in-app purchases, ads, esports tournaments, and subscriptions. It focuses on mobile gaming, gamified learning, and acquiring gaming startups to expand its ecosystem.

How does Nazara Technologies make money?

Subscription companies, freemium businesses, and esports businesses are also part of the operations. The subscription business caters to a huge number of mobile internet users in developing markets, many of whom are first-time mobile gamers.

What companies do Nazara Technologies compete with?

Nazara’s top competitors are Juego Studio, PlaySimple, Hammerplay Studios, Mobi2fun Mobile Entertainment, Flixy Games, Workboard, PickMe, Spireon, and InfoStretch.

What are Nazara games?

Nazara Technologies offers mobile and online games across various categories, including casual, skill-based, and esports. Some of Nazara Technologies video games include the World Cricket Championship (WCC), Carrom Clash, and Motlu Patlu Racing. It also owns platforms like Sportskeeda (for esports content) and Halaplay (for fantasy sports).

February 19, 2025

Licious: How it is Emerging as a One-Stop Platform for Fresh Meat & Sea Food

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

Love eating non-veg right? Whenever it is a certain Tuesday, Thursday, or Saturday, your hearts come out crying for non-veg. To have just a glimpse of your favorite non-veg dishes or a mouthful of the most delicious chicken, mutton, or fish is simply a yearning that grows all the more during these vegetarian days. However, even if we plan to have a quick snack out of the non-veg dishes, there are times that we don’t manage to find them at our homes these days.

But that’s no more of an issue in today’s world.

Yes, with the birth of Licious, fresh meat and fish are not scarce now.
Whether you love chicken, meat, fish, seafood, eggs, or cold cuts, Licious is always there beside you to deliver the best products to your doorstep.

The Direct-to-consumer meat and seafood brand is announced as the first Indian unicorn company from the D2C segment and the 29th unicorn in the country in 2021. Licious startup joined the unicorn club on October 5, 2021.

Read more about Licious company, Startup Story, Owner, Business Model, Revenue Model, Funding and Investors, Growth, Competitors, and more in this success story that follows!

Licious Company Details

Start-up Name	Licious
Headquarters	Bangalore
Industry	E-commerceguide and Food & Beverage
Founders	Vivek Gupta and Abhay Hanjura
Founded	September 2015
Parent Company	Delightful Gourmet Private Limited
Website	licious.com

About Licious
Licious – Startup Story
Licious – Founders And Team
Licious – Name, Tagline and Logo
Licious – Business Model
Licious – Revenue Model
Licious – Funding And Investors
Licious – Shareholding
Licious – Investments
Licious – Acquisition
Licious – Growth and Revenue
Licious – Financials
Licious – Product Launch
Licious – Challenges
Licious – Competitors
Licious – Advertisements and Campaigns
Licious – Awards and Achievements
Licious – Future Plans

About Licious

Licious is a Bengaluru-based meat and seafood brand. The company serves the best, fresh, and clean fish, chicken, meat, and eggs online. Licious works on a farm-to-fork model owning the entire back-end supply chain and the cold chain. A separate recipe section is also present in their App. It helps the customers to cook delicious dishes. And also teaches the exotic chef style.

It operates across Bangalore, Hyderabad, Delhi-NCR, Chandigarh, Mumbai, Pune, Chennai, Coimbatore, Pondicherry, Jaipur, Kochi, Vizag, Kolkata, and Vijayawada.

Licious – Startup Story

Abhay Hanjura approached Vivek Gupta (who was then working with Helion Ventures) to explore the space of fresh meat and seafood delivery in India. Although 73% of Indians eat meat and seafood, the industry is highly unorganized. An average Indian household consumes 2000-3000 different branded products, meat being the only exception (well, almost). More than 95% of the fresh meat & seafood industry in India is unorganized & usually conjures up an image of an unhygienic local market, filth, stench & an unpleasant buying experience. The duo wanted to change the way Indians experience meat.

Hence, Licious company was created with the thought that India deserves better meat.

Abhay and Vivek were having lunch while discussing the business idea. The chicken they were having was of really bad quality. Vivek remarked that, if we have to build Licious we will have to put life in this dead chicken! That was the moment they realized what they wanted to achieve through Licious- to deliver an unparalleled meaty experience to Indians, introduce global quality standards & benchmarks, set up a hitherto non-existent infrastructure & build processes that India was yet to see.

Taking up this idea of changing the way meat is procured, processed, and sold in India, Abhay Hanjura decided to leave his well-paying job at an insurance brokerage firm where he worked. Hearing this, Hanjura’s family, who were pure vegetarians, even threatened to disown him, finding this meaty idea very hard to stomach. However, they didn’t decide to stop Abhay from meeting Vivek though, and as a result, we now have the unicorn online meat supplier, Licious, from where we can order meat and seafood anytime.

Licious chose a simple mission statement- we won’t sell what we won’t eat ourselves! It is this simple credo that has been the driving force at the company and continues to be so, 5 years later.

Licious Product Packaging

Licious – Founders And Team

Vivek Gupta and Abhay Hanjura are the founders of Licious.

Vivek Gupta (left) & Abhay Hanjura (right) |Licious Founders

Vivek Gupta

Vivek Gupta is the Co-founder of Licious. He started his career as a Corporate Finance Manager at Tavant Technologies. Vivek previously served as the Finance Controller of Helion Ventures and the Non-Executive Director at MobiCom Commune Pvt. Ltd. He completed his BCom from Punjab University and went on to become a Chartered Accountant (CA).

Abhay Hanjura

Abhay Hanjura is also the Co-founder of Licious. He is a Hindu Kashmiri Pandit and was the campus ambassador of Infosys. Abhay started his career as a Deputy Manager at India Insure Risk Management Services. He was also the Head of Business Intelligence and Associate Director of Futurisk Insurance Broking Pvt Ltd.

Licious – Name, Tagline and Logo

It was the time when Vivek and Abhay started engaging with Adithya Kote, who was then the Creative Head at Cafe Coffee Day Group. For the naming of the brand, the duo went through 300+ name ideas, after which they were satisfied with “Licious” as the name, and decided to choose it, which is taken from the word “delicious”. When Abhay was once asked why he kept “Licious” as their brand name, he said, “We wanted to name our company something that appeals to people’s emotions. Our intention was to be a complete meat brand.”

Licious Old Logo and Licious New Logo (L to R)

Licious changed its old logo to the new one on June 3, 2022. The popular meat brand launched its new logo with a new colour scheme and this way it refreshed its brand identity. Walking down the new logo, we find 3 colors dominating – smoky grey, hearty red, and creamy white. This new logo was launched to enliven the lusciousness associated with meat. Speaking on this new makeover, Santosh Hegde, Vice President, of brands, Licious, mentioned that innovation and evolution are not just pertinent but critical to the journey of Licious.

Licious – Business Model

Licious Products

Licious has got a farm-to-fork business model. The company handles the entire supply chain. Starting from procurement, processing, and storage to reaching the consumer, in the end, the responsibility of the company is everything. The startup it seems, has borrowed a page from Amul’s playbook to get rid of the middlemen and control procurement directly along with processing and marketing. Speaking on it, Abhay said, “I strongly believe that what Amul did for milk, Licious will do for animal husbandry”.

Licious claims that 50% of the startup’s meat comes from its own farms, which was only 10% in 2020. Furthermore, Licious also owns processing and delivery centers. Licious has also started to remove the stigma around meat right from the first day. Instead of black plastic bags, Licious sold meat in neat boxes and leakage-proof pouches and containers.

Transactions are very safe and secured here with Licious. The company strives to maintain the freshness and the quality of every product. They have both, a web platform as well as a mobile app. Consumer loyalty is the main focus of the brand.

FreshMenu – Delivers An Extensive Range of Freshly Prepared Food!

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Licious – Revenue Model

Licious receives a major chunk of its revenues from the sale of its meat products, seafood, marinate, and eggs. The rest of the revenues come from the delivery of the products and other related services.

Licious has successfully delivered to more than 2 million unique customers to date, it added. The average basket size is INR 700.

Licious – Funding And Investors

Licious has raised a total amount of $488.3 million in funding including the latest funding round led by Amansa Capital, Kotak PE, Axis Growth, and others on March 15, 2022, where the investors infused $150 million in funding.

Licious became the 29th unicorn of India in 2021 and the first unicorn startup from the D2C segment.

Licious’ Funding and investors’ details are as follows –

Date	Transaction Name	Money Raised	Lead Investors
March 15, 2022	Series F	$150 million	Amansa Capital, Kotak PE, Axis Growth and more.
February 25, 2022	Series F	$ 91.4 million	Gruhas Proptech
October 5, 2021	Series F	$52 million	IIFL
June 11, 2021	Series F round	$192 million	Multiples Alternate Asset Management, Brunei Investment Agency, Vertex Ventures
December 16, 2019	Series E	$30 million	Vertex Growth Fund, 3one4 Capital, Bertelsmann India Investments, Nichirei Corp, Vertex Ventures Southeast Asia and India, Sistema Asia Fund
December 10, 2018	Series D	$25 million	Nichirin, 3one4 Capital, Bertelsmann India Investment, Vertex Ventures Southeast Asia and India, UCLA, Sistema Asia Fund
September 26, 2018	Series C	$25 million	Bertelsmann India Investments and Vertex Ventures Southeast Asia & India (part of the Vertex Holdings network of funds). The University of California, Los Angeles (UCLA), also invested in the company along with existing investors Mayfield India, 3one4 Capital, Sistema Asia Fund, InnoVen Capital
March 29, 2017	Series B	$10 million	3one4 Capital and Mayfield Fund Sistema Asia Fund, Neoplux Technology fund
April 21, 2016	Series A	$3.5 million	Mayfield Fund, 3one4 Capital
September 24, 2015	Seed Round	$1 million	T.V. Mohandas Pai, Manipal Global Education Services, entrepreneur Kanwaljit Singh

Licious Investors

TV Mohandas Pai, Vertex Growth Fund, Nichirei Corp, 3one4 Capital, Bertelsmann India Investments, UCLA, Sistema Asia Fund, Mayfield Capital, Sistema Asia Fund, Korea-based Neoplux Technology Fund and Innoven Capital are some of the investors in the company. The Series F round of investment further added Multiples Alternate Asset Management and Brunei Investment Agency as the latest investors.

Licious – Shareholding

Licious’ shareholding pattern as of September 2023, sourced from Tracxn:

Licious Shareholders	Percentage
Abhay Hanjura	8.7%
Vivek Gupta	8.7%
Innoven Capital	< 0.1%
Temasek	15.4%
Vertex Growth	9.6%
Multiples Alternate Asset Management	8.9%
Mayfield	6.9%
Bertelsmann India Investments	6.6%
Sistema	6.5%
Amansa Capital	3.6%
3one4 Capital	6.0%
IIFL Asset Management	3.1%
Kotak Mahindra Bank	2.1%
Sprout Venture Partners	1.4%
Avendus	1.8%
Axis Growth	1.1%
Fireside Ventures	0.5%
Tholons	0.3%
Gruhas	< 0.1%
Vertex Ventures	< 0.1%
QED Innovation Labs	< 0.1%
xto10x	< 0.1%
Transaction Square	< 0.1%
Neoplux	–
Ammar Teknik	3.1%
UCLA Foundation	1.6%
Sojitz	0.7%
Indo Nippon Foods	–
KCT Group	–
Nichirei	–
Angel	0.6%
Other People	–
ESOP Pool	2.5%
Total	100.0%

Licious Shareholding

Licious – Investments

Licious has made 1 investment to date. The maiden investment round of Licious went to Pawfectly Made, in which it invested close to $1 million on April 27, 2022. Licious, along with the same, also became a strategic partner of the Bengaluru-based pet food startup.

Date of Investment	Name of the Company	Funding Round	Lead Investor	Deal Value
April 27, 2022	Pawfectly Made	Corporate Round	Yes	$992.36K

Licious – Acquisition

On October 15, 2024, Licious bought the Bengaluru-based offline retailer ‘My Chicken and More’ for INR 150-200 crore. The retailer has 23 stores in the city. Co-founder Vivek Gupta said this deal will help Licious expand faster in South India.

With this cash and equity deal, Licious now has a strong physical presence in Bengaluru, increasing its total number of stores to 26.

Licious – Growth and Revenue

The business saw a 500% growth in the past years and continues to hold on to the momentum. While all product categories saw growth, the ready-to-cook and ready-to-eat categories contributed significantly to the revenue. Products like the kebab range & chicken spreads emerged as favorites, while new launches like tandoori products are seeing quick traction too. Licious is in fact, hailed as the largest player in this segment.

The company has enjoyed a repeat purchase rate of 90% and continues to enjoy the same. Licious further takes pride in the fact that the company has successfully served more than 2 million unique customers during the past year.

People usually say that most Indians are vegetarians. But this is not true. More than 73% of the population in India eats meat. This is the biggest fact behind Licious’ growth. Surveys say that the fresh meat and seafood market is very unorganized. That is why online platforms have emerged to help people all around. Licious promised its consumers hygiene and quality.

Licious opened its first offline store in Bengaluru in June 2022 and is looking forward to being profitable in the next 12-18 months.

The company delivered more than 2 million unique customers till October 2021.
Licious valuation is $ 1.5 billion as of July 2023.
The company has 1,535 employees.
It processes over 1.2 million orders every month.

Licious – Financials

Licious saw a decline in revenue in FY24 while also managing to reduce expenses and losses compared to FY23. Below is a detailed breakdown of its financials over the years.

Particulars	FY24	FY23	FY22	FY21
Revenue	INR 748.1 crore	INR 808.9 crore	INR 706.1 crore	INR 430.5 crore
Expenses	INR 1,045.6 crore	INR 1,309.3 crore	INR 1,187.1 crore	INR 641.7 crore
Profit/Loss	INR -298.6 crore	INR -528.6 crore	INR -855.7 crore	INR -369.8 crore

Licious Financials

Licious Revenue:

Revenue Breakdown	FY24	FY23
Revenue from operations	INR 686.9 crore	INR 747.8 crore
Other income	INR 61.3 crore	INR 61.1 crore
Total Revenue	INR 748.1 crore	INR 808.9 crore

Licious’ total revenue declined by INR 60.8 crore in FY24, mainly due to a drop in revenue from operations, while other income remained stable.

Licious Expenses:

Expense Breakdown	FY24	FY23
Cost of material consumed	INR 470.4 crore	INR 644.7 crore
Changes in inventory	INR 0.7 crore	(INR 0.6 crore)
Employee benefits expenses	INR 197.6 crore	INR 240 crore
Finance costs	INR 18.4 crore	INR 14.6 crore
Depreciation & amortization	INR 40.4 crore	INR 36.8 crore
Other expenses	INR 318.1 crore	INR 373.8 crore
Total Expenses	INR 1,045.6 crore	INR 1,309.3 crore

Expenses dropped significantly by INR 263.7 crore in FY24, mainly due to a reduction in material costs and employee expenses.

Licious Profit/Loss:

Profit/Loss Breakdown	FY24	FY23
Gross Profit	INR 277.7 crore	INR 164.2 crore
Operating Profit/(Loss) before exceptional items	INR 297.4 crore	INR -500.4 crore
Exceptional items before tax	INR -1.2 crore	INR -28.2 crore
Net Profit/Loss	INR -298.6 crore	INR -528.6 crore

Licious significantly reduced its losses by INR 230 crore in FY24, improving from INR 528.6 crore to INR 298.6 crore.

Quick Summary:

Revenue declined by INR 60.8 crore in FY24, mainly due to a fall in operations revenue.
Expenses were reduced by INR 263.7 crore, with a major drop in material and employee costs.
Losses decreased by INR 230 crore, showing an improvement in financial efficiency.

Licious – Product Launch

Spices

Online meat retailer Licious announced in December 2022 that it will introduce specialty spice blends in the top 8 cities.

Plant-Based

Licious launched plant based programme Uncrave in December 2022.

Store

With the opening of five new Licious Stores in the Delhi-NCR region in June 2023, Licious is enhancing its offline presence. By providing an immersive environment for devoted Licious fans, these shops hope to alter the conventional meat-buying process.

Rewards Programme Infiniti

The debut of Licious Infiniti, a special rewards-based program for Licious customers, was announced by Licious in August 2023. The program provides users with endless benefits with no limitations or constraints, as the name would imply.

Licious – Challenges

The challenges started from day 1 for Licious, even before it was launched.

Abhay’s Family Opposed

Abhay Hanjura, who is from Jammu and hails from a family of Kashmiri pandits was opposed by his family, who are pure vegetarians to getting on with one such idea of building a meat startup. However, as they didn’t restrain him completely from meeting Vivek, the startup took its shape ultimately and grew to become a revolutionary meat brand.

Late Deliveries

Outside of Abhay’s house, things went so bad that the startup had to close operations on the very first day of its launch in a country that is No. 4 in meat production globally. All of Licious’ deliveries were late. Though the brand chased a high-quality product solution, it didn’t simply work that hard on the supply chain system. This is why it took 15-20 more days for Licious to get back in business.

Researchers found that there was a dearth of cold storage facilities in India. Besides, storing meat well and retaining its freshness is a big challenge for many companies, which Licious is trying to capitalize on.

Some other Licious challenges include:

The rise of more competitors and the intensity of the competition in the online meat market
Frequent livestock infections
The rise of meat substitutes
The costs that are involved in servicing smaller orders
Consumer preferences to buy meat from local meat sellers

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Licious – Competitors

The top competitors of Licious are:

FreshToHome
ZappFresh
TenderCuts

Licious – Advertisements and Campaigns

Licious is not only new in its business strategy and the focused area of operation but also in its marketing campaigns and advertisements that the start has planned during its journey. The brand has collaborated with a bundle of celebrities from the Bollywood and the Tollywood film industries till now including Kunaal Roy Kapoor, Parambrata Chattopadhyay, etc.

Licious Campaign

The company rolled out its #FasterChef campaign the actor Arjun Kapoor featured, which was focused on good food and the joy of sharing the same. Most of the Licious campaigns are focusing on the same.

Licious – Awards and Achievements

Being the first major business in India that solely focuses on the delivery of fresh meat, fish, eggs, and seafood, Licious has been honored with numerous awards and recognitions in its journey so far. Here’s a list of the awards and achievements that Licious has received to date:

One of the top 12 emerging startups by CB Insights in 2016
Named among the SuperStartups Asia in 2017
BW Disrupt named Licious in its 40 under 40 list in 2018
Licious’ founders were among the 50 Most Influential Indians GQ India
The company received the FSSC22000 UKAS certification in 2018
INC42 labeled Licious as one of the Most Innovative Startups in 2018
Entrepreneur Magazine noticed Licious in its 35 Under 35 in 2019
Fortune’s 40 Under 40 list included Licious in 2019
It was in the same year that Licious was included in BW’s 35 Under 35 list
Licious grabbed the CII_ Outstanding Performance in Food Safety Award in the category of Small & Medium Manufacturing Food Businesses –Rising Star – Meat & Poultry in 2019
Licious Spreads received the Frost & Sullivan Innovation Award in 2019
Licious was also dubbed by the Economic Times as one of the Most Promising Business Leaders of Asia in 2019
It was the Food & Beverage Start-up of the Year in 2020, as per the Entrepreneur Magazine
Licious won the Thought Leadership Award for ESG goals in December 2021.

Licious – Future Plans

Licious, an online meat and seafood retailer, has ambitious plans for the future. The company aims to go public in 2026 with a valuation of over $2 billion. It also plans to expand its physical presence by opening 50 stores by March 2026. Additionally, Licious intends to diversify its product range by introducing more ready-to-cook marinated items and new offerings like momos. To stay competitive in the quick-commerce space, Licious is focusing on improving its delivery times. These steps reflect the company’s goal to grow and become a leader in the industry.

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FAQs

What is Licious?

Licious is a meat and seafood company. It serves the best quality meat online.

Who is Licious company owner?

Vivek Gupta and Abhay Hanjura are Licious founders.

Is Licious an Indian company?

Yes. Licious is headquartered in Bangalore, Karnataka, India.

How many customers does Licious have?

Licious has a customer base of more than 1.2 million customers monthly. The average basket size is INR 700.

Who are the competitors of Licious?

The top competitors of Licious are FreshToHome, ZappFresh, and TenderCuts.

What is Licious business model?

Licious has got a farm-to-fork business model. The company handles the entire supply chain. Starting from procurement, processing, and storage to reaching the consumer, in the end, is the responsibility of the company.

What is Licious net worth?

As of February 2025, Licious was valued at $1.5 billion.

February 19, 2025

BluSmart: India’s All-Electric Ride-Hailing Mobility Company

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

With high fuel prices and global warming becoming a major thing, the era for electric vehicles is here. People aren’t aware and assume that electric vehicles are a recent invention, but in reality, they have been here for many years. The main reason for this thought process is that in recent years, the inventions of these electric vehicles (EVs) are gaining popularity with the right set of technological advancements and innovations.

People are also becoming aware and are considering EVs as potential substitutes for cars with internal combustion engines to cut back on emissions that cause global warming. Today, we can see a lot of countries have introduced electric vehicles as a better substitute to help combat climate change. A lot of people have also started using EVs to keep up with the rising fuels.

You are wondering what is it that makes an EV better than a traditional type of vehicle. This is because as the name says, EVs are powered by electricity. There are more diverse ways to create electricity; for instance, it can be done using fossil fuels, wind, solar, tidal, nuclear, or a mix of any of these.

In India too, the fad for EVs is here in the market today. Having said that, one such company is capturing many eyeballs by introducing 100% sustainable electric rides in the country’s streets. BluSmart is India’s first and leading company that provides all-electric ride-hailing mobility services.

Find out more about BluSmart’s startup story, founders and team, business model, revenue model, growth, competitors, and more.

BluSmart – Company Highlights

STARTUP NAME	BLUSMART
Headquarters	Gurgaon, Haryana, India
Sector	Technology, Information, and Media
Founder	Anmol Singh Jaggi, Punit K Goyal, Puneet Singh Jaggi
Founded	2019
Website	blu-smart.com

About BluSmart
BluSmart – Industry
BluSmart – Founders and Team
BluSmart – Startup Story
BluSmart – Mission and Vision
BluSmart – Name, Tagline, and Logo
BluSmart – Business Model
BluSmart – Revenue Model
BluSmart – Challenges Faced
BluSmart – Funding and Investors
BluSmart – Shareholding
BluSmart – Growth
BluSmart – Financials
BluSmart – Services
BluSmart – Partnerships
BluSmart – Advertisements and Social Media campaigns
BluSmart – Competitors
BluSmart – Future Plans

About BluSmart

BluSmart mobility was founded in 2019 with the aim to offer urban India a ride-sharing experience in a sustainable manner. The company is the country’s first electric shared smart mobility platform that offers efficient, affordable, intelligent, and sustainable mobility.

The Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric are among BluSmart’s fleet of vehicles as of 2022.

It is commendable to believe that BluSmart has identified itself as the most prominent ride-hailing service as well as a platform in Delhi NCR and Bangalore with several significant achievements, including taking the lead in the all-electric ride-hailing market and creating the largest all-electric fleet and fast charging station network.

BluSmart – Industry

As per IBEF, India’s electric vehicle market is projected to grow at a CAGR of 28.52%, reaching US$ 18.319 billion by 2029, up from US$ 5.22 billion in 2024. Between 2024 and 2029, the market is expected to grow at an impressive rate of 26.05%, with a projected value of USD 110.74 billion at the conclusion of the forecast period. This substantial growth represents a positive trend toward environmentally friendly and sustainable mobility options and reflects the growing acceptance and demand for electric vehicles in India.

BluSmart – Founders and Team

BluSmart Mobility was founded by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal in 2019.

Anmol Singh Jaggi

Anmol Singh Jaggi is the co-founder of BluSmart. Having studied BTech from the University of Petroleum and Energy Studies, he also founded another company called Gensol Group in 2007. With 19 GW of expertise in 14 countries, Gensol Group is a top design, engineering, and project management company for renewable energy. Furthermore, he serves as the Managing Director of Matrix Gas and Renewables Limited, a position he has held since July 2022.

Puneet Singh Jaggi

Puneet Singh, a key figure among the founders of BluSmart, is actively involved in leading various companies alongside his role in spearheading the electric vehicle mobility service. Together with his brother Anmol, Puneet co-founded Gensol Group, a prominent player in design, engineering, and project management in the renewable energy sector. In addition to his responsibilities at BluSmart and Gensol Group, Puneet serves as a Director at Solarig Gensol Utilities Pvt. Ltd., a joint venture between Solarig from Spain and Gensol from India.

In 2016, Puneet Singh founded Prescinto Technologies Private Limited, a company that focuses on monitoring, analytics, and field force management using artificial intelligence. This innovative platform seamlessly integrates clean energy plant data with cutting-edge technology to optimize energy generation. Puneet holds a degree in Chemical Engineering from the Indian Institute of Technology, Roorkee, reflecting his strong educational background in the field.

Punit K Goyal

Punit K Goyal, co-founder of BluSmart Mobility, holds a Bachelor’s degree in Economics from Sydenham College of Commerce and Economics. Before his tenure at BluSmart, he served as the CEO and Founder of PLG Power Limited. Subsequently, he founded PLG Clean Energy Projects. In addition to his leadership roles, Punit actively participates as a speaker at various events hosted by organizations such as CII and IITs. Notably, he also holds the position of Chairman at the Confederation of Indian Industry (CII).

BluSmart – Startup Story

Five friends embarked on an industry-transforming adventure in the fast-paced world of technology. BluSmart’s journey was spearheaded by three brilliant co-founders, including Tushar Garg, who, predating the term “edtech,” co-founded SKEduSoft in 2010 and later ventured into the ride-hailing industry after a stint with Uber India in 2014.

Joining forces with Tushar were Anirudh Arun and Rishabh Sood, forming a robust team ready to tackle the challenges of the ride-hailing sector. Leveraging their Uber vendor expertise, BluSmart launched its first electric vehicle, operating on Uber’s platform from March to November 2019. This hands-on experience provided crucial insights into industry dynamics, exposing both successes and pitfalls.

Despite early challenges, the co-founders entered Bangalore in December 2019 for a pivotal investment pitch armed with newfound knowledge. Confidence in their vision was met with skepticism from a notable venture capitalist, highlighting apparent shortcomings in their presentation.

Undeterred, the tenacious group persisted, unwilling to deviate from their path. Seasoned renewable energy entrepreneur Anmol Singh Jaggi, founder of Gensol Engineering in 2012, and solar industry veteran Punit Goyal, with over a decade of experience, further fortified the team.

The pioneers at BluSmart kept their innovative spirit alive with unwavering determination and a strong belief that their electric journey had just started, despite doubts and suspicions. Little did they realize that their bold efforts would soon revolutionize environmentally friendly transportation, surpassing expectations and bringing in a new era for the ride-hailing business.

BluSmart – Mission and Vision

BluSmart’s services truly speak about its mission, which is, “We are on a mission to steer urban India towards a sustainable means of transportation and to provide them efficient, affordable, intelligent, safe, and reliable mobility.”

The vision of the company says, “With sustainability being at the core of our operations, our vision is to help transform the Indian cities by building a holistic and comprehensive electric on-demand mobility platform.”

BluSmart – Name, Tagline, and Logo

BluSmart Logo

The company’s objective is to decarbonize mobility at scale while preserving simplicity and calm, and this is embodied in the logo’s vivid blue color. BluSmart’s design highlights the company’s dedication to putting people and the environment first, enhancing its standing as an ethical and progressive brand.

BluSmart – Business Model

BluSmart operates on a B2C (business-to-customer) model, providing direct services to end-users. Their business strategy revolves around an asset-light model, with the entire fleet electric cars being leased. These vehicles are sourced from entities such as EESL (Government of India Enterprise) and high-net-worth individuals, showcasing BluSmart’s commitment to sustainability and environmentally conscious mobility solutions.

The diverse fleet offered by BluSmart includes popular electric car models like the Mahindra e-Verito, Tata e-Tigor, Tata Xpres-T EV, Hyundai Kona Electric, and MG ZS Electric. By embracing an asset-light approach and incorporating a variety of electric vehicles, BluSmart positions itself as a key player in the electric mobility sector, contributing to the shift towards sustainable transportation in India.

BluSmart – Revenue Model

BluSmart’s revenue model is intricately tied to its dual focus on electric cabs and charging facilities. BluSmart uses a business-to-consumer (B2C) business model and receives payment directly from customers who utilize their electric taxi services.

BluSmart carefully includes charging stations into its business plan to enhance its taxi services. BluSmart generates extra income by providing charging services to other owners of electric vehicles in addition to its own fleet. BluSmart’s all-encompassing strategy establishes the company as a major participant in the electric mobility space, advancing environmentally friendly transportation options in India.

BluSmart – Challenges Faced

BluSmart, a newcomer in the industry, faces challenges due to its hub-to-hub business model in India, primarily the shortage of charging stations hindering expansion plans. It is addressing the lack of EV charging infrastructure by installing its charging stations in order to get around this.

In response, BluSmart has implemented strategic measures, such as establishing in-house charging hubs crucial for sustaining the electric fleet. By meeting particular operating requirements, these hubs guarantee effective charging and minimize vehicle downtime. BluSmart’s proactive approach demonstrates their dedication to addressing infrastructure-related obstacles.

In addition to emphasizing physical infrastructure, BluSmart also uses cutting-edge technology. Fleet deployment is optimized via an internal rider and driver matching algorithm, which guarantees effective routes and reduces the possibility of cars running out of fuel. BluSmart improves the dependability of its electric mobility service by utilizing sophisticated algorithms and data analytics.

BluSmart – Funding and Investors

BluSmart has raised a total of $486.3 in funding over 13 rounds.

Here are the funding details:

Date	Funding Round	Amount	Investors
May 23, 2024	Series B	Rs 200 crore	–
Jan 29, 2024	Equity Funding	$5 million	ResponsAbility Investments
Jan 29, 2024	Debt Financing	$20 million
Dec 21, 2023	Series A	$24 million	–
May 4, 2023	Series A	$37 million	–
May 4, 2023	Debt Financing	$5 million	–
Apr 29, 2023	Debt Financing	$75 million	Power Finance
May 24, 2022	Series A	$15 million	BP Ventures, Green Frontier Capital
Mar 24, 2022	Debt Financing	$10 million	Blacksoil
Sep 30, 2021	Series A	Rs 2.5 crore	BP Ventures
Sep 7, 2020	Seed Round	$7 million	Venture Catalysts
Jul 3, 2020	Seed Round	Rs 37 crore	–
Sep 24, 2019	Angel Round	$3 million	Deepika Padukone via Ka Enterprises, Jito Angel Network, Bajaj Capital Managing Director Sanjiv Bajaj and Rajat Gupta
Aug 17, 2019	Seed Round	Rs 15 crore	Jito Angel Network

BluSmart – Shareholding

BluSmart’s shareholding pattern as of December 2024, sourced from Tracxn:

BluSmart Shareholders	Percentage
Anmol Singh Jaggi	19.8%
Puneet Singh Jaggi	5.7%
Punit K Goyal	4.5%
Rishabh Sood	0.3%
Hyderabad Angels	0.4%
Svg Trust	< 0.1%
Kochi Holdings	< 0.1%
Vaillant Capital Partners	< 0.1%
Mlm Ventures	–
BP Ventures	13.3%
Asia Climate Partners	1.9%
Global Founders Capital	1.7%
Survam Partners	1.5%
Mayfield	1.4%
Chhatisgarh Investment	1.4%
LetsVenture	1.1%
Z Nation Lab	0.8%
Kalpavriksh Fund	0.7%
Real Time Accelerator Fund	0.7%
Stride Ventures	0.7%
Moonstone Capital Partners	0.6%
We Founder Circle	0.6%
Angel List	0.6%
Sarcha Advisors	0.4%
100Unicorns	0.4%
Undisclosed Investor	0.4%
Commonwealth Inclusive Growth Services	0.3%
IIFL Wealth	0.2%
Mindsweep Ventures	0.2%
Alteria Capital	0.2%
JITO Incubation & Innovation Foundation	0.1%
Praescio Ventures	0.1%
BlackSoil	0.2%
InCred	0.1%
Kotak Mahindra Bank	0.1%
LC Venture	0.1%
VSS	< 0.1%
SoftBank Group	< 0.1%
KiaOra Ventures	< 0.1%
Faad Capital	< 0.1%
Venture Catalysts	< 0.1%
Trifecta Capital	< 0.1%
Arvog	< 0.1%
Amk Trust	< 0.1%
Mumbai Angels	< 0.1%
Vista Business Ventures	< 0.1%
Kolte Patil Family Office	< 0.1%
Inventus Law	< 0.1%
Logistics Fund India	< 0.1%
SK Capital	< 0.1%
Thirteen Initiatives	< 0.1%
Angel Scions	–
Enterprise	9.6%
Angel	1.3%
ESOP Pool	8.3%
Other Investors	19.3%
Total	100.0%

BluSmart – Growth

BluSmart accomplishment of completing 10 million emission-free rides as per news report of November 2023, which cemented its status as a forerunner in India’s electric transportation sector, highlights the company’s exponential growth. The company has accumulated 1 million+ happy customers over 370 million clean kilometers since its founding in 2019, thereby lowering 24,000+ tons of CO2 emissions.

BluSmart, which has around 5,000 electric vehicles in service throughout Bangalore and Delhi NCR, has quickly established itself as a leading example of environmentally sustainable urban mobility.

At the same time, BluSmart has shown significant expansion, reaching an average revenue run rate (ARR) of Rs 400 crore as of August 2023, as per news report of September 5, 2023, a noteworthy rise of approximately 60% from the previous fiscal year FY22.

On January 8, 2024, BluSmart Mobility made headlines when it unveiled a novel pricing system that differentiated between ‘rush hours‘ and’relaxed hours.’ In keeping with BluSmart’s overarching plan to differentiate itself from industry heavyweights Ola Cabs and Uber, this two-tiered strategy places affordability during “relaxed hours” as a top priority. Along with a focus on greater services, transparency, and eco-friendliness, the program stands out for not charging surge prices.

This important achievement places BluSmart as a leader in advancing environmentally friendly transportation methods in addition to changing the conventions surrounding traditional commuting. The company’s steadfast dedication to providing trips free of emissions has allowed it to grow and set the standard for environmentally friendly transportation in India going forward.

BluSmart – Financials

BluSmart has seen rapid revenue growth in recent years, increasing from INR 4.2 crore in FY20 to INR 70.9 crore in FY23. However, the company remains loss-making, with a rising cost structure impacting profitability.

Particulars	FY23	FY22	FY21	FY20
Revenue	INR 70.9 crore	INR 8.1 crore	INR 9.2 crore	INR 4.2 crore
Expenses	INR 286.8 crore	INR 108.4 crore	INR 48.7 crore	INR 20.9 crore
Profit/Loss	INR -215.9 crore	INR -100.4 crore	INR -39.5 crore	INR -16.7 crore

BluSmart Revenue Breakdown

Revenue Source	FY23	FY22
Revenue from operations	INR 57.3 crore	INR 3.8 crore
Other income	INR 13.6 crore	INR 4.3 crore
Total Revenue	INR 70.9 crore	INR 8.1 crore

Revenue grew nearly 9x in FY23, driven by a sharp rise in operational revenue from INR 3.8 crore to INR 57.3 crore.

BluSmart Expenses Breakdown

Expense Type	FY23	FY22
Operational Costs	INR 67.7 crore	INR 17.5 crore
Employee Benefit Expense	INR 40.2 crore	INR 15.1 crore
Finance Costs	INR 59.3 crore	INR 43.5 crore
Depreciation & Amortisation	INR 102 crore	INR 22.6 crore
Other Expenses	INR 17.6 crore	INR 9.7 crore
Total Expenses	INR 286.8 crore	INR 108.4 crore

Expenses surged, with depreciation and finance costs being the biggest contributors to the increase.

Quick Summary

Revenue Growth: BluSmart’s revenue increased nearly 9x in FY23, indicating strong business expansion.
Rising Expenses: Expenses nearly tripled in FY23, primarily due to depreciation and financing costs.
Profitability Pressure: Despite growth, BluSmart’s losses more than doubled, highlighting the need for cost optimization.

BluSmart – Services

Customers who are looking to ride with BluSmart can avail of the services through BluSmart’s app built for both Android and iOS users. Just like how Uber, Ola, and Lyft offer their customers to purchase a ride and users can find the same method in the BluSmart app as well.

Services provided by BluSmart

The main services provided by BluSmart are shared rides for users, hourly basis rentals, and airport pick and drop-off services. The services are operational Delhi NCR and Bangalore.

It also offers services for drivers who want to drive their EVs at zero ownership cost. Other services provided to drivers are:

Chance to drive premium electric sedan
Up to Rs 2 lakh in free accidental insurance
Incentives based on performance
Weekly earnings
Flexible working hours

BluSmart – Partnerships

BluSmart started by teaming up with Mahindra & Mahindra Ltd. in 2019. The joint venture has 70 Mahindra eVerito sedans in and around Delhi NCR, including Noida, Gurgaon, Ghaziabad, Faridabad, and Greater Noida.

In 2021, BluSmart partnered with Reliance Industries. through its joint venture, Reliance BP Mobility Ltd. The partnership is meant to increase BluSmart’s fleet size and offer its services outside Delhi NCR.

A spokesperson from the company has said, “Through this partnership, both companies will collaborate in planning, development, and operation of EV charging infrastructure, at suitable locations across cities where BluSmart operates.

With the first-phase roll-out will be in the National Capital Region, these EV charging stations will be capable of accommodating a minimum of 30 vehicles at each station and will be concentrated in urban areas.”

BluSmart has entered into a strategic partnership with Inframantra in May 2023, a real estate firm specializing in enhancing the value of commercial and residential properties through their expertise.

The company forged a partnership with MG Motor India in June 2023 to incorporate the MG ZS EV, a battery-electric SUV, into its electric cab fleet operating in the country. The order placed amounts to 500 units of these electric SUVs.

BluSmart – Advertisements and Social Media campaigns

BluSmart Campaign

BluSmart expresses its sincere gratitude to the #DriversOfChange on World EV Day on September 9, 2023, recognizing their combined efforts in achieving over 270 million clean kilometers and a reduction of over 20 million kilograms of CO2 emissions. This anniversary film highlights the people driving the electric vehicle (EV) revolution instead of only focusing on the technology side of things.

The campaign highlights the crucial role that these committed driving partners play in the EV movement by highlighting the human side of it. It highlights the association’s transforming power on their lives in addition to celebrating their crucial role in BluSmart’s success.

BluSmart – Competitors

The top competitors of BluSmart are:

Ola Electric
Bolt
Dott
Zypp Electric

BluSmart – Future Plans

BluSmart plans to significantly grow its fleet by adding thousands of electric vehicles across India, with an expansion into more cities, including Mumbai. The company is also focused on expanding its EV charging network and aims to raise over $300 million in the next three years to fund these initiatives. BluSmart’s mission is to drive large-scale decarbonization of mobility and contribute to a greener future.

BluSmart is establishing itself as a major player in the changing world of environmentally friendly and sustainable transportation with this step, which highlights the company’s strategic reaction to the ride-hailing industry’s growing emphasis on EVs.

FAQs

Who is the founder of BluSmart?

Anmol Singh Jaggi, Punit K Goyal and Puneet Singh are the founders of BluSmart.

What is BluSmart?

BluSmart is an all-electric ride-hailing and EV charging company in India. It offers sustainable, zero-emission cab services and operates its own fleet of electric vehicles (EVs).

When was BluSmart founded?

BluSmart startup was founded in 2019.

What does BluSmart do and how does BluSmart work?

BluSmart is an electric ride-hailing and EV charging company in India. It provides app-based, zero-emission cab services with its own fleet of electric vehicles (EVs) and operates EV charging stations for both its fleet and third-party users.

What is BluSmart business model?

BluSmart operates on an asset-heavy, all-electric ride-hailing model. It owns and operates EV fleets, providing zero-emission rides through its app. Revenue comes from ride bookings and EV charging services. Unlike Ola/Uber, it doesn’t rely on driver-owned vehicles, reducing variability in service quality.

Who owns BluSmart?

BluSmart was co-founded on 14 January 2019 by Anmol Singh Jaggi, Puneet Singh Jaggi, and Punit K Goyal.

Is BluSmart profitable?

No, BluSmart is not profitable, as of 2023.

February 18, 2025

EaseMyTrip Story: How is it Making Traveling Easy and Convenient

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

Traveling is one of the activities that has proven more than one benefit to our body and mind because it refreshes both.

Who doesn’t like to travel? Traveling, any day, helps us learn and experience more than we do when we are restricted to our homes or lead a sedentary lifestyle. However, most often it was seen that people went confused or couldn’t muster courage enough to go on vacation due to all the complexities involved in it, which are aggravated by the lack of knowledge about the destination chosen and the updates about the appropriate fare to be carried. Furthermore, most people had to carry a considerable amount of cash during the trip, which also included enormous risks. Now, all of these don’t matter much anymore with the birth of EaseMyTrip. EaseMyTrip is a one-stop website built for the end-users so that they can freely travel anywhere without worrying much about anything during their trips. From booking flights to seeing sights, booking cabs during the trip and throughout it, and planning a complete holiday without breaking the banks, Easemytrip helps travelers rest assured.

Launched by Nishant Pitti, Rikant Pitti, and Prashant Pitti, EaseMyTrip was founded in 2008 as a disruptive idea of establishing an Indian internet travel firm. The firm, which is based in New Delhi, offers hotel reservations, airline tickets, vacation packages, bus reservations, and other white-label services.

Read more about EaseMyTrip, its Startup Story, History, Mission and Vision, Business model, Logo, Partnerships, IPO, Shareholding, Revenue, Financials, Acquisitions, Growth, Competitors, the Travel Industry, and more.

EaseMyTrip Company Details

Startup Name	EaseMyTrip
Headquarters	New Delhi, Delhi, India
Sector	Travel
Founder	Nishant Pitti, Rikant Pitti, and Prashant Pitti
Founded	2008
Website	easemytrip.com

About EaseMyTrip
EaseMyTrip – Industry
EaseMyTrip – Founders and Team
EaseMyTrip – Startup Story
EaseMyTrip – Mission and Vision
EaseMyTrip – Name, Tagline and Logo
EaseMyTrip – Business Model
EaseMyTrip – Challenges Faced
EaseMyTrip – Partnerships
EaseMyTrip – Funding and Investors
EaseMyTrip – Shareholding
EaseMyTrip – Mergers and Acquisitions
EaseMyTrip – Growth
EasyMyTrip – Financials
EaseMyTrip – IPO
EaseMyTrip – Advertisements and Social Media Campaigns
EaseMyTrip – Awards and Achievements
EaseMyTrip – Competitors
EaseMyTrip – Future Plans

About EaseMyTrip

Also known as Easy Trip Planners, EaseMyTrip is a company that sells tickets, transportation, tour packages, and lodging. Located in New Delhi’s Patparganj Industrial Area, EasyMyTrip is an Indian internet travel agency. This travel agency has offices all across India and the world. It runs a travel website that offers discounts on flights, hotels, bus tickets, and vacation packages.

The firm provides a wide range of transportation products and services to meet the demands of travelers traveling inside the country as well as to and from other countries. It offers consumers a wide range of resources and information to help them plan, research, book, and purchase travel services and goods both inside India and in other countries. Products and services are available online through its websites and mobile applications. The company uses data and analytics to tailor the customer experience on the websites and mobile applications based on prior searches and purchases, which they think enhances customer engagement and the chance of purchase.

EaseMyTrip – Industry

As more sectors migrate to digital channels, India’s online travel business is maturing. Gross reservations for online travel will rise in double digits, outpacing the total travel industry. The online travel business in India is quickly evolving as a result of the introduction of the internet and the rise of artificial reality (AR), as a rising number of Indians have resorted to the convenience of the web for better travel rates and lodgings. The rising penetration of foreign airline and hotel reservations given by online portals such as Cleartrip, MakeMyTrip, Yatra, and others will account for the majority of the growth in the Indian online travel sector.

Holiday packages are increasingly being offered in conjunction with travel and transportation options. The government’s regional airport development initiative promotes connection to smaller cities and villages, and it is the largest continuing development in India in terms of air accessibility and affordability. The growing tourism sector in India, as well as the increasing prevalence of internet usage and smartphone users in various nations, are driving the online travel market in India.

As to the Statista research tailored for India, the Travel & Tourism industry is anticipated to witness substantial growth, with a projected value of US$25.01 billion in 2025. With a projected CAGR of 8.07% (2025-2029), the market is expected to reach US$34.11 billion by 2029. This data, which comes from Statista, highlights the travel and tourism industry’s bright future as well as its critical position in the country’s economy.

EaseMyTrip – Founders and Team

Nishant Pitti, Rikant Pitti, and Prashant are the co-founders of EaseMyTrip.

Nishant Pitti

Mr. Nishant founded the business intending to become a leader in the travel and tourism sectors, and he also serves as the Chairman of the company. After earning his bachelor’s degree in commerce from Delhi University, he went on to become a successful entrepreneur in the travel sector as well. His persistent goal to provide perfect services to Indian and international travelers led to the establishment of India’s premier travel agency. From 2012 to 2014, he served as honorary secretary of the Travel Agents Federation of India (TAFI). Mr. Nishant has dabbled in filmmaking, co-producing the Bollywood blockbuster ‘Madaari’.

Rikant Pitti

Easy Trip Planners Pvt. Ltd. was co-founded by Mr. Rikant Pitti, one of India’s brightest young entrepreneurs. As a seasoned investor with approximately eight years of experience, he has established himself in the online travel sector by bringing fresh perspectives to the travel & tourism business. Having earned a Bachelor of Technology (BTech) from Kurukshetra University, Mr. Rikant has made a significant contribution to the company’s growth. His thorough understanding of every aspect of the travel business, as well as its connection with e-commerce, has made this organization a household name among India’s discerning travelers. Rikant was the owner and operator of Duke Travel Agency while still in college. He serves as the CEO of the company.

Prashant Pitti

Easy Trip Planners Pvt. Ltd.’s adviser is Mr. Prashant Pitti, an experienced industrialist with a diverse background. He is known for his excellent marketing abilities and innovative ideas, and he has a remarkable knack for many areas of business. Mr. Prashant holds a BTech from IIT Madras. He has around three years of experience in the United States, where he worked as an assistant vice president in HSBC’s Risk Department in Chicago. EasyMyTrip.com has carved out a place for itself under his watchful eye. Prashant is convinced that technology, competent people, and a sophisticated management team can propel any business to new heights of success.

EaseMyTrip is working with “a qualified team of 501–1,000 well-trained staff who are contributing to the company’s constant growth,” as per its LinkedIn profile.

Prashant Pitti talks about The success story of EaseMyTrip

EaseMyTrip – Startup Story

Nishant Pitti, Prashant Pitti, and Rikant Pitti came up with the concept for EaseMyTrip as they were ordering plane tickets for their father’s regular business travels and saving money in the process. Initially operating as a travel agency out of their garage, the couple lost all of their money in the first three months. Later, referrals from family and friends were helpful, and a big turnaround occurred when an airline spotted many bookings originating from a single email account and approached the Pitti brothers to become its travel partners.

“My youngest brother Rikant decided to start EaseMyTrip while he was studying in school – in the 12th grade. I was in the US, working for a bank. Rikant and Nishant started this company. Then I quit my job and started to work in the company,” Prashant Pitti, whole-time Director of EaseMyTrip, told.

EaseMyTrip – Mission and Vision

At EaseMyTrip, the commitment to innovation is embodied by the dedicated in-house technology team, diligently crafting secure, advanced, and scalable technology infrastructure and software. This robust, technology-enabled foundation empowers to not only operate but also maintain an efficient and lean organization, perfectly tailored to the scale of operations.

Company believes that cutting-edge technology is integral to realizing the mission and vision, ensuring a seamless and unparalleled travel experience for the customers while driving the continued success of EaseMyTrip in the dynamic landscape of the travel industry.

EaseMyTrip Philanthropy

550 oxygen concentrators were imported for contributions during the COVID-19 Oxygen Crisis in India, and the firm also announced a thorough return policy that offered full reimbursements, including flight charges subtracted. During the Kerala floods, the company’s employees also donated a day’s income.

EaseMyTrip – Name, Tagline and Logo

EaseMyTrip makes traveling easy and convenient for its clients, which explains the name.

Tagline: Take it Easy

EaseMyTrip Logo

EaseMyTrip – Business Model

To cater to the offline travel industry in India, EaseMyTrip began operations in 2008 by focusing on the B2B2C (business to business to consumer) distribution channel and allowing travel agents access to its website to purchase domestic trip plane tickets. Following that, in 2011, the company began operations in the B2C (business to customer) distribution channel by utilizing its B2B2C channel and concentrating on the rising Indian middle-class population’s travel needs.

They were able to start operations in the B2E (business to enterprise) distribution channel in 2013 to offer end-to-end travel solutions to corporates, thanks to their presence in the B2B2C and B2C channels. They have a diverse consumer base and a large distribution network, thanks to their participation in three different distribution channels.

EaseMyTrip – Challenges Faced

EaseMyTrip partnered with Air Deccan, which offered tickets ranging from Rs 500 to Rs 700. However, they quickly ceased offering such low pricing since their profits were fast dwindling. EaseMyTrip was forced to recruit new travel agents and cut its commission rates as a result of this unfortunate turn of events. It collaborated with many other offline travel agents who the company with a cash advance. It then used this money to buy tickets in bulk from the airlines, resulting in a significant discount. It provided the majority of the early financial flow, and the brothers were able to generate a respectable profit.

EaseMyTrip – Partnerships

In 2018, it teamed up with the Indian Railway Catering and Tourism Corporation (IRCTC) to sell train tickets. In September 2019, EaseMyTrip collaborated with FoodForTravel. As part of the agreement, consumers were given free, ready-to-eat meals.

It has also worked on many films together, including the big-budget epic Manikarnika. The company was able to enhance its relationships with a variety of partners, such as hotels, buses, and airlines, and take advantage of numerous discounts as a result. With over 20,000 airline tickets sold every day, EaseMyTrip has gradually grown to become the third-largest online travel agency in our country as per news report of 2021. Some of the prominent EaseMyTrip partners and partnerships include:

Toffee Insurance – EaseMyTrip partnered with Toffee Insurance, which is hailed as one of the fastest-growing Insurtech providers to offer insurance solutions to its customers.
Flybig – Flybig is a regional airline company to sell tickets exclusively on its platform.
JustDial – EaseMyTrip entered into a partnership with JustDial, according to which all the air travel bookings will be completed via EaseMyTrip.
SpiceJet – SpiceJet is a budget airline company, that has partnered with SpiceJet to offer its customers hassle-free holiday bookings.

EaseMyTrip – Funding and Investors

EaseMyTrip has raised Rs 16.5 crore till date in one funding round.

Date	Stage	Amount	Investors
Feb 28, 2022	Post-IPO Equity	Rs 16.5 crore	Nomura Holdings

EaseMyTrip – Shareholding

EaseMyTrip’s shareholding pattern as of March 2019, sourced from Tracxn:

EaseMyTrip Shareholders	Percentage
Nishant Pitti	49.8%
Rikant Pitti	49.7%
Prashant Pitti	0.5%
Total	100.0%

EaseMyTrip – Mergers and Acquisitions

EaseMyTrip has acquired five companies to date.

Below are the details:

Company Name	Date	Amount
CheQIn	Jan 24, 2023	Rs 3 crore
Nutana Aviation Capital	Dec 1, 2022	–
Yolobus	Dec 16, 2021	–
Spree Hospitality	Nov 18, 2021	Rs 18.25 crore
Traviate	Oct 28, 2021	–

EaseMyTrip – Growth

EaseMyTrip is a leading online travel agency in India, which boasts a network of more than 61K+ travel agents, 1 Million+ Hotel partner networks, 400+ International & Domestic Airlines, and 11+ Million customers network online. EaseMyTrip announced that users would be able to book flight tickets via Whatsapp in January 2020, where they would be able to activate an autonomous interactive program just by sending a Whatsapp message and the bot will guide them through the end-to-end process.

EaseMyTrip has already gone for an IPO that was valued at Rs 510 crore and got listed on the domestic stock exchanges in 2021. The company was announced as the fastest-growing online travel agency in May 2021. It collaborated with some other companies like Airbnb, Yatra, and Oyo Rooms to form the Confederation of Hospitality, Technology, and Tourism Industry (CHATT), which is deemed to be an industry body for the tourism sector in India.

The Nishant Pitti-led company is a unicorn travel company, which entered the coveted club of unicorn startups of India on September 17, 2021, when its share prices touched a 52-week high of Rs 717.65.

Here go some major growth highlights of the brand:

EaseMyTrip boasts of operating with a lean and cost-effective model of operation
EaseMytrip is powered by advanced technologies and analytics capabilities
EaseMyTrip boasts a track record of delivering excellent performance with the help of an experienced management team
Apart from operating in India from offices in Delhi, Noida, Bangalore, and Mumbai, EaseMyTrip also operates abroad and has offices in Singapore, Dubai, London, USA, Thailand, New Zealand, and the Philippines
It company claims to have 11 Million+ customers network online

EasyMyTrip – Financials

EaseMyTrip has demonstrated consistent growth over the past five financial years, with notable increases in revenue and profitability.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 5,906 crore	INR 4,488 crore	INR 2,354 crore	INR 1,385 crore	INR 1,414 crore
Expenses	INR 3,375 crore	INR 2,375 crore	INR 1,987 crore	INR 716 crore	INR 903 crore
Profit/Loss	INR 1,031 crore	INR 1,342 crore	INR 1,059 crore	INR 610 crore	INR 330 crore

In FY24, EaseMyTrip’s revenue increased by 31.6% to INR 5,906 crore from INR 4,488 crore in FY23, while profit decreased by 23.2% to INR 1,031 crore from INR 1,342 crore.

EaseMyTrip Revenue Breakdown

Revenue Source	FY24	FY23
Revenue from Operations	INR 5,906 crore	INR 4,488 crore
Other Income	INR 185.1 crore	INR 153.7 crore
Total Revenue	INR 6,091 crore	INR 4,642 crore

The company’s revenue from operations grew by 31.6% in FY24, reaching INR 5,906 crore, up from INR 4,488 crore in FY23.

EaseMyTrip Profit/Loss

Profit Metrics	FY24	FY23
Gross Profit	INR 4,444 crore	INR 3,755 crore
Operating Profit	INR 2,070 crore	INR 1,768 crore
Net Profit/Loss	INR 1,031 crore	INR 1,342 crore

Net profit decreased by 23.2% in FY24, amounting to INR 1,031 crore compared to INR 1,342 crore in FY23.

EaseMyTrip Expenses Breakdown

Expense Type	FY24	FY23
Employee Benefit Expense	INR 821.5 crore	INR 524.4 crore
Finance Costs	INR 59.7 crore	INR 34.1 crore
Amortization & Depreciation	INR 71.6 crore	INR 29.0 crore
Other Expenses	INR 2,422.2 crore	INR 1,788.5 crore
Total Expenses	INR 3,375 crore	INR 2,375 crore

Total expenses rose by 42.1% in FY24 to INR 3,375 crore from INR 2,375 crore in FY23, primarily due to increased employee benefit expenses and other operational costs.

Quick Summary

Revenue Growth: 31.6% increase from INR 4,488 crore in FY23 to INR 5,906 crore in FY24.
Profitability: Net profit decreased by 23.2%, from INR 1,342 crore to INR 1,031 crore.
Expenses: Total expenses increased by 42.1%, driven by higher employee benefits and operational costs.
Business Outlook: EaseMyTrip continues to exhibit robust growth, leveraging increased internet adoption among businesses to enhance its market position.

EaseMyTrip – IPO

Though Easy Trip Planners went ahead with an IPO even amidst visible volatility in market conditions, it noticed a 13.5% listing gain on March 8, 2021, when it opened its IPO. By the time it went public in March of 2021, EaseMyTrip had been subscribed to 159.33 times. According to Prashant, EaseMyTrip was one of the first travel firms to go public, and since then, a slew of online companies have filed for an IPO.

It was subscribed a whopping 159 times, which makes the listing gain substandard. The stocks of EaseMyTrip are listed at Rs 212.25 on NSE, a 13.5% premium to its issue price, which was Rs 187 per share. On the other hand, the scrip got listed on the BSE at Rs 206, which was a 10.16% premium to its issue price.

EaseMyTrip – Advertisements and Social Media Campaigns

EaseMyTrip Campaign

EaseMyTrip is intentionally targeting the online booking-savvy customer demographic with this campaign. The campaign’s reach and resonance are increased by the brand’s use of Bollywood actors Varun Sharma and Vijay Raaz’s widespread appeal, which forges a strong bond with both the younger and older audience.

EaseMyTrip – Awards and Achievements

EaseMyTrip some of the prominent Awards and Recognistions are:

World Business Leader – The Bizz Awards 2020
Best Travel Booking Site – SATTE (2020)
Best Dealer Meet – Business World 2020
Best Travel Booking App/Website – Times Travel Awards (2019)

EaseMyTrip – Competitors

The top competitors in EaseMyTrip’s competitive set are:

MakeMyTrip
Goibibo
Cleartrip
Ease My Visa

EaseMyTrip – Future Plans

Anticipating increased demand in the evolving landscape of safe and tech-driven travel, the company at that time thought of expanding its global footprint, present in the UAE, Singapore, the UK, the Philippines, Thailand, and the USA. With a strategic eye on the substantial pent-up global demand for travel and tourism, EaseMyTrip aims for a healthy business volume growth. Known for its no-convenience-fee model, the company aims to expand internationally and diversify into corporate travel and luxury tourism.

FAQs

What does EaseMyTrip do?

EaseMyTrip is an Indian company that sells tickets, transportation, tour packages, and lodging.

Is EaseMyTrip an Indian company?

Yes, EaseMyTrip is an Indian company.

Who are EaseMyTrip founders?

Nishant Pitti, Rikant Pitti, and Prashant Pitti are the owners of EaseMyTrip, which was founded in 2008.

Which companies do EaseMyTrip compete with?

The top competitors in EaseMyTrip’s competitive set are MakeMyTrip, Goibibo, cleartrip and Ease My Visa.

What is EaseMyTrip Business Model?

EaseMyTrip operates on a commission-based online travel agency (OTA) model, earning revenue from flight, hotel, and holiday package bookings. It differentiates itself with a zero convenience fee option, making it a cost-effective choice for travelers.

What is EaseMyTrip tagline?

The tagline of EaseMyTrip is Take it easy.

February 18, 2025

IndiaMART: The Success Story of a Leading B2B E-commerce Company in India

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

Faster, stable, and more efficient internet is a major factor behind the rise of many startups. However, some startups were pure visionaries, established way before this modern internet connectivity. IndiaMart was one of such startups that were conceived of before the internet became such easily available and accessible as it is today.

When IndiaMART company was founded by the cousins Dinesh Agarwal and Brijesh Agrawal in 1996, the internet was far from being a household term in India. The IndiaMART founders could very well visualize the revolution that India was about to see with better internet connectivity. Starting with a capital of just Rs 40,000, today IndiaMART is India’s largest and the world’s second-largest B2B e-commerce marketplace.

So, let’s have a peek into the startup journey of this 25-year-old company, which is making the eCommerce business easy for many individuals, SMEs, and large enterprises.

Learn about IndiaMART’s history, founders, owners, business and revenue model, founders and team, funding and investors, challenges, competitors, name, tagline and logo, awards, acquisitions, and more.

IndiaMART – Company Highlights

Company Name	IndiaMART
Headquarters	Noida (Uttar Pradesh)
Founders	Dinesh Agarwal & Brijesh Agarwal
Industry	E-commerce
Founded	1996
Parent Organization	IndiaMART InterMESH Limited
Website	indiamart.com

About IndiaMART
IndiaMART – Founders and Team
IndiaMART – Startup Story
IndiaMART – Mission and Vision
IndiaMART – Name, Tagline and Logo
IndiaMART – Funding and Investors
IndiaMART – Shareholding
IndiaMART – Business and Revenue Model
IndiaMART – Growth and Revenues
IndiaMART – Financials
IndiaMART – Challenges
IndiaMART – Awards
IndiaMART – Acquisitions
IndiaMART – Competitors

About IndiaMART

IndiaMART is a leading B2B e-commerce company in India that connects suppliers with buyers. It has around 60% market share in B2B e-commerce along with partnerships with leading brands like Tata, Airtel, Hyundai, Bosch, Canon, and a lot more. It trades almost everything from apparel, and home furniture to electronics, and building equipment. The company provides business visibility and credibility to its buyers and sellers with enhanced trust and experience of 24 years.

IndiaMart has also ventured into some other sectors, other than being a B2B e-commerce. Operational subsidiaries of India Mart include –

Tolexo Online Pvt. Ltd. (TOPL) – Founded in 2014, Tolexo.com was a B2B e-commerce retail and B2B Wholesale platform. In 2017, IndiaMart company announced that it is closing the retail B2B wing of Tolexo.com due to underperformance. Currently, Poora.com (a subsidiary of TOPL) is offering order management services to businesses.
Ten Times Online Private Limited (TTOPL) – Founded in 2013, 10times.com is a platform for business event discovery and networking.
Pay With Indiamart Private Limited (PWIPL) – Started in 2017, It is a payment gateway that lets sellers collect instant payment from buyers through the Indiamart platform.
Hellotravel Online Pvt. Ltd. – Founded in 2009, this platform connects travelers to travel agents.

IndiaMART – Founders and Team

Dinesh Agarwal and his cousin Brijesh Agarwal are the founders of IndiaMART.

Dinesh Agarwal

IndiaMART Co-founder CEO Dinesh Agarwal hails from a traditional business family in the Napara district of UP. Agarwal completed his schooling from a Hindi medium school. He then obtained his B.Tech degree in Computer Science & Engineering from Harcourt Butler Technological Institute, Kanpur. Agarwal served in a number of companies before landing a job at HCL for which he needed to move to the US. He was associated with HCL Technologies as a Senior System Analyst before launching IndiaMART. Dinesh also served as a Software Engineer at CDOT Alcatel Research Centre.

Brijesh Agrawal

IndiaMART Co-founder and Director Brijesh Agrawal completed his BMS from the University of Lucknow. He then completed his PGDBM from NIILM, after which Brijesh joined Dinesh Agarwal in his venture.

IndiaMART had around 2,754 employees across different cities in India when last reported in March 2021.

IndiaMART – Startup Story

After graduating in software engineering, Dinesh started receiving lucrative job offers. After working in India with different organizations for 5 years, Dinesh went to the US, where he worked with CDOT for 3 Years. He was leading a comfortable life until one day he realized that he was not passionate enough about the work he was doing and had a calling to start something of his own. This made Dinesh return to India in 1996.

Dinesh was one of the early internet users and realized that the internet can do wonders in promoting businesses, so he decided to build a platform where businesses could display their products through dedicated web pages. Dinesh started the eCommerce business from his flat in Delhi in 1996 as an export marketplace with Brijesh.

However, finding clients was a difficult task initially for IndiaMART because many businesses were not aware of computers and the internet. They did not know how the internet could help in growing their business. So, they appointed some marketing and sales guys, who could educate the businesses about what the internet could do to them, thereby helping IndiaMart acquire new clients. They also started participating in trade fares held in Pragati Maidan to spread more awareness about their eCommerce business. The first client India Mart received was ‘Nirula’s’ – the famous first food chain in North India. IndiaMart then had to build and maintain Nirula’s website for an annual charge of Rs 32000/-.

The company initially started by offering free listing services to eCommerce businesses, and once the businesses listed started getting queries from around the world, IndiaMART’s sales representatives used to approach the businesses to report their progress. Once the business was convinced that getting their business listed on IndiaMart was helpful, they started buying paid services and the platform started growing gradually.

However, in the absence of proper internet-based infrastructure, challenges for the company were many. IndiaMART could not even send e-mails to the businesses regarding the queries these businesses were receiving through IndiaMART, as many businesses did not even have e-mail ids. The IndiaMART team had to take printouts of the queries they received and fax the same to the respective businesses. But despite all the challenges, IndiaMART acquired around 1000 clients till 1999.

Another challenge appeared before the company with the 9/11 attacks, exports were hard hit due to the tragedy and IndiaMART’s revenue came down by almost 40%. But the team continued its efforts.

A major turning point came when IndiaMART company shifted focus from export to Domestic market and started serving the eCommerce business within the country. Today over 6 million suppliers are registered with IndiaMART.

IndiaMART – Mission and Vision

Indiamart has been founded with a mission ‘to make doing business easy.’ Indiamart is fueled with the vision of retaining its lead in the B2B e-commerce segment in India.

IndiaMART – Name, Tagline and Logo

IndiaMART Logo

IndiaMart has brought out numerous taglines like “Kaam Yahin Banta Hai” and “Bada Aasaan Hai” till now. ‘The Global Gateway To Indian Marketplace” was the first tagline that IndiaMART recorded.

IndiaMART – Funding and Investors

IndiaMart has raised total funding worth $40.8 million over 4 rounds. In June 2019, IndiaMART launched its IPO, which turned out to be one of the most loved IPOs in 2019. As per NSE, IndiaMART IPO cumulatively received bids of 9,66,86,235 equity shares, which is 35.91 times higher than its total issue size of 26,92,824 equity shares.

Date	Stage	Amount	Investors
Feb 17, 2021	Post IPO	Undisclosed	Jefferies, Edelweiss
June 24, 2019	Venture Round	$28.24 Million	Elevation Capital
March 9, 2016	Series C	–	Amadeus Capital Partners
Jan 14, 2009	Series A	$10 Million	Intel Capital
Jan 1, 2007	Venture Round	–	Brand Capital

IndiaMART – Shareholding

IndiaMART’s shareholding pattern as of May 2019, sourced from Tracxn:

IndiaMART Shareholders	Percentage
Dinesh Agarwal	31.8%
Brijesh Agarwal	21.4%
Intel	12.8%
WestBridge Capital	5.1%
Amadeus Capital	5.8%
Accion	3.8%
Brand Capital	0.3%
Other People	3.5%
ESOP Pool	4.3%
Other Investors	11.3%
Total	100.0%

IndiaMART – Business and Revenue Model

The oldest B2B eCommerce marketplace, IndiaMART operates on a subscription-based model for suppliers. While IndiaMART is totally free for buyers, its main source of revenue is subscription fees received from the sellers, sell of ‘request for quote’ received from the buyers, and the payment facilitation services that it offers. Furthermore, IndiaMART also earns advertising revenue by letting individuals and businesses post advertisements on the IndiaMART app.

Indiamart- India’s largest marketplace

IndiaMART – Growth and Revenues

From starting up when the B2B e-commerce sector was still upcoming to being hailed as the largest operator in the segment, IndiaMart’s success story is itself a testament to the growth it received. Furthermore, IndiaMart is also dubbed as the world’s second-largest online B2B marketplace.

Here’s a glimpse into the prominent growth highlights of the company:

The company boasts a network of over 143 million registered buyers and 6.4 million+ suppliers
IndiaMart hosts a whopping collection of 71 million+ products and services
It has a staggering 60% market share of the online B2B Classified space in India
The B2B giant has further pulled in 259 Mn+ hits on its website and app in the December quarter of 2021
IndiaMART recorded opening 52 offices in 52 weeks, which boosted its sales 10X times in a single year
IndiaMart has adopted a weekly salary pay disbursal system with an aim to extend a flexible and supportive working environment for its employees. Studied and identified as one of the most critical things that influence an employee, weekly payouts for employees have been practiced in many countries like New Zealand, the United States, Hong Kong, Australia, and more and have yielded successful outcomes.

IndiaMART – Financials

IndiaMART InterMESH Limited has demonstrated consistent growth over the past five financial years, with notable increases in revenue and profitability.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 1,196.8 crore	INR 985.4 crore	INR 859 crore	INR 756.1 crore	INR 707.4 crore
Expenses	INR 910.8 crore	INR 756.7 crore	INR 463 crore	INR 364.1 crore	INR 494.4 crore
Profit/Loss	INR 334.0 crore	INR 283.8 crore	INR 297.6 crore	INR 279.8 crore	INR 147.4 crore

In FY24, IndiaMART’s revenue increased by 21% to INR 1,196.8 crore from INR 985.4 crore in FY23, while profit rose by 18% to INR 334 crore from INR 283.8 crore.

IndiaMART Revenue Breakdown

Revenue Source	FY24	FY23
Revenue from Operations	INR 1,196.8 crore	INR 985.4 crore
Other Income	INR 2,106.1 crore	INR 1,805.3 crore
Total Revenue	INR 1,196.8 crore	INR 985.4 crore

The company’s revenue from operations grew by 21% in FY24, reaching INR 1,196.8 crore, up from INR 985.4 crore in FY23.

IndiaMART Profit/Loss

Profit Metrics	FY24	FY23
Gross Profit	INR 496.6 crore	INR 409.2 crore
Operating Profit	INR 454.4 crore	INR 371.3 crore
Net Profit/Loss	INR 334.0 crore	INR 283.8 crore

Net profit increased by 18% in FY24, amounting to INR 334 crore compared to INR 283.8 crore in FY23.

IndiaMART Expenses Breakdown

Expense Type	FY24	FY23
Employee Benefit Expense	INR 5,440.7 crore	INR 4,247.4 crore
Finance Costs	INR 89.1 crore	INR 81.5 crore
Amortization & Depreciation	INR 364.6 crore	INR 310.8 crore
Other Expenses	INR 3,213.5 crore	INR 2,927.8 crore
Total Expenses	INR 9,107.9 crore	INR 7,567.4 crore

Total expenses rose by 20% in FY24 to INR 9,107.9 crore from INR 7,567.4 crore in FY23, primarily due to increased employee benefit expenses and other operational costs.

IndiaMART – Challenges

Being a pioneering Indian B2B e-commerce company, IndiaMart had to face numerous challenges ever since it was established back in 1996. From finding clients, spreading internet awareness, and getting them listed online to help them gain a convincing reputation online, IndiaMart has seen its share of challenges.

Back when IndiaMart was established, emails weren’t much popular so they had to take printouts of the queries and fax them. The 9/11 attack was another roadblock that IndiaMart saw when their exports were hugely truncated, which dragged down the revenues with them.

Indiamart also faced the backlash of 2012 when the economy slowed down in India.

IndiaMart company has recently been featured by the United States Trade Representative (USTR) as one of the most notorious markets. The Notorious Market List of 2021 compiled a total of 42 online and 35 physical markets across the world, and all of these markets, according to USTR, are involved in trademark counterfeiting or copyright piracy. The Trade Representative report of the US censured the popular Indian eCommerce platform as the hub of counterfeit pharmaceuticals, electronics, and apparel.

IndiaMART – Awards

Here’s a glance at the list of awards and recognitions IndiaMART earned throughout the years:

Red Herring 100 Asia Awards 2008
Manthan Award South Asia and Asia Pacific 2013 under the ‘E-business and Financial Inclusion’ category
‘Special Contribution Award’ at WASME – Super SME Awards, 2016
‘Best Online Classified Website Award’ at Drivers of Digital Awards, 2016
‘Best Business App Award’ at GMASA 2017 and ‘Best Business App’ at Drivers of Digital Summit & Awards, 2018
‘Best Online Classified Application’ at Drivers of Digital Summit & Awards, 2018
‘Video Content in a Business Website- Special Mention’ at Video Media Awards and Summit 2019
India Law Awards 2019 for ‘Technology, Media and Telecommunication In-House Legal Team’
“Most Promising Company of the Year” at the CNBC Awaaz CEO Awards
‘Bada Aasaan Hai’ received the ‘Best Video Content in a B2B Marketing Campaign Award’ at the Video Media Awards & Summit, 2020.

IndiaMART – Acquisitions

Indiamart has fully acquired 2 companies to date. The company acquired the accounting platform Busy Infotech for Rs 500 crore on 25 January 2022, before which, it acquired Playcez on 23 August 2013.

Indiamart company acquired 26% stakes in IB Monotaro, a Japan-based company, that operates in India under the brand name “Industry buying” and is focused on supplying industrial and business products for the eCommerce businesses, as per reports dated February 24, 2022. According to the deal, the popular B2B sales marketplace platform bought 810K shares from Emtex Engineering for a total consideration of Rs 104.2 crore, with an aim to offer an end-to-end commerce experience enablement and thus, serve the B2B businesses of the country.

Name of the company acquired	Date of acquisition	Amount
Busy Infotech	January 25, 2022	$66.38 mn
Playcez	August 23, 2013	$2 mn

IndiaMART – Competitors

Some of the leading competitors of IndiaMART are:

Tradeindia
Yellow pages
Exporters India
Amazon
Flipkart
Tradekey
Udaan

Though there are many upcoming e-commerce companies in India, IndiaMART sustains its position with its stronger network and greater years of experience in the e-commerce field.

FAQs

What is IndiaMART?

IndiaMART is India’s largest B2B online marketplace, connecting buyers and suppliers for business trade. IndiaMART wholesale products help businesses connect with suppliers for bulk purchasing.

When was Indiamart founded?

IndiaMART was founded in 1996 by cousins Dinesh Agarwal & Brijesh Agarwal.

What is IndiaMART net worth?

IndiaMART InterMESH has a market cap or net worth of 127.48 billion as of February 14, 2025.

Which is Indiamart’s Parent company?

IndiaMART InterMESH Limited is Indiamart’s Parent company.

Who are top competitors of Indiamart?

Some of the top Indiamart competitors are:

Tradeindia
Yellow pages
Exporters India
Amazon
Flipkart
Tradekey
Udaan
Paytm Mall
CafePress

Who is the CEO of IndiaMART?

Dinesh Agarwal is CEO of Indiamart.

Who is Indiamart founder?

Dinesh Agarwal and his cousin Brijesh Agarwal are the founders of IndiaMART.

Which type of company is IndiaMART?

IndiaMART is a leading Indian B2B e-commerce company that connects suppliers with buyers. It has around 60% market share in B2B space.

Can we sell on IndiaMART?

You can Register yourself as a seller and start selling to millions of buyers across the world on Indiamart- India’s largest online marketplace. Log in as a Seller to manage your Profile.

What is IndiaMART business model?

IndiaMART operates on a B2B marketplace model, connecting buyers and suppliers online. Its subscription-based revenue model allows businesses to list products and gain visibility, while buyers can search and connect for free. The company earns from membership fees, lead generation, and advertising services, making it a high-margin, asset-light business.

What is IndiaMART revenue model?/ How does IndiaMART make money?

IndiaMART earns from paid memberships, lead generation, ads, and transaction fees, making it a recurring, high-margin model.

February 17, 2025

Lenskart Startup Story: How It’s Making Eyewear Accessible and Empowering India with Clear Vision

In contemporary India, approximately one-third of the population requires spectacles due to diagnosed vision issues, though only a quarter of them wear them. Beyond practical necessity, a large percentage of people choose to wear eyeglasses as a fashion statement, which creates a sizable market for a variety of eyewear options to go with different outfits.

This shift in consumer behavior gained momentum with the inception of Lenskart in 2010, a pioneering optical prescription eyewear retail chain functioning as an eCommerce marketplace for prescription power glasses, BLU glasses, frames, and goggles.

In this article, let’s learn more about Lenskart company, its founders, startup story, history, business model, revenue, funding, shareholding, IPO, competitors, growth, and more.

Lenskart Company Information

Company Name	Lenskart
Headquarters	Gurugram, Haryana, India
Sector	Prescription Eyewear, E-commerce
Founders	Peyush Bansal, Sumeet Kapahi, Amit Chaudhary
Founded	2010
Valuation	$5.6 billion (January 2025)
Parent Company	Valyoo Technologies
Website	lenskart.com

About Lenskart
Lenskart – How it Works?
Lenskart – Industry
Lenskart – Founders and Team
Lenskart – Startup Story
Lenskart – Mission and Vision
Lenskart – Name and Logo
Lenskart – Product and Services
Lenskart – Business Model
Lenskart – Revenue Model
Lenskart – Subsidiaries
Lenskart – Challenges Faced
Lenskart – Funding and Investors
Lenskart – Shareholding
Lenskart – IPO
Lenskart – Investments
Lenskart – Acquisitions
Lenskart – Growth
Lenskart – Products and Features Launch
Lenskart – Marketing Strategy
Lenskart – Advertisements and Social Media Campaigns
Lenskart – Competitors
Lenskart – Future Plans

About Lenskart

As one of the most rapidly expanding players in the eyewear industry, Lenskart has positioned itself as a leading eCommerce company. Offering an extensive online optical store, Lenskart curates a diverse collection of both classic and trendy eyeglasses, lenses, and more, all available at affordable prices.

Customers can conveniently order these eyewear products online and enjoy additional discounts that are frequently offered. Notably, Lenskart also emphasizes a presence in brick-and-mortar stores, ensuring a seamless blend of online and offline retail experiences for its customers.

Lenskart – How it Works?

One of the major companies in the eyeglasses market, Lenskart, offers a smooth online and offline purchasing experience. Easy ordering, frequent discounts, and home delivery services are enjoyed by customers. In addition to its web platform, the company distinguishes itself with its distinctive physical storefronts.

Lenskart’s innovative ‘Home eye checkup’ service, utilizing specialized robots, ensures precise eyeglasses with accuracy up to three decimal places. Lenskart manufactures a wide range of eyewear, including contact lenses, reading glasses, and sunglasses, with a portfolio that includes over 5000 models.

Prioritizing customer satisfaction, Lenskart offers free home delivery and a 14-day replacement guarantee. The company’s success is ascribed to elements such as a wide range of products, high quality, a varied portfolio, effective delivery, and robust after-sales service.

Their value approach places a strong emphasis on providing premium eyeglasses at affordable costs. With its innovative designs, extensive product selection, and customer-focused business methods, Lenskart is always reinventing the spectacle shopping experience.

Lenskart – Industry

The eyewear industry in India continues to show strong growth. In 2025, the revenue generated in the Indian eyewear market is estimated to reach $6.24 billion. The market is expected to grow at a compounded annual growth rate (CAGR) of 5.26% from 2025 to 2029. Among the various segments, Spectacle Lenses remains the largest, with an expected market volume of $2.85 billion in 2025.

Lenskart – Founders and Team

Peyush Bansal (Co-Founder and CEO), Sumeet Kapahi, and Amit Chaudhary are the Co-Founders of Lenskart.

Peyush Bansal

Peyush Bansal is the CEO and Co-Founder of Lenskart. He holds a Bachelor’s degree in Electrical Engineering — IT, Control, and Automation from McGill University. After a brief stint as a Program Manager at Microsoft, Bansal realized his desire to make a significant impact and returned to India to address the problem of vision correction.

During his time at IIM, Bansal founded SearchMyCampus, a successful student classifieds platform. Inspired by its success, he ventured into the eyewear market and created Flyrr, a dedicated website for the American eyewear industry. Recognizing the untapped potential in India, Bansal launched Lenskart in November 2010, initially focusing on contact lenses and later expanding into eyeglasses and sunglasses.

Under Bansal’s leadership, Lenskart has become a prominent player in the eyewear industry. Additionally, he has gained recognition as one of the judges, often referred to as the “kindest shark,” on the popular business reality show Shark Tank India. Bansal’s cooperative attitude, belief in brands, and encouragement of aspiring entrepreneurs have made him a respected figure in the business community.

Peyush Bansal also serves as the co-founder of companies like Aqualens, John Jacobs, Lenskart Foundation, and Neso Brands.

Neha Bansal

Neha Bansal, Co-Founder of Lenskart, is an accomplished professional with a background in finance and accounting. She completed her B.Com (Hons) from Delhi University and obtained her Chartered Accountant qualification from The Institute of Chartered Accountants of India. Prior to her involvement with Lenskart, she founded and served as the Director of DNS Advisors.

Sumeet Kapahi

Sumeet Kapahi, an alumnus of the University of Delhi, is recognized as a co-founder of Lenskart and holds the position of VP of Supply at Valyoo Technologies Pvt. Ltd the parent company of Lenskart.

Amit Chaudhary

Amit Chaudhary, an alumnus of the Birla Institute of Technology, Mesra, is another esteemed Co-Founder of Lenskart. He holds a Bachelor’s degree in Information Technology from the institute.

The company has about 10,000+ employees.

Lenskart – Startup Story

Peyush Bansal, the brilliant founder of Lenskart, started his business after working as a program manager for Microsoft in the US for 11 months, where he gained useful knowledge. In November 2007, Peyush returned to India because he wanted to be his own boss, even though he was tempted by the prospect of a secure position and a high salary.

Peyush, who graduated from McGill University in Canada with a degree in engineering, came back without a firm business strategy but with a big idea to go into e-commerce.

Peyush interacted with Delhi University students and saw the unfulfilled demands of this group. This realization served as the impetus for the establishment of searchmycampus.com, a website that catered to the unique needs of college students by using classified ads, in January 2008. Peyush made smart use of the first money of Rs 25 lakh to engage content managers and a website developer, among other crucial individuals.

The office was put up in the basement of Peyush’s parents’ Greater Kailash, Delhi, home in order to save expenses. With the team expanding, Lenskart’s journey began when Valyoo Technologies was formally registered. Businesses advertise on Lenskart’s platform as part of their evolving income strategy, whereby Lenskart takes a commission on deals that are successfully mediated between companies and institutions.

This innovative approach enabled the startup to break even showcasing Peyush Bansal’s strategic vision and adaptability in steering Lenskart through its formative years in the dynamic e-commerce landscape.

Lenskart – Mission and Vision

The company’s mission is to “provide every Indian access to high-quality designer glasses without shelling out their pocket.”

The company vision on the website states, “A world where eyewear helps you. Do More, Be More.“

Lenskart – Name and Logo

Lenskart Logo

Lenskart parent company is VALYOO Technologies.

Lenskart – Product and Services

Lenskart has over 5,000 frames and glasses to choose from, as well as over 45 different types of high-quality lenses. Its product offerings range from:

Eyeglasses
Premium Eyeglasses
Sunglasses
Shape options: Wayfarer, Oval, Rounders, Cat Eye
Size options: Small, Medium, and Large
Brands: Bausch and Lomb, Johnson & Johnson, Alcon
Color Contact Lenses, and more

Lenskart – Business Model

Lenskart operates on an inventory-driven business model with a B2C concept. Its in-house stylists and designers keep up with the latest eyewear trends. The manufacturers are then given these designs. By controlling the entire supply chain, the company can keep costs down.

The company primarily serves customers through its online platform, offering a wide range of eyewear products. Additionally, Lenskart has strategically expanded into offline retail through franchise stores, catering to a broader audience across metro and non-metro areas.

To support its operations and fuel growth, Lenskart has a dedicated team across multiple verticals including manufacturing, eye technicians, customer care, technology, and logistics. The collective expertise and dedication of these professionals contribute to the seamless functioning of Lenskart’s business model and enhance the overall customer experience.

Lenskart is committed to enhancing customer experience by introducing innovative features and technologies. This includes a virtual try-on tool that allows customers to virtually try different frames using augmented reality. The company also offers the convenience of booking a home eye check-up for customers, making vision testing easily accessible.

Lenskart – Revenue Model

Lenskart makes money from different resources:

Sales of Eyewear: Lenskart’s primary source of income is from the sale of a broad selection of eyewear items, which include frames, lenses, sunglasses, and contact lenses, in order to accommodate a variety of consumer preferences.
Subscription-Lenskart Gold: By providing special advantages like free eye exams, house visits, and discounts, Lenskart cultivates client loyalty and guarantees recurrent revenue.
Advertising Revenue: Lenskart employs campaigns and advertising in a calculated manner to bring in more money. Partnerships, unique promotions, and creative marketing help build brand awareness and draw in new clients. Sponsored content and partnerships bring in money.

Lenskart – Subsidiaries

Neso Brands, a subsidiary of Lenskart, is a Singapore-based global eyewear brand founded in 2022 to empower DTC brands and help them turn into brands of the future. Lenskart’s D2C venture was registered as Neso Brands which was waiting for some funds.

Neso Brands raised $100 million in funding in one of the largest seed rounds raised by any startup, on May 16, 2022. With huge investors like Alpha Wave, Temasek, Softbank, and more, Neso Brands aims to partner and invest in consumer eyewear brands and help them grow by leveraging synergies across the Lenskart Group.

Lenskart – Challenges Faced

In its early stages, Lenskart company faced challenges in the eyewear industry, grappling with limited accessibility, low awareness about eye tests, and affordability concerns. A major obstacle was persuading clients to accept the online store as a competitive substitute for traditional shopping.

In order to tackle these problems and alter people’s opinions about eyewear, Lenskart deliberately concentrated on offering high-quality items at prices lower than those of its physical competitors. The desktop and mobile apps, offline storefronts, and desktop platforms all did well despite the mobile website’s lower conversion rates. By urging people to download their mobile apps, Lenskart set the stage for a thorough redesign of their website.

First addressing three main challenges: making sure that prescriptions are accurate, locating glasses that fit properly, and helping customers envision how the glasses will look. Lenskart was able to navigate and overcome these obstacles because of its dedication to ongoing innovation. Through perseverance and hard work, Lenskart was able to establish itself as a significant participant in the constantly changing eyewear market, completing a remarkable journey from humble beginnings to industry leadership.

Lenskart – Funding and Investors

Lenskart has raised a total of $1.8 billion in over 18 rounds of funding. Their latest funding was raised on June 3, 2024, in a Secondary Market round by Temasek Holdings.

In 2019, Lenskart achieved unicorn status by raising a funding round led by SoftBank, the Japanese financial conglomerate.

Lenskart’s funding history and investor details are as follows:

Date	Round	Amount	Lead Investors
June 03, 2024	Secondary Market	$200 million	Temasek Holdings
June 15, 2023	Series I	$100 million	Chrys Capital
March 16, 2023	Series I	$500 million	Abu Dhabi Investment Authority (ADIA)
November 18, 2022	Series I	$40 million	DSP Mutual Fund
August 8, 2022	Series I	$12.5 million	Ravi Modi Family Trust
June 9, 2022	Series I	$28.2 million	Avendus Future Leaders Fund II
April 27, 2022	Series I	$25 million	Epiq Capital
April 11, 2022	Series I	$100 million	Alpha Wave Incubation (Previously Falcon Edge)
July 19, 2021	Series H	$220 million	Alpha Wave Global and Temasek Holdings
May 16, 2021	Secondary Market	$95 million	Kohlberg Kravis Roberts
December 20, 2019	Series G	$275 million	SoftBank Vision Fund
September 16, 2019	Series F	$55 million	Kedaara Capital

Lenskart – Shareholding

Lenskart’s shareholding pattern as of December 2024, sourced from Tracxn:

Lenskart Shareholders	Percentage
Neha Bansal	3.9%
Peyush Bansal	3.9%
Amit Chaudhary	0.5%
Sumeet Kapahi	0.5%
SoftBank Vision Fund	13.7%
ADIA	11.3%
Premji Invest	4.7%
Temasek	6.4%
Unilazer Ventures	3.6%
Alpha Wave Global	7.0%
Steadview	3.5%
Kedaara	5.9%
Birdseye View	2.0%
TR Capital	2.0%
Schroders Capital	1.0%
Bay Capital Holdings	0.9%
Epiq Capital Advisors	1.3%
Fidelity Investments	1.7%
ABG Capital	0.6%
Avendus	0.6%
Madison India Capital	0.5%
Chiratae Ventures	1.2%
Kariba Holdings	0.4%
DSP Mutual Fund	0.3%
Ravi Modi Family Trust	0.3%
Axis Mutual Fund	0.2%
Central Park Group	0.1%
Technology Venture Partners	< 0.1%
Dove Investments	1.9%
SBI	0.2%
Defati Investments Holding	0.2%
Tri Fund Holding	< 0.1%
Eclk Innovations	< 0.1%
Infinity Partners	< 0.1%
Angel	0.2%
ESOP Pool	19.1%
Other Investors	0.2%
Total	100.0%

Lenskart – IPO

Lenskart is planning to launch a $1 billion IPO, targeting a valuation of about $10 billion. The company has appointed Kotak Mahindra Bank and Morgan Stanley as lead arrangers in January 2025, with additional banks expected to join. Lenskart aims to file its draft red herring prospectus (DRHP) by May 2025, with the IPO expected to take place within the same calendar year. While the exact timeline and final details are still being finalised and may change.

This move comes as India’s stock market experiences a surge in startup listings, with over 25 companies planning IPOs in 2025.

Lenskart – Investments

Lenskart has made 7 investments to date. Here are the details of the Lenskart investment rounds:

Date	Organization Name	Round	Amount
May 19, 2022	GeoIQ.io	Seed Round	$2.3 million
Dec 30, 2021	Tango Eye	Seed Round	Rs 5 crore
Dec 20, 2021	Metadome.ai	Series A	$4 million
Oct 13, 2020	Tango Eye	Seed Round	$500K
May 7, 2018	ThinOptics	Venture Round	$500K
Nov 11, 2017	6over6	Series A	$11 million
Sep 23, 2017	Ditto	Venture Round	$1 million

Exit

Lenskart has exited from two companies: Tango Eye and 6over6.

Lenskart – Acquisitions

Lenskart has acquired three companies to date.

Here are the details of Lenskart’s acquisitions:

Company Acquired	Date	Amount
Tango Eye	Oct 30, 2023	–
Owndays	Jun 30, 2022	$400 million
DailyJoy	Apr 27, 2021	–

Lenskart – Growth

Some important growth highlights of Lenskart can be summed up as:

It has 1 million+ customers as of January 2024.
Lenskart is spread across 313 cities in India as of January 2025.
The company has 1300+ stores and a Home try-on Service as of January 2025.
Lenskart boasts of having over 5000 styles of eyewear, which is 5X more than that of any retailer in India as of January 2025.
The valuation of Lenskart is $5.6 billion as of November 2024.
Lenskart is recognized as one of the top optical businesses in India.

Lenskart – Financials

Here is a detailed breakdown of Lenskart’s finacials:

Lenskart Financials	FY23	FY24
Operating Revenue	INR 3788 crore	INR 5428 crore
Total Expenses	INR 4025 crore	INR 5550 crore
Profit/Loss	INR -63 crore	INR -10 crore

About Lenskart Company Financials — Lenskart Financials FY24

Lenskart’s financials show significant improvement from FY23 to FY24. The company’s operating revenue grew by 43%, increasing from INR 3,788 crore to INR 5,428 crore. Total expenses also rose by 38%, from INR 4,025 crore IN FY23 to INR 5,549.5 crore in FY24. Although Lenskart still recorded a loss, the loss amount was reduced by 84%, from INR 63 crore in FY23 to INR 10 crore in FY24.

Due to cost-effective management, Lenskart reduced its losses by 84%. Its Return on Capital Employed (ROCE) was 2.28%, and its EBITDA margin was 15.25%. For each rupee of revenue, Lenskart spent INR 1.02 in FY24.

Lenskart Expense Breakdown

Expense Type	FY24	FY23
Operational Costs	INR 1,482.9 crore	INR 1,132.8 crore
Marketing	INR 1,891.7 crore	INR 1,438.6 crore
Administrative Costs	INR 1,086.5 crore	INR 717.6 crore
Other Expenses	INR 1,089.2 crore	INR 736.1 crore
Total Expense	INR 5,549.6 crore	INR 4,025.1 crore

Lenskart total expenses rose from INR 4,025.1 crore in FY23 to INR 5,549.5 crore in FY24.

Lenskart – Products and Features Launch

Here are some of the products launched by Lenskart:

WhatsApp chat

A COVID Relief Helpline was launched by the Lenskart Foundation in June 2021. The solely WhatsApp-based helpline, which aims to provide a helping hand to those in need, allows anyone to message the number with their request for assistance.

Lenskart Vision Fund

The eyewear business Lenskart established the “Lenskart Vision Fund” in June 2021, through which it seeks to invest in companies that are beneficial to the omnichannel retail, eyewear, and eye-care industries.

Collaboration with Ace Designer JJ Valaya

Lenskart has a partnership with Ace Designer JJ Valaya in June 2022, and with this partnership, JJ Valaya’s campaign for his brand-new bridge to luxury has taken a big leap into the fashion landscape.

Eyewear App in Singapore and the Middle East

In June 2021, Lenskart, a prominent omnichannel eyewear retailer in India, launched its exclusive eyewear app in Singapore and the Middle East.

Lenskart Studio

Lenskart entered into a new line of products by the name of hip-hoprt Studio” in May 2023 and has been introduced by Lenskart. Beginning with hip hop, the new private label line will provide collections that are influenced by diverse subcultures.

K-Pop Realm

Lenskart has entered the K-pop realm with the launch of an AI-driven collection and campaign in August 2023. Luxurious acetate eyeglasses with color-blocked rims and sunglasses in eye-catching hues are featured in Lenskart Studio’s K-Pop Collection.

Lenskart Membership

If you are interested in learning about Lenskart membership, then the company currently has a Gold Membership that the users can avail of at Rs 600 annually, with which they would just have to buy 1 product to get another one free.

Lenskart – Marketing Strategy

Lenskart employs a diverse marketing strategy some of which are listed below:

Celebrity Endorsements for Brand Appeal:

To increase brand visibility and appeal, Lenskart carefully combines celebrity endorsements, working with well-known personalities like as Karan Johar. This strategy successfully appeals to a wide spectrum of viewers while projecting an elegant and aspirational image of Lenskart’s eyewear selection.

Multi-Media Promotion:

In order to reach a wide range of consumers, Lenskart has a thorough multi-channel marketing approach that makes use of both traditional and digital media.
To provide optimum brand presence across a variety of media, channels include print, television, outdoor media, and online commercials.

Through vibrant social media platforms, the brand actively interacts with consumers, building a strong online community.
Influencer partnerships, interactive elements like online try-ons and in-home trials, and other social media campaigns offer tailored experiences that streamline the process of purchasing eyeglasses.

Tailored Customer Experiences:

Virtual try-ons and home trials are just two examples of how Lenskart prioritizes individualized experiences for its customers.
These features improve the entire purchasing experience by enabling customers to meaningfully engage with the brand and make well-informed decisions about eyewear.

Lenskart – Advertisements and Social Media Campaigns

Lenskart Marketing Campaign With Karan Johar and Kiara Advani

Lenskart’s ad campaign, featuring Karan Johar and Kiara Advani, takes a witty approach, infusing humor into the exploration of its diverse eyewear offerings. The tagline ‘Glasses badlo, Vibe badlo’ encapsulates the idea that changing glasses is a transformative experience for one’s overall style, not just a visual upgrade. The TVC presents Lenskart as a chic and adaptable option for eyewear by highlighting the company’s support of people to assemble a collection appropriate for various situations and emotions.

Lenskart – Competitors

Lenskart is up against both offline and online competitors including:

Coolwinks
GKB Opticals
Specsmakers
Deals4Opticals
LensBazaar
Vision Express
Titan EyePlus

Lenskart – Future Plans

Lenskart is preparing for an IPO, aiming to raise $1 billion, with a targeted valuation of about $10 billion.

In addition to the IPO, Lenskart is expanding into Southeast Asia, having opened its first store in Bangkok, Thailand, in October 2024. The company plans to open 300–400 stores across the SEA region over the next two years, focusing initially on Thailand and then the Philippines.

Lenskart also plans to establish its largest eyewear manufacturing facility in Telangana with an investment of about INR 1,500 crore. This new facility will produce eyewear, lenses, and accessories for both domestic and international markets, while also creating about 2,100 jobs.

FAQs

What is Lenskart?

Lenskart is a leading e-commerce company that creates an online optical store that sells a variety of eyewear. Customers will get the new eyewear collections with free home delivery through the company’s marketplace, which offers prescription eyewear, branded contact lenses, sunglasses, and accessories.

Who is the founder of Lenskart company?

Peyush Bansal, Amit Chaudhary, and Sumeet Kapahi are the founders of Lenskart.

Who is the Lenskart CEO?

Peyush Bansal is the CEO of Lenskart.

When was Lenskart founded?

Lenskart started in the year 2010.

What is Lenskart valuation?

Lenskart valuation as of November 2024 is $5.6 billion.

What is Lenskart gold membership?

Lenskart membership is a Gold Membership program that allows you to get a free pair of glasses every time you buy a pair of Eyeglasses, including Lenskart power glasses, Lenskart spectacles, or Sunglasses at Lenskart until your gold membership is still valid.

Who is the Lenskart delivery partner?

Lenskart delivery partners are among the most reputed courier services in India including BlueDart, FedEx, DTDC, and more.

Which is Lenskart parent company?

Lenskart parent company is VALYOO Technologies.

February 17, 2025

The Wipro Story: From Humble Beginnings to Global Tech Leader

Wipro Limited, a prominent name in the global IT services industry, is renowned for its innovative approach and commitment to excellence. From its humble beginnings to its transformation into a global powerhouse in information technology, Wipro has been a pioneer in adapting to the changing needs of the digital age. Headquartered in Bengaluru, India, the company has expanded its operations across over 50 countries, providing end-to-end solutions to industries ranging from banking and healthcare to retail and energy.

Wipro’s strategic investments in cutting-edge technologies such as artificial intelligence, cloud computing and data analytics have strengthened its position as a leader in the IT space. In addition, its strong focus on sustainability, coupled with its net-zero emissions goal by 2040, showcases the company’s commitment to creating a sustainable future.

In this Startup Talky, we will talk about Wipro’s dynamic journey, its future plans, how it’s navigating the digital transformation wave and its efforts to stay at the forefront of technological advancements in a rapidly evolving market. Read to learn more about Wipro, its founder, business model, revenue model, funding, revenue, growth, financials, net worth, and more.

Wipro – Company Highlights

Name	Wipro
Headquarters	Bengaluru
Sector	IT software and IT services and consulting
Founder	Mohamed Hasham Premji, Azim Premji
Founded	1945
Website	Wipro.com

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

About Wipro

Wipro, a globally renowned technology powerhouse stands as a trailblazer among India’s Big Tech elite. Offering a broad spectrum of services, Wipro specializes in IT solutions, business consulting and process optimization. With expertise spanning cloud innovation, cybersecurity, AI-driven solutions, robotics, digital transformation and advanced data analytics, the company caters to a diverse clientele across 167 countries.In 2007, Wipro unveiled its groundbreaking supercomputer series, the Wipro Supernova. Building on this innovation, the company partnered with the Indian Space Research Organisation (ISRO) in 2011 to create SAGA-220, India’s fastest supercomputer at the time.

This cutting-edge machine was deployed at the Vikram Sarabhai Space Centre, marking a significant milestone in India’s technological advancements.

Wipro – Industry

India’s IT software and consulting industry is on a fast track to growth, driven by the rapid embrace of new technologies and an increasing emphasis on cybersecurity. Projections paint a promising picture for the sector:

Revenue Milestone: By 2025, the industry is expected to generate revenue of $1.36 billion.
Sustained Growth: From 2025 to 2029, the market is projected to grow at a steady CAGR of 8.14%, reaching a market volume of $1.86 billion by the end of the period.

With its momentum fueled by innovation and a focus on secure solutions, the IT consulting and implementation sector in India is set to shape the future of technology adoption and business transformation.

Wipro – Founders and Team

Azim Premji – Founder & Chairman, Wipro

Azim Premji, born in Bombay (now Mumbai), India, grew up in a family deeply rooted in business. His father, Muhammed Hashim Premji, was known as the “Rice King of Burma” and played a key role in the family’s entrepreneurial legacy. When Muhammad Ali Jinnah, the founder of Pakistan, invited his father to move to Pakistan, he chose to remain in India, staying true to his roots.

Azim Premji pursued his Bachelor of Science in Electrical Engineering from Stanford University, shaping his future in technology and business. Today, he’s married to Yasmeen Premji and together they have two children: Rishad and Tariq. Rishad Premji, their eldest, now leads as the Chairman of Wipro’s IT business, continuing the family’s influential role in the company’s success.

Wipro – Startup Story

Wipro, now India’s third most-valued IT company, has an inspiring journey that began far removed from technology. Founded in 1945 by Mohamed Hasham Premji in Amalner, Maharashtra, the company started as Western India Vegetable Products Limited, manufacturing vegetable and refined oils.

After Hasham Premji’s passing in 1966, his 21-year-old son, Azim Premji, took over the reins, leaving Stanford University to lead the business. Under his visionary leadership, the company began diversifying its product portfolio in the 1970s to include bakery fats, ethnic ingredient-based toiletries, baby products and hydraulic cylinders.

In 1977, the company rebranded as Wipro Products Limited and later as Wipro Limited in 1982, marking a pivotal shift in its identity. The 1980s were transformative, with Wipro capitalizing on the opportunities created by IBM’s exit from India. Collaborating with Sentinel Computer Corporation, Wipro entered the high-tech arena, manufacturing India’s first minicomputer based on the Intel 8086 chip in 1981.

By 1984, Wipro had launched its software division, initially developing spreadsheets and word-processing tools before shifting focus to offshore software development in the 1990s. The mid-1990s saw Wipro emerge as a leading manufacturer of personal computers and medical diagnostic equipment.

In 1998, Wipro was India’s second-largest software exporter, having transitioned from a consumer goods company to a global IT leader. Azim Premji’s strategic pivot from products like soaps to software laid the foundation for Wipro’s evolution into a tech giant, driving innovation and success in IT, consulting and business services worldwide.

Wipro – Mission and Vision

Mission
Wipro is committed to enabling clients to achieve their business goals by delivering excellence in processes, quality frameworks and innovative service solutions.

Vision
Wipro aspires to be a globally admired organization recognized for its world-class products, solutions and services.

Wipro – Name, Tagline and Logo

Wipro Logo

Name: Wipro Limited
Tagline: “Applying Thought”
Logo: Wipro’s logo features the company’s name on a clean white background, framed by colorful concentric dots. Redesigned in 2017, the new logo replaced the iconic rainbow flower and symbolizes Wipro’s seamless integration of technology with domain expertise. The concentric circles embody the company’s core values and its strong connections with employees, clients, partners and communities.
Tagline Evolution: Wipro’s original tagline, “Applying Thought,” served as a pledge to its customers, reflecting the company’s dedication to excellence in IT services and problem-solving. This timeless phrase encapsulated Wipro’s approach to innovation and its journey of transformation.

In recent years, Wipro adopted the tagline “Be Digital. Be More” to emphasize its focus on empowering clients with cutting-edge digital solutions and driving meaningful growth in a rapidly evolving technological landscape.

Wipro – Business Model

Wipro offers diverse services tailored to client needs, including:

IT Services: Solutions to drive digital transformation.
Business Process Services: Optimizing workflows for efficiency.
Consulting: Strategic advice for complex business challenges.
Engineering Services: Cutting-edge product and system designs.
Cloud Services: Scalable solutions for modern enterprises.

Wipro emphasizes strong, mutually beneficial relationships with its partners. These 360-degree partnerships ensure collaborative innovation and seamless integration, benefiting clients with comprehensive, cohesive solutions.

Global Business Lines

The company’s restructured global business line model focuses on key growth areas:

Cloud solutions
Enterprise technology
Engineering services
Strategic consulting

This approach ensures Wipro remains at the forefront of industry trends and emerging technologies.

Wipro’s Service Bureau Model creates a win-win by enabling large companies to share their billing infrastructure with smaller businesses. This collaborative framework helps reduce costs and improve efficiency for all stakeholders.By leveraging cutting-edge technologies, Wipro empowers clients to develop resilient operating models, drive innovation and navigate their digital transformation journeys effectively.

Wipro – Revenue Model

Wipro’s revenue generation is primarily driven by its robust IT services division, which offers a diverse range of solutions to clients across industries like banking, retail, healthcare and manufacturing. This segment encompasses key offerings such as software development, IT consulting, system integration and application management. Wipro assists businesses in optimizing operations and navigating their digital transformation journeys. By integrating advanced technologies like artificial intelligence (AI), cloud computing and cybersecurity solutions, Wipro has cemented its position as a leader in the IT services market, significantly contributing to its revenue stream.

In addition to IT services, Wipro’s business process outsourcing (BPO) division plays a crucial role in driving revenue. This segment manages specific business functions for clients, including customer service, finance and accounting, human resources and procurement. Through its global presence and operational efficiency, Wipro helps clients cut costs, enhance service delivery and focus on their core business operations. The growing demand for strategic BPO partnerships has fueled revenue growth in this sector, as companies increasingly look for ways to boost competitiveness and operational effectiveness.

Wipro – Challenges Faced

Wipro has faced notable challenges tied to the leadership changes that began in 2020 when Thierry Delaporte assumed the role of CEO. Delaporte unveiled an ambitious strategy to drive growth, focusing on high-value acquisitions and securing large-scale deals worth $500 million or more. Among the major moves was the $1.4 billion acquisition of Capco, a London-based consulting firm, designed to strengthen Wipro’s value-added services and broaden its client portfolio.

Despite the initial promise, this approach has encountered hurdles. A significant portion of Wipro’s revenue growth under Delaporte has been acquisition-driven, requiring a substantial cash investment of nearly $2 billion. The sustainability of this model has been called into question, especially as acquired entities like Capco have experienced slowdowns, raising concerns about the long-term viability of such an aggressive expansion strategy.

Wipro – Funding and Investors

Wipro continues to fuel its growth and innovation through strong partnerships with key investors and stakeholders.

Announced Date	Transaction Name	Money Raised	Investors
Nov 8, 2024	Post IPO Secondary	INR 4760 crore	PremjiInvest
Nov 22, 2022	Post IPO Secondary	INR 260 crore	Societe Generale
Mar 1, 2018	Post IPO – Equity	€900 million	Elliot Investment Management
Sept 1, 2007	Post IPO – Equity	–	MAPE Advisory Group
Oct 1, 2006	Post IPO – Equity	–	MAPE Advisory Group

Wipro – Investments

Wipro’s significant investments, including a $1 billion infusion into AI in 2023, demonstrate its commitment to innovation and future-proofing its services.

Announced Date	Organization Name	Funding Round	Money Raised
Mar 5, 2024	SDVerse	Corporate Round	$5.9 million
Nov 8, 2022	VMWare	Corporate Round	–
Mar 1, 2018	Denim Group	Corporate Round	–
Jan 24, 2018	Harte Hanks	Post IPO Equity	$9.9 million
Dec 23, 2017	Imanis Data	Corporate Round	$2.1 million
Apr 13, 2016	Emailage	Series A	$5.7 million
Feb 2, 2016	Altizon Systems	Series A	$4 million
Mar 18, 2015	Drivestream	Venture Round	$5 million
Oct 23, 2014	Opera Solutions	Series G	$8.2 million
Aug 20, 2013	Axeda	Private Equity	$12 million

Wipro – Mergers and Acquisitions

Wipro’s strategic mergers and acquisitions, including the high-profile $1.4 billion Capco deal, have bolstered its capabilities, expanding its service offerings and global footprint.

Acquiree Name	Announced Date	Price
Applied Value Technologies	Dec 16, 2024	$40 million
Aggne	Feb 13, 2024	$66 million
Rizing	Apr 26, 2022	INR 4140 crore
Convergence Acceleration Solutions	Apr 11, 2022	—
Edgile	Dec 19, 2021	$230 million
LeanSwift	Dec 15, 2021	–
Ampion	Mar 31, 2021	$117 million
Capco	Mar 4, 2021	$1.5 billion
Metronome	Dec 23, 2020	—
METRO SYSTEMS Romania	Dec 23, 2020	—

Wipro – Growth

Wipro’s growth from FY22 to FY24 showcased resilience and innovation, with steady revenue increases:

Fiscal Year	FY22	FY23	FY24
Operating Revenue	INR 79,312 crore	INR 15,387.8 crore	INR 16,902 crore (9.8% increase YoY)
Total Expenses	$8.576 billion	INR 12,620 crore	INR 13,757 crore
Profit/Loss	INR 122,434 crore	INR 1,937 crore	INR 1,903.1 crore

Wipro – Advertisements and Social Media

Corporate Updates

Wipro has entered a transformative partnership with Google Cloud, focusing on helping businesses worldwide accelerate their digital innovation and modernization efforts.

Innovative Product Introduction

In 2024, Wipro unveiled a state-of-the-art AI-driven cybersecurity platform, designed to enhance threat detection and response capabilities for organizations.

Sustainability-Focused Campaign

As part of its latest marketing push, Wipro is showcasing its ‘Sustainability as a Service’ solution, underlining its dedication to environmental responsibility and green initiatives.

Influencer Collaboration

Wipro teamed up with renowned tech personality Linus Sebastian to promote its new range of technology solutions, aimed at enhancing consumer engagement.

Wipro – Awards and Achievements

Innovation Excellence:

Oracle Global Partner Award 2024: Honored for the Doctor’s Payout solution built on Oracle Cloud Infrastructure.
The Open Group India Awards 2024: Recognized for groundbreaking innovations in the energy and utilities sector.
Intel oneAPI GenAI Hackathon: Triumphed as both winners and runners-up.

Customer Experience Leadership:

Best BPO Award 2023: Celebrated for exceptional outsourcing services and innovative solutions.
CX Awards 2023: Achieved runners-up and Highly Commended honors for the Customer Experience Team of the Year.

Sustainability Recognition:

Green Electronics Brand: Ranked second among Greenpeace’s Top 5 Green Electronics Brands.

Additional Honors:

UK Partner of the Year 2023: Awarded at the Tricentis Partner Kickoff.
Great Place to Work Certification: Earned by Wipro Switzerland, highlighting a positive workplace culture.
WebAward: Received for Outstanding Achievement in Web Development from the Web Marketing Association.

Wipro – Competitors

Wipro’s competitors include global IT giants like the following, all of whom are all vying for leadership in technology services, consulting and digital transformation:

Wipro – Future Plans

AI: Transforming the Core

Wipro is shaping the future with a $1 billion investment in its ai360 ecosystem, ensuring AI is at the heart of its internal processes and client solutions. With nearly every employee now skilled in AI, Wipro is building a workforce ready for the future. The company’s collaboration with Intel Foundry is pushing the boundaries of processor technology, developing next-gen AI chips to fuel innovation.

Driving Sustainability

Wipro is on a mission to achieve net-zero emissions by 2040, showcasing its unwavering commitment to the planet. Beyond internal efforts, Wipro offers sustainability services to help clients reimagine their business models and decarbonize their operations, making sustainability a shared journey.

Innovation in Action

Innovation is Wipro’s compass. By investing heavily in research and development, the company is crafting future-ready technologies. Strategic alliances with leaders like Adobe, AWS and Google ensure Wipro stays ahead of the curve, while its cutting-edge data analytics solutions empower clients to make smarter, faster decisions.

A Bold Tomorrow

With a focus on AI, sustainability and relentless innovation, Wipro isn’t just adapting to change—it’s leading the way. Whether through advanced AI capabilities, green initiatives, or groundbreaking partnerships, Wipro is paving a smarter, greener and more innovative path for its clients and industries worldwide.

FAQs

What is Wipro?

Wipro is an Indian IT company providing software services, consulting, and business solutions globally. Founded in 1945, it started as a vegetable oil company before shifting to technology and IT services.

Who is Wipro founder?

Wipro was founded by Mohamed Premji in 1945. His son, Azim Premji, later transformed it into a global IT company.

What is Wipro business model?

Wipro follows a B2B IT services business model, offering software, consulting, and outsourcing solutions to global clients. It earns revenue through IT projects, managed services, and digital transformation solutions across industries.

February 16, 2025