StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
3D printing is a process in which a digital model is used to create a physical object by adding successive layers of material. This is in contrast to traditional manufacturing methods.
3D printing can be used to create a wide variety of objects, from simple toys to complex mechanical parts and even entire buildings. The technology has been used in a number of industries, including aerospace, healthcare, and manufacturing.
It also helps reduce waste materials compared to other traditional methods. We can solve complex problems and create better products by using 3D printing. The global 3D printing industry is expected to grow at a compound annual growth rate of about17% between 2020 and 2023.
For this Interview, we invited Saloni Chandalia, Director of WOL 3D and we talked about the growth, challenges, insights, and future opportunities in the 3D Printing industry.
StartupTalky: Saloni, what does your company do? What was the motivation/vision with which you started?
Saloni: The company name is WOL3D India. The company is into education and innovation technology which is into 3D printing. In 3D printing technology, we sell printers that have a wide range. We have about 35 different printers. We manufacture the raw material which is the filaments that can be used in the printer and the 3D pens that can be used by kids beginning at the age of 5 to professionals.
The motivation was a new age technology the 4th generation and there was a missing gap in the industry wherein 3D printing technology is widely used in India in commercial and the industrial application but for the consumers, the educators, the students, the direct customers it wasn’t available it was an untapped market. So our vision is to send a 3D printer to every home and to educate at an early age.
StartupTalky: What is/are the USP/s of your product?
Saloni: The USP of our product is it is affordable, reliable, and easy to use. Also, there are 3 product lines 3D Printers which have a wide range beginning at 14,000 and going up, 3D Pens that can be easily used by children beginning at the age of 5 and Filaments that are manufactured in India the USP is that they are made from biodegradable plastic.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the 3D printing industry?
Saloni: So the 3D printing industry majorly was for commercial and industrial use. We wanted to bring 3D printing to the consumers and this is how the industry has changed. This is how Wol 3D has brought 3D printing to the consumer in India.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Saloni: The challenge the company has faced since its inception is that people did not know the technology, so basically educating the people and how we do that is we do a lot of exhibitions, we do a lot of free seminars, and went to a lot of educational institutes like IIT and design institutes and even to schools so to educate at a very early age. We do about 25 exhibitions a year in PAN India.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Saloni: The best move we have done significantly is to set up India’s first 3D printing experience center wherein people can come and experience all different types of technology where they can get their first-hand experience.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Saloni: The strategies that we used are like I said seminars, exhibitions, and franchise models which have worked very well for us. Today we have 10 franchises in PAN India.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Saloni: The software that we have is a centralized IVR system wherein we have a centralized number and it’s recorded where we track the queries coming in and the turnaround of all the orders. For the company’s growth and performance accounting analysis again is centralized. Monthly analyze the growth and the profitability ratio. We also analyze our revenue to advertising costs across all platforms online and offline.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Saloni: Opportunities for future growth in the industry in India we see have a big market for the consumer section. A lot of people are getting accustomed to using 3D printers. A lot of businesses and a lot of professionals will be using 3D printing for their commercial and personal use.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Saloni: Lessons the team learned in the past is to educate the customers the sales will follow. Our future plans and strategies are to expand to more cities and also set up more experience centers like the one in Mumbai so that the customers understand what the technology is.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
Saloni: Follow your passion, and the money, sales or success shall follow.
We thank Saloni Chandaliafor spending her valuable time and sharing her learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Marketing and public relations (PR) are important components of a company’s overall strategy to promote its products and brand. Marketing refers to the process of identifying, anticipating, and satisfying customer needs through the creation, promotion, and distribution of products, while PR refers to the management of a company’s reputation and image, typically through the use of media and other third-party channels.
Both marketing and PR play critical roles in establishing and maintaining a strong brand identity for luxury goods, helping to communicate the value and unique qualities of the products to customers, and building customer loyalty. Effective marketing and PR can also help companies navigate challenges and maintain their competitive position in a rapidly changing market.
The global marketing and PR agency market is expected to grow at a compound annual growth rate of around 5-7% from 2021 to 2026, driven by factors such as the increasing importance of digital marketing, the growth of e-commerce, and the changing needs and preferences of customers.
For this Interview, we invited Maddie Amrutka, founder and CEO of Glad U Came, and we talked about the growth, challenges, insights, and future opportunities in the Public Relations and Communications industry.
StartupTalky: What does your company do? What was the motivation/vision with which you started?
Maddie: Glad U Came creates Award-winning digital campaigns that get people clicking, sharing, and engaging the right audience at the right time. From innovative start-ups to global giants, we’re the go-to agency for contenders with a disruptor mindset. We understand that when you’re investing in something, you expect ROI.
We are a creative, focused, and trusted PR and influencer marketing agency that develops ROI-driven campaigns to help your business reach its full potential.
StartupTalky: What is/are the USP/s of your products?
Maddie: We offer services like PR, Celebrity gifting, Influencer Marketing, and Social media marketing, and what makes us different is that we are pioneers in celebrity gifting in India, and we create well-planned strategies for our client’s growth.
StartupTalky: How has the public relations and communications industry changed in recent years, and how has your company adapted to these changes?
Maddie: As we go towards a digital world, it is critical to be informed about what is going on around us. We launched our sister company, Glad We Met, a talent management company where we manage celebrities and creators, and we perform digital PR for our clients because of this. Moving further in the realm of influencer marketing was a necessary choice because it is a growing industry.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the public relations and communications industry?
Maddie: For our clients, we act as a “Thinking Partner” and are dedicated to lifelong learning. We follow strict procedures and provide excellent work and high-level advice. Our team makes use of a variety of media to reach the right audience and generate engagement that keeps your business top-of-mind.
We understand the importance of SEO and hence we have optimized our website to garner the best clients.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Maddie: We have a Google Sheet where we track our employees’ progress and growth; the columns include what they achieve weekly, and we also have a RAG column to determine the progress.
We also conduct daily opening and closing meetings to discuss the agenda of the day and keep up-to-date on the progress. And heads of departments have a daily meeting separately to figure out the team’s growth.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Maddie: As the Pandemic was a difficult time for all of us, especially as offices were in a complete work-from-home situation, it was challenging at the start, but after that, we also gave our employees the hybrid option of working so that their safety was also prioritized. We made meetings virtually possible for clients and employees so that nobody suffered.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Maddie: We make sure to participate in awards and summits that help with networking and getting more business; also, LinkedIn plays a major role in getting leads because we actively post about our services and hiring. We also did PR for Lokmat Awards, which helped us garner 15 million views on Instagram.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Maddie: We use apps like Razorpay to maintain all the employee activity like salary and holidays so that everything is well managed. Google sheets is another important part of our daily lives as it makes work easy and it is convenient to maintain trackers making it smooth and systematic.
We also have an analytics and discovery platform driven by AI called HypeAuditor which can be used to uncover relevant influencers, learn more about their audiences, improve the return on investment for advertisers, and protect the integrity of influencer marketing.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world?
Maddie: New technology can benefit in numerous ways. Startups focused on predictive analytics offer tools to help you adapt story angles for journalists based on interests, prior coverage, personalities, and trends, as well as anticipate the possibility that a journalist will cover your story. Tools for performing sophisticated sentiment analysis on media clips, social media messages, and other sources are also being developed.
StartupTalky: What kind of difference in market behavior have you seen within states in India?
Maddie: In March, e-commerce spending in Delhi climbed by 1%, while spending in Bengaluru increased by 2%. However, expenditure in Mumbai declined by 7 percent throughout the month. As the cost of living is comparatively high in Mumbai people end up paying more on rent especially post covid prices have gone extremely high, so you have to think about the target audience before implementing any strategies.
StartupTalky: What lessons did your team learn in the past year and how will these inform your plans and strategies?
Maddie: There will never be a single day in which everything goes perfectly, and some days can be very difficult. However, if you can keep a positive attitude and continue to look on the bright side, the challenging days can be an additional opportunity for growth in both your professional life and your life in general. So, making mistakes at the workplace is normal but make sure you learn from those mistakes and plan better in the future.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
Maddie: We plan on tapping homegrown brands as well as luxury brands as our experience in both has been versatile. So we want our clients to get the right limelight in the digital space, and hence we plan such goal-oriented strategies. For our employees we provide leave, GUC is the first PR agency to give Period leaves. As women make up 90% of our workforce, thus we are aware of the need for menstruation leave. Hence we granted special leaves for the same to provide a healthy environment for our employees.
StartupTalky: One tip you would like to share with people reading this article who want to get into entrepreneurship?
Maddie: One of the most effective methods is to get ideas from other business owners in the early stage of development. Avoid competitive companies and trade your knowledge and expertise for theirs. This will make networking more mutually beneficial, maybe leading to future opportunities.
We thank Maddie Amrutkarfor spending his valuable time and sharing his learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
The activewear industry in India has seen significant growth in recent years, driven by increasing health and fitness awareness among consumers, as well as the rise of athleisure as a fashion trend.
The activewear market in India is highly competitive, with brands constantly introducing new products and technologies to appeal to consumers. In addition, the market is influenced by changing consumer preferences and trends, such as the increasing demand for sustainable and eco-friendly products.
According to a report by the market research firm TechSci Research, the Indian activewear market is expected to grow at a compound annual growth rate of around 12% between 2020 and 2025.
For this Interview, we invited Jeevika Tyagi, Founder & CEO of aastey, and we talked about the growth, challenges, insights, and future opportunities in the activewear industry.
StartupTalky: Jeevika, what products does your company sell? What was the motivation/vision with which you started?
Jeevika: The idea of aastey was born amid the pandemic. We realized the morose atmosphere around us had begun to affect our mental and physical health. Women were already living under a mountain of responsibilities, and the pandemic had just increased tenfold. As the days turned into months, we started seeing changes in the way we live our lives and started giving importance to things that we had started to take for granted.
Through our research, we immediately saw a glaring need gap in the fashion industry, especially on how brands, even today, create mutually exclusive categories like petite and size to divide, isolate and exclude women across all age groups. Surrounded by brands that had limited availability in sizing and were continuously producing clothes that were harmful to the environment, we wanted to create something polar opposite, something that offers a counter-culture to fast fashion culture.
Keeping these things in mind, we decided to build a brand on the foundation of two core values: sustainability and size inclusivity. We want to embrace everyone without judgment and want to give comfort priority over everything else. Thus, we created the term ‘live aastey’ which means to be fully present in every single moment.
StartupTalky: What other products/features have been added in the past year? What is/are the USP/s of your products?
Jeevika: aastey has a very robust design process oriented towards thorough research and development. Innovation is the backbone of everything we create at aastey. Therefore, we believe in hours of research and customer surveys to create our collections and merge them with our ethos.
In the last two months, aastey has launched a range of new products. We launched a varied range of products in our club collection, including two soy wax vegan scented candles – the frosted dawn candle and the lilac garden candle, the eclipse stainless steel bottle, and the earthshine cork yoga mat. In apparel, we launched the slow-down organic cotton tees in two colors and added a new color to our existing jellybean and boomerang tank tops. We also launched a socks collection with two different styles – calf length and ankle socks. The collection is designed to highlight the pollution in our oceans with high-definition ocean-themed prints. We will soon be launching a cotton canvas tote bag along with an additional style in the socks collection.
In 2023, we are planning to launch a varied range of product categories with sweatshirts, joggers, dry-fit t-shirts, wide-leg pants, dresses, and much more. We will also be adding to our existing leggings and t-shirt collections.
StartupTalky: How has the activewear industry changed in recent years, and how has your company adapted to these changes?
Jeevika: Globally, the activewear industry emerged as a breakaway from conventional sportswear and apparel targeted mainly toward women. The industry was quick to rise with its focus on making clothes that combine workout and street attire. By 2012, the global performance activewear market exceeded US $244 billion. While the activewear market had been steadily growing in India since the last decade, it got a big push during the lockdown and the recovery that followed.
People wanted to wear something stylish but also more comfortable because of the intermeshing of their work and home lives. According to research analysis, the activewear market outperformed fast fashion, ethnic wear, and formal footwear since the onset of the pandemic. Now, it is estimated to reach Rs. 997.8 billion by 2024.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the activewear industry?
Jeevika: When we decided to enter the activewear space, we knew we would find a lot of competition. We spent a year researching and developing the best sustainable blends. We believe that our continuous effort to make our brand sustainable, from manufacturing to packaging, sets us apart. By using timeless and classic designs and good quality fibers that are natural and ethically sourced, we have not only given longer life to the clothes but also minimized the carbon footprint we leave on the planet.
We have also created active feedback and communication channels with our tribe to make the best decisions in our product design process. It’s not only about what kind of trends or designs they want aesthetically but also how we can make our products functional and useful for our community.
Our research focuses on maximizing the performance and functionality of the products while making the least impact on our planet. This includes research across domestic and international brand research. The research is done to check trends across markets and brands, price points, fabric, colors, prints, etc. After that, we do a WGSN (formerly Worth Global Style Network) for direction in fashion trends, fabric, colors, and prints.
Once our research is complete, we move on to creating mood boards, color boards, and theme boards that resonate with our brand’s voice. Once the designs are read, they are shortlisted for sampling, and then the selected samples are shortlisted for production.
We also put in a lot of time and research in creating the perfect stretch and feel for our aastey in-house organic and recycled fabric blends.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Jeevika: Starting a sustainable activewear brand comes with its own challenges but as a business, we have learned that our customers (our aastey tribe) are always right and customer service is the most important thing in making a business big.
Learning from this, we have created active feedback and communication channels with our tribe to make the best decisions in our product design process. It’s not only about what kind of trends or designs they want aesthetically but also how we can make our products functional and useful for our community.
StartupTalky: Repeat purchase is one of the most important parameters on which most e-commerce brands are betting. How do you keep your customer engaged to stop churn?
Jeevika: The focus is on comfort and size inclusivity. One thing we have understood is that our customers want to feel their best in everything they do. And in India, we have a huge market. We have to understand every body type can be catered to and that’s exactly what we are doing here.
Everything is about our tribe – a community of women with unique personalities and lifestyles. They have different perspectives on being active and are multifaceted in their values. They believe that there is joy in living in the moment and having a mindful life without putting unrealistic expectations on yourself.
We have a plethora of different sizes. The fabric is comfortable and body-friendly, this is what brings the customers back to us. You tell us what you want and we will make sure that you’ll love it!
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Jeevika: The response from Tier 2 and Tier 3 has been similar to that of Tier 1. Our top cities include tier 2 cities, with Pune, Lucknow, Hyderabad, and Ahmedabad being neck to neck with the response from Delhi. Our extreme uplift leggings are the best seller product that is being sold equally in all parts of India. Mumbai is our largest market.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Jeevika: As per aastey’s next steps, we plan to be the category leaders in the sustainable athleisure space. We spent more than a year developing sustainable and internationally competitive products and we plan to compound on this experience and offer solutions to make women’s lives better. Currently, we utilize recycled fabrics or organic fabrics in 100% of our clothing. Our pledge is to create a closed-loop cycle for all our products and we aim to be completely sustainable by 2023.
aastey seeks to make a difference by creating the most comfortable yet sustainable apparel, no matter the woman’s size, color, or shape. This is why we also plan to create a standardized size chart across India which is a massive task considering our country’s diversity.
Our next steps will always be towards expanding our community by crafting more solutions to support and uplift themselves, including exploring other lifestyle spaces. aastey’s Research and Development will focus on continuously innovating with sustainable fabrics and creating original blends that are sustainable but also that create the best experience for their tribe.
StartupTalky: How do you plan to expand the Customers, SKUS, and team base in the future?
Jeevika: The best thing about 2022 was that we fully launched aastey, after planning, researching, and building it for more than a year. We have nurtured it to become an extension of our vision of creating an equal space for all women across the country. We and just like that now we are a community of more than 50k women all across the nation. Our team too is ever-growing. We are true to who we are serving – our customers and keeping their needs first.
StartupTalky: One tip that you would like to share with another d2c founder?
Jeevika: As advice, I would just say that don’t stop yourself from looking for a bigger dream. I know it sounds like a cliche but women usually do sell themselves short, mostly because society doesn’t always appreciate us for wanting big. But trust me when I say this, everything falls into place when you believe in yourself. So I would say do not give up no matter what.
We thank Jeevika Tyagifor spending her valuable time and sharing her learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Neobanking, also known as “challenger banking,” is a type of digital banking solution that uses technology to offer banking services through a mobile app or online platform rather than through traditional brick-and-mortar branches.
A full-stack cross-border neo-banking solution is a type of digital banking solution that offers a wide range of banking services and features to customers, including account opening, money transfers, bill payments, debit/credit card services, and other financial services. Additionally, this type of solution provides cross-border capabilities, allowing customers to make transactions and access banking services in multiple countries.
The neobanking market in India is expected to grow at a significant rate in the coming years. The market for neo-banking in India is expected to grow at a CAGR of around 40% during the forecast period of 2021–2026, according to a report by Mordor Intelligence.
For this Interview, we invited Mayank Goyal, Founder & CEO of moneyHop, and we talked about the growth, challenges, insights, and future opportunities in the Neobanking industry.
StartupTalky: Mayank, what does your company do? What was the motivation/vision with which you started?
Mayank: moneyHOP is a full-stack cross-border neo-banking solution that enables individuals to send and spend money conveniently and economically across the globe. The company provides a Multi-currency bank account and a Visa card via a mobile app through which users can seamlessly exchange currency on-app, in real-time at near zero markups, spend abroad in respective local currencies, and also do cross-border remittance entirely digitally via the app.
moneyHOP aims to simplify cross-border banking and provide borderless banking solutions to global citizens. moneyHOP’s instantaneous, cost-effective, and user-intuitive contactless remittance service offers complete transparency and significantly reduces the total transaction costs of sending money abroad. All in all, moneyHOP’s state-of-the-art, tech-centric, customer-focused solutions are designed explicitly to build the next-generation digital banking platform that promises a never-seen-before cross-border banking experience.
StartupTalky: What is/are the USP/s of your products?
Mayank: USPs of the HOP App are:
One Multi-currency bank account for all international transactions.
Real-time currency exchange (GBP, Dollar, Euro)
Lightning speed Account set up
One app for all domestic and international transactions.
Debit+ FX cards are all available as One Global Card
Smart card controls
Best interest rates up to 6%
App-based digital remittances
StartupTalky: How has the neobanking industry changed in recent years, and how has your company adapted to these changes?
Mayank: The cross-border banking industry in India has undergone significant changes in recent years due to various regulatory and technological developments. Some of the key changes that have occurred include:
Increased use of technology:
The adoption of digital technologies has led to an increase in online banking and cross-border transactions, resulting in faster and more efficient services.
Regulatory reforms:
The Reserve Bank of India (RBI) has implemented various reforms to improve the regulatory framework for cross-border banking, including the introduction of the Liberalized Remittance Scheme (LRS) and the External Commercial Borrowings (ECB) framework.
Increased focus on compliance:
The RBI has implemented stricter regulations to ensure compliance with anti-money laundering and counter-terrorism financing laws, leading to increased compliance costs for banks.
Increased collaboration between banks and fintech to provide state of the art user experience for the end users at an economical price.
Increased transparency and digital experience for the end user.
moneyHOP came into being at the cusp of the COVID-19 pandemic and hence everything that we have built is paperless, presence less, and cashless. It also happens to be one of the principles that we abide by and the vision that we want to propagate for cross-border banking in India. COVID-19 has acted as a catalyst in the digital adoption of cross-border banking including currency exchange, outbound remittance, etc because people wanted a product that they can use from the comfort of their homes and don’t want to expose themselves to the risk of catching the virus by visiting branches and filling in paperwork. We believe what demonetization did for the betterment of digital domestic banking, COVID-19 has done the same for the cross-border banking space.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the neobanking industry?
Mayank: There are a few things I do to be updated on the latest developments and trends in the net banking sector.
Reading industry news and publications: Many trade publications and websites provide updates on the latest developments in the cross-border banking industry.
Attending conferences and events: Conferences and events focused on fintech and neo-banking space provide valuable opportunities to learn about the latest trends and developments, as well as network with other professionals in the industry.
Participating in professional organizations: Joining professional organizations, such as IAMAI or TIE can provide access to industry updates, educational resources, and networking opportunities.
Upskilling: Continuing education courses and certifications to keep up with the latest technology and trends.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Mayank: Different business units within the organization have different KPIs to teach but overall we track month-on-month growth in transactions volume, total unique users acquired, repeat rate, cost of customer acquisition, profitability per channel, revenue growth, month-on-month fixed and variable costs, etc.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Mayank: One of the biggest challenges that moneyHOP faced last year is building our flagship product with the highly regulated nature of the financial services industry. In order to operate in this industry, one must navigate a complex web of regulations, including those related to licensing, data privacy, and financial inclusion. This can be a significant barrier to entry and can limit the ability of these startups to scale their businesses.
To overcome this challenge moneyHOP took can a number of steps:
Partner with established financial institutions: In order to ensure credibility and avoid any regulatory hurdles we have partnered with established financial institutions like Visa and SBM bank. These partnerships provide the best of both worlds for the user: regulatory coverage of the bank and agility of the fintech.
Seek support from industry associations and accelerators: We have partnered with a number of fintech associations and accelerators such as IAMAI which provides us with guidance on regulatory issues and helps to connect startups with potential partners and investors
Invest in compliance and regulatory affairs: We have hired a team of legal professionals in order to ensure that the company and products meet regulatory requirements and avoid any potential legal and reputational risks.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Mayank: moneyHOP has seen a 30% month-on-month growth over the last year and a half. We were able to achieve this growth through the combination of offline and online sales channels. moneyHOP not only uses digital channels like Google ads and social media for awareness and conversion campaigns but it has also partnered with several foreign education and foreign travel ecosystem partners across pan India, through which we obtain a high level of conversions.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Mayank: There are a number of important tools that we use for our work are:
Customer relationship management (CRM) software: We use HubSpot as a CRM, to manage customer interactions and to collect data that can be used to track sales leads, customer inquiries, and customer service issues.
Project management software: We use Jira as a project management tool to, track, and collaborate on projects, assign tasks, set deadlines, and monitor progress.
Accounting and financial management software: We use Zoho books to manage financial transactions, including invoicing, billing, and payroll. It can also be used to generate financial reports and analyze business performance.
Human resources (HR) software: We use RayzorpayXPayroll to manage attendance, employee data, and benefits, and also to track employee time off, performance, and training.
Marketing/Product automation software: We use a lot of automation tools in the marketing and product side like Hubspot, Botspace, Mixpanel, etc to automate marketing tasks like push notifications, email campaigns, social media posts, and lead generation.
Collaboration and communication tools: We use Slack and Gmail for collaboration and communication with team members and partners remotely
StartupTalky: What opportunities do you see for future growth in your industry in India and the world?
Mayank: Following are the top 4 opportunities I see in the industry:
Better Payment Rails: Fintech companies are leveraging faster payment mechanisms to offer seamless cross-border banking services. For instance, India and Singapore are working to link their payments system to enable low-cost digital transfers via UPI.
With UPI, cross-border transactions can be completed quickly and securely, without the need for intermediaries such as banks or payment gateways. This can greatly reduce the costs and complexity of international payments, making it easier for individuals and businesses to conduct cross-border transactions. Additionally, UPI has the potential to facilitate cross-border trade and commerce, which can contribute to the growth of the Indian economy.
Distributed Ledger Technology (DLT): Distributed ledger technology, also known as the blockchain, has the potential to revolutionize cross-border payments by providing a secure and transparent platform for financial transactions.
By using a decentralized database, distributed ledger technology allows for the creation of a tamper-proof record of transactions that can be accessed by all parties involved.
This eliminates the need for intermediaries thus facilitating the transfer of funds between countries, which can significantly reduce the cost and time required for cross-border payments.
In addition, the use of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code can further streamline the payment process.
While there are still challenges to be addressed, such as scalability and regulatory compliance, the adoption of distributed ledger technology in cross-border payments has the potential to greatly improve the efficiency and security of global financial transactions.
Emerging markets: As economies in emerging markets continue to grow, there is an opportunity for cross-border banks to expand their operations and tap into new markets. This includes providing financial services to individuals and businesses in these markets, as well as partnering with local banks to offer joint products and services.
New products and services: The cross-border banking industry is constantly evolving, and there is an opportunity for banks to innovate and offer new products and services to meet the changing needs of their customers. This could include the development of new payment methods, investment products, or financial education and literacy programs.
StartupTalky: What kind of difference in market behavior have you seen within states in India?
Mayank: The level of financial literacy is directly correlated to the adoption of digital financial services. This is less dependent on states but rather on cities where the overall education level is higher.
We have also observed that in cities where primary education is better, the adoption across the age spectrum is high since the younger generation help the older population migrate to digital solution.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Mayank: One key learning we have had in the last few years is that the key to building a successful business is having deep conviction in the vision and following it with perseverance and grit. The market conditions will change over the course of the business but it’s important to follow your vision supported by the data.
We started this business in Jan 2020, not knowing that it could possibly be the worst time in the last century to start a cross-border business but we stuck to our conviction and have seen a big turnaround in our business.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
Mayank: We want to offer a truly a global banking experience for consumers and businesses in emerging markets and to that end, we want to hire folks who believe in this vision and can help us make this vision a success.
We are expanding our teams in London and Dubai to make sure we have global coverage for our global products.
Lastly, we want to do more work around direct-to-consumer marketing in order to build brand awareness and become a household name for cross-border banking products.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Career coaching and upskilling are professional support services that help individuals identify their strengths, skills, and interests and guide them in finding and pursuing meaningful career paths. The goal of career coaching is to help individuals achieve career satisfaction and success.
The career coaching industry is a rapidly growing field that provides support to individuals seeking help with their career development and job search. The career coaching industry has evolved with the use of technology and has increased the accessibility of career coaching services while also making them more affordable for individuals seeking career support.
According to a report by Grand View Research, the global EdTech market was valued at $252.7 billion in 2020 and is expected to grow at a CAGR of 7.8% from 2021 to 2028.
For this Interview, we invited Krishna Kumar, Founder & CEO of Learnbay, and we talked about the growth, challenges, insights, and future opportunities in the Ed-Tech industry.
StartupTalky: What does your company do? What was the motivation/vision with which you started?
Krishna: Learnbay was founded to offer young aspirants and working professionals high-quality education. There is a common fallacy that someone without a technical background cannot work in the IT business, or, more accurately, cannot have a profitable career. Learnbay aids students in expanding a pleasant job, profitable pay, and constant professional advancement in the Information and Technology industry to overcome this unsatisfied mindset.
Our team started the business in November 2015 with Mrs. Nisha Kumari, Mr. Abhishek Gupta, and me. The goal is to offer complete career coaching and assistance to professionals looking to make smart and successful career changes. LearnBay was founded to provide those who are already employed access to the in-demand skills they need to pursue expanding professions. Though conceptual knowledge is essential, practical skill and insight should supersede, we created Project Innovation Labs to meet this demand.
At LearnBay, we assist candidates looking to enhance their skills through challenging industry-based live projects and capstones. Live interactive classes, facilitated by experienced MAANG experts, and peer-to-peer discussions provide students with a university-level learning experience in the comfort of their own homes. We are committed to providing an effective learning environment for professionals.
StartupTalky: What is/are the USP/s of your product?
Krishna: Learnbay has upgraded its workforce with experienced trainers and successful working professionals with the aid of Data Science, AI, and ML courses offering Data Science, a Full Stack Development Program, and a DSA & System Design Program, thereby putting a star on the company’s name.
Learnbay provides industry-recognized certificates not only for course completion but also for project work and micro-skills through IBM to help individuals get the job. The live faculty with one-on-one discussion sessions and hybrid learning mode, where learners can learn via live online classes as well as can do the capstone project in offline mode is the major USP.
We have such centers in multiple cities like Chennai, Bangalore, Pune, Mumbai, Hyderabad, Kolkata, and Delhi. At Learnbay, we have dedicated Career Counseling Coaches that help to reveal the best of data science career paths as per your educational and professional qualifications. Based on the current and targeted career stage, personal abilities, and interests, every aspirant gets a customized learning plan, modules, and assistance.
StartupTalky: How has the ed-tech industry changed in recent years, and how has your company adapted to these changes?
Krishna: The past 24 months have been crucial in the ed-tech field. Indian ed-tech companies prospered abroad, gaining significant momentum in both North America and South East Asia. This enabled them to generate more income and supply services that would have had limited demand at home. China banned for-profit tutoring services in 2021, which proved disastrous for Chinese EdTech enterprises.
India gained as an alternative emerging market to invest in substantial quantities of global capital that had previously flowed into Chinese Edtech. While investment in China’s EdTech sector fell by 75% from 2020 to 2021, and funding in India’s EdTech market surged by 60% during the same period. Learnbay is passionate about delivering enough skills to fuel India’s growth and is committed to collaborating with the ecosystem to provide a strong training system for forthcoming skills required for successful enterprises. Learnbay seeks to contribute to India’s “Skills India” mission by providing students with opportunities to create meaningful jobs through interactions.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the ed-tech industry? Professionals are living with frustrating and insecure careers while plenty of scopes exist there.
Krishna: The past 2 years have caused us to reconsider our strategy. Based on our findings, we divided the strategy into three axes: age group serviced, core work to be done, and paying customer persona. Businesses that are not directly involved in teaching but serve the education industry as a whole have been identified as catalysts.
Instead of focusing on the revenue model (B2B versus B2C), we examine the underlying consumer motivations that influence how often and when they will pay, how they will identify the platform, and how they will engage with the product. We began with Python training seven years ago and subsequently discovered the huge need for data science and AI. Rather than asking the individuals to upskill in completely different professional courses, we provide professional training that typically supports you in growing the skills in your prior working domain to provide career progress and job security. Based on the changing nature of the employment market, we have now broadened our training to include full-stack software, web, and system design.
StartupTalky: What key metrics do you track to check the company’s growth and performance? What were the most significant challenges your company faced in the past year and how did you overcome them?
Krishna: The main challenge was to help several individuals convert their careers from service-based technical job profiles to product-based tech job profiles with significant pay raises. Learnbay accomplished a solid job in system design training from 2015 to 2017.
However, there were a plethora of courses thriving in a related subject in the interim. Few of them offered certificates for the workplace or even for foreign countries. It was difficult for us to compete with them. Even though we offered live learning-supported end-to-end training, applicants were still more drawn to the industrial certification. Instead of focusing on the certification label, we started highlighting the project-based learning and hands-on learning components of our courses. IBM offered to engage with us for certification as a result of the hard effort. Later, at the start of 2020, we faced the most difficult task. We were quite concerned about the shifting nature of the data science employment market.
But rapidly figured it out and introduced data science and AI courses with domain specialization. The present area of data science is suffering from a lack of domain-expertise experts. We now employ more than 30 trainers and subject matter experts from various MAANG companies and are much more equipped to provide our applicants with flexible, in-depth, and customized training. To track the company’s overall growth and success, Learnbay aims to touch 4x growth in 2023 by crossing a significant 100 cr revenue.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Krishna: An innovative digital marketing campaign is known as “Peanut campaign: Earning in Peanuts” has assisted us in achieving a robust online presence. Organic SEO is the most suggested, efficient, and cost-effective traffic-generating method for our official EdTech website. Keyword research to guarantee that related keywords linked to our course contents have consistently positioned us on the top. Our long-format content even draws viewers’ attention to a certain topic and assists readers in finding solutions to all queries.
UX, or user experience, is another key component of our marketing approach. To assist people in easily locating what they are searching for rather than relying on guessing, we maintain intuitive and useful navigation across the website. Learnbay has placed a lot of emphasis on social media, which is essential for improving audience engagement and establishing a unified brand experience across all touchpoints. The main growth hack of Learnbay is to help working people enhance their existing careers. We’ve already assisted over 10,000 professionals and intend to increase it to at least 30K in the upcoming six months. Quality content that’s well-researched and offers value for the business made a huge difference.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Krishna: We use digital technology to help students study more effectively, enhance engagement, and improve achievement. It assists to streamline and customize lesson planning as well as tracking students’ development.
Learnbay currently uses digital solutions such as education CRM, chatbots and live chat, application form manager, and so on. We are continually expanding our product and service offerings to guarantee that our students have everything they need to develop and bloom their technical abilities.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Krishna: After China and the USA, India has risen to become one of the top three nations in the world for receiving venture capital funding in the Edtech industry. The post-K-12 market is now experiencing considerable growth in the Edtechindustry, which was formerly dominated by the K-12 segment. The K–12, higher education, test preparation, and upskilling categories are anticipated to be the main drivers of the Edtech industry’s growth in India.
However, for the industry to sustain steady development, stakeholders must improve the overall user experience. Stakeholders must address the demand for reasonably priced Edtech solutions to increase Edtech adoption. Rural India is slowly but steadily embracing Edtech platforms, creating new opportunities. Segments including online tuition and competitive test preparation might experience rapid development, especially in Tier 3/4 cities.
Due to the price element, students from all socioeconomic backgrounds and social classes could receive a high-quality education that includes engaging visuals and expert teachers. Collaboration with governmental and non-governmental organizations and institutions has a significant positive impact on the adoption of EdTech within different states. Through programs like the SWAYAM program and DIKSHA, the Government of India is doing all in its power to advance online learning throughout the nation.
StartupTalky: What lessons did your team learn in the past year and how will these inform your plans and strategies?
Krishna: When we entered the market, our primary concern was to give students well-designed course elements so they could have successful careers. We gradually discovered that whereas experienced professionals (mostly non-techies) struggle a lot to advance in their careers and even maintain them, freshers get employment quite quickly.
In 2017, when there was a tonne of websites offering a variety of online industry-based certificates, we were at the height of our popularity for python classes, but there were some substantial obstacles to overcome.
The learner’s trust was our major point of concern. At first, we just paid attention to the caliber of the teachers, but subsequently, we learned that the highly efficient content management system and placement opportunities are also crucial. We implemented projects like project innovation labs, live learning, and domain specialization as a result of this insight (no need to change domain, just upgrade yourself.) For the next six months, we will strive to assist our students in pushing beyond the status quo of their current careers to drive tremendous advancement. At Learnbay, we are a firm believer in providing sufficient skills opportunities to fuel India’s employment growth.
StartupTalky: How do you plan to expand the Customers, product, and team base in the future?
Krishna: To retain the same effectiveness as offline classes for working professionals, we have greatly increased the number of online courses and introduced instructed-led live sessions. When we introduced our domain-specific data science course, we made a big change to maintain consistency and quality standards.
We have introduced a few new courses on full-stack development, DSA, and data science as part of our ongoing development. These courses feature successful industrial-based projects and internationally famous IBM certifications. We will give more emphasis on assessing and upgrading the course modules in response to organizational sector needs by enhancing the industry-based interview calls and placements. To guarantee the availability of qualified personnel in the IT industry, Learnbay will offer cutting-edge tech upskilling and reskilling programs, such as the Full Stack Software Development program. We plan to increase our team base to 300 people and grow 4x in terms of revenue.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
Krishna: Today’s technological market is expanding rapidly, and with the current situation, every enterprise should prioritize quality over quantity. Getting ahead in a business or leading an organization with high-quality products will undoubtedly help an entrepreneur achieve enormous success. Develop and advance your product from the customer’s viewpoint instead of the profit-related viewpoint. The revenue growth might pick up a bit, but it will become highly sustainable. Nowadays, companies are struggling to sustain themselves. So this becomes the most important factor for any entrepreneur.
We thank Krishna Kumarfor spending his valuable time and sharing his learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Smart accessories are devices or products that are designed to enhance the functionality of other devices, such as smartphones or smart home systems. Examples of smart accessories include smart watches, fitness trackers, smart home cameras, and smart speakers. These accessories typically connect to the main device through Bluetooth or Wi-Fi and can be controlled through a mobile app or voice commands. They often have built-in sensors and can collect and transmit data, allowing users to track their activity, monitor their homes, or control other devices in their homes.
The smart accessories market has been growing rapidly in recent years due to the increasing popularity of connected devices and the Internet of Things (IoT). The industry is expected to continue growing at a significant pace in the coming years.
According to a report by MarketsandMarkets, the smart accessories market is projected to grow from USD 22.2 billion in 2020 to USD 38.8 billion by 2025, at a CAGR of 12.1% during the forecast period.
For this Interview, we invited Sanjay Kumar Kalirona, CEO and Co-founder, Gizmore, and we talked about the growth, challenges, insights, and future opportunities in the Consumer Electronics industry.
StartupTalky: Sanjay, what products does your company sell? What was the motivation/vision with which you started?
Sanjay: We are in the business of smart accessories and home audio products. Operating in the hearable, wearable, and speakers categories, we started with the the vision of creating a trustworthy brand in the market that focuses on bringing the latest technology at an affordable price to every city in India.
StartupTalky: What other products/features have been added in the past year? What is/are the USP/s of your products?
Sanjay: We have launched a complete range of smartwatches that are Made in India and come with the latest features like Bluetooth calls, connectivity, and tracking. The latest Gizmore Amoled range of smartwatches – the Glow series – has been able to deliver on customer expectations and has achieved a positive response from the market. Our other innovative products, like neckbands with touch control, hall switch, and incoming call alert, have strongly impacted the segment. We have also launched a unified app for all our smartwatches and IoT devices in partnership with AI-based health tracking solution Tres Care.
StartupTalky: How has the consumer electronics industry changed in recent years, and how has your company adapted to these changes?
Sanjay: The industry’s most significant change has been that consumers expect the latest features at an affordable price. As manufacturers like Gizmore have been able to deliver on customer expectations, it has made the wearable category one of the most significant and fast-moving categories.
There has been a dramatic shift towards online platforms. As part of our strategy, we have launched our D2C website recently. In addition, we are working closely with partners like Flipkart and other e-commerce players to build our online presence. Our primary focus is smartwatches, and we have ensured that our products are available across major channels.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the consumer electronics industry?
Sanjay: We work closely with our distribution partners and category buyers to understand the requirement of the market and customer expectations. This approach helps us to understand what the consumer is expecting. The latest trend in smartwatches is the Amoled display. It is a type of OLED display that contains thin strips of thin-film transistors (TFT) behind each pixel. As it provides a superior user experience, we have been able to offer an AMOLED display in Gizmore products to meet customer expectations.
StartupTalky: What key metrics do you track for company growth and performance?
Sanjay: We track the top-line sales growth and net margin retention to check the growth and performance of the company.
StartupTalky: What were your company’s most significant challenges in the past year, and how did you overcome them?
Sanjay: The most significant challenge for our business was the rising dollar cost and the difficulty in imports from China. We handled both these challenges by shifting our manufacturing to India and focusing on introducing Made in India products.
StartupTalky: Repeat purchase is one of the essential parameters on which most e-commerce brands are betting. How do you keep your customer engaged in stopping churn?
Sanjay: Our consistent focus on technology, quality, and affordable price points has ensured success for the brand. At the same time, we continue to add the latest features to our products. This approach has helped us build a loyal customer base that expects nothing but the best from us.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Sanjay: We signed Dinesh Karthik as the brand ambassador for Gizmore. It has helped us to gain consumers’ trust and establish ourselves as a stable brand in the market. At the same time, we focused on expanding our online presence with a D2C website, partnership with Flipkart and other popular e-commerce brands and dedicated social media campaigns, and building an engaged audience on leading social platforms like Instagram.
StartupTalky: What important tools and software do you use to run your business smoothly?
Sanjay: We rely on our in-house CRM for customer service needs. We use BUSY for our accounting and billing requirements. These are some of the tools that help us run our business smoothly.
StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Sanjay: Smart accessories is an ever-evolving industry. As new technology comes in, it can generate its own demand in the market. It will continue in the future as well. The market will increasingly move towards branded products and the average selling price for the products in the categories we operate in will continue to increase.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Sanjay: Our lesson in the past year has been to focus on the right product mix and offer adequate choices for the customers. We will continue to innovate.
StartupTalky: How do you plan to expand the Customers, SKUS, and team base in the future?
Sanjay: We plan to enhance our digital presence and, at the same time, build our offline presence. It will help to increase our customer base and SKUs in the market.
StartupTalky: With so much hype around d2c brands spending on ads, What will be your growth strategy, organic or inorganic? How to plan to work around SEO and content marketing?
Sanjay: For any D2C brand to be successful, the initial growth comes from an inorganic push with ad spending. Once the brand is established, it is time to sustain the momentum and go for organic marketing. We plan to focus on content marketing and SEO heavily in the near future.
StartupTalky: One tip that you would like to share with another D2C founder?
Sanjay: It is crucial to have patience, and numbers will follow gradually.
We thank Sanjay Kumar Kalironafor spending his valuable time and sharing his learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
The makeup industry refers to the production, distribution, and sales of cosmetic products for personal grooming and enhancement of physical appearance. It includes a wide range of products such as foundations, concealers, powders, lipsticks, mascaras, eye shadows, blushes, and many others.
The online makeup industry in India has seen significant growth in recent years, with increasing numbers of consumers turning to e-commerce platforms to purchase cosmetics. The rise of social media, influencer marketing, and the convenience of online shopping have all contributed to this growth. In addition, the increasing purchasing power of Indian consumers, as well as a greater awareness of and interest in personal grooming, has also played a role.
The compound annual growth rate (CAGR) of the makeup industry in India is expected to be around 15-20% from 2021 to 2026. This growth can be attributed to factors such as increasing disposable incomes, rising awareness of personal grooming and beauty, and the growing popularity of e-commerce.
For this Interview, we invited Shobana and Navaneet, Founders of BlushBee, and we talked about the growth, challenges, insights, and future opportunities in the industry.
StartupTalky: Shobana & Navaneet, what products does Blushbee sells? What was the motivation/ vision with which you started?
Shobana: There were a lot of players in the skincare space, but negligible options in the cosmetics line when it came to conscious ingredients. We wanted to fill this void and provide something that’s not easily available. We started by creating new organic alternatives and formulations.
Our first product was lipstick. It said that women on average consume nearly 2 kg of lipstick in their lifetime. So, we wanted to build an all-edible but chic formulation. We achieved that. Following this, we started to build products focusing on daily essentials.
StartupTalky: What new products have you added in the past year? What is/are the USP/s of your products?
Navaneet: We began the year with just three products and have since expanded to 10 categories with 64 unique SKUs. We started from scratch this year and have seen massive organic growth in our customer base.
Our edge is that we have a consumer-first attitude. I was first a consumer and I wanted something like BlushBee. So, we as a brand have a consumer lens. BlushBee as a cosmetics line is a product of careful decisions in choosing what we want and in steering clear of what we didn’t want for ourselves as cosmetics consumers.
The other advantage is that we are a beauty brand first, but with the huge advantage of being clean and green. This is an important factor in the value proposition. In addition to this is the affordable pricing. This was to align with our aim to make it effortless for people to switch from chemical-based to organic cosmetics.
StartupTalky: How has the cosmetics industry changed in recent years and how has your company adapted to these changes?
Shobana: Going green. Going organic.
It is a viscerally growing trend. People are more conscious about what they put into and on themselves. They are reading the labels, the fine print, now more than ever. So brands have a very important pivot—move into clean, green beauty. I think it’s already happening with the demand. BlushBees’ growth is a testament to that.
StartupTalky: How do you stay up-to-date on the latest trends and developments in your industry?
Navaneet: More conversations with fellow industry mates and lots of data analysis keep us in pace with the industry.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Navaneet: We use key data from our customers in terms of feedback, to keep improvising and growing, and also various sale-level pivots help us grow.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Navaneet: The value of inclusion cannot be taken for granted. Collaborations in Virtual Reality, Augmented Reality, and Other Technologies Consumers place a premium on individualized service and Beauty subscriptions.
StartupTalky: One tip that you would like to share with another d2c founder?
Navaneet: Be conscious. Be aware. Your consumers are going to be, most solutions are close to where you are: so go local, go indigenous. People expect to interact with conscious products so be the ones. On top of everything, add value.
We thank Shobana and Navaneetfor spending their valuable time and sharing their learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
The nutritional supplements industry was valued at USD 151.9 billion in 2021 and is expected to grow at a CAGR of 8.9% between 2022 and 2030. The driving factor for the growth of this industry is the increasing awareness towards personal health and wellbeing.
Many businesses within the industry are centered around promoting healthy living through functional nutrition and dietary supplements.
For this Interview, we invited Mugdha Pradhan, founder & CEO, iThrive, and we talked about the growth, challenges, insights, and future opportunities in the Health and Wellness industry.
StartupTalky: Mugdha, what service does your company provide? What was the motivation/vision with which you started?
Mugdha: We are a healthcare company based on the principles of functional nutrition and we provide multiple services:
Health and nutrition consultation and therapy: We provide a one-time consultation where we analyze the individual’s blood tests and do a root cause analysis. Our primary product, the ALIVE program is a 3-month health transformation program where the client is guided full-time by a nutritionist and health coach.
Functional Nutrition course: Our education vertical, iThrive Academy offers India’s only functional nutrition course. It is a 4-month course.
Supplements: Our supplements line, iThrive Essentials consists of supplements formulated in-house by our R&D team.
iThrive’s vision- “We create healthier, happier, lifestyle-disease-free communities across the world every single day” guides all our work.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of your service?
Mugdha: Our supplements line, iThrive Essentials, recently completed one year this November. iThrive supplements are formulated in-house by our R&D team and are at par with the top international brands but at an affordable price suitable for the Indian market. iThrive Evolve, our sports nutrition program was rolled out very recently. This is targeted at athletes, looking to utilize the power of functional nutrition and cutting-edge modern medical science to maximize their performance.
StartupTalky: How has the health and wellness industry changed in recent years, and how has your company adapted to these changes?
Mugdha: Conventional medicine is dreadfully inept at curing people of chronic lifestyle diseases, instead just focusing on suppressing the symptoms with drugs. More and more people are starting to realize this and as a result, good evidence-based alternative medicine practices such as functional nutrition and integrative medicine that focus on holistic health are getting more and more popular. The alternative health and wellness industry is estimated to be 4.2 Trillion USD.
iThrive is India’s leading functional nutrition platform. We ourselves are the change that the industry is witnessing. Functional medicine has often been described as the future of medicine.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the health and wellness industry?
Mugdha: We have an extensive R&D department that updates our treatment protocols and course curriculum every single week. The team keeps itself informed through various resources like published papers and podcasts and articles put out by leading functional medicine practitioners globally.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Mugdha: We keep track of our clinical data thoroughly including the number of clients enrolled, the number of successfully healed, the number of successful reversals of specific medical conditions, etc.
We also track our revenue and finances intricately. The performance of individual employees and teams in the organization is tracked via key performance indicators(KPIs) that are determined based on the role.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Mugdha: Our company has scaled up quite significantly in the past year, especially in terms of our workforce. A lot of things that were previously done very informally could not be continued in the same way. We introduced a proper hierarchical structure in the organization with defined teams. Additionally, all of our data including client data and other internal company data has been properly organized with additional security measures added.
All of this has optimized our workflow and increased efficiency. It also sets us to scale up further more easily.
StartupTalky: Good service, is something everyone is talking about in the service industry. How do you ensure that your clients are happy?
Mugdha: Client satisfaction is our topmost priority. We have separate roles in the organization to specifically, focus on client services. When clients enroll for our program they are assigned both a nutritionist and a health coach who is available for support round the clock both through calling and via text.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Mugdha: The biggest strategy we use is to create brand awareness. iThrive is a pioneer of Functional Nutrition in India. The term Functional Nutrition in itself is a novel concept that has only recently reached India but it’s a method we have been following for a long time.
In order to market this we have been using social media to create awareness. We have three main verticals we market in a similar manner by posting reels, posts, and advertisements. We also conduct webinars monthly to educate people and build trust among our audience.
The recent new marketing strategy we used was to create a campaign around Diwali. It was one of our biggest projects. We had a 60-second advertisement around it, social media promotions, PR, and more. The campaign gained great traction. And it paid off really well. We gained a lot of recognition.
StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?
Mugdha: We have had our fair share of foreign clients. Our vision is to create healthier, happier, lifestyle-disease-free communities across the world every single day. So like many service brands we do target foreign audiences but we do not focus on them majorly.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Mugdha: We use many different tools to make our work easier. One such tool is Height, a project management tool that we use to keep track of all ongoing projects across all three verticals and the myriad of platforms we market on. Each department like the design team, the content team, the production team, etc has its own set of tools, specific to its niche.
Our design team uses Figma to make everything right from social media posts to websites. Also, our nutrition team uses Trello to consolidate clients’ documentation. And of course, we use many features that google provides like Google Docs, Google Sheets, Google Meet, etc.
StartupTalky: What opportunities do you see for future growth in the health and wellness industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Mugdha: Functional Nutrition, though a novel concept has been gaining popularity as it fills a major gap- evidence-based practices in alternative healthcare. And as a pioneer, we see a graph that increases exponentially. Especially with the next round of funding just around the corner, we have projected iThrive to become a household name.
Just in India, we have projected revenue of $14 M in the next 5 years. Globally, we have clients from UAE, the USA, Australia, and Pakistan.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Mugdha: Since last year our team has grown 3x. What the initial team learned was that manifesting does work. We understood how important was it to be true to our morals and culture. It was very important that how much ever big our team grows, we need to keep our culture intact.
StartupTalky: How do you plan to expand the Customers, service offering, and team base in the future?
Mugdha: We are working towards expanding our customer base globally. Our current global client base is mostly referral clients but we are looking forward to marketing iThrive and its subsidiaries across the globe. Especially Australia, UAE, and USA.
As far as our services go, we have three verticals, iThrive ALIVE, our parent company that focuses on the reversal and prevention of chronic lifestyle diseases, iThrive Academy, our teaching platform, and iThrive Essentials, our supplements vertical.
iThrive ALIVE itself has different programs that the client can choose from as per their requirements. Other than these, we just recently rolled out our sports nutrition vertical, iThrive Evolve.
In the last year, we have increased our team from 20 employees to almost 60 employees and are expecting to hire more. With the company growing exponentially the need for more resources has increased.
StartupTalky: One tip that you would like to share with another Service company founder?
Mugdha: Be true to your vision and surround yourself with people who can help you achieve it. You do not have to do everything by yourself. Hire experts who can help you in areas you are not proficient in. And always look for people, especially your core members, who challenge you. Nothing drives you to become better than someone who can challenge you.
We thank Mugdha Pradhan for spending her valuable time and sharing her learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Rapid diagnostic tests are medical tests that can quickly and accurately diagnose a disease or condition in a patient. These tests are designed to provide results within a short period of time, usually within minutes to a few hours, and are often used in point-of-care settings such as clinics, hospitals, and emergency departments. Rapid diagnostic tests can be used to detect a wide range of conditions, including infectious diseases, cancer, and other medical conditions.
According to a report by MarketsandMarkets, the global rapid diagnostic test market is projected to have a CAGR of 8.5% during the forecast period of 2020 to 2025. Factors driving the growth of this market include the increasing prevalence of infectious diseases, the growing focus on point-of-care testing, and advancements in technology.
However, it’s important to note that the COVID-19 pandemic has also had a significant impact on the market for rapid diagnostic tests, as the demand for these tests has increased significantly in recent months. This has led to a higher growth rate for the market.
For this Interview, we invited Piyush Sahni, Co-founder of Green Grapes Diagnostics, and we talked about the growth, challenges, insights, and future opportunities in the Healthcare and Pharmaceutical industry.
StartupTalky: Piyush, what was the motivation/vision with which you started? What products does your company sell?
Piyush: The harrowing time of the pandemic in 2020 presented us with several challenges. When everything that my wife and I had built in our previous immersive digital display solutions business called, ‘Green Grapes Devices’ came to a halt, due to the pandemic, we were looking for industries to switch and maneuver. Taking feedback and other suggestions, we quickly developed ‘UV Sterilization boxes’ to oscillate to the healthcare industry as the propeller of the need of the hour.
The intention of developing this product was to sanitize smaller articles of metal, iron, and other material (which could carry the virus) in under just 3 minutes. The forthcoming response got us media attention which eventually nudged us into dealing and serving the industry with distinguished surgical and diagnostic products such as IV sets, CPAP Machines, and Hematology Analyzer Machines. As an extension to our earlier business, we named this startup Green Grapes Diagnostics.
Our progressive and forward-looking approach aided us to accelerate and rapidly transform into a leading comprehensive solutions provider of not just surgical and diagnostic products but also look at catering to the pharmaceutical and nutraceutical demands within a few months of operations. This resulted in expanding and establishing synergies with exceptional manufacturers and hospitals in India and across the globe. Within a shorter time, we dilated from serving customers in India to customers in the USA, Africa, Singapore, Thailand, Indonesia, Philippines, UAE, and other Middle Eastern Countries.
We have over 1500 products across categories; however, we are ecstatic to announce the launch of our indigenous Rapid Diagnostic Tests or RDTs which are easy-to-use test kits that provide quicker and faster results; usually under 5-mins for most tests. Manufactured and marketed under our brand name, we have developed testing kits to detect 18+ conditions/diseases such as HIV, Malaria, Dengue, Typhoid, and Pregnancy. Our medical kits have become a popular choice amongst the existing brands in the industry and we are already exporting them to countries such as Africa, UAE, the Philippines, and Indonesia.
We are also working towards our new mobile application-based Vitamin D Home Test Kits which will hit the markets in 2023. It has been just under 30 months since we started our operations, and we have been profitable since day one. This has allowed us to leave an indelible mark in India and expand our footprint globally.
StartupTalky: What other products/features have been added in the past year? What is/are the USP/s of your products?
Piyush: This year, the latest addition to our product portfolio has been our indigenous Rapid Diagnostic Test Kits which are manufactured and marketed under our brand name.
Rapid Diagnostic Kits are a game-changing solution developed for the screening of several conditions and diseases. The results produced are rapid and accurate. Our test kits are manufactured as per industry standards and per all the necessary compliance outlined by the Government of India.
Even for next year, we are prepared to incrementally increase our testing kit catalog. Rapid Diagnostic Testing Kits to perform Kidney Function Tests AKA KFT along with our mobile application-based Vitamin D Home Test Kits are some of the newer inventions that will be launched in 2023.
With more than 18+ categories of conditions to examine, our test kits have been developed using state-of-the-art technology which allows us to provide exceptional standards of quality and assurance to our clients. Our unbelievable price range, customized approach, and distinguished product catalog let organizations choose at their own comfort/preference.
StartupTalky: How has the healthcare and pharmaceutical industry changed in recent years, and how has your company adapted to these changes?
Piyush: The healthcare industry has always been at the center stage, especially in the last two years. The disruption that the pandemic has caused is astonishing and noteworthy at the same time. Technology-enabled solutions and advancements to the existing infrastructure have aided in generating jobs and in the past 1.5 years alone, the industry has witnessed a growth from $220 billion to $280 billion.
As one of the strongest pillars of growth in our country, the healthcare and pharmaceutical industry has observed tremendous changes which continue to foster development and increased opportunities. The dynamism of the sector has allowed us to mold our products and make use of technological advancements at different intervals.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the healthcare and pharmaceutical industry?
Piyush: At Green Grapes Diagnostics, we keep ourselves abreast with the changes and trends by continuously following updates from central agencies, regulatory bodies, etc., and using those to our benefit to develop the highest quality medical test kits. Our feedback loop with our partners, clients, and other stakeholders assists us to keep modifying and updating our products from time to time. Additionally, we keep applying technological advancements to our benefit at every given step to automate and ease the process of production.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Piyush: We make use of software which have been developed by startups in India to track our growth not just in terms of the number of clients but also in respect of products added, employee retention rate, etc. This helps us to view our growth holistically. Additionally, we track the number of new clients that we add every single month and the business that we have been able to generate from them. We also follow M-o-M & Y-o-Y percentage growth to learn of opportunity costs, gaps, strategy, etc.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Piyush: Back when we had set up operations in India and stepped into the healthcare industry, we were presented with challenges that every company faces. Winning businesses and clients’ trust have to be my top two challenges in India as well as abroad. Our strategy to secure anyone’s trust in us was achieved with the quality assurance of our products, the use of modern technologies to track shipments, and guaranteed timely delivery.
After a few months into the business, we realized that the technological aspect, especially in the Rapid Diagnostic industry was missing. So, we actioned on the need gap to produce exceptional standards of Rapid Diagnostic Kits.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Piyush: Since the inception of our startup, we regularly change and continuously update our marketing strategies to stay relevant and attract maximum eyeballs for our products. Given the nature of our industry and the type of products we manufacture, we have tie-ups with several online marketplaces. We also undertake lead-generation campaigns and activities using automated tools to generate high-quality and standard leads.
Additionally, analyzing the market sentiment, positioning our brand, and making use of digital and social media tools have helped us to increase our brand’s voice. In the last few months, we have gauged several digital resources such as content marketing, email marketing, and a combination of other techniques to succeed in our marketing endeavors.
StartupTalky: What important tools and software do you use to run your business smoothly?
Piyush: We have used multiple automated and software tools to efficiently smoothen the process. Initially, we used Zoho for email marketing then opted for HubSpot’s CRM software along with other tools. Currently, we are using a combination of Google’s resources for accounts-related services. We also make use of other startup software that helps us in generating leads for international business.
StartupTalky: What opportunities do you see for future growth in the healthcare and pharmaceutical industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Piyush: Since the onset of the pandemic, the healthcare industry has undergone several noteworthy changes. The pitfalls and gaps presented the industry with several challenges during the peak of the covid, however, despite those challenges, there were opportunities. I, personally feel, that the use of technology and a combination of creativity with it will be a game-changer for the future and it still is. Organizations and several industry leaders from different cities in India have already made amendments to their agendas and have started working on them. India is already known as the pharmacy of the world; therefore, this is the golden opportunity for startups, businesses, and the government to revolutionize the healthcare and pharma sectors completely.
StartupTalky: What lessons did your team learn in the past year and how will these inform your plans and strategies?
Piyush: In the last 10-11 months, I and our team have realized that it’s important to be resilient and adaptive to changes. When an organization or an individual has these traits, they can withstand any situation they may encounter. In 2023, we are committed to incorporating all possible learning that we have had this year into our plans to grow and lead.
StartupTalky: How do you plan to expand the Customers, SKUS, and team base in the future?
Piyush: There are significant changes and agendas for us in 2023. Firstly, we aim to increase our global footprint by partnering with additional online B2B marketplaces that will open floodgates for us in other countries. Secondly, next year, we will invest substantially in the technological and marketing front to establish our digital footprint which has a direct correlation with expanding our customer base.
We thank Piyush Sahni for spending his valuable time and sharing his learnings with all of us.
StartupTalky presents Recap’22. This is a series of interviews in which we conduct in-depth discussions with founders & industry leaders to understand their growth in 2022 and their predictions for the future.
Baby care products are items that are used to care for and support the needs of infants. These products can include items such as diapers, wipes, formula, baby food, baby bottles, baby clothing, baby bedding, and baby hygiene products.
These cosmetics are formulated to be gentle and safe for a child’s delicate skin and hair and are free of harsh chemicals and irritants. They are also designed to be tear-free, which is important for young children who may have a tendency to rub their eyes.
According to a report by Research and Markets, the global baby care products market is expected to grow at a CAGR of 6.8% from 2020 to 2025. The market is driven by factors such as increasing birth rates, rising disposable income, and growing awareness about child health and nutrition, and it is expected to grow due to increasing awareness about the benefits of using baby-specific personal care products.
For this Interview, we invited Akanksha Sharma, CEO and Co-founder of CITTA World, and we talked about the growth, challenges, insights, and future opportunities in the Baby Care & Skincare industry.
StartupTalky: Akanksha, what products does your company sell? What was the motivation/vision with which you started?
Akanksha:Our product range includes premium natural skincare and bath essentials for babies– Moisturizing Baby Balm For Face and Body, Nourishing Baby Massage Oil, Tender Foaming Baby Wash, Gentle Foaming Baby Shampoo, and Soothing Talc-Free Baby Powder. We have also launched our natural face mists – Pure Rose Water Mist and Hydrating Mist with Rose and Aloe Vera – for adults.
CITTA World was started with the vision of blending Indian childcare wisdom with rigorous science and making it conveniently accessible to modern new parents. We as a founder are a testament to the special connection between a mother and a child.
At CITTA, we believe that every child deserves to feel the endless love of a grandmother. While Akanksha had the wholesome, grounding experience of being cared for by her grandmothers, not every child today has that privilege. CITTA’s goal is to provide babies with that nourishing experience so that maybe one day, they remember the fragrance of CITTA just as fondly as she reminisces the aroma of her grandma’s hands.
StartupTalky: What other products/features have been added in the past year? What is/are the USP/s of your products?
Akanksha:Our products are made with the finest natural ingredients in innovative formulations to provide maximum efficacy to the customers. Whether it is the most effective texture or the most convenient technology, we have created all our products after rigorous research to serve our customers in the best way possible. Our products are also cruelty-free and free of harsh chemicals like parabens, sulfates, silicones, mineral oil, toxins, and allergens.
Following are the USPs of our products:
Moisturizing Baby Balm:
Blend of 7 natural oils, Shea Butter and Vitamin-E
Unique thick texture for long-lasting moisturization
All-in-one balm for use on the face, body, and nappy area of the baby
Prevents rashes and itchiness through anti-microbial ingredients
Nourishing Baby Massage Oil:
A unique blend of 12 natural oils
Provides deep nourishment
Non-sticky texture
Anti-microbial & Anti-inflammatory
Promotes growth and bone strength
Soothing Talc-Free Baby Powder:
Made with the safest natural alternatives of talc – Corn Starch, Oat Kernel Flour, Kaolin Clay
Naturally absorbs excess moisture and oil
Soothes your baby’s skin
Prevents rashes and itchiness
Gentle Foaming Baby Shampoo:
Gently cleanses, hydrates, and moisturizes your baby’s scalp and hair
Enriched with 3 natural oils
Non-drying, no-tears formula
India’s 1st Natural Foaming Baby Shampoo
Tender Foaming Baby Wash:
Gently cleanses, hydrates, and nourishes your baby’s skin
Infused with Aloe Vera, Coconut Powder Extract, and Hydrolysed Rice Protein
Prevents dryness and irritation
India’s 1st Natural Foaming Baby Wash
StartupTalky: How has the baby care and skincare industry changed in recent years, and how has your company adapted to these changes?
Akanksha:In recent years, customer awareness of the ingredients in personal care and skin care products has increased tremendously. Especially ingredients such as talc in baby powder, which have severe detrimental effects on babies’ health. Fortunately, our company has been able to leverage this to our advantage – since CITTA has focused on creating the safest products from the start. With this rise in awareness, people are discovering our brand organically and then choosing us consciously.
StartupTalky: Repeat purchase is one of the most important parameters on which most e-Commerce brands are betting. How do you keep your customer engaged to stop churn?
Akanksha:CITTA’s products are currently available on 6 online marketplaces – Amazon, Flipkart, 1mg, The Mom Store, Kindlife, and Purplle. With these marketplaces, we have sold our products throughout India, including 2nd and 3rd Tier cities as well. 25% of customers who order our products from online marketplaces are return customers.
The efficacy of our products and their unique ingredients are our biggest strengths. Recently, when an internationally reputed brand’s baby powder was deemed unsafe by multiple authorities, people started looking for safer alternatives and discovered our product which is made with the safest natural alternatives of talc and has a soothing effect on the baby’s skin– CITTA Soothing Talc-Free Baby Powder. Our baby powder has been selling rapidly to date. So much so, that it has even run out of stock twice. We have been able to retain 30% of the customers who order our products from our website.
We are a customer-centric brand and the biggest performance metric for us is the number of repeat customers we have. We have already achieved considerable success in this regard, and we are sure that in the coming years, as more and more people start trusting us, this number will only continue to grow.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Akanksha:CITTA has been employing omnichannel marketing from the start, unlike many other brands that begin with an online-only user experience and expand to offline channels later. We wanted our users to have the choice of interacting with the brand in the way most convenient to them, and our online and offline teams have worked together to achieve that.
With our offline marketing strategies, our products have reached multiple pharmacies in Pune city. To attract the right customers and make them aware of the brand, we focused on placing our offline advertisements where they could see them – the pharmacies!
The advertisements were designed to highlight our brand differentiators – unique, safe natural ingredients and product formulations rooted in traditional Indian wisdom and backed with rigorous science. With these campaigns, the customers could directly compare our products with our competitors in the market. This not only boosted our offline sales but also generated curiosity about the brand, leading to traffic to our website.
Newspaper advertisements helped us to build this customer relationship more and reach a wider audience. An essential part of our offline strategy was to build trust with doctors – pediatricians and dermatologists. They have started recommending our products to their patients. This number is steadily increasing and is helping us reach more and more physical stores in turn. It has been reassuring to see our products help babies with their skincare issues.
Our online marketing strategy has been multi-pronged as well. Here too our focus has been on establishing ourselves as a credible and trustworthy premium natural baby bath and skincare brand in India. We achieved this firstly by creating a brand language and identity that visually separates us from the competitors and has a great recall value. This brand identity is maintained throughout all our online channels – website, social media, and marketplaces – and has helped us cement the trust of our customers.
With our website, we have created a smooth, hassle-free buying experience. Our focus has been on ease of communication. Any customer service issues are dealt with promptly and effectively. We provide our repeat buyers exclusive offers to retain them. The website is also aimed at helping parents with their concerns regarding baby skincare, we have a dedicated space on the website that caters to this. Our social media marketing strategies are also focused on bringing value-addition to our customers – in line with our brand ethos of being a wise grandma-like companion to new-age parents. We achieve this through a mix of engaging, community-building, promotional, and informational content. To us, bringing value to the table matters more than jumping on the flashy, short-lived trends.
Our online marketplace campaigns have been designed similarly, and as a cumulative result of our omnichannel strategy, have been getting traction from customers all across India. We have also tapped into WhatsApp marketing. We run WhatsApp broadcasts weekly to our existing customers with skincare tips and exclusive one-day deals.
StartupTalky: What opportunities do you see for future growth in the baby care and skincare industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Akanksha: Expansion to other states- Modern Trade and General Trade
With an omnichannel marketing strategy, CITTA has been able to get sales from Tier I, II, and III cities and reach 300 general trade stores in Maharashtra. Now we plan to expand to other states in India in both Modern Trade and General Trade sectors and establish ourselves as India’s best Baby Bath and Skincare brand.
Reaching doctors across India
Educating doctors about our products and the research undertaken to create them has been crucial to building people’s trust in our brand and creating demand for our products in offline stores. We want to expand our network to reach leading doctors (pediatricians and dermatologists) across India and become the brand every parent trusts for their baby’s skin.
Entering the international market as a pioneer of Indian skincare and baby care knowledge and techniques
We strongly believe that we are sitting on a goldmine of diverse natural ingredients and immense tradition-based expertise in India. Especially so when it comes to skincare and baby care practices. What the rest of the world is only starting to appreciate and emulate, we have been practicing in India for ages – “maalish” or baby massage is a classic example. We want to champion our Indian roots, back them with rigorous science, and bring India’s knowledge to the rest of the world with our range of our products. We want to create our own identity and presence in the international market as a pioneer Indian brand in the baby care and skincare segment.
Exploring products for women
CITTA products have resonated with our customers because of their high efficacy. We have received positive feedback from numerous mothers. We want to build on this trust and explore products for women in the coming years. With our commitment to quality and efficacy, we are confident that we will be able to do this well.
Opening up experiential stores
In the coming years, we aim to open experiential CITTA stores at multiple locations in India. These stores will be designed such that our potential customers can see, touch, smell, and feel the textures of our products. They will be educated about every ingredient that goes into our unique product formulations in an engaging, fun way so that they can remember it. We believe these experiential stores will help us to establish ourselves as customer-centric premium skincare and baby care brand.
StartupTalky: How do you plan to expand the Customers, SKUS, and team base in the future?
Akanksha:We plan to expand our customer base by reaching more states through physical stores as well as online marketplaces. We are also finding new ways of engaging meaningfully with our customer community – CITTA Care Club is a step towards that. Through this non-profit initiative of ours which is focused on parents’ well-being, we get to interact with parents – our potential customers – and understand their concerns in real time.
We thank Akanksha for spending her valuable time and sharing her learnings with all of us.
Arijit Karan
