Tag: Indian Startups

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Startup

Mastercard`s Swipe makes this Indian Startup Nation`s First Unicorn Company in 2020

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In January 2020, India received its latest entrant into the unicorn club- Pine Labs, a startup valued at over $1 billion. After 22 years, since its inception, Pine Labs was the first to join the unicorn companies in India in 2020.

Pine Labs raised an undisclosed amount from New York-based financial services major Mastercard at a valuation of approximately $1.5 billion. Although the details related to the transaction were not disclosed, the funding round is estimated to be at $100- $150 million.

Founded in 1998 by Rajul Garg, Lokvir Kapoor, and Tarun Upadhyay, Pine Labs was initially launched as card-based payments and loyalty solutions provider. However, it was in 2009 that Pine Labs` real journey was started.

The founders of this Noida-based startup realized that the merchants were looking to find solutions to enhance their customer engagement during the payment process. Thus, they ventured into the traditional payments space intending to provide solutions to merchants by providing a point of sale (PoS) machines.

Pine Labs is not a brand that resides in your pocket. However, the chances are that you might have come across a point-of-sale (PoS) machine from Pine Labs while making a payment. It acts as a gateway to data that every merchant or business owner likes to store about their customers to understand them better.

Even during the COVID 19 pandemic, Pine Labs has recorded almost a 67 percent jump in monthly merchant onboarding due to digital transformation. From 12,000 every month to 20,000 merchant- onboarding in the last few months, Pine Labs has witnessed rapid growth.

Given that Pine Labs is over two-decade-old, many might say Pine Labs is not a start-up. However, the founder of the company thinks a little differently. According to Executive Chairman & Former CEO Lokvir Kapoor, Pine Labs still has the DNA of a startup because of the innovative measures and the agility it has always demonstrated.

Lokvir took over as CEO after Tarun Upadhaya and Rajul Garg left Pina Labs. He then spent the next 10 years taking the organization into the fintech world.

He stated, “there was a time when banks offered a counter sales terminal to merchants and the transactions carried out over a phone line. There was a gap in terms of what the merchants and the market needed from a payments technology solution, and what the banks were able to offer”.

To cater to their customers` needs, Pine Labs zeroed in on this gap by becoming a technology partner for several banks. It began providing merchants with PoS devices. Banks, in return, started referring Pine Labs to merchants.

Pine Labs has a versatile list of clients, which also includes the Future Group and Shoppers` Stop as its earliest clients.

Want to read about more success stories of Indian startups that have become unicorn companies in 2020? Then visit www.news.badabusiness.com.

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Startup

Food Business Ideas: 4 Low-Investment and Interesting Food Businesses That You Can Try

Food Businesses in India (Photo Credits: Pexels)

If you are fascinated about cooking and want to try your luck in any food business, this year can be your year! If you are a foodie and love to make and eat food, you should try and establish a business in the food making industry. If you are planning to start a food business, you should think about: What will differentiate your product from the rest? What are successful food businesses and what do you have to do to go beyond your competitors? When starting your food business ensure you incorporate the lessons from these businesses to ensure your food business idea is a success.

One thing that you should keep in mind while starting a food business is, you should gain knowledge related to food safety and food handling practice as it is very important for your business. Here are few ideas that can help you start a food business with low-cost items which are relatively simple to keep the quality consistent.

Bakery

Do you love baking for your friends and family? If you’re a skilled cook, why don’t you sell your delicious creations? If you are good at baking and have the eye for detail for cake designs and pastries and a lot more, then no one can stop you from starting your bakery business. One thing that you should keep in mind before you start is you should be excellent at preparing recipe related to bread and biscuits. You can start this business at small scale and then depending on the demand and the reach, you can expand it.

Cooking Class

If you are really skilled in cooking and know how to tingle the taste buds, you can try starting a cooking class business. Many people desire to learn the art of cooking and tend to look for online cooking classes or a cooking tutor who can help them get away with basic cooking tricks. In the time of COVID-19, online cooking classes can fetch you good money by just sitting at home and the investment requirement for this business is very low.

Pickle Making

There will be hardly anyone who doesn’t like pickles. If the demand is so high and if you are good at making the yum spicy pickles, why don’t you give it a shot? It is one of the home based small scale business idea which will not need much money to start with. People usually prefer homemade pickles and the domestic consumption is also very high apart from the export.

Fast Food Shop

People love to eat junk food. The fast food business in India is one of the most popular food business ideas today which you can get your hands on. Apart from teenagers, people of all age groups prefer fast food during snack time.

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Business motivation

Success Story: How this Indian Discount Brokerage Firm Joined the Elite Unicorn Club 2020

zerodha success story

Trading and investments are the two terms that appeal to everyone. However, due to insufficient knowledge, brokerage charges, hefty commissions, and a reluctance to take the market risks are a few reasons why people refrain from testing the rivers.

When the world was facing the biggest global financial crisis during 2008 and 2010, the stockbroking companies experienced a downfall. While this challenge was faced by almost every broker in India, Bangalore-based discount broking firm, Zerodha was born during the same year.

Founded by the brothers Nithin Kamath and Nikhil Kamath, Zerodha is India`s first discount brokerage firm. This decade-old bootstrapped startup emerged as one of the unicorns in India in 2020.

Considered one of the most valued online stock trading solutions in the Indian fintech ecosystem, Zerodha`s journey started with a team of five people. Today, it has more than 1,300 employees.

What makes Zerodha different from other full-service brokerage firms?

Zerodha is a discount brokerage firm that does not offer research services such as buy and sell recommendations to its client. This helps them save the cost of having a research team. Hence, it passes on the profit it makes by saving funds.

“In today’s day and age, it’s no more about the big beating the small – it’s about the fast beating the slow,” Nithin says.

“The foundation of any financial services business is built out of creditability and trust. The process was time taking and it took around eight years for the company to reach where it is today. In our first year, we opened 3,000 accounts and when the cost of the product is less, people tend to be suspicious about the quality”, Nithin said.

“Luckily, we have managed to build a community around us that strives on trust, and that eventually helped us in the long run. Even today, we don`t spend money on the advertising”, Nithin, CEO & co-founder of Zerodha added.

Earlier in June 2020, the company announced an ESOP buyback plan at around 5X the booking value, thereby putting its valuation at $1 billion. According to Harun List, shared in August 2020, Zerodha was evaluated at $3 billion.

In FY19, Zerodha recorded a net profit of Rs.350 crore on a revenue of Rs.850 crore. Over the past five years, the total client base was increased by nearly 40X to 2.8 million. Even during the pandemic, it has witnessed its average monthly user addition to be increased by double.

 

Zerodha has also launched an incubator fund Rainmatter in April 2019. The fund was created to invest in early-stage startups. The fund has invested in more than 14 startups.

Zerodha has four registered entities: Zerodha securities, Zerodha Commodities, Zerodha Broking, and Zerodha Capital.

“If you try to be the best, you will be number One, but if you try to be unique, you will be the only One”. With a firm belief in this statement, the founder-siblings are aiming to add 5-10 million new Indian investors in 2021.

For more inspiring stories that showcase the innovative thinking and creative approach of young Indian entrepreneurs, stay updated with our latest blog posts.

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Startup

Women Entrepreneurship Cell Launched by Maharashtra Govt to Boost Female Engagement in Startups

Women Entrepreneurs in India (Photo Credits: Pixabay)

In a bid to give a major boost to women entrepreneurship in Maharashtra, the state government has announced of establishing of a woman entrepreneurship cell. The special cell that has been launched will work towards enhancing, guiding and training the female entrepreneurs in startups and different entrepreneurship-related sectors. The news was announced by Maharashtra Employment and Entrepreneurship Minister Nawab Malik. The cell is established to improve the innovation-driven entrepreneurship ecosystem in Maharashtra.

The Minister said that there will now be a “Girl-Student Entrepreneurship Club” at schools and universities levels. In these clubs, appropriate coaching will be given to college students who aspire to be budding entrepreneurs in their career. Further, it’ll additionally create incubators for women entrepreneurs and will help them in organising accelerated packages. The Minister further added that the monetary help might be supplied to start-ups established by these women entrepreneurs.

In December, the state government of Maharashtra decided to provide financial assistance to innovative startups which wish to file for patents. Malik had said that in the first phase of the scheme, 125 to 150 startups will be supported with financial assistance of Rs 2 lakh to Rs 10 lakh. He said in order to survive in a competitive world, it is important for startups and early-stage entrepreneurs to protect their Intellectual Property Rights (IPR).

 

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Startup

Home Business Ideas: 4 Brilliant Work From Home Ideas That You Should Consider Taking Up

Home Business Ideas (Photo Credits: Pexels)

At a time when the world is battling the coronavirus pandemic, people have been forced to work from hone than ever. Whiles some are working remotely, some have started their own small businesses amid the crisis. Staying productive and maintaining a balance between professional and personal life is the only way out to survive the crisis. Amid the crisis, employers are encouraging or requiring people to work from home for an indeterminate amount of time. If you are planning to start a home-based business, you need to first understand what interests you and what you are good at!

Remember, a business will survive if there is a need of your product in the market. The struggle comes when you have to create a demand for your product, which takes a great deal of time, efforts and funding. Of course, there are pros and cons to consider when deciding whether a home-based business is right for you. If you’re new to the work-from-home lifestyle, you will have to change some of your routine habits to make working from home a success.

Buy products in bulk to sell

If you want to start with a small business, this hack can work wonders! Amid the pandemic and COVID-19 restrictions, people avoid venturing out to buy things. If you have good contacts, you can buy products in bulk and sell them in your circle, neighbourhood and among your pals. These products can be really simple ones, like cups, mugs, coasters or maybe other daily essential items. Maybe you know of some unique products that aren’t readily available in your market despite a demand for them.

Sell homemade products

Be your own boss and sell what you make. There is no other joy that creating something of your own and selling your own handmade products. If you are the maker yourself, you can consider turning your hobby into a business. If you like making candles, cushion covers, curtains, dresses, or anything else, you can create your products and make it commercial. You can also sell gift baskets, handmade jewellery, sweets, homemade cookies, personalized gifts, etc. The only thing you should focus on is to promote and make it reach large audience via social media. As home business idea, there are plenty of opportunities for designers to create and sell their own clothing from home.

Baker

If you enjoy cooking, especially baking, and you can spend a great deal of time baking in order to create enough goods to sell, taking up baking as a profession is meant for you! It is rewarding which fetches you decent income. With too much competition in the market, it is tough to stand out in the crowd. To take up baking business, buy some equipment and set up a commercial kitchen at home. You can sell your products to local shops or businesses or sell products online. Read up on regulations to be compliant!

Freelance Writer

If you are fond of writing and can play with words, it has huge potential to be one of the most profitable business ideas. Freelance writing is the perfect job for people planning to set up their own blog or digital content firm. You don’t need any formal training to become a freelance writer.

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Startup

Planning to Start a Tourism Business? Here Are 4 Revenue-Boosting Tips for Small Businesses in Tourism

Tourism Business in India (Photo Credits: Pexels)

The tourism sector in India is going to be the next growth driver but to achieve that, it needs to survive the impact of the COVID-19 pandemic and emerge to be one of the leading industries in the country. As the country battles the coronavirus pandemic, every sector that has been hit hard is limping back to normalcy after the government has eased the restrictions. At present, each vertical of the tourism industry is under deep stress and hopes to revive in the coming year.

The travel industry is booming with small tourism businesses now. So if you are planning to start a tourism business, the New Year is the best time! There you have it, now it’s time to get marketing, so don’t hold back. Here are 4 revenue-boosting tips for small businesses in tourism.

Expand the business beyond your website

People usually review a place when they wish to plan a travel. A thorough study is done of the location and what it offers. Online searches have become increasingly competitive, even amongst the big companies. One way to expand your business beyond your website is tie up with third party-platforms which provide an online marketplace for travel experiences. They can offer a lot of exposure, for small travel companies and demand a small commission.

Build a Discussion Platform on Social Media

Social media interaction is growing and you need to just talk about your website and promote it to people across groups.  People visiting your area will have plenty of questions that they need answered before they come. Create a discussion platform where people can come and discuss out places they want to visit. A great way to supercharge your tourism marketing is by creating a discussion platform around your Facebook page.

Create Awesome Destination Videos

Videos help a lot in spreading awareness. The world is moving into a digital era and is more inclined to video content more than just reading about things. Videos have a potential to convey a lot of information in very little time, so it’s a great way to showcase about what you can offer to your customers.

Generate interest about a destination with online quiz or a challenge

Challenges have become a well-loved internet sensation and attracts a lot of people at the same time. Promoting your business cannot get as easier as this one because people are far more likely to participate and share with their networks. One thing that you need to keep in mind is that you should create a fun challenge related to your niche.

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Startup

4 Simple Business Tips That Will Help You Stand Out From Your Rivals in the Competitive Market

Businesses (Photo Credits: Pexels)

For any business to flourish, it takes a great deal of understanding of the market, your product and its need in the market and your target audience. Communication certainly plays a very important part in growing any business, be it online of offline. Few things that will help you stand out from the rest is, know what your customer wants and try and satisfy their demands, timely communication with them and not compromising on follow-ups. You have to understand that for every success you have in growing your market share, other businesses will inevitably lose ground, and you will surely have rivals in the market.

The key factor is that you should establish your business in such a manner that you are not affected by any new entrant in the market. Here are four easy business tips to gain a competitive advantage over your rivals. You can use these tips to insulate yourself from the threat of new businesses in the market.

Provide Solution, Don’t Just Sell Products

Unless you are a known brand, people don’t really search for you as a ‘brand name’. People are just looking out for things that can help them solve a problem or find a particular type of product. If you want to make a difference, you should convince the customers by explaining them in simple terms of how or why your product can help them in solving their problem.

Take Friendly Customer-Facing Staff On Board

This is an important point that every entrepreneur should keep in mind. People tend to buy a product also because the sales person who’s attending to them is just up to the mark, with impeccable skills and behaviour.  Friendly, outgoing and cheerful customer-facing staff will always attract more sales and more people, thus helping you grow your business.

Watch: Low Investment | Business Idea | Dr Vivek Bindra

Own Your Niche

Understand your expertise and go ahead with it. Speciality will really bring you genuine customers. People usually attribute ‘specialists’ with higher quality products that the others who act like ‘Jack of All Trades’ but are a master of none. Your speciality should be kept exclusive and you should try perfecting a single product or service. It should certainly be something that you excel in and have a thorough knowledge about it.

Be Humble And Down To Earth

Always be open to leaning news things and don’t ever get too satisfied with your business. There is always scope for improvisation! Even if your business does wonders and flourishes in no time, don’t get carried away by the success. Always keep in mind that popularity is a double-edged sword! Remember the lessons you’ve leant and heard about the downfall of countless hitherto thriving brands. Market leaders tend to get lazy and complacent when they realise their business is going good.

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Startup Technology

4 Ways to Grow Your Business Online Without Spending a Lot of Money

Online Business
Online Business

Going digital is the trend today, so if you have an online business, it will surely grow over the time without any doubt. If you are planning to  start an online business, then you cannot afford to waste money at the initial stage. You don’t have to put in a lot of money into growing an online business. In reality, there are certain things that you can do  without spending any money at all. It just takes little creativity, effort and imagination. Take a look at these 4 ways to grow your business online with a small budget.

Create Rich Content Online

Rich content will always attract readers. Whether it’s a company blog or a product description, Creating high-quality content should be the main focus. For this, you need to really think out of the box and be creative enough to lure the readers with you writing skills. Use facts appropriately and try and engage the readers so that they are engrossed in the write-up. Only if this happens, your online business. In short, it is all about how well you can manage to engage the audience with what they need.

Design Layout and Presentation

The first thing about online content is how it looks when the reader sees it. The layout of the firm, be it any firm, should be appealing to the eye. It shouldn’t be tacky and haphazardly presented. You need to understand your target audience first- youngsters, middle-aged or any other category, and choose colours and layouts accordingly. You should remember that more than one-third of visitors will leave a site if the layout is poor. All that you should keep in mind is the choice of the colour, graphics and even the overall layout of the site. Your aim should be to deliver a pleasant visual and functional experience to people visiting the website.

Watch: Low Investment | Business Idea | Dr Vivek Bindra 

Be Mobile-Friendly

Not everyone carries a laptop or a tab everywhere they go, right? So the basic thing that one should keep in mind is to have a mobile-friendly website. Most people these days surf online from their smartphones. Your website should have a mobile variant like an app so that it becomes hassle-free for your customers.

Be an Active Participant in Online Communities and Use social media

Social media can help your business reach more than lakhs of people in single day. Facebook, Twitter, YouTube, LinkedIn, and other social media platforms have highly engaged users and can help you fetch business and establish your brand identity. Moreover, be active in online communities where people go to post their questions, find content, and explore. Top communities on the internet that are really popular include Reddit, Quora, TripAdvisor among others.

 

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Startup

Startups to Become Backbone of India as it Promotes Young Entrepreneurs With New Ideas of Doing Business, Says Piyush Goyal

Startup
Startup (Photo Credits: Pixabay)

New Delhi, December 13: The future of India is going to be startups as its ecosystem is encouraging innovation, promoting and strengthening new young entrepreneurs, Union Minister Piyush Goyal said on Saturday. While addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal said that startups are going to be the backbone of the country as they come up with new ideas and new ways of doing business.

The Union Minister further stated that the government has identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. “I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India,” said Goyal.

Goyal appreciated the growing digital environment as said as we go forward in the post-COVID world, the country will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. During his address, Goyal also said that under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

“We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said Goyal.

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Legal

5 Indian Legal Provisions that Every Startup Needs to Know and Follow

Legal Laws For Startups (Photo Credits: Pixabay)

India has been witnessing the emergence of many new-age entrepreneurs, these are the people who have the urge to set-up and run their own businesses. They have idea, aim and objective, with a clear plan to enter in the business of their own. For a start-up to survive a sound flow of funds, adequate knowledge of market condition and proper resource management skills are of utmost skills. Apart from these, one of the most important aspects of the business field which young entrepreneurs often overlook is the understanding of the legal framework on the country where the start-up is operated.

All the countries have a set of legislations to govern the business environment. In India, as well, there are various laws and legislation that deal with the establishment and functioning of a business enterprise. They supervise the internal management as well as the external relations of the business. It is important for any entrepreneur to know and comply with these legislations, in order to ensure that the business does not land in any legal troubles.

Here are Five Legal Frameworks that Every Startup Owner Should Know –

Incorporation Laws

The first step to bring a start-up idea to reality is incorporation; every firm needs to be duly incorporated under relevant laws before it could start its business. The founders are free to register their firm in any category they want. There are different legislations for different types of venture. A Limited Liability Company has to be registered with the Ministry of Corporate Affairs under the LLP Act, 2008. A Private Limited Company needs to be incorporated under the Companies Act, 2013. Partnerships can be registered under the Indian Partnership Act, 1932; though their registration is optional. For a sole-proprietor firm there is no registration required.

Labour Laws

Another important set of rules is the labour laws. It is morally and legally important to comply with the various labour laws including the laws on payment of wages, provident fund and gratuity, workplace sexual harassment, maternity benefits, etc. However if the start-up is registered under the ‘Start-Up India Initiative’, it can avail exemption from nine labour laws by signing a self-declaration, for a period of one-year from date of incorporation.  These laws are-

  • The Industrial Disputes Act, 1947
  • The Contract Labour (Regulation and Abolition) Act, 1970
  • 1The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
  • The Employees’ State Insurance Act, 1948
  • The Industrial Employment (Standing Orders) Act 1946
  • The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
  • The Payment of Gratuity Act, 1972
  • The Trade Union Act, 1926
  • Building and Other Constructions Workers’ (Regulation of Employment and Conditions of Service) Act, 1996

Laws Relating to Intellectual Property Rights –

One of the most important regulations for start-ups who are dealing in new inventions or discoveries is the Intellectual Property Rights or IPR. It is important for start-ups to safeguard the novelty and uniqueness of their product or venture. Therefore, they should be very careful in registering various intellectual property including, products, service, venture, brand name, trade mark, discoveries, data algorithms under relevant laws.  Some of the Indian laws guarding the IPR are –

  • Trade Mark Act, 1999
  • The Patents Act, 1970
  • The Copyright Act, 1957
  • The Design Act, 2000
  • The IT Act, 2000
  • The GI of Goods (Registration and Protection) Act, 1999
  • The Protection of Plant Varieties and Farmers’ Right Act, 2001

Contract Laws-

For any business to function and operate, it is essential to make deals with other firms, government or individuals. All such deals should be governed by proper legal provisions. Every contract with employees, suppliers, stakeholders, debtors, investors, creditor or customers should be binding following the provisions of various laws including the Contracts Act 1872, Sales of Goods Act 1930 among others. As per the Indian Contract Act, 1872, all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration with a lawful object, and are not expressly declared to be void.

Laws Relating to Winding-Up of the Firm

No start-up owner would ever wish their firm to liquidate or wind up. However, under certain circumstances it becomes absolute necessary to close down the business. In such situation as well, the company owner should follow proper legal route to wind up the start-up. From the legal point of view, there are three ways to close a start-up. These are –

  • Fast Track Exit Mode
  • Court or Tribunal Route
  • Voluntary Closure

Of all the three ways, the Fast Track Exit Mode is the best suited for start-ups as it allows companies to speed-up the closing process at a lower cost and within a short time period. In order to apply for a fast track exit, a company should not have any assets and liabilities and not have had any business operation for the past year. If these two conditions are met, the company can be struck off the registrar of the Registrar of Companies (RoC).

For a venture to get properly established in the market, grow, diversify and succeed it is important that it does not land into any legal troubles. The consequences of not complying with the laws do not only affect the operations and productivity of the business, but also hurt the delicate goodwill of the firm. It is hence, necessary for any start-up to know, understand and comply with the legal framework and provisions.