Startup Pedia

Snapdeal co-founders, Kunal Bahl and Rohit Bansal, recently exited Urban Company with a 200x return on their decade-old seed investment of Rs 57 lakh in 2015, which is now valued at Rs 111 crore. Urban Company will use all proceeds to support the next generation of founders, as stated by Titan Capital. The Snapdeal co-founders have made angel investments in over 200 startups through Titan Capital. The company's recent investments include 91Trucks, Boba Bhai, and Simplismart, Ola Cabs, RazorPay, and Giva Jewelry. The company has invested across 20 sectors such as fintech, B2B services, and consumer tech. #Startuppedia #snapdeal #kunalbahl #urbancompany

BharatPe founder Ashneer Grover believes Indian youth are less likely to seek odd jobs to support themselves compared to their American counterparts, who he sees as more worldly and experienced. Grover made these comments on a podcast hosted by YouTuber Ishan Sharma titled 'LEAKED - How to Start a Business in 2024 (What ACTUALLY WORKS)'. Grover slams Indian youth for being "very far away from how the country runs or the economy runs". He said that they live in gated societies, go out in chauffeur-driven cars and don't understand how the world works outside their bubbles. He urged them to gain real-world experience and learn from professional failures to break out of their bubble. "We think that the youngsters in the US are naive. It's exactly the opposite. The current generation of youth in India has been living in a bubble," Grover told youtuber Ishan Sharma. "They live in gated societies with very little idea about how the world works beyond the gates. If they go out, they do so in chauffeur-driven cars. Their schools are also bubbles. The clubs formed in these schools offer chances for love marriage within the same strata of the society," Grover added. He also called out school students, who tend to intensely focus on getting a good college rather than learning real life experiences. "From Class 9 kids begin to prepare for colleges. How will they see or experience the world this way?" He thinks they need about seven years in the professional world to understand failure, betrayal, and learn from their mistakes #startuppedia #ashneergrover #startupfounder #bharatpe #youngsters

CRED's Founder and CEO, Kunal Shah, shared his perspective on startup founders' challenges in raising venture capital to grow their businesses. According to Shah, many founders need to pay more attention to assessing the market size their product serves. He suggests that utilising an AI tool capable of reading and analysing extensive market data can assist founders (at least first-timers) in determining if their product or service has a substantial total addressable market (TAM). Venture capital refers to funding provided by firms to startups to achieve rapid and exponential growth. Shah wrote on X, “Many founders struggle to raise venture capital because the problem they're solving has a very small TAM. An LLM-based tool to size their TAM could be valuable for first-time founders.” #startuppedia #cred #kunalshah #startupnews #startupfounder

Google recently reduced the price of Google Maps for Indian developers by 70%. Ola CEO Bhavish Aggarwal took to X to mock Google for announcing the price cut by 70% for Indian developers and said the announcement is ‘too little too late’. Aggarwal posted an image attachment of the announcement by the Google Maps app, which wrote, “Starting August 1, 2024, we will introduce new updates, including reduced pricing for our core services to make Google Maps Platform more accessible to developers in India, and will accept payments in Indian Rupees (INR).” The official announcement, although, was made by Google at its developer event in Bengaluru on July 17. Ola’s CEO responded with a dig and called for Google Maps to ouster from the country. Ola CEO reposted, “Dear @Google, too little too late! Reducing prices for @googlemaps, “offering to price in ₹” after #ExitGoogleMaps. Don’t need your fake generosity! Tomorrow, I’ll be writing a blog response and announcing major updates on Ola maps @Krutrim. Stay tuned!” The Google Maps announcement came a week after Ola CEO Bhavish Aggarwal gave one year of free access and ₹100 crore worth of free credits to his locally-developed Ola Maps for all developers. #startuppedia #ola #olamaps #googlemaps #googleindia

BharatPe founder and ex-Shark Tank India judge, Ashneer Grover, has criticised lengthy hiring processes and notice periods, adopted by most big companies these days, in a recent podcast with YouTuber Ishan Sharma. Grover said the reason is, that companies tend to give individuals enough time to prove themselves, which takes up more than necessary time. Instead, he recommends a 'hire fast, fire fast' approach. “What I have basically understood about hiring, and a lot of people don’t agree with this thought, it’s hire fast, fire fast. What’s happening currently is that you are investing a lot of time in hiring a person, you go through multiple rounds,” Grover shared. Grover added, “The candidate is also, naturally, on his best behaviour. When a candidate comes to sell himself or pitch for himself, then the salesman in him is at its peak. At the end of the day, you will get to know whether he will work or not only after you give him his tasks.” #startuppedia #ashneergrover #hiring #startup #startupfounder

Savor, a Bill Gates-backed startup in California, has developed dairy-free butter with a low environmental impact. Gates praises lab-made fats for their taste and minimal environmental footprint. Social media reactions are mixed. The startup has successfully created dairy-free butter from the air using a thermochemical process. Founded in 2022 by Henrik Bennetsen, Ian Salmon McKay, and Kathleen Alexander, Savor produces animal-free fats, like butter, in a lab setting for various meat and dairy products like ice cream, cheese, etc. Savor’s real fats claim to deliver full flavour without compromising performance, environmental impact, or price. Savor said its products will have a significantly lower carbon footprint than animal-based ones as the “butter” comes in at less than 0.8g CO2 equivalent per kg. In contrast, real unsalted butter with 80% fat has a standard climate footprint of 16.9kg CO2 equivalent per kg. Kathleen Alexander, chief executive at Savor, told the media, “We are currently pre-commercial and working through regulatory approval to sell our butter. We are not expecting to be able to move forward with any kind of sales until at least 2025. So far, we have had informal taste panels with tens of people. We expect to perform a more formal panel as part of our commercialisation and scale-up efforts.” Bill Gates supports the initiative to switch to lab-made fats and oils and their potential to reduce our carbon footprint. He wrote that the process has minimal environmental impact and tastes just like the real thing. Bill Gates wrote in his blog post, “The idea of switching to lab-made fats and oils may seem strange at first. But their potential to significantly reduce our carbon footprint is immense. By harnessing proven technologies and processes, we get one step closer to achieving our climate goals.” He added, “The process doesn’t release any greenhouse gases, and it uses no farmland and less than a thousandth of the water that traditional agriculture does. And most importantly, it tastes really good – like the real thing, because chemically it is.” Website: www.savor.it #Startuppedia #startup #dairybrand #dairystartup #dairyproducts

Punch Line: "If you do what you have studied, you will survive. But if you do what you have not studied, you will be a leader." - Dr. A Velumani, a Leader and an Inspiration. Dr. Velumani once shared, "In an interview, I was asked where the thyroid was. Being a mathematics student, I didn't know." In 1982, he didn't know where the thyroid was. By 1992, he had completed a Ph.D. in Thyroid Biochemistry. And by 2002, he built the world's largest thyroid laboratory. #Startuppedia #drvelumani #entrepreneur #startupfounders

Fracspace Limited, a Hyderabad-based prop-tech company, was launched in 2022 by Unnath Reddy. The company aims to provide real estate investment opportunities for middle-class families, focusing on affordability and reliability. Leaving a high-paying job to follow a dream is a bold decision. Unnath Reddy, a 35-year-old corporate employee turned entrepreneur, did just that. While working as a sales head in a real estate company and earning ₹1 lakh per month, he began experimenting with his innovative idea. “I saw people giving up on real estate investments because of high prices and location problems. The dream of owning property was becoming impossible for many middle-class families,” Unnath says during an exclusive conversation with Startup Pedia. Hence, he came up with the idea of co-ownership, where a group of people could pool their resources to invest in a property. This concept offers an affordable and reliable way for middle-class families to participate in real estate investment. In 2022, Unnath Reddy launched Fracspace, a Hyderabad-based prop-tech startup. Fracspace’s innovative co-ownership model allows multiple investors to buy and co-own properties, sharing the costs and benefits. This approach not only makes property ownership more affordable but also diversifies the investment risk. Fracspace offers properties in various locations. These include holiday homes in popular destinations like Goa and Munnar, as well as international properties in Bali, Dubai, and the USA. The Hyderabad-based prop-tech startup, Fracspace, avoids holding properties for more than five years to prevent depreciation and maintain the profitability of investments. Additionally, Fracspace implements a one-year lock-in period for investors, allowing them to exit at any time after the first year of investment. “We provide end-to-end property management services, handling everything from maintenance to generating rental income returns, ensuring no additional expenses for co-owners. Investors can enjoy the property for seven days a year because that’s their property,” Unnath explained to Startup Pedia. What started with just one investor and property has now burgeoned into over 200 customers worldwide, managing around 23 properties. Moreover, Fracspace also owns one holiday home property, which was built in just 90 days. The company has plans for more such company-owned properties in the pipeline. Within six months of starting the business, Unnath, who initially worked alone from home, moved into an office. Today, the company has grown into 46 team members. While elaborating on Fracspace’s financial journey, Unnath revealed that the company generated Rs 12 Cr in revenue in its first year of operations, and It grew to Rs 30 crore in the second year of its operations, i.e. FY23. Website: https://www.fracspace.com/ Read More: https://bit.ly/3SbESYz #startuppedia #proptech #realestate #realestateinvestment #hyderabad #startupfounder #startup

15,000 people showed up for 1,800 job openings for the positions of handyman and utility agent, roles that involve performing a variety of repair and maintenance tasks. The walk-in interview took place at Air India Airport Services Ltd in Mumbai's Kalina on Tuesday, resulting in chaotic scenes. Videos on social media are getting viral as applicants rush to the interview centre, some even climbing vehicles and trees. Authorities intervened to prevent a stampede. Air India Airport Services announced 2,216 vacancies for handyman and utility agent positions. On June 28, the company announced that AI Airport Services Ltd is looking to fill vacancies and maintain a waitlist for future openings at Mumbai International Airport. Indian Nationals who meet the requirements may apply for various posts on a 3-year contract. The number of vacancies is approximate and may change based on operational needs. The Aviation Industry Employees Guild's general secretary, George Abram, stated that the recruitment process was "mismanaged," as reported by India Today. The company has assured that all submitted CVs will be reviewed, and eligible candidates will be contacted for further processing. This comes just a few days after a similar incident took place in Gujarat's Bharuch where hundreds of people turned up for a job interview organised by chemical firm Thermax Company for just 10 vacant positions. A video of the large crowd struggling to enter the interview centre also went viral on social media. #startuppedia #aviationindustry #airlinejobs #unemployment #airindia

Trucknetic, founded by Arham Partap Jain (APJ) in 2019 in Delhi, is India's first truck booking platform. It aims to reduce logistics costs in India by half, achieve net zero emissions, and dominate the $300+ billion sector. The Indian logistics market is largely unorganised. According to consulting giant, EY, only 5.5-6% of players in logistics are organised. It’s even more baffling considering the Indian logistics market is expected to reach $591 billion by FY27. Any rational person could see it as chaos, however, visionary entrepreneur Arham saw this as an opportunity. He knew the logistics industry in India, particularly trucking, had remained largely unchanged for decades. “It was fragmented, inefficient, and ripe for disruption,” Arham told Startup Pedia in an exclusive interview. This realisation sparked the idea for Trucknetic, a platform that would later break the status quo of how goods are transported across the country. Arham, a former engineer turned entrepreneur, became interested in the trucking industry during his time at Ernst & Young. He launched Trucknetic, India's Uber for trucks, to organise the logistics sectors, after working closely with companies like Tata Motors and Ashok Leyland. The Delhi-based entrepreneur has consistently focused on making a meaningful impact, with involvement in social impact organisations such as Enactus and APJ Microfinancial Services. Arham also received training from Stanford University's design school and IDEO lab, where empathy was taught to him, later informing his strategy for building Trucknetic. The true eureka moment for Trucknetic came during the COVID-19 pandemic. Arham recalls a particularly harrowing incident when a driver transporting pharmaceutical medicines faced hardships due to the lockdown. This experience highlighted the urgent need for a system that not only optimized logistics but also cared for the well-being of drivers, solidifying Arham's commitment to building Trucknetic as a lifeline for an often-overlooked community. Starting Trucknetic was no easy feat. Arham and his team faced numerous challenges in an industry resistant to change. Despite these obstacles, the Trucknetic team persevered. They started by developing a comprehensive platform, including mobile apps and a web interface (app.trucknetic.com). Trucknetic's Eco-Friendly Initiatives are setting it apart in India’s logistics sector. Arham stated, "As the company grows, more specific eco-friendly initiatives will be developed, furthering our commitment to social and environmental responsibility." Currently, Trucknetic clocka $2-2.5 million in annual revenue with a gross margin of around 8-8.5% and handles close to 2000 trips per month. Their goal is to reach $4-4.5 million in revenue with a few lakh daily trips. Website: www.trucknetic.com Read More: https://bit.ly/3xQssOZ #Startuppedia #truckbooking #logisticsstartup #olafortrucks #supplychain #startupstory #startupfounder #delhistartup