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<ul><li><keyword id="6357066" type="UNKNOWN" weightage="20" keywordseo="Shopclues">Shopclues</keyword> has finally been sold to Singapore-based <keyword id="8279466" type="UNKNOWN" weightage="20" keywordseo="Qoo10">Qoo10</keyword> in an all stock deal. </li><li>The <keyword id="7321558" type="UNKNOWN" weightage="20" keywordseo="unicorn-startup">unicorn startup</keyword> was sold at a valuation ranging between just $70-100 million. </li><li>This year, Shopclues had been at the centre of multiple failed attempts at mergers as it tried to survive.</li></ul>Indian unicorn e-commerce startup Shopclues has finally <a href="https://tech.economictimes.indiatimes.com/news/internet/shopclues-acquired-by-singapore-based-qoo10/71839928">found</a> a buyer in Singapore-based e-commerce platform Qoo10. Shopclues which was once valued at $1.1 billion-- is sold in an all stock deal for a reported valuation ranging between $70-$100 million. Here’s a look at how it all went down for the e-commerce startup. 2011 Shopclues was founded in July 2011 by Sanjay Sethi, Sandeep Aggarwal and Radhika Aggarwal. This was two years before Amazon came to India. It raised an angel round of funding. 2012 The startup raised its series A round of funding of $4 million. During this time, Shopclues had 2500 transactions a day and according to <a href="https://www.techcircle.in/2012/09/04/excl-shopclues-raises-4m-in-series-a-round-looking-to-gross-rs-100cr-sales-by-dec-2012">reports</a>, was hoping to turn profitable by 2013. 2013 Gaining momentum, Shopclues closes its series B round for $10 million from investors Nexus Venture Partners and Helion Venture Partners. 2014 Shopclues raised $15 million as a part of its series C round of funding from its existing investors. 2015 In 2015, the startup scooped up its Series D funding for $100 million, also welcoming Tiger Global to its board of investors. “Shopclues has emerged as the leading marketplace of choice for the millions of small and local businesses seeking to reach mass consumers in India’s tier 2 and tier 3 cities,” the then Tiger Global private equity business head Lee Fixel <a href="https://www.vccircle.com/e-com-marketplace-shopclues-raises-100m-series-c-funding-led-tiger-global/">had said.</a> It also registered a GMV of $400 million. 2016 Between late 2015 and early 2016, Shopclues closed its series E round of funding to join the prestigious unicorn club. It also brought back its dreams for profitability while also reportedly hoping for an IPO. 2017 Shopclues was caught in the middle of a very public spat between its founders – husband and wife duo Sandeep Aggarwal and Radhika. Aggarwal put out a post on Facebook accusing his wife of “an illicit affair” as well as ousting him from the company. It was also the year when the company’s <a href="https://economictimes.indiatimes.com/small-biz/money/shopclues-fy-17-revenue-up-5-losses-decline-by-13/articleshow/61539773.cms">revenue began slowing dow</a>n. In FY17, the company’s revenue grew by 5% instead of the usual 50% jump it had been seeing. Its losses stood at ₹332 crores. 2018 It managed to come back in the game with a 46% revenue jump and cutting down its losses to ₹208 crore in FY18. But at this time, Shopclues also <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/shopclues-revenue-up-46-to-rs-273-crore/articleshow/66409043.cms">cut down</a> on operational costs, advertising spends and employee benefits. However, it was facing immense competition from Flipkart, Amazon, Paytm etc who were growing at breakneck speed. Meanwhile, Shopclues was focussing on its wholesale marketplace model. Once again, its plans to go in for an IPO in 2018, failed to see the light of the day. Multiple senior management <a href="https://www.thehindubusinessline.com/info-tech/top-level-exits-at-shopcluescom/article23263804.ece">exits</a> too began in the company. It also fired 50 employees across verticals. It also lost a legal fight with L’oreal, which had <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/loral-india-wins-judgement-on-counterfeits-against-shopclues/articleshow/66652453.cms">accused</a> Shopclues of selling counterfeit products on its platform. 2019 Having survived on bridge rounds of investments, troubles started mounting for the company as its struggle to survive became public. The rumours of its probable sell began taking solid turns. Snapdeal (who was itself making a comeback from massive losses) was reported to be in talks with Shopclues for a possible merger, but the talks didn’t go through in the end. There were also rumours about ebay.in looking to <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/ebay-in-talks-with-etailers-including-shopclues-for-a-fresh-bid-in-india/articleshow/65157378.cms">acquire</a> Shopclues. Shopclues also laid off about 200 employees to cut costs. Then came the news of its final sale to Singapore-based Qoo10 in an all stock deal, but with a massive fall in valuation. “This partnership presents new strategic opportunities for both companies, as it opens up cross-border opportunities for consumers and sellers across Asia,” the company said in a statement.

Once valued at $1.1 billion Shopclues finally gets sold for less than $100 million valuation

India is increasingly seeing a host of ingenious <keyword id="138263" type="UNKNOWN" weightage="100" keywordseo="startup">startup</keyword>s. While some may say the startup bubble would burst soon, as long as the money’s coming, the party’s on. 
 
Business Insider India ranks the top 10 most promising Indian <a href="http://www.businessinsider.in/searchresult.cms?query=startup">startup</a>s. 
 
P.S: Flipkart and Snapdeal are excluded from the list as they’re too big to be considered ‘<a href="http://www.businessinsider.in/searchresult.cms?query=startup">startup</a>s’ now. 
 
1. <keyword id="6362049" type="UNKNOWN" weightage="100" keywordseo="Ola-Cabs">Ola Cabs</keyword> 
Online taxi aggregator Ola is giving <a href="http://www.businessinsider.in/searchresult.cms?query=Uber">Uber</a> a hard time over who gets the biggest pie of the Indian market. This Mumbai-based startup has grown exponentially since it bought off rival <a href="http://www.businessinsider.in/searchresult.cms?query=TaxiForSure+">TaxiForSure </a>for $200 million. 
 
2. <keyword id="6357120" type="UNKNOWN" weightage="100" keywordseo="PayTM">Paytm</keyword> 
What more do you need if you have <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba">Alibaba</a> supporting you! <a href="http://www.businessinsider.in/searchresult.cms?query=Paytm">Paytm</a> has expanded from online recharge to become an online marketplace. While it’s retail business is a fraction of Amazon, Flipkart or Snapdeal, it’s undeniably the jack of all trades. 
 
3. <keyword id="1960231" type="UNKNOWN" weightage="100" keywordseo="Housing-com">Housing.com</keyword> 
Housing.com has been in recent news for all the wrong reasons. However, with an aggressive marketing campaign and ambition to tap into global real estate business, investors clearly see a lot of muscle in the company’s claims. 
 
4. <keyword id="6381424" type="COMPANY" weightage="100" keywordseo="Quikr">Quikr</keyword> 
This online classifieds website is doing pretty well. In April 2015, the company raised a whopping $150 million from Tiger Global and Steadview Capital Management among other existing investors. Valued at $1 billion, the company has also rolled out its special Quikr Cars ad campaign with Ranvir Singh. 
 
5. Mu Sigma 
This Bangalore-based analytics firm clearly breaks the list of internet-based startups. This one offers analytics to major companies across the world. 
 
6. InMobi 
This company, founded in 2008 is fighting against the likes of Google and Apple in the mobile advertising segment. The startup already has 750 million users across 160 countries. 
 
7. Zomato 
Zomato sits at top of the host of food tech startups India has seen. Its international expansion plans and venture into food ordering and transportation has ensured its leadership in the food-tech space. 
 
8. Zivame 
Zivame offered a niche choice for an already under-served segment. The unavailability of sizes, social discomfort and poor market penetration ensured Zivame.com took the market by storm. 
 
9. RedBus 
RedBus has made a mark on consumer minds, thanks to it’s targeted marketing campaigns and differentiation. Of course, it has now been sold off to the Ibibo group for a whopping $138 Million. 
 
10. ShopClues 
 
Founded in January 2011, Gurgaon-based ShopClues has big names like Tiger Global, Nexus Venture Partners and Helion Venture Partners backing them up.

Top 10 Indian startups that are going places

<keyword id="2947589" type="General" weightage="100" keywordseo="droom" source="Orion">Droom</keyword>, <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s leading automobile e-commerce platform, which provides the largest selection of automobiles with over 1.4mn+ vehicles listed, has released its annual 'India Automobile Ecommerce Report' reports for Calendar Year (CY) 2022. As per the report, the SUV segment topped the chart in 4-wheelers and Hyundai Creta continued to be the most preferred choice followed by Kia Seltos which made its way up the list quickly becoming the new favourite among buyers. They were followed by Maruti <keyword id="5894046" type="General" weightage="50" keywordseo="suzuki-vitara-brezza" source="Orion">Suzuki Vitara Brezza</keyword>, Toyota <keyword id="3231108" type="General" weightage="50" keywordseo="innova-crysta" source="Orion">Innova Crysta</keyword> and Toyota Fortuner. Bajaj Pulsar emerged as the top preference in 2-wheelers followed by Hero Splendor Plus, Bajaj Pulsar NS, TVS Apache RTR, and Honda CB Shine. In the luxury vehicle segment, the Mercedes Benz E-Class became the most preferred luxury car followed by Jeep Compass, Mercedes Benz C Class and BMW5 Series whereas, in the 2-wheeler segment, Royal Enfield Interceptor came up in ranks and became a hot favourite followed by Harley Davidson Street 750 and <keyword id="480564" type="General" weightage="50" keywordseo="kawasaki-ninja" source="Orion">Kawasaki Ninja</keyword> ZX-10R. The share of an automatic transmission is on a steady rise from CY 2015 when it was 23 per cent to 33 per cent in CY 2022, up from 30 per cent in CY 2021 because of convenience and higher fuel efficiency and EV penetration continues to remain stagnant at 1 per cent of total vehicle sales across categories in India. The share of diesel vehicles fell from 60 per cent in CY21 to 53 per cent in CY22 due to the vehicle scrappage policy barring diesel vehicles older than 10 years from plying on the streets Premiumization is a trend in India heightened by Droom's pure-play e-commerce model, resulting in the average selling price for cars standing at 11.98 lakh and bikes being 55 thousand. This is primarily because physically branded dealers tend to focus only on mass-market whereas Droom caters to mass, mid, premium and luxury segment. Commenting on Droom's annual automobile trend report CY 2022, Sandeep Aggarwal, Founder and CEO, Droom said, "The automobile trend report of 2022 shows steady growth in the overall automobile market. The report indicates an increasing acceptance towards online automobile buying and this will only grow in the coming years. There is also a gradual but steady adoption of electric vehicles which will expand in the coming future." He further added, "Droom has been disrupting and redefining the age-old traditional automobile retailing through its innovative and asset-light ecommerce model. Our technology-driven integrated ecosystem of services has made selling and buying of automobile quick and easy. Droom is one of the largest transactional platforms that compiles data and findings and presents insightful and interesting analysis reports." With a pure-play e-commerce, asset-light, and technology-oriented business model, Droom has a presence in 1174 cities. The platform has seen significant growth in online buying with Delhi, Bangalore, Jaipur, and Hyderabad emerging as the largest markets for online transaction in CY2022. While online automobile selling and buying is prevalent in metro cities, the trend is also catching onto other cities like Bhiwani, Sangli, Ajmer, Sirsa, Gurgaon, Faridabad, Surat and Ghaziabad. The love for white color cars among customers is evident since it is the preferred choice since 2015. Droom offers a 21st-century E-Commerce experience for automobiles. Droom offers India's largest selection of automobiles with over 1.4 million vehicles listed online in 1,174 cities -- both used &amp; new, cars &amp; 2-wheelers, and other vehicles too. For buyers, Droom offers India's finest automobile buying experience online with trust, selection, low price, and convenience second to none. Droom is the market leader in the automobile e-commerce segment and since its inception, Droom has sold over 566K vehicles and served over 2.5 million happy customers with its products and services. Droom is among the most trusted consumer internet brands in India often recognized for its innovative approach and technology and is backed by marquee global investors including Lightbox, Digital Garage, Toyota Group, Recruit, Beenext, Beenos, 57 Stars and many multibillion-dollar family offices in SE Asia and Hong Kong. Droom was founded by Sandeep Aggarwal, the only tech entrepreneur in India who has funded two Unicorns back-to-back (ShopClues and Droom) and is a Singapore Holding Company with its subsidiaries in India and the United States. The company is headquartered in Gurugram, India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/vr-app-allows-users-to-revisit-memories-previously-recorded-on-their-smartphones/articleshow/98275527.cms">This app is straight out of Black Mirror — it lets you capture and revisit memories in virtual reality</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/google-pixel-7-long-term-review-a-premium-camera-centric-device-with-some-caveats/articleshow/98274785.cms">Google Pixel 7 long term review – a premium camera centric device with some caveats</a>

Hyundai Creta, Bajaj Pulsar emerge as the most popular car and bike: Droom report

<ul><li>In an interview with Business Insider, <keyword id="195858" type="PERSON" weightage="20" keywordseo="Sandeep-Aggarwal">Sandeep Aggarwal</keyword> said that the company has clocked $1.2 billion in GMV and $32 million in net revenue. </li><li>By 2021, when the company achieves $3 billion GMV, Aggarwal aims to list on NASDAQ.</li><li>They will also be extending their offerings – by foraying into luxury cars, agricultural equipment and OEMs etc. </li></ul>While the auto industry in India is buckling under a slowdown, auto marketplace platform <keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword>’s revenues grew by 90%. In an interview with Business Insider, Sandeep Aggarwal said that the company has clocked $1.2 billion in gross merchandise value (GMV) and $32 million in net revenue in 2019 calendar year. “We feel this momentum will continue as the auto industry fares better. We hope to achieve $2 billion in GMV this year and $65 million in net revenue. By next year’s end, we hope to hit $3 billion in GMV,” he said. But how is the company achieving these numbers even as Indian economy is in recovery mode? “Because online is only 1% of the total automobile industry. Other companies had a heavy exposure to ‘new’ and ‘cars’. We sell bicycles, scooters, buses, jeeps, tractors… everything and we sell 98% used,” said Aggarwal. Speaking of competition like CarDekho, Cars24, he said that Droom is the only pure play internet company while others offer offline services as well. A NASDAQ IPO By 2021, when the company achieves its $3 billion GMV target, Aggarwal aims to list on NASDAQ. And, it has been a very calculated step from the very beginning. “We have taken a lot of measures. We are a Singapore incorporated company, we had a Big 4 auditor from the first day, the corporate governance and board structure has been done keeping IPO in mind,” he said. Before they head for IPO, Droom which has been circling around the unicorn status has plans to cross the valuation mark. “This year, we will be raising our last round of capital which will be the pre-IPO round, with that we have a valuation of over $1 billion,” he said. Massive expansion spree As it switches on to the pre-IPO mode, Droom is also planning geographical expansion. It is already present in Singapore, Malaysia and Thailand along with an R&amp;D centre in the US called Droom Lab Inc. “In the next 18 months, we will expand to Indonesia, Vietnam and Philippines and then six countries in the Middle East. After that, we will plan our European expansion,” he said. They will also be extending their offerings – by foraying into luxury cars, agricultural equipment and OEMs etc. Lessons from the past Aggarwal is not new to building billion dollar companies. He was also the founder of the e-commerce unicorn – Shopclues, a company from which he parted ways after a <a href="https://www.thehindubusinessline.com/info-tech/spat-at-shopclues-spills-from-bedroom-to-boardroom/article9585836.ece">public spat</a> with his co-founder and wife Radhika Aggarwal. Shopclues was recently sold to Singaporean e-commerce entity Qoo10. “Since the end of 2015, I have not spent a single day in that company. It was a prime asset but it needed a lot of innovation, vision, world class management team and a differentiation factor in e-commerce,” he said. Even before Shopclues, Aggarwal had 150 company ideas that he worked upon, till he finally built not just one unicorn but two successful startups. Ask him about the tricks of the trade and he recollects a time, when he was in college and got 40 rejections from companies only to get 7 job offers. “First, you need to have a desire to build something. Having worked with Fortune 500 companies in the US, I saw a lot of scale and then maybe, I just got lucky,” he says with a laugh. See Also: <a href="https://www.businessinsider.in/business/startups/news/paytm-founder-vijay-shekhar-sharma-video-on-how-his-startup-will-turn-profits/articleshow/74092975.cms">Watch Paytm founder Vijay Shekhar Sharma explain how his startup will turn a profit in the next two years after 10 years of losses</a>

EXCLUSIVE: Droom has big plans for 2020 – be a unicorn, raise pre-IPO funds, and expand to 9 new countries

<ul><li>Ganesh <keyword id="79029" type="General" weightage="80" keywordseo="balakrishnan" source="Orion">Balakrishnan</keyword>, the co-founder of <keyword id="16008024" type="General" weightage="20" keywordseo="flatheads-shoes" source="Orion">Flatheads Shoes</keyword> received an offer that valued his company at ₹2.25 crore from two sharks on <keyword id="11924074" type="General" weightage="100" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> S2. </li><li>Balakrishnan, who had earlier invested personal money to keep the venture afloat, rejected the offer. </li><li>The shoe business that started right before the pandemic ran into trouble as lockdowns forced people to stay indoors. </li><li>After the episode aired last Friday, the startup managed to sell off its entire inventory over the weekend, Balakrishnan said on social media. </li></ul>Last Friday, Shark Tank India S2 aired the season’s most emotional episode when Ganesh Balakrishnan made a pitch for his venture, Flatheads Shoes. The startup <a href="https://www.linkedin.com/in/ganeshbalakrishnan/">creates </a>‘all-day casual shoes for the urban workforce’ priced between ₹1,000-₹5,000 a pair. It also <a href="https://www.flatheads.in/">offers </a>India’s first linen sneakers, and the world’s first banana fibre sneakers. At the time Balakrishnan’s episode was shot, his company was on the verge of a shutdown. He said <a href="https://www.sonyliv.com/shows/shark-tank-india-1700000741/investing-in-the-future-of-india-1000203475?watch=true">on the show </a>that he personally invested ₹35 lakh to keep the business afloat, in the last two months. His co-founder Utkarsh Biradar, who helped design the shoes, too invested the same amount. Biradar exited the startup in 2022 but still holds 30% equity. In spite of his mounting troubles, Balakrishnan rejected the only deal he received on the show. Sharks Peyush Bansal (co-founder, Lenskart) and <keyword id="246967" type="General" weightage="50" keywordseo="vineeta-singh" source="Orion">Vineeta Singh</keyword> (co-founder, Sugar Cosmetics), offered ₹75 lakh for 33.3% equity in the company. The offer values the company at ₹2.25 crore. Balakrishnan had asked for a valuation of ₹25 crore as its company generated sales to the tune of ₹3.4 crore in FY22. The company had raised ₹5.2 crore in April 2021, at a pre-money valuation of ₹28 crore, from angel investors. Pre-money valuation refers to the value of a startup that does not include external funding – basically a startup’s value before it raises funds. <cmsannotation type="cmsannotation" annotationid="Once in a generation troubles" comment="subhead2" text="Once in a generation troubles">Once in a generation troubles</cmsannotation> Balakrishnan started Flatheads Shoes in 2019, right before the pandemic struck. In less than a year, the company had no customers - as India stayed indoors, people barely needed shoes, much less urban workwear. “It’s not that I can’t run a company. I am capable of it. Thing is, when you step into the market and for 4 months nobody is wearing shoes, because nobody is stepping out only - such situations arise once in generations. And it happened to us,” said Balakrishnan on the show. He also said that angel investors were not willing to invest further in the business. <cmsannotation type="cmsannotation" annotationid="‘Need to evaluate my priorities in life’" comment="subhead2" text="‘Need to evaluate my priorities in life’">‘Need to evaluate my priorities in life’</cmsannotation> Even as he rejected the offer, Balakrishnan admitted that he needed to change his perspective, re-evaluate his priorities, and gain more experience before entering the D2C market. “I need to evaluate my priorities in life right now. I will go out there and work with a D2C brand and understand how to do this before I come back and try again. I need a couple of years. But that perspective needs to be built. And the best way to build it is to work with somebody who’s done this before,” said Balakrishnan on the show. Balakrishnan’s emotional admission left all the judges teary-eyed, with Shaadi.com’s founder Anupam Mittal remarking, “Shark Tank is not just about getting funding, but also perspective.” <cmsannotation type="cmsannotation" annotationid="Every tear has a silver lining" comment="subhead2" text="Every tear has a silver lining">Every tear has a silver lining</cmsannotation> When Balakrishnan pitched on the show, most of the Sharks asked him to shut down the business and instead, look to make a living through a regular job, leveraging his educational qualifications and work experience. While boAt’s founder Gupta shared his personal experience of going down the same road, Mittal even offered him a job. Shortly after the episode aired though, Flatheads Shoes trended on social media and consequently received enough orders that it almost sold out its inventory in India. “We've almost sold out our inventory in India, so pardon us if you aren't able to find your size on www.flatheads.in,” shared <a href="https://www.linkedin.com/feed/update/urn:li:activity:7017678455685226496?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A7017678455685226496%29">Balakrishnan on his LinkedIn account</a>. The product is featured on the Shark Tank India website. The brand also has international ambitions. It launched its products in the US in October 2021 and plans to expand its international market in the US and UAE. As Balakrishnan admitted on the show, Flatheads enjoys a ‘price advantage’ in the US because people are willing to pay a premium price for a sustainable product. <cmsannotation type="cmsannotation" annotationid="The serial entrepreneur" comment="subhead2" text="The serial entrepreneur">The serial entrepreneur</cmsannotation> After graduating as a mechanical engineer from IIT Bombay in 1999, Balakrishnan worked with an industrial technologies MNC Ingersoll-Rand International (India) for five years, before pursuing an MBA degree from IIM, Bangalore. He worked with Bain &amp; Company and Honeywell, before starting his entrepreneurial journey in 2013 with Windsleeve, a retail technology product company, and Momoe, a mobile payments product company. While Windsleeve shut down in a year, Momoe ran for three years, before being acquired by Shopclues in 2016, in a cash and stock deal. In 2019, Balakrishnan entered the startup space again with Flathead Shoes, inspired by his personal experience of dealing with reeking and ill-fitting shoes. Balakrishnan is married and has a 10-year-old daughter. Currently, his household income is managed by his wife, who’s working with a German company. His daughter is an artist who also wants to be an entrepreneur and is already taking orders for calendars created with her paintings. “Did I mention that my 10-year-old daughter wants to be an entrepreneur? She says she is a fan of Peyush's no-nonsense mindset, and I know that she admires Vineeta for her cheerfulness and positivity. She is super proud that I managed to get an offer from both of them,” stated Balakrishnan <a href="https://www.linkedin.com/feed/update/urn:li:activity:7017678455685226496?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A7017678455685226496%29">on his LinkedIn post</a>. His perseverance and honesty on the show left the Shark Tank India panel and the audience so impressed, that the admiration translated into sales. <div type="twitter" handle="AbstractAkarsh" handlename="Akarsh hp" image="http://pbs.twimg.com/profile_images/1608027655529730050/ZdAybBsg_normal.jpg" favoritecount="75" retweetcount="4" status="The #Flatheads pitch in #SharkTankIndia was one of the best I've seen across two seasons. Emotional. Real. Uplifting." createdat="1673025864000" id="1611413387547938816"></div> <div type="twitter" handle="dssagar93" handlename="Sagar Khatri 🇮🇳" image="http://pbs.twimg.com/profile_images/1508142401172385794/MMugvnlw_normal.jpg" favoritecount="20" retweetcount="0" status="This #Flatheads guy is so genuine and transparent with his story and failures. Saying that you couldn't make it wit… https://t.co/rjcGdmhUCo" createdat="1673026813000" id="1611417367736877056"></div> <div type="twitter" handle="banerjee_bapi" handlename="Bapi Banerjee" image="http://pbs.twimg.com/profile_images/975719104953962496/N_213Fro_normal.jpg" favoritecount="7" retweetcount="0" status="Nothing but respect for you. To be honest on the national television, it takes courage. And I am sure you will boun… https://t.co/3KSiXtM62Q" createdat="1673078555000" id="1611634388642729984"></div> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-sri-lanka-odis-2023-match-date-and-time-head-to-head-stats-and-more/slidelist/96849348.cms">India vs Sri Lanka ODIs 2023 – match date and time, head-to-head stats and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/health-edtech-platform-virohan-raises-7-million-in-funding-led-by-blume-ventures/articleshow/96849208.cms">Health edtech platform Virohan raises $7 million in funding led by Blume Ventures</a>

This IIT-IIM startup founder denies Shark Tank offer, sells his entire inventory over the weekend

<ul><li><keyword id="25725" type="PERSON" weightage="20" keywordseo="Ronnie-Screwvala">Ronnie Screwvala</keyword>, who is a well-known name in Bollywood, and an entrepreneur who created a media conglomerate, has also set up a strong base in the Indian startup ecosystem.</li><li>He set up the edtech firm upGrad in 2015.</li><li>But even before that, Screwvala has been an active investor in Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> through his firm <keyword id="1126175" type="ORGANIZATION" weightage="20" keywordseo="Unilazer-Ventures">Unilazer ventures</keyword>.</li></ul>It seems like there’s no stopping Ronnie Screwvala, the media mogul and entrepreneur. Screwvala, who set up the media and entertainment company UTV Motion Pictures and sold to Disney for a whopping ₹2000 crore, went on to found another production house RSVP Movies in 2014. In recent years, RSVP has produced movies like The Sky is Pink, Kedarnath, Ghost Stories and more. But Screwvala’s popularity is not just limited to Bollywood; he has also set up a strong base in the Indian startup ecosystem. Along with being the co-founder of the edtech firm upGrad, he has also long been an investor in the startup ecosystem, having set up an investment firm – Unilazer Ventures. Here’s a look at how Ronnie Screwvala has solidified his startup presence Screwvala set up Unilazer ventures in 2012, after selling his stake in UTV. Since then, the investment firm has gone on to bet on over 30 Indian startups. Unilazer Ventures focuses on early-stage startups across sectors. Some of Screwvala’s investments <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lenskart </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lido </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Easypolicy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Niki.ai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DailyObjects </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Arré </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Environment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Career Guide </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EkStop </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OyeLife </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Premier India Football Academy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZipDial </td></tr></tbody></table> The latest to join the list of investments from Screwvala is the celebrity fan engagement portal TrueFan. The six-month-old startup founded by Nimish Goel, Nevaid Aggarwal, and Devender Bindal has raised $4.3 million in seed funding by investors like Ronnie Screwvala, Mayfield India, and Saama Capital. “When Nimish approached me on TrueFan, three things struck me: firstly, any product driven by technology is going to soar in the 2020 decade. Secondly, this is the perfect blend of gamification meets media meets content. Thirdly, the simplicity of the idea allows the product to seep through the wide, Indian user-base. For me, it is ideas like these that will really stay the course,” said Screwvala in a statement. Unilazer Exits Unilazer has marked three exits already, with its invested startups being acquired. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Startup, sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Acquired by </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shopclues, e-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qoo10 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Micro Housing Finance Corporation, fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Svatantra </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zivame, e-commerce </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance </td></tr></tbody></table> Building upGrad The five-year-old startup upGrad has made a mark in the edtech sector. The higher education platform claims to have impacted over half a million people globally and has collaborated with universities like IIT Madras, IIIT Bangalore, MICA, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University, and others. With the coronavirus lockdown boosting online learning, the startup now expects a ₹1,200 crore annual run rate with profitability. The startup also expects a 100% increase in repeat enrollments in the portal. “Last quarter around 15% of the revenue booked, has been solely driven by repeat purchase and evangelism by our existing alumni. As we scale our program portfolio and continue our alumni engagement initiatives like advanced certification program, exclusive leadership webinars, personalised career mentorship, regular community newsletters, subject-specific newsletters, we expect around 4000 enrolments to come solely through our alumni in the form of repeat purchase and referral this year,” Screwvala said about their growth plan, recently. upGrad’s latest funding was a ₹50 crore debt fund from IIFL Asset Management. 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Ronnie Screwvala’s investments range from edtech to e-commerce and media

<a href="http://www.businessinsider.in/searchresult.cms?query=Amazon+India&amp;sortorder=effectivedate">Amazon India</a> gave itself a head start as it announced it mega sale from October 1st to October 5th while <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart+&amp;sortorder=effectivedate">Flipkart </a>and <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal+&amp;sortorder=effectivedate">Snapdeal </a>have announced their sales to be from October 2nd to October 6th. Marketplace <a href="http://www.businessinsider.in/searchresult.cms?query=Shopclues+&amp;sortorder=effectivedate">Shopclues </a>will also hold its mega sale from October 1-10, while <a href="http://www.businessinsider.in/searchresult.cms?query=Alibaba&amp;sortorder=effectivedate">Alibaba</a>-backed Paytm is yet to announce dates for its festive sales. 
 
All the three companies are hoping to gain a large portion of their sales this festive season. 
 
Last year, online retailer were estimated to have sold goods worth somewhere around Rs 9,000 Crore in October. 
 "This year online retailers have tried to push the burden of discount on sellers wherever possible," Mrigank Gutgutia, engagement manager at research firm <keyword id="3359665" type="UNKNOWN" weightage="20" keywordseo="RedSeer">RedSeer</keyword> said. 
 
Merchants are not in the mood to come up with discounts on their own, therefore, online retailers might have a disappointing festive season. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=RedSeer&amp;sortorder=effectivedate">RedSeer</a> estimated that online sales may not exceed Rs 10,000 Crore in October this year combined. Last year, it was estimated that <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword>, <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword> and <keyword id="6354743" type="COMPANY" weightage="20" keywordseo="Amazon-India">Amazon India</keyword> clocked combined sales of between $500- $600 million during the festive day sales. Flipkart alone is estimated to have sold goods worth $300 million during its famous <keyword id="3092441" type="UNKNOWN" weightage="20" keywordseo="Big-Billion-Days">Big Billion Days</keyword> (BBDs). 
 Flipkart will be looking to repeat the same performance so as to remain ahead of it competitor <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> India. Flipkart has bagged exclusive rights from brands like <keyword id="11148" type="CITY" weightage="20" keywordseo="Motorola">Motorola</keyword>, <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword>, Reliance and <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword> over the last few months. The e-commerce giant is also betting big on sale of large appliances, besides extending its domination in the high-margin fashion and apparel segments. 
 
Snapdeal has recently renamed the sale as “Unibox Diwali Sale” and is planning to offer about 70% discount on home appliances, electronics, mobiles, home furnishings, furniture and FMCG. 
 
Amazon India is leaning on the largest selection of products - 80 million. It is also looking forward to increase its sales with improved customer experience with a pickup in its subscription service Amazon Prime. 
(image: Indiatimes)

Flipkart, Amazon, Snapdeal brace for mega clash to cash in on festive boom

Indian <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a> is booming. The sector has grown by 34% (CAGR) since 2009. It is expected to touch $22 billion by end-2015. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">E-commerce</a> is believed to be a major driver to the <keyword id="108235" type="ORGANIZATION" weightage="100" keywordseo="logistics">logistics</keyword> sector. BI India caught up with Chander Agarwal, Joint Managing Director, <keyword id="109696" type="COMPANY" weightage="80" keywordseo="TCI">TCI</keyword> and got chatting about logistics and Indian <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce">e-commerce</a>. The company currently has tie-ups with <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Snapdeal">Snapdeal</a>, HS18 and Shopclues. 
 
1. What are some of the new initiatives you’re planning with <keyword id="35621" type="UNKNOWN" weightage="100" keywordseo="e-commerce">e-commerce</keyword> companies? 
Same-day delivery is the next big thing. However, it is only currently possible if the item is available at the e-commerce company’s warehouse. 
 
In case it’s with the shipper, we source it from some other location. This will revolutionize B2C logistics. 
 
2. Isn’t same-day delivery a necessary evil for you? 
It’s impossible for us to stockpile the whole plethora of goods in our warehouses and deliver. Logistics companies can only pick up from the vendor and deliver in the lowest possible time. 
 
3. So it’s playing out really well for you. You have a bigger piece of the pie. 
Agreed. However, hyper-local delivery comes into play for select categories. The time is yet to come when people order a TV, and it’s delivered the same day. That demand for that hasn’t risen so much in India yet. 
 
4. What are the specific categories that are ordered with a same day delivery demand? 
Mostly small components like computer accessories, clothing, and groceries. It’s typically small and light. 
 
5. With billions being poured into e-commerce giants, are you worried about increased competition? 
We don’t compete with the money, but with the service levels we provide. <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart">Flipkart</a>’s core lies in online trading, not logistics. They did purchase a logistics firm, suffered heavy losses and sold it off. 
 
Several e-commerce companies are buying logistics companies to understand the business. That not because they want to run a fully fledged integrated logistics service. The way the market is emerging, even if they buy, they can’t be pioneers. The back-end would remain with people who are very competitive. 
 
6. How much of your business in based on the e-commerce sector? 
We’re primarily a B2B-based company. Currently around 5% of our business is based on e-commerce. We will take it up to double digits in the next two years. 
 
7. The e-commerce players are increasingly promoting prepaid payment methods. Do you feel cheated? After all, COD (Cash on Delivery) is one of the dominant factors that kick-started Indian e-commerce? 
They can do all this, but they’ll just lose market share. Many are still shy to part with sensitive credit card details. We have COD in hundreds of Crores. 
 
8. They are extensively promoting their loyalty schemes. Some also charge for COD. 
There are diverse consumer segments. A person who doesn’t have the time is comfortable to use Wallets and Credit cards. These are high value and low volume consumers. However the segment that would drive majority of the traffic is low value and high volume. These people prefer COD. 
 
9. What percentage of your e-commerce orders are COD? 
Over 80-90% of the orders are COD-based. 
 
10. E-commerce companies spend over 60-70% of their revenue on advertising and marketing. Do you feel cheated? 
Not at all. If they didn’t advertise, we would not have known they are there. 
 
Image credit: Indiatimes

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