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<ul><li><keyword id="1972612" type="PERSON" weightage="20" keywordseo="Coinbase">Coinbase</keyword> is setting up a new office in India and expanding its local team.</li><li>The crypto exchange plans to recruit ‘hundreds’ of engineers as well as hire for the product, design and human resources teams.</li><li>Startup acquisitions and acquihires are on the books as well.</li></ul>Crypto exchange Coinbase just went public three months ago, and now it’s looking to expand its footprint in one of the most populous countries in the world, India. It has big plans to hire, acquire and make the South Asian country one of its primary hubs. <div type="twitter" handle="brian_armstrong" handlename="Brian Armstrong" image="http://pbs.twimg.com/profile_images/1039744169026224128/Ne3vqMhM_normal.jpg" favoritecount="5792" retweetcount="1137" status="Coinbase is building out an office in India! 🇮🇳 Amazing team already in place - come join us.https://t.co/yCaJk681pZ" createdat="1625249316000" id="1411024018228928512"></div> The chief executive (CEO) of the company, Brian Armstrong, recently tweeted that Coinbase is already building its office out of the country — in Hyderabad — and looking to add to its local team. This includes adding ‘hundreds’ of engineers while also recruiting for the human resources, design, user experience and product management teams. According to the blog post by the vice president of engineering in India, <a href="https://blog.coinbase.com/building-crypto-out-of-india-5cd5afa6d884">Pankaj Gupta</a>, these new hires will be among the “topmost talent available anywhere in the world.” <div type="ExtQuote" text="We have ambitious plans for this hub in the near future — we want to hire hundreds of world class engineers in the near term." auname="Blog post by Pankaj Gupta, the VP of Engineering and Site Lead in India for Coinbase"></div> Anyone who ends up at Coinbase will receive a one-time $1000 in crypto as a part of the company's new program called CIkka — pronounced ‘sikka’. The news comes after the crypto exchange announced that it’s working on an app store, <a href="https://www.businessinsider.in/cryptocurrency/news/coinbase-wants-to-become-the-apple-of-the-crypto-industry/articleshow/83986137.cms">that will work like Apple’s App Store</a>, for decentralised apps (DApps). Coinbase wants to be as local as possible Even though Coinbase is currently based out of Delaware in the US, its teams in India will be led by independent directors. They will have the autonomy to make decisions as per the local context and requirements. The company is ‘remote-first,’ so they’re open to hiring all over India, not just in Hyderabad where they’re setting up shop. In addition to the robust hiring, Coinbase hasn’t ruled out acquiring up and coming startups. The company has asked interested founders to reach out to Gupta so that their ideas can be discussed further. India’s crypto hype and FUD Cryptocurrencies were a red hot investment asset for Indians during the pandemic. Blockchain data analysis company Chainalysis estimates that Indian investments into cryptocurrency rose from $923 at the end of April last year to a whopping $6.6 billion by May 2021 — that’s a massive 615% jump. But, this also brought in more scrutiny from the government. While there is no official ban on cryptocurrencies in India, the Reserve Bank of India (RBI) continues to frown on it. Risk-averse banks, in turn, are hesitant to allow customers to exchange their rupees into cryptocurrencies. Since major payment gateways — like Razorpay, PayU and BillDesk — are dependent on these banks, they have had to sever ties with crypto exchanges. As a result, exchanges in the country are currently on the hunt for payment gateways that will allow conversion. WazirX and CoinSwitch Kuber, for instance, have currently partnered with Mumbai-based Airpay for instance transfers. Most exchanges offer alternatives like peer-to-peer (P2P) transactions or manual settlement — but those may not necessarily be an option for most users. Coinbase’s entry into the Indian market could lend some authority to crypto community camps with the Indian government mulling over new crypto laws and taxes. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions

<ul><li>Y Combinator has seen a 50% increase in participation from <keyword id="982553" type="PERSON" weightage="20" keywordseo="Indian-startups">Indian startups</keyword>. </li><li>As many as 12 <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> ranging from fuel delivery to customised clothing will deliver their ideas on demo day. </li><li>Startups like Cleartax, Razorpay, Meesho among others have been a part of the accelerator programmes earlier.</li></ul>One of the world’s most renowned accelerator programmes, Y Combinator, is concluding its summer programme with a demo day, where it will also be funding them. During the demo day, 12 Indian startups (2 of them have not been made public yet) are presenting their business ideas. Y Combinator, which takes in two batches of startups in a year, saw a 50% increase in participation from Indian startups. As many as 140 seed stage startups applied to the accelerator, while 12 of them were selected. Startups like Cleartax, Razorpay, Meesho among others have been a part of Y Combinator programmes earlier. Here are the 10 Indian startups that are presenting their ideas at the Demo Day. MyPetrolPump The Bengaluru-based startup delivers on-demand fuel to cars, fleet vehicles and generators. Founded in 2016, the startup has so far delivered 5 million litres of fuel, making revenues to the tune of ₹25 crore in FY19. They start delivery at 6 am in the morning, and it goes on until midnight. Lokal Lokal is a news app which delivers news and classifieds in vernacular content. The app currently delivers news in Telugu for Telangana and Andhra Pradesh. Wingman The startup helps sales representatives with on-screen and real-time analysis. The startup’s AI assistant helps the employees, and assists them with cue cards for their presentations, helping them improve performance. DigiPrex DigPrex works as an online pharmacy where patients can share prescription online and get medicines delivered at home, via through Whatsapp. Khabri The podcast platform offers vernacular content to Indians. Their content ranges from news to inspirational content and even jobs, where users can tune in to listen to information on-the-go. Mela Mela is an e-commerce platform that enables group buying through WhatsApp and Facebook. The platform helps collective buying at much cheaper costs and works much like the popular Chinese platform Pinduoduo. Nonu Nonu is a personal healthcare startup, specializing in hair loss treatment with prescription medicines, shampoos, and more. Vahan Vahan is a recruitment platform which uses Artificial Intelligence to match employers with job seekers. Through its messaging platform, it promises faster recruitment. GreenTiger Two former Microsoft employees Prateek Swain and Tyler Burnam launched GreenTiger, which helps Indians invest in the US stock market. The startup is based out of Sunnyvale, California. Binks Binks, launched in 2019, helps women get custom-made clothes online. Through the platform, women can pick styles, take a photograph and upload it on the platform along with measurements and then a custom made outfit is delivered in three days.

These 10 Indian startups are taking part in Y Combinator’s demo day

New Delhi, Dec 8 () The Unified Payments Interface (UPI) system may not see many new players entering the space as it has got aggregated with few players, according to a report.
 As a payment product, UPI will continue to scale with more innovative use cases coming in and will remain default payment gateway for the country, said a report by The Digital Fifth.
 While UPI has enabled innovation in the payment space, it has resulted in larger players taking complete control of the market, it said.
 With wallet business depleting and UPI getting aggregated with few players, there may not be many new players entering this space.
 The report also came out with a list of top-30 fintech influencers, which includes Niti Aayog Advisor Anna Roy, Ujjivan Small Finance Bank CEO Nitin Chugh and CreditMantri co-founder Gowri Mukherjee.
 Advisor on industry and data management and analysis at the Niti Aayog, Roy also leads the Women in Entrepreneurship Platform (WEP) initiative, supporting women entrepreneurs in India. She is leading the Government of India's initiatives on frontier technologies such as BigData, artificial intelligence and Blockchain.
 The report further said the remittance business would continue to scale as the market has remained largely untapped as of now.
 India will see emergence of few large remittance players with focus on high-traffic corridors, it said.
 The business-to-business segment has done well over past few years across POS (point-of-sale) and payment gateway segments with firms such as Pinelabs and Razorpay, building scalable and profitable business models, it said.
 "This segment has primarily depended on merchant discount rate for their revenues. In the Budget, the government has proposed that the establishments with an annual turnover of more than Rs 50 crore will offer low-cost digital modes of payment to customers and no charges or MDR shall be imposed on customers or merchants," it said.
 This change will impact payment start-ups focusing on the issuance side where they share issuance fees with banks and acquirer side, it said. DP HRS

Not many new players will enter UPI space: Report

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li style="font-weight: 400;">Justin Kan is a mid-30s entrepreneur who sold his previous startup, Twitch, to Amazon for $1 billion, and has raised millions in VC funding for his current project, the legal startup <a href="https://www.atrium.co/">Atrium</a>.</li><li style="font-weight: 400;">On Twitter, <a href="https://twitter.com/justinkan/status/1136751115632988160">Kan recently shared</a> everything he's realized about angel investing in the past eight years, during which time he's invested in Cruise, Ginkgo Bioworks, Razorpay, Bird, and 100 other companies.</li><li style="font-weight: 400;">With his permission, we've shared his advice below, in full and in his words, as well as some of the reactions from his followers.</li><li style="font-weight: 400;">Among other things, Kan writes that investors should figure out what companies they want to invest in, and convince those founders to take money, whether it's during a fundraising cycle or not.</li><li style="font-weight: 400;">"The best angels I know will just start being helpful and build a relationship with the founders, and then get allocation or even included in previous rounds," he says.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Here's everything I've learned about angel investing in the past eight years since I made my first one. I've invested in Cruise, Ginkgo Bioworks, Razorpay, Bird, and 100 more companies.Only invest in founders, not ideas. It's seductive to invest in pet ideas you want to see in the world. Sometimes you justify investing in a bad founder thinking the idea is so good it will carry them. This never works.Turns out even good ideas still need to be executed!There are now tons of investors in tech. Everyone seems to have their own fund. As an investor, there are three ways to differentiate from others: brand, analysis, hustle.Read more: <a href="https://www.businessinsider.com/justin-kan-of-atrium-on-how-to-stay-happy-2019-5">A CEO who sold his first startup for $1 billion explains how to build a company and stay happy at the same time</a>Brand is setting up a unique platform or positioning in the market that gets to differentiated deal flow. Best example is <a href="https://twitter.com/ycombinator">Y Combinator</a>, which wasn't even really positioned as an investor at first, but rather the Harvard Business School of Silicon Valley.On the newer side I like <a href="https://twitter.com/saastrfund">SaaStr Fund</a>, where <a href="https://twitter.com/jasonlk">Jason Lemkin</a> has set up an investor brand in a specific vertical (with a conference, online media, etc.) and positioned himself as the expert in this area. If you have a SaaS company, you want to talk to him.<div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div>Analysis is, "Do you actually think about how the world will look in the future and do you make good investment decisions based on that view?" Weirdly, this is pretty underrated in early stage tech investing ...I don't think there's any magic bullets here. You just need to do the work to do research on companies, call customers, figure out market size, etc. Many early stage investors don't do this.Hustle is getting into deals. Many investors wait for founders to be raising and to come to them. This is lazy.Instead, investors should figure out what companies they want to invest in, and convince those founders to take money (whether it's during a fundraising cycle or not).The best angels I know will just start being helpful and build a relationship with the founders, and then get allocation or even included in previous rounds.Observation: most SV gains (probably including my own) are purely because we have been investing into massive bull market. Everyone who started angel investing 10 years ago looks like a genius (you would have looked the same just buying a basket of <a href="https://www.businessinsider.com/faang-companies-are-going-their-own-ways-2019-1">FAANG stocks</a>). This will change. Lastly, always invest in your friends for FOMO protection. If you don't, the FOMO when they sell for $1 billion two years later might literally kill you. Read more: <a href="https://www.businessinsider.com/liberal-silicon-valley-engineer-moved-to-conservative-us-town-2019-6">A liberal Silicon Valley engineer got so tired of his peers constantly bashing Trump that he found the most conservative town in America and moved there.</a><h2>The reaction on Twitter</h2>After publishing the initial thread, Kan received plenty of reaction on Twitter."Your willingness to share what you have been through and learned along the way is appreciated. We could all use more of this in the world these days," one user wrote."There are tons of gems in the listed markets (with reduced risks compared to private illiquid deals). Go figure," another follower wrote."Brilliant recitation of stories of gain and pain. You captured the letter and spirit of your journeys. Many of us are saying, 'Been there. Done that. Feeling it!' Thank you," another user commented.

I've been an angel investor in 100 companies in 8 years, including a bunch of unicorns. Here are the most important things I've learned

<ul><li>Things have been challenging for small and medium scale businesses that are bearing the brunt of the <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> due to low consumer spending and disruptions and delivery and production.</li><li>Canadian e-commerce company <keyword id="1715801" type="PERSON" weightage="20" keywordseo="Shopify">Shopify</keyword> has been working closely with <keyword id="6393272" type="UNKNOWN" weightage="20" keywordseo="MSMEs">MSMEs</keyword> to help them strengthen their online presence and to future-proof their business.</li><li>Sandeep Komaravelly, Director of International Growth, Shopify walks us through all that the platform has been doing and how that has helped support these businesses during these adverse times. </li></ul>The lockdown has hurt most businesses and sectors across the world. Most are now working on ways to weather the storm, to come out of it with minimal damage. However, the Medium, Small and Micro Enterprises (MSMEs) have had to face massive losses. It is no surprise that the MSMEs have been the focus of the government’s relief packages because without external assistance, it will be difficult for most of these businesses to sail through. This is where Shopify, a Canada-based e-commerce company comes in. Since its inception, the company has been working on empowering entrepreneurs by helping them create and develop their businesses by removing the barriers that exist in selling online. While it has been helping power businesses in around 175 countries around the world, in India, it has worked with brands such as Nush by Anushka Sharma, Raymonds, Blue Tokai, WoW Cosmetics, Starstruck and John Jacobs eyewear, to name a few. The role of Shopify is to help these organizations operate and grow their business across their own direct-to-consumer website, online marketplaces, and social networks, while remaining in full control of their business. As a part of their efforts to support these MSMEs during the lockdown when many of these businesses have been adversely impacted, Shopify came up with a range of offers to help small and medium businesses across India adjust to the new normal and to help them increase efficiency while selling online. The aim of these offers was to make it easier for businesses to get back on their feet by helping them offer their customers with a good shopping experience, while also helping reduce monthly costs. According to the platform, merchants using the platform can save over Rs 1 lakh in partner credits through Shopify’s eCommerce solutions from industry-leading service partners. We recently caught up with Sandeep Komaravelly, Director of International Growth, Shopify, who told us all about the platform and its efforts towards supporting MSMEs. Excerpts: Q) MSMEs have had to face the brunt of low consumer spends. What has your priority as an organization been in these last few weeks to make things easier for these businesses? Shopify helps entrepreneurs as they transform an idea into a business. We offer a platform so easy to use that merchants are free to focus on developing their products rather than overcoming technical limitations. Analyzing the impact of the pandemic in India and an in-depth analysis of how consumer behavior has changed, we have created solutions for merchants looking to set up and grow their online business. Through our network we are extending attractive offers from partners across categories. Over Rs 1 Lakh in partner credits can be saved with these offers from leading technology, solution and service partners such as Razorpay, PayTM, Shiprocket, Adyogi and Delhivery to name a few. We also hosted our first-ever virtual Reunite session in May to introduce our latest innovations on Shopify to help merchants from across the world future-proof their businesses. We have introduced a number of new features, such as Shopify Email, Pick-up, Express themes, etc for merchants in India. Q) What kind of impact has there been on <keyword id="44779" type="COMPANY" weightage="20" keywordseo="SMEs">SMEs</keyword> and MSMEs? Have you come across businesses that have had to shut shop due to the Covid impact? Even in usual circumstances, SMEs and MSME’s are more vulnerable to competition or the slightest change in the market. The pandemic and the subsequent lockdown has impacted the growth of their business. They have been facing major challenges like lack of financing, delay in payments, paused production and fall in consumer demand. Having shared this, in spite of the hurdles it has been inspiring to see the strong resilience showcased by the SME community. They have been agile and quick to adapt to the new normal of digitization. We have seen SMEs taking their business online and setting up e-stores to reach out to their customers in the fastest possible manner. There are some who are also selling masks and protective equipment addressing the need of the hour of their customers Q) What were some of the major challenges that these merchants faced during the lockdown days? How have you been able to help? The most immediate challenge for a merchant has been to be agile in moving online to safeguard their businesses and facilitating local delivery. In an immediate response to the challenges faced by merchants we have released a new one-page theme called Express that enables merchants to get online quickly. As of March 20, selling gift cards has been available to all merchants, and Shopify has seen more merchants utilizing this feature than ever before. We also introduced Shopify Email that helps merchants build more meaningful relationships with their customers, and to make email marketing easy and accessible to businesses who are new to digital marketing. Shopify also offers merchants flexibility to enable pickups, they can set up the option for customers to pick up their online orders at your retail store or any location that they choose. Q) You work with a lot of partners. How has this integration and collaborative model helped you strengthen your offering? Shopify’s partner ecosystem acts as a moat to the company. Developers build apps (plugins) for merchants that act as an extended feature set and help in greater product market fit across the world. Developers sell these apps globally through the Shopify app store and have built million dollar businesses out of India. India has always been the biggest export hub for software services. Service partners on Shopify help merchants build a website, design, do digital marketing and every possible service that an ecommerce merchant needs. This ecosystem helps merchants use Shopify in a Do-It-For-Me manner, and focus more time on their business and growth. We are presently working to grow our influencer network in India like we have in the US. Bloggers, Youtubers, educators et al help new entrepreneurs learn the specifics of ecommerce and how Shopify can be a platform that supports their business end to end. Q) What kind of business impact have you faced as an organization during the lockdown? One of the key trends that we have seen during this period is the demand for shopping locally. More than ever, merchants need efficient ways to connect with their local customers today and in the future. Globally, average daily local orders on Shopify for the six weeks ending April 24, grew by 176%, compared to the prior six weeks, coinciding with the introduction of physical distancing measures. As of April 24, 26% of brick-and-mortar merchants in Shopify’s English-speaking geographies were using some form of local pickup and delivery solution, compared to just 2% at the end of February. Shopify is accelerating and shipping products that will help merchants future proof their businesses. Historically, necessity breeds innovation. By making it easy to start and maintain a business, we continue to help merchants bring to life the innovations spurred by this unprecedented world event. We remain committed to removing the barriers that exist for merchants starting new businesses. Q) As we are slowly coming out of the lockdown, what were your learnings as a leader? We realize even more that preparedness is key and this refers to multiple scenarios. It is important that as organizations and business leaders we are quick to adapt to any given situation. It is also important to dedicate time and effort towards keeping employee morale high especially in situations like this. A dedicated and highly motivated workforce will strengthen any organization and ensure a joint effort towards meeting organization goals even during a downfall.

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Coinbase expansion plans in India include hiring ‘hundreds’ of engineers and exploring startup acquisitions

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These 10 Indian startups are taking part in Y Combinator’s demo day

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Not many new players will enter UPI space: Report

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I've been an angel investor in 100 companies in 8 years, including a bunch of unicorns. Here are the most important things I've learned

Justin Kan, Contributor

How Shopify is helping MSMEs and SMEs sail through the lockdown by helping them strengthen their online presence

Samarpita Banerjee

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