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<ul><li>Furlenco is growing at a CAGR of 130% YoY and is all set to cross the $300 million mark in net subscription revenue by 2023, from the current $25 million </li><li>In a market where brands are having a tough time cracking millennials' minds and making them stay for long, Furlenco gets 85% of its revenue from the age group</li><li>Furlenco presented these millennials with an offer that they could not refuse, <keyword id="2221173" type="PERSON" weightage="20" keywordseo="Ashwin-Venkatraman">Ashwin Venkatraman</keyword> tells us how they did it</li></ul> Online furniture rental platform, Furlenco that likes to call itself the ‘Netflix of rental furniture and decor market,’ has had a smooth ride this year. The brand is growing at a CAGR of 130% YoY and is all set to cross the $300 million mark in net subscription revenue by 2023, from the current $25 million. Currently present in Delhi, Bengaluru, Gurugram, Chennai, Mumbai, Noida, Hyderabad, and Pune, Furlenco will now expand its business to seven more cities by 2023. In a market where brands are having a tough time cracking millennials' minds and making them stay for long, Furlenco gets 85% of its revenue from the age group. Hence, the brand has shifted 100% of its marketing monnies to digital media, which is 10-15% of its annual revenue. This year, the platform has increased its marketing budget by 50%. We spoke to Ashwin Venkatraman, Chief Operating Officer, Furlenco to find out the mantra behind this smooth sailing, what made them shift their focus completely on millennials, the road ahead and of course, their content journey so far. Excerpts: Q. How has been Furlenco's journey so far in India? Started in 2012 by Ajith Mohan Karimpana, Furlenco is a furniture company with a difference, catering to the lifestyle aspirations of contemporary urban Indians in an unmatched way. It is an online-only platform known for award-winning designs created by in-house experts. The company has pioneered the furniture subscription concept in a way that is unprecedented anywhere in the world. In fact, Furlenco's disruptive proposition is so appealing that it has become one of the few Indian companies to be cloned by start-ups in the United States. The journey of Furlenco has been nothing short of fantastic and the business has grown at a CAGR of 130% year-on-year. Q. What do you think sets Furlenco apart in the category? Furlenco’s offerings are novel to the segment that we operate in. We have not competed for a share of an existing market but rather carved one for our own by offering furniture and home décor on subscription basis. Our aim is to encourage young Indians to subscribe to a holistic lifestyle experience for their homes at affordable rates instead of buying bulky furniture, expensive appliances and other décor elements. Our biggest differentiator has been the innovative and premium furniture designs created in-house by our experts. We don’t just offer our subscribers the typical bed, sofa and table etc., but innovative and utility products that serve the aspirations of the urban millennial in India. Apart from this, delivery within 72 hours, Swap &amp; upgrade your furniture at will, free deep cleaning service every year and the option to relocate the subscribed furniture free-of-cost, are some of the features that have given us outstanding results and market positioning. Q. How much funding has the company received till now? Furlenco has raised ~$40 million in equity funding till date. Q. What are the challenges faced by the company? I think one of the biggest challenges has been with regards to changing the mindset of conventional furniture-buying Indians. They have a deep emotional bond with their belongings, especially furniture. Q. What made Furlenco increase its focus on millennials? India has one of the largest urban millennial populations in the world, and they are now coming to their prime spending age. Couple that with the rapid economic growth we are going to see, expansion in earnings &amp; growing aspirations - you have the most important TG anywhere in the world, right here in India. Indian millennials have also proven that we are among the first to adopt brave new business models and technologies. Hence, we decided to focus on the dynamic millennials who work across cities and offered them a proposition that had more appeal and viability compared to the conventional practice of furniture buying. In fact, millennials currently comprise 85% of Furlenco’s overall revenue. Our data also indicates that more than 1 million millennials had a look at Furlenco’s offerings online last year. It is our deep understanding of customers and their lifestyle requirements that has been the reason behind our growth in this segment. Q. What has Furlenco's marketing strategy been so far? Over the years, we have invested a lot of time and effort in understanding our TG. What we have going in our favour is that, today’s urban millennials value being practical, as much as they believe in living in the moment. Owning expensive goods doesn’t define them. Being smart and living the best life possible adds to their ‘cred’. Furlenco’s furniture subscription model fits in perfectly with this. It offers practical benefits such as pocket friendly prices, free relocation, free maintenance, the option to switch and more. In turn, this helps consumers increase their own flexibility to spend time and money on experiences in the present. Our marketing efforts always focus on both these aspects - down the funnel and with customers. We also understand that their needs are varied which is why we follow a digital first approach when we reach out to them. In the past, we have also used syndicated content to convey our philosophy - that of being able to spend on experiences to live a better life - right now, in the present. This was a conscious choice to join the TG’s conversations instead of only trying to pull them to our own. Millennials can be ruthless when it comes to prioritising what they want to spend their time on. We adapt to that. Q. Since its inception, Furlenco has chosen to use content marketing. (Pocket Aces, TVF, Dear Zindagi) Can you tell us what influenced your decision to take that route? Audiences have moved from traditional mediums to digital media. And in their world, content is king. So such collaborations are a logical step for brands to take. But, we don’t do them in isolation. Content marketing/syndications were employed at the top of the funnel to reach a wider range of people and create the category relevance. The second point that influenced this decision was the format. Storytelling is integral to this medium and that was a perfect fit for what we wanted to communicate. ‘Experiences over things’ is best explained in a slice of life sketch than anywhere else. The third aspect was the engagement around the content. These sketches, collaborations and refreshing ideas (in case of Dear Zindagi) fuel conversations because of how relatable they are. All of us have at some point referred to a piece of content in everyday conversation. What brand wouldn’t love that? Q. What is the marketing budget set aside this year? What is your media mix? Which medium gets the lion share - digital or traditional? We earmark about 10-15% of our annual revenue as a marketing budget, and we are absolutely 100% digital. Our consumers have shifted most of their content consumption online and focusing on digital allows us to tell engaging stories, create the right connect and measure our effectiveness at a very detailed level. Hyper targeting and measurability means that we can constantly test messages and ensure we say the right things, to the right people at the right time and on the right channel. Our efforts are currently heavy on YouTube with a healthy proportion of efforts on Facebook and Instagram. And more avenues are constantly tested in the mix. Q. How has your marketing budget evolved over the years? By what percentage? We have grown our marketing budget to keep pace with our growth ambitions and in line with our geographic expansion plans. As our revenue grows, we are able to re-invest even more in to our brand building and marketing campaigns. In 2019, we increased our marketing budget by nearly 50% compared to 2018. Q. What are your expansion plans? We are planning to expand our geographical coverage to 15 cities compared to the 8 cities at present and serve a million customers across India. By the year 2023, we are targeting a net subscription revenue to grow from INR 175 Cr to 2000 Cr. Q. Where do you see Furlenco in the next few years? Our vision is to make furniture subscription as a way of life, and we are very much at the beginning of that journey. Over the next 4-5 years, we want to take furlenco to even more customers and provide a wider variety of furniture &amp; home decor options, and be known as one of the most customer centric brands in the country. Today our average tenure length, at an overall level, is about two years - we want to see how take that up to three or four years. We have customers who have stayed with us for over five years and we want to make sure they never leave and will continue this relationship lifelong.

By 2023, We're Targeting our Net Subscription Revenue to Grow From Rs 175 Cr to Rs 2,000 Cr: Ashwin Venkatraman, Furlenco

<ul><li>Indian startups have already laid off over 6,000 employees in the last five months.</li><li>The layoff season is likely to continue in the coming months as investors get cautious.</li><li>So far companies like Ola, Unacademy, Vedantu have laid off over 3,600 employees this year.</li></ul>Indian startups have already laid off around 6,000 employees in the last five months. But this startup firing season will continue, according to several experts that Business Insider spoke to. Archit Garg, co-founder at Glamyo Health, pegs <keyword id="4234518" type="General" weightage="20" keywordseo="startup-layoffs" source="Orion">startup layoffs</keyword> at 10 times the current number at — 60,000. “Unfortunately there is more pain in the ecosystem and funding environment could take 6- 9 months to reverse, so chances are that the actual number will be 10 times of this as I expect there will be more negative news which we will hear about in the near future,” said Garg. Edtech employees could be the biggest victims as students are going back to schools. “With the significant crisis brewing in the Indian edtech sector, a lack of clarity in structure and processes comes as a blockage,” Naveen Jangir, co-founder of HRTech company Incluzon, said. So far companies like Ola, Unacademy, Vedantu have laid off over 3,600 employees this year, according to media reports as well as company’s announcements. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></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;">Company </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;">Layoffs </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;">Ola </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;">2,100 </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;">Unacademy </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;">925 </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;">Vedantu </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;">624 </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;">Cars24 </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;">600 </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;">Mfine </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;">600 </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;">Trell </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;">300 </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;">Lido Learning </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;">200 </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;">Furlenco </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;">200 </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;">Meesho </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;">150 </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;">OkCredit </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;">40 </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 </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;">5,739 </td></tr></tbody><tbody></tbody></table>Source: Company Announcements, Media Reports Read more: <a href="https://www.businessinsider.in/business/startups/news/the-worst-for-indian-startups-is-yet-to-come-be-prepared-for-layoffs-unicorn-slowdown-and-startup-shutdowns-in-2022/articleshow/91681195.cms">The worst for Indian startups is yet to come — be prepared for layoffs, unicorn slowdown and startup shutdowns in 2022</a> <cmsannotation type="cmsannotation" annotationid="Hired too, and now there will be much firing" comment="subhead" text="Hired too, and now there will be much firing">Hired too, and now there will be much firing</cmsannotation> Yogita Tulsiani, the managing director and cofounder at global tech-recruiter provider iXceed Solutions, noted that both low-funded and highly-funded startups would be impacted by this. Most companies hired aggressively during the start of the pandemic and are unable to handle it now. Each company has a long term plan and unprecedented scenarios such as the events happening now can impact their hiring and team sizes, said Sarbojit Mallick, co-founder of advanced hiring platform Instahyre. He noted that the plan would also include consolidation of internal departments, streamlining of operations and tightening of the gaps. Sujata Pawar, co-founder and CEO of menstrual care startup Avni, noted that startups that fail to manage their runway and carefully grow the business will be subjected to such layoffs. “As long as organisations are successful in adapting to the changing market dynamics, retaining talent won't be much of a hassle. In this new world, with the workforce ready to jump into multiple opportunities, consulting, contractual projects and more, these obstacles will not concern either employers or employees." Piyush Raj Akhouri, co-founder and business head at recruitment firm Bridgentech Consulting, said. <cmsannotation type="cmsannotation" annotationid="Startups will keep hiring too" comment="subhead" text="Startups will keep hiring too">Startups will keep hiring too</cmsannotation> Piyush Bhartiya, co-founder and CEO of AdmitKard — which helps with end-to-end career advisory startup for students studying abroad — highlighted that for every company that is laying off employees there are another 100 who are hiring. “Like I said, some companies are laying off, others like ours are hiring. I do not see that will impact the employment ratios too dramatically,” he added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/vodafone-coal-india-bpcl-among-stocks-to-watch-out-for-on-may-26/slidelist/91801171.cms">Vodafone, Coal India, BPCL among stocks to watch out for on May 26 </a><a href="https://www.businessinsider.in/business/auto/news/vehicle-insurance-premiums-may-increase-from-april-2022/articleshow/90043466.cms" data-type="tilCustomLink"></a><a href="https://www.businessinsider.in/retail/news/biscuits-ghee-and-hair-oil-to-get-cheaper-after-government-duty-cut-but-after-three-months/articleshow/91784809.cms">Biscuits, ghee and hair oil to get cheaper after government duty cut — but after three months</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-to-grasim-to-aditya-birla-capital-here-are-six-stocks-that-brokerages-say-you-should-buy/articleshow/91788937.cms">Zomato to Grasim to Aditya Birla Capital — here are six stocks that brokerages say you should buy</a>

It would be a long firing season for startups —  experts say 60,000 could lose their jobs

<ul><li><keyword id="1552189" type="PERSON" weightage="20" keywordseo="Pine-Labs">Pine Labs</keyword> has raised this $600 million round at a valuation of $3 billion, CEO <keyword id="2488359" type="PERSON" weightage="20" keywordseo="Amrish-Rau">Amrish Rau</keyword> confirmed. </li><li>The round was co-led by Fidelity Management &amp; Research Co and BlackRock Inc.</li><li>The company is likely to go public in the US by next year.</li></ul>Merchant payment solutions company Pine Labs has closed a $600 million (₹4,459 crore) funding round, as it targets to go for an initial public offering (IPO) within 18 months (by 2022). The company is valued at $3 billion, its chief executive officer (CEO) Amrish Rau has confirmed. The round was co-led by Fidelity Management &amp; Research Co and BlackRock Inc, with participation from a fund managed by Neuberger Berman Investment Advisers LLC, IIFL Asset Management Company (AMC) and Kotak. IIFL AMC is investing through its late-stage tech fund, whereas Kotak’s investment is subject to approval from market regulator Securities and Exchange Board of India (SEBI). Pine Labs, founded in 1998 by Lokvir Kapoor, is a merchants payment solution that enables businesses to accept online and offline digital retail transactions. According to a previous press note shared by the company, it powers over 140,000 merchants, 3.5 lakh points of sale (<keyword id="88570" type="ORGANIZATION" weightage="20" keywordseo="POS">PoS</keyword>) terminals across 3,700 cities and towns in India and Malaysia. Its customers include Apple, Starbucks Corp, McDonald's Corp., among others. The company is now headed by Amrish Rau. The company serves prominent large, mid-sized and small merchants across Asia and the Middle East. Pine Labs’ cloud-based platform enables it to offer a wide range of payment acceptance and merchant commerce solutions, including enterprise automation systems such as inventory management and customer relationship management. Pine Labs also has a stored value platform that enables merchants to issue, process, and distribute digital gift cards for corporate customers around the world. The company acquired Fave, a Kuala Lumpur-based payments and discovery platform, in April 2021. Pine Labs was looking to build a consumer-centric vertical for discounts and discovery in India and Southeast Asia with this acquisition. Over 6 million consumers across over 40,000 merchant establishments now have access to the Fave app, the company said in its recent press note. “Over the last year, Pine Labs has made significant progress in its offline-to-online strategy in India and the direct-to-consumer play in Southeast Asia. Our full-stack approach to payments and merchant commerce has allowed us to grow in-month merchant partnerships by nearly 100% over the last year,” Rau said in the statement. Rau in an interview with Bloomberg, also discussed Pine Labs’ IPO plan, which will likely take place in the US. “With our size and scale, we want to make it a global IPO...We’ve got a good, Ebitda-positive [earnings before interest, tax, depreciation and amortisation] story as we plan our IPO in the next 18 months,” he added. Pine Labs has raised over $1.2 billion to date, and counts Sequoia Capital, Temasek Holdings, Actis, PayPal and Mastercard, among others, as investors. The latest round is Pine Labs’ fourth funding round in the last 18 months, and its valuation has tripled in the same period. SEE ALSO <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/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises $140 million</a> <a href="https://www.businessinsider.in/tech/news/tiktok-is-now-selling-its-ai-to-other-companies-including-in-india/articleshow/84133125.cms">TikTok is now selling its AI to other companies including in India</a>

Payments firm Pine Labs raises $600 million as it plans to go public by 2022

As Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has set the ball rolling with the announcement of his 19-point Startup action plan amid much fanfare, the move aimed at boosting employment generation and wealth creation has generated huge enthusiasm and been largely welcomed by the industry. 
 
As India waits to see much more indigenous innovation in the days to come, here are key VCs, investors and startups reflecting on the various provisions of the Startup Action plan, and how they feel it will impact the startup industry in the recent future. Take a look: 
 
<a href="http://www.businessinsider.in/PMModi-announces-mega-Startup-India-policy-amidst-wild-cheering-from-the-industry/articleshow/50606172.cms">ALSO READ: PM Modi announces mega #Startup India policy amidst wild cheering from the industr</a>y 
 
Vinod Murali, Managing Director, Innoven Capital: 
 
The Government already has a credit guarantee scheme under CGTMSE which has been operational but start-ups have struggled to get through the due process with different PSU banks to avail funds. The key here is to improve credit delivery and educate banks well enough to support the Prime Minister’s vision. Start-ups require capital for growth which can be in the form of debt or equity and it is important to find appropriate partners who understand their lifecycle and aspirations. 
 
Saurabh Shrivastava, Chairman, <keyword id="328347" type="ORGANIZATION" weightage="20" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> 
 
“Specific to the PM's announcements, the 3 year window for self certification will free startups from the rent seeking inspector raj and is very welcome as is the 3 month window for closing down a startup, which would be great if it applied to all companies. The tax break is welcome though most startups take longer to be profitable. Most of all, his signal for change and recognition of the critical role that startups can play in employment creation, economic growth and solving India's challenges through innovation was fantastic. That will now percolate through all levels of politics and bureaucracy and will be a game changer for India.” 
 
Archit Gupta, CEO &amp; Founder, ClearTax.in: 
 
The government has shown good intent to keep the start-up eco system buoyant and be an enabler in the process. Some of the moves are very positive if implemented, especially around reduced compliance. It is hoped in due course all the announcements shall be delivered. As announced, mobile app shall be launched on 1st April. 
 
The ease of opening a start-up has been simplified, can be done through a mobile app and will take a day. A shorter form shall be applicable. Earlier setting up a company required various registrations will all requiring the same set of documents, address proof, PAN, TAN etc. This will help start-ups focus on their work and avoid unnecessary delays. 
 
Self-certification to laws such as payment of gratuity act, labour laws, employees’ provident fund act, the ESI act etc. No need for obtaining physical certificates for compliance with these laws. In case of the labour laws, no inspections will be conducted for a period of 3 years.The government is moving towards digital compliance which is necessary to support growth.Given ClearTax is more than 3 years old, not many of the compliance steps are applicable to us right now. But we are sure to benefit from other proposals, such as setting up of a ‘Start up India hub’ and relaxed capital gains tax norms. We look forward to further details in the upcoming budget. 
 
Shashank ND, Founder &amp; CEO, Practo 
 
“With the Start Up Action plan, we will see more young entrepreneurs take the risk of starting their own venture and building innovative solutions to solve meaningful problems for Indian as well as for the global audience. I think the Insolvency and Bankruptcy Bill that will allow startups to exit faster, within 90 days is a great step towards encouraging more people to take the plunge of starting a new venture, without the fear of failure. We at Practo believe that acquisitions are a great way to grow together and move faster, and with this bill, we hope to see more startups collaborate and solve the problems faster, with a solution that is scalable for a larger audience. 
 
The relaxation of the financial and labour norms is also a great step towards making things simpler for young startups so they can focus on innovation without getting entangled in some of these norms that are more applicable to larger entities. I am extremely excited about the Atal Innovation Mission, this will help foster innovation at a grass root level among students in schools and colleges, which will in turn encourage more youngsters to enter the field of entrepreneurship and innovate and create some ground breaking products that will be used by people around the world. India is already a leading startup hub and I am convinced that with the right support from the government, it can rapidly become the innovation hub of the world.” 
 
Anurag Avula, CEO and Founder, Shopmatic: 
 
The easing of the financial and labour norms is a fantastic initiative. It encourages new entrepreneurs and start-ups to focus on innovation without having to struggle with additional taxes etc. With progressive initiatives by the Government, India is bound to succeed in its mission to be leading the charge in being the Start Up Capital of the world. Shopmatic started with the intent of helping anyone sell online. Any progressive initiative that benefits business growth for our merchants and individual entrepreneurs, is a step in a positive direction. 
 
Ajith Karimpana, CEO &amp; Founder, Furlenco: 
 Income tax exemption for three years is sufficiently interesting. Most of the new age startups which are on the growth path will seldom be able to generate profits in the first three years. Startups like other companies would certainly benefit more with the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> since that has a larger impact on the bottomline and cashflow companies. 
 Companies are setting up head offices in Singapore for multitude of reasons and one of the primary reasons is India public market regulations. <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> regulation easing and GST would have more impact on bringing back startups to India. Furlenco is registered in India. We have high hopes on the government easing rules and we will try our best not to go out of the country. The startup action plan looks promising. Now we need to wait and see how it is executed. 
 
Ashutosh Pande, Founder &amp; Chief Innovation officer, PaySe 
 
“The recent announcements made by the Prime Minister on the Startup India, Standup India initiative highlights Government’s focus on fostering innovation in the country. The start-up India action plan works on the lines of entrepreneurial spirit, making it fast paced with the introduction of Mobile Apps for registration of the Start-up, lesser number of days to file patents and lower fee for acquiring patents. Since Intellectual Property is the asset of a start-up we hope to see a forum, possibly a special fast track court, for efficient disposal of IP infringement case. Financial Inclusion has been highlighted as an area ripe for innovation. Our patent pending and disruptive technology PaySe™ delivers digital cash; it is cash without the paper just as digital music is music without the CD. PaySe™ takes DBT funds digitally to the hands of the recipient as opposed to their bank account. This enables banks and MFI’s to deliver daily loan (as less as a 100 rupee) to those less fortunate. With the start-up India action plan, the Government has tried to bring favourable policies for start-ups, promising a conducive environments for entrepreneurs.” 
 
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By 2023, We're Targeting our Net Subscription Revenue to Grow From Rs 175 Cr to Rs 2,000 Cr: Ashwin Venkatraman, Furlenco

Karuna Sharma

It would be a long firing season for startups — experts say 60,000 could lose their jobs

Kritti Bhalla

Payments firm Pine Labs raises $600 million as it plans to go public by 2022

Kritti Bhalla

Startup India’s real start to come in the way it can access funds

Anushree Singh

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