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<ul><li><keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>’s top IT sector companies have reduced their headcount by 75,000 in the last one year.</li><li>New GCCs setting-up operations in India might have hired a similar number of <keyword id="19913553" type="General" weightage="20" keywordseo="tech" source="keywords">tech</keyword> talent, say experts.</li><li>Even with renewed hiring, IT sector hiring as a whole suffered even as software product company hiring went down in the last 12 months.</li><li>In 2024, hiring intent in the IT sector increased only 3%, even as overall hiring intent is at 19%, says Taggd. </li></ul>Headcount in the top IT services firms in India is down by 75,000 in the last one year. However, experts say that there is no large-scale furore over joblessness in the system due to the extensive hiring undertaken by global capability centers (GCCs). Many new GCCs are setting-up shop in India, which is giving a much-needed push to sluggish tech talent intake by IT services companies. Six out of eight IT bellwethers like TCS, Infosys, Wipro, LTI Mindtree, Cognizant and Tech Mahindra saw their headcount go down in the last 12 months, as per Xpheno, a staffing services company. HCL and LTTS however moderately added 2,400 and 1,600 people to their rolls. (See Table below). Top 8 IT cos headcount &amp; net additions as of Q3 FY24 <table style="border-width: initial; border-style: none;"></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;">Headcount </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;">12-month net additions </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;">Wipro </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;">2,40,234 </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;">-21,875 </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;">Infosys </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;">3,22,663 </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;">-24,182 </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;">TCS </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;">6,03,305 </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;">-10,669 </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;">HCL </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;">2,24,756 </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;">2,486 </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;">LTI Mindtree </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;">82,471 </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;">-3,991 </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;">LTTS </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;">1,46,250 </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;">-10,812 </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;">Cognizant </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;">3,47,700 </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;">-7,600 </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;">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;">19,90,677 </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;">-75,000 </td></tr></tbody></table> Source: Xpheno With this degrowth, collective headcount of the cohort has dropped to nearly the levels seen in early 2022. “The calendar year of 2024 too has begun with a rollback of headcounts to a pre-two year level, in what is clearly a cycle of sustained adversities the IT services cohort is dealing with,” said Kamal <keyword id="20519296" type="General" weightage="20" keywordseo="karanth" source="keywords">Karanth</keyword>, co-founder of Xpheno. GCCs: The bright spot It’s not just IT services companies are cutting down hiring, job demand in software companies saw massive drop along with startups. But there is one bright spot in the tech market which is GCCs. “GCCs had recruited similar numbers (around 60,000) in the last one year, and that’s why we do not see a bloodbath on the streets. Around 100-110 GCCs set-up shop in India in the last two years, and 60 of them came in the last one year itself,” Karanth tells Business Insider India. GCCs are international companies which set-up shop in India, which takes care of activities like business support functions, back-office tasks, IT infrastructure and more. Since they kick-off operations, most of them hire anywhere between 500-2,000 people. GCCs have now become one of the six top sectors which hire tech talent that includes IT services companies, software product companies, startups, consulting firms and non-tech sectors which hire tech talent. GCCs, IT services and software product companies are the three sectors which hire techies in large numbers “Among the three, only GCCs will continue to hire in 2024, while IT services and software product companies will see at least two muted quarters ahead,” says Karanth. Going by their enthusiastic uptake of office spaces, they seem to be intent on hiring in large numbers. As per a Colliers report, office space uptake of around 30 mn square feet with large deals (of over 100,000 sq ft) have shown an impressive 24% annual growth in 2023. Almost 40% of the large deals in the top six cities have come from GCCs, particularly from technology and BFSI sectors. “More than half of the large GCC deals achieved closure in the last quarter of 2023, indicating renewed momentum in GCC activity in the country. Large pool of talent, cost-effective rentals, adequate Grade A developments and favorable office market ecosystem will continue to uphold India’s vantage positioning from a capability centre perspective,” said <keyword id="20454099" type="General" weightage="20" keywordseo="vimal-nadar" source="keywords">Vimal Nadar</keyword>, senior director and head of research, Colliers India. Tech hiring to remain sluggish With only one of its sub-sectors keen on hiring, the IT sector’s recruitment outlook as a whole has come down. As per a report by Taggd, the IT sector’s hiring intent for 2024 increased by 3%. The overall hiring intent across all the sectors however increased 19% for the current calendar year. Job demand in the last 2 years <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></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;">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;">Jan 2022 </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;">Jan 2023 </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;">Jan 2024 </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-year change </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;">IT services </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;">1,29,000 </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;">65,000 </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;">50,000 </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;">-35% </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;">Software Product </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;">1,00,000 </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;">32,000 </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;">22,000 </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;">-61% </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;">Startups </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;">44,000 </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;">15,000 </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;">12,000 </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;">-73% </td></tr></tbody></table>Source: Xpheno The slowdown in IT hiring is pronounced in the earnings reports of recruitment firms as well. Info Edge which houses many internet-related businesses like <keyword id="20577913" type="General" weightage="20" keywordseo="naukri" source="keywords">Naukri</keyword>, 99acres.com etc saw its revenues from the recruitment grow only by 3.1% year-on-year in Q3 FY24 due to sluggishness in IT sector hiring. “While the non-IT hiring sector remained robust, the continued slowdown in IT hiring impacted Naukri's growth,” Hitesh Oberoi, managing director and CEO of Info Edge said in the press release. Most large IT sector companies are only expected to do replacement hiring for the next few quarters, with a dull outlook for most. The sector’s sluggish hiring will impact engineering graduates the most as fresher hiring will be impacted. “As many as 9 lakh engineering graduates pass out every year. They will see a major impact and see the biggest hit,” Karanth adds.

IT bellwethers slash headcount in FY24 but Indian techies find a home with GCCs

<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today's interview, <keyword id="8869254" type="PERSON" weightage="20" keywordseo="arpan-biswas">Arpan Biswas</keyword>, VP – Marketing, <keyword id="6439410" type="UNKNOWN" weightage="20" keywordseo="housejoy">Housejoy</keyword> tells us how the startup adapted to this new way of functioning and all that it has been doing to keep all its stakeholders safe and connected with the brand.</li></ul> Since the government decided to impose a <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> on the country to curb the spread of Covid-19, businesses and organizations across the country, and the world, have been impacted. During this time, its organizations that have managed to stay agile and open to evolving how they function have been the ones that have been less impacted. Over the past few weeks we have read of a lot of organizations and brands that have diversified their businesses, in an attempt to stay relevant to the dynamic times. Among many other examples, we saw Housejoy, a tech-driven construction, renovation, interiors, and <keyword id="9385246" type="UNKNOWN" weightage="20" keywordseo="home-maintenance-company">home maintenance company</keyword>, launching a service for the delivery of essentials. The startup was able to pull this off right at the start of the lockdown, when people were stuck at home and were struggling to get essentials delivered as supply chain had been impacted too. This was a good example of how the startup (whose core offering in the construction and maintenance space came to a complete halt) innovated quickly to make itself relevant to the consumer’s evolving needs by expanding its offerings. We caught up with Arpan Biswas, VP – Marketing, Housejoy recently, to understand how challenging diversification under the lockdown was, and what kind of reception they have seen in the past few weeks. We also ask him what his learnings as a marketer from this whole experience has been and how Housejoy, as an organization, is gearing up to function efficiently in the post-Covid world. Excerpts: Q) How has the last 2 months been for Housejoy as an organization? Were you prepared as an organization to make the transition to WFH? Just like most other startups, the pandemic did have an impact on Housejoy and our operations given that our construction and maintenance services came to a complete halt. Now, we are back on track and all our businesses across all cities have resumed, except in containment zones. Our teams are back in office and our construction services have resumed. Though we were not completely ready for WFH initially, our tech and HR teams facilitated the transition and top management ensured the teams are well engaged with regular virtual catchups. Q) Your core offering is in the sphere of construction, renovation, interiors, and home maintenance. However, the lockdown has forced most work in the sphere to come to a complete standstill. How do you anticipate the next few months will pan out for you as an organization? Yes, construction and home maintenance do not fall under essentials. Hence, our businesses came to a standstill. During lockdown, we encouraged our construction and interiors customers to get their house designs finalized. We have also been working on building confidence among our existing customers and keeping them updated about our activities. As WFH will become a norm in the future, we foresee demand for home offices and an overhaul of how new spaces will be constructed. We anticipate a high demand for home maintenance, fumigation, and beauty services post the lockdown. Post easing of the stringent lockdowns, demand has picked up and our B2C business is getting more orders vis-a-vis pre-Covid period, partially due to the pent-up demand. We are also seeing considerable traction from construction and renovation. When our core businesses were halted, we took several initiatives like <keyword id="9385245" type="COMPANY" weightage="20" keywordseo="housejoy-mart">Housejoy mart</keyword> to ensure customers get super-fast grocery delivery and our idle service providers get a mode to earn. Additionally, we also collaborated with the Karnataka state government in their effort to combat the pandemic by offering free fumigation in public places. We recently joined hands with leading healthcare brands like Portea Medical, SRL Diagnostics, Biognosys and BAF to set up mobile COVID-19 testing camps across Bengaluru to arrest the spread of the virus. Q) How have you been communicating with your consumers during this time? As a marketer, what has your priority been, in terms of the marketing communications going out? Our external communication is focused on the essentials and customer’s needs like fumigation, grocery delivery, etc. We have stopped all spends on traditional mediums and primarily focusing on digital as a medium to generate demand and educate customers of our offerings. Within digital, the focus is on intent-based searches and quirky content to engage with our consumers. Additionally, we have reached out to all our existing construction customers on the delays and provided them assurance on their investments. A large chunk of our content is dedicated towards informing our customers about the measures our service providers have taken to keep themselves and our customer’s safe. Internally, we are trying to keep the team’s morale high by sharing all the media buzz we have received, the deals we have cracked. These are testing times for all employees and it’s important to assure them about the financial health of their organization. Q) What was your media mix pre-COVID and how did that change during the lockdown? Do you think you will tweak your media mix even after the lockdown is called off? Has digital seen most of your marketing investments? Prior to the COVID pandemic, it was a mix of traditional and digital. However, during the lockdown, digital marketing and PR have been our go-to medium. We are implementing and leaning toward strengthening our digital marketing strategies. Our strategy has been to engage customers with quirky and interesting themes and messaging, and we will continue to do this going forward. Q) Did content marketing play a big role for you during the lockdown? Content marketing is one of our focus areas and our single-minded objective on digital is to improve the shareability of our content. We wish to keep our construction and interiors customers updated with newest technologies, trendy designs, and latest ways to upgrade their lifestyles. For our on-demand customers, the focus is to educate them of the WHO-suggested safety measures we have implemented and keep them aligned to our new offerings like car sanitization and labor on hire. Q) You recently entered the grocery-delivery space. Was it a natural extension for the brand? What kind of uptake has this service seen during the lockdown? How have you been marketing this offering? Expansion to grocery-delivery was a natural extension as we have the necessary tech and supply for the same. Our primary focus through this initiative has been to ensure work continuity for our teams and helping our customers in this hour of crisis. We partnered with various Kirana stores and helped them in expanding their business. This is a very new field for us, and we are evaluating the business model currently. Once that is set, we plan to invest in marketing. Q) What have your key learnings from the COVID-19 experience been, both as a marketer and as an organization? As an organization, we have learnt that flexibility is one of the biggest virtues and we have exhibited the same. We entered two new categories – healthcare and delivery services – keeping in mind the growing demand. We have also realized that great companies are built when people stick together in such times of crisis. Our employees have exhibited immense character, took complete ownership and executed some tough projects. As marketers, we have learnt that marketing is not about big budgets. Focus should be on improving quality of content and adding value to our customer’s lives. The distribution is taken care of by customers. Q) While the lockdown might be lifted soon, things might still take a few more months to settle down. How are you going to cope with the post-COVID world? How are you preparing as an organization? Though the lockdown will be lifted, the fear of transmission will still loom large. There will be some permanent changes in customer’s behavior and way of consumption. We are trying to keep our eyes and ears open to understand and validate the changes and work on ways to connect with them better. There is no denying the fact that we must adapt to this new normal and we are doing everything possible to ensure things run smoothly.

Marketing in the times of Covid-19: Housejoy

<ul><li>India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns.</li><li>Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">Cred</keyword>, <keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> etc.</li><li>Fintech growth in sectors like agriculture, retail, health and property technology will also accelerate the growth.</li></ul>The Indian fintech market is expected to grow ten times and have assets to the tune of $1 trillion asset under management by 2030, says a report by Chiratae Ventures and EY. This growth will come on the back of government initiatives such as Digital India, Smart City, the development of UPI, the report says. Growth will be driven by the digital lending market, which is expected to grow to $515 billion in book size by 2030 and a revenue of $200 billion. “India is now being recognized as one of the largest fintech unicorn ecosystems, home to 21 fintech unicorns as of March 2022,” says the report titled ‘$1 Tn India FinTech Opportunity’. Growing adaptation of technology, higher disposable income and young population is aiding the growth of financial technology which has big players like Paytm, Cred, Simpl, <keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword>, Instamojo, Lendingkart and many others. Popularity of ‘<keyword id="4585897" type="General" weightage="20" keywordseo="buy-now-pay-later" source="Orion">buy now pay later</keyword>’ <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">(BNPL) </a>products and services has also fueled the growth of the industry both in B2C and B2B payments space. Just like credit cards, <a href="https://www.businessinsider.in/personal-finance/news/how-does-buy-now-pay-later-schemes-work-and-what-are-the-penalties-here/articleshow/87788629.cms">BNPL schemes </a>allow you to buy products beforehand and pay the total amount in installments. According to TC Meenakshi Sundaram, co-founder and vice chairperson at Chiratae Ventures, fintechs have innovated for the underserved financial markets. The ecosystem has been supportive too. “These include fast-growing digital adoption and mobile penetration on the back of the cheapest data rates in the world offered by private telecom players, to enabling regulatory environment coupled with world-leading digital infrastructure (Aadhar, UPI, BBPS etc), and structural reforms and initiatives (GST, TReDSetc.),” said Sundaram. Fintech has also been growing in sectors like agriculture, retail, health and property technology. The report states that payments, digital lending, wealthtech, insurtech, and neo-banking will all be contributing to growth in the fintech space with agri+fintech and prop+fintech considered to be big bets. “India is recognized as a strong fintech hub globally and is increasingly becoming a talent destination for fintech businesses,” said Rajiv Memani, chairman and managing partner at EY India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/not-only-foreign-investors-but-indian-retail-investors-also-seem-to-be-losing-faith-in-markets/articleshow/93457258.cms">Although FII flows have reversed, retail investor confidence remains low thanks to macro concerns</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/goa-hotels-had-the-most-occupancies-and-they-earned-more-too-says-report/articleshow/93456193.cms">Goa hotels had the most occupancies and they earned more too, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/only-12-delhi-covid-19-cases-are-in-official-records-says-report/articleshow/93446996.cms">Only 12% Delhi Covid-19 cases are in official records, says report</a>

Indian fintechs to grow 10x and manage assets worth $1 trillion by 2030

New Delhi, March 31 (IANS) <keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> on Thursday launched its 'Startups Founders <keyword id="6590294" type="General" weightage="80" keywordseo="hub" source="Orion">Hub</keyword>' in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> to support founders at every stage of their journey with access to more than $300,000 in benefits. Startups in the country will also be able to gain mentorship and skilling opportunities with industry experts and 'Microsoft Learn' initiative. The company said that the Hub is available to all startups in India, including those without third-party validation or funding. "As a platform company, our cloud services and solutions are designed to empower founders to concentrate on what they do best - innovate at their own pace," said <keyword id="1668247" type="General" weightage="50" keywordseo="sangeeta-bavi" source="Orion">Sangeeta Bavi</keyword>, Director-Startup Ecosystem, <keyword id="28250" type="General" weightage="50" keywordseo="microsoft-india" source="Orion">Microsoft India</keyword>. Microsoft for Startups Founders Hub has been created following extensive research and conversations with hundreds of founders who explicitly shared their need for access to a digital ecosystem. "We look forward to how our new offering will support more founders in <keyword id="21718" type="General" weightage="50" keywordseo="asia" source="Orion">Asia</keyword> and provide access to the technology, tools, and resources they need to build and run their business," Bavi added. As the third largest ecosystem for startups in the world, India is home to nearly 100 unicorns with a total valuation of over $320 billion. To date, the country has close to 67,000 startups that are officially recognised by the Department for Promotion and Internal Trade. Microsoft is also partnering with companies like OpenAI, a global leader in AI research and deployment, that develops AI systems to provide startups with exclusive benefits and discounts. The Hub is designed specifically for early-stage startups to lower the barriers of business creation, said Microsoft. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/india-finds-its-third-gaming-unicorn-in-games24x7/slidelist/90557732.cms">India finds its third gaming unicorn in Games24x7</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/youtube-tv-brings-picture-in-picture-support-for-iphones-and-ipads/articleshow/90559830.cms">YouTube TV brings picture-in-picture support for iPhones and iPads</a>

Microsoft to support Indian entrepreneurs, launches 'Startups Founders Hub' in India

<ul class="summary-list"><li>Ant-backed Indian startup <keyword id="830092" type="COMPANY" weightage="60" keywordseo="Zomato">Zomato</keyword> has filed for an <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> that could raise as much as $1.1 billion.</li><li>The food-delivery group's listing could be <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s biggest this year amidst a crushing pandemic.</li><li>Zomato plans to issue 90% of new shares, while its major shareholder will offer the rest.</li></ul>Indian food-delivery firm Zomato, backed by billionaire Jack Ma's Ant Group and <a href="https://markets.businessinsider.com/stocks/uber-stock">Uber</a>, plans to raise up to 82.5 billion rupees ($1.1 billion) via an initial public offering in what would be the country's largest stock-market listing this year.The startup's <a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/zomato-limited-drhp_49956.html">initial prospectus</a> filed with the Securities and Exchange Board of India this week showed it plans to issue new shares to raise 75 billion rupees ($1.01 billion), while its top shareholder Info Edge India will offer shares worth 7.5 billion rupees ($101.2 million).The company's listing plans come as India combats a <a href="https://www.insider.com/photos-reveal-india-crisis-surge-covid-19-infections-2021-4#india-has-been-reporting-the-highest-number-of-new-daily-coronavirus-infections-in-the-world-breaking-the-global-record-for-the-fifth-day-in-a-row-earlier-this-week-1">crippling coronavirus wave</a>, with at least 300,000 new infections being recorded every day in the past week. Official fatalities have <a href="https://www.bbc.co.uk/news/world-asia-56919924">topped 200,000</a> as of Thursday, but the real number is thought to be far higher as the country's health infrastructure appears to be collapsing under the volume of new cases.Re-enforced lockdowns across the country have driven many Indian consumers to shift their spending online. Zomato, which serves around 70 million customers each month, saw its revenue grow 5.5 times between 2018 and 2020, after recording its highest-ever order value in history during the pandemic."The accelerated growth of our business stemming from the effects of the COVID-19 pandemic may not continue in the future," the company said in its prospectus.Zomato was founded as "Foodiebay" in 2008 by Deepinder Goyal and Pankaj Chaddah, the entrepreneurial alumni of the prestigious technical university IIT. <a href="https://www.businessinsider.in/business/startups/news/zomato-journey-from-a-weekend-project-to-a-3-billion-company/articleshow/76901180.cms">What began as a weekend project</a> for them grew into a well-known unicorn now present in 24 countries. At its last fundraising round in February, the company was valued at $5.4 billion. Both the US and the UK have also seen food-delivery companies capitalizing on the stay-at-home environment during the pandemic with <a href="https://markets.businessinsider.com/news/droof">Deliveroo</a>, <a href="https://markets.businessinsider.com/stocks/dash-stock">DoorDash</a>, and <a href="https://markets.businessinsider.com/stocks/grab-stock">Grab</a> all launching IPOs in the past six months.

Indian food-delivery startup Zomato files for a $1.1 billion IPO as the country battles a catastrophic wave of COVID-19 infections

<ul><li>Gurugram-based home services startup <keyword id="2811049" type="PERSON" weightage="20" keywordseo="UrbanClap">Urbanclap</keyword> plans to launch in 4 Indian cities in the next quarter. </li><li>The startup recently announced its plan to expand to Abu Dhabi.</li><li>Two new services – men’s grooming and on-demand maid for cleaning – which are currently live in Delhi will soon be launched across India. </li></ul>Urbanclap was a small startup based out of Gurugram in 2014, offering home services digitally. Today, it has operations across 10 cities in India, Dubai and Abu Dhabi. It recently announced its Abu Dhabi expansion, and plans to grow its UAE business twice over, on a monthly basis. What’s more, the company has plans to become a ₹100 billion company! In an interview with Business Insider, <keyword id="3012564" type="PERSON" weightage="20" keywordseo="Varun-Khaitan">Varun Khaitan</keyword>, co-founder, Urbanclap said that there are many plans in store for their India business as well. Urbanclap will soon launch in four more cities by the next quarter. Two new services – men’s grooming and on-demand maid for cleaning – which are currently live in Delhi will be launched across India. “Our investments are on constantly improving the business,” said Khaitan. Profitability vs Scale UrbanClap recently raised ₹16 million from Flipkart CEO Kalyan Krishnamurthy, according to paper.vc, a business intelligence firm. It has marquee investors like Ratan Tata, SAIF Partners, Accel Partners and Bessemer Venture Partners on board, and raised a total funding of $110 million. The startup has about 6 lakh users per month with 20,000 service professionals on-board. But the main question is – how far is profitability? “If we want to, we can turn profitable in the next three months. Instead, we want to invest in our future and build our scale to one day make Urbanclap a ₹100 billion company,” said Khaitan. Recently, Urbanclap <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/urbanclap-revenue-up-309-losses-down-25-in-fy18/articleshow/64008938.cms?from=mdr">reported </a>a 309% jump in its operational revenue to ₹450 million for 2017-18. The losses however were at ₹750 million. “In the last three years, our jump in revenue has been significant while the losses in quantum have remained flat. The amount of burn remaining flat with revenue increases, is a sign of scale. If you want to keep growing, you will have to be investing for tomorrow’s growth,” said Khaitan. An offer they couldn’t refuse All the founders Abhiraj Bahl, Raghav Chandra and Khaitan, came back from the US hoping to build a business. They had the common goal of solving a problem for the masses. After extensive research, the idea of helping people run their homes appealed to them. They also realized that professionals like electricians and beauticians too barely make any money due to middlemen or employers. “We realised very early on that the problem that we were solving was not just building a marketplace and connecting users. We ended up removing the middlemen and transitioning these employees or service professionals into microentrepreneurs,” said Khaitan. Service professionals like electricians, beauticians and carpenters had nothing to complain as Urbanclap made them an offer they couldn’t refuse. “We told them you keep 80% of the earnings, Urbanclap will keep 20%. Overnight their earnings went up. Today, every other service professional through Urbanclap earns makes an average of ₹40,000 per month. Hundreds of our beauticians make more than ₹1 lakh a month,” said Khaitan. Making a difference to professionals also improved service quality to consumers. When they started, the founders were hoping to have at least 100 users per day, by the end of 2015. However, they had 1000 per day. The founders got what they wanted – solving a systemic problem in the country – as opposed to building a business, to sell and chill in a yacht. See Also: <a href="https://www.businessinsider.in/EXCLUSIVE-This-Indian-startup-has-made-a-profit-solving-1100-police-cases-with-just-one-round-of-funding/articleshow/69871636.cms">EXCLUSIVE: This Indian startup has made a profit solving 1,100 police cases with just one round of funding</a>

INTERVIEW: Urbanclap claims it can turn profitable in 3 months but it won’t – here’s why

<ul><li>70% of millennials prefer to buy a home over renting – a complete reversal of the trend revealed by ‘generation rent’ in CBRE’s last survey. </li><li>The pandemic is making home buyers yearn for a ‘dedicated space to work’ in their homes. </li><li>They also seek a dedicated area to support remote working in the community. </li><li>Except Gen Xers (between the age group of 42-57), most people prefer to live around city centers. </li><li>Delhi- NCR, Mumbai, Bangalore and Pune are witnessing the emergence of suburbs that may redefine the erstwhile ‘city centre’. </li></ul>Pandemic has played a big role in how people live or aspire to live. Apart from making Indians want to buy a property rather than rent, the pandemic is making home buyers yearn for a ‘dedicated space to work’ in their homes, as per a survey conducted by property consultant CBRE. The need for workspace came in second in home selection criteria as per the survey, with the first being quality of property with relation to health and safety. As many as 52% of the survey respondents said that they are willing to move for better quality properties and surroundings. In fact, price of the property came in as the fifth most important criterion, after sustainability of the property and transportation infrastructure. With 69% of respondents stating that they would prefer to work at least three days from office, most of them also seek a dedicated area to support remote working in the community. “With the pandemic having raised the importance of health and safety, the demand for professional property management services, particularly in apartment buildings, has been on the rise. There is also an increasing need for dedicated office space at home as hybrid working becomes more widespread,” said the CBRE report titled ‘Voices from India: How will people live, work and shop in the future?’. The quality and surroundings of the home is also now more important with better outdoor spaces, smart home technologies, quality of retail and leisure in the catchment area etc. “Further, families are now laying equal emphasis on a property’s quality and surroundings as on the unit itself. Therefore, attractive and thoughtful interior designs, well-planned outdoor areas and surroundings must now be complemented with remote working infrastructure,” said Anshuman Magazine, chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Looking to move – to their own home The survey found that most of the millennials and GenZs are looking to move to a new home in the next two years – which is 44% vs 31% in the previous two years. According to the report, “70% of millennial respondents now prefer to buy over rent, a complete reversal of the trend revealed by ‘generation rent’ in our last survey. While India has always been an economy where home buying is preferred over renting, the uncertainty around the pandemic has further accelerated the need for homeownership and security.” Yet, 40% of GenZs who are in the 18 to 25 age group, prefer to rent. Within that sphere, 20% prefer private rental accommodation while 17% prefer shared accommodation or student housing. “Since this is the age group that will drive rental accommodation, developers must outline strategies to understand and tap demand well in time,” said Magazine. But where will they live? With 75% respondents preferring a one-way commute time of not more than 30 minutes, most of them prefer to live around city centres. The only exception is Gen Xers – age group of 42-57 who prefer remote locations. However, as most cities swell to the seams, the definition of a true city centre continues to evolve. “Most leading cities, especially Delhi- NCR, Mumbai, Bangalore, Pune are witnessing the emergence of suburbs that in many ways redefine the erstwhile city centre,” says CBRE. SEE ALSO <a href="https://www.businessinsider.in/finance/news/buying-a-house-as-an-investment-no-need-to-be-pessimistic-says-anarock/articleshow/97980262.cms">Buying a house as an investment? No need to be pessimistic says Anarock</a> <a href="https://www.businessinsider.in/business/startups/news/catching-em-early-early-stage-startups-shine-as-their-investor-pool-widens/articleshow/97918089.cms">Catching ‘em early: Early-stage startups shine as their investor pool widens</a>

Millennials want the security of their own roof over heads, finds CBRE

<ul><li><keyword id="2766908" type="PERSON" weightage="20" keywordseo="Nestaway">Nestaway</keyword> announced its incubation programme in February 2019 and offers a home as well as a testing ground to bootstrapped startups. </li><li>The <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> also announced its expansion to its 13th city in India – Chennai. </li><li>Nestaway is also reportedly in talks to raise a funding of $100 million.</li></ul>Indian <keyword id="3323951" type="PERSON" weightage="20" keywordseo="home-rental">home rental</keyword> startup Nestaway is finding new doors for its business. Having established its stronghold in the Silicon Valley of India – Bengaluru, the startup is now looking at playing a bigger role in the Indian startup community. In February 2019, Nestaway announced that it will be launching an incubation program to help startups kick-start their business. What’s interesting is that Nestaway has taken its main offering – rental – and clubbed it with incubation. Open for all <keyword id="53533" type="COMPANY" weightage="20" keywordseo="entrepreneurs">entrepreneurs</keyword> irrespective of their age, gender, educational background or location, select startups will be provided with a home and a ‘work-pad’ with all essential amenities for the entire duration of their incubation. But what made a home rental startup turn to incubation? The founders' belief that entrepreneurs need a space to test, fail and learn what works. Given the costs involved in starting a business, the ability to start up really lies with very few who can afford to do so or who can garner seed investments. “Therefore we wanted to allow startups to use our customer base to get access to customers without any fee or expectation. While the investment market funds with money (which anyway is used for customer acquisition), with Nestaway Startup Lab, we wanted to fund with our customer base,” said Amarendra Sahu, CEO &amp; Co-Founder, Nestaway Technologies. The Nestaway Labs incubation programme is also an ‘equity-free’ incubation programme to let bootstrapped startups test products and services, meaning they don’t have to give up a stake in their business in exchange for free accommodation or mentorship. Bengaluru is one of the biggest startup hubs in India. It is also Nestaway’s core market with over 25,000 homes in the city alone. On Wednesday, the company also announced its expansion to its 13th city in India – Chennai. Separately, Nestaway is also in talks to raise funding. While the company didn’t want to comment on speculation, <a href="https://www.livemint.com/Companies/vp7REBzRqLUfoUaHwjwwhN/NestAway-in-funding-talks-to-raise-100-million.html">reports</a> suggest that Nestaway is looking at raising $100 million to The startup is also witnessing a rise in competition with hospitality unicorn <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">Oyo</keyword> Rooms entering the home rental space with <keyword id="6976505" type="UNKNOWN" weightage="20" keywordseo="oyo-living">Oyo Living</keyword>. One of the biggest challenges that Nestaway has faced since its inception in 2015 is gaining the trust of landlords. This also forms an important part of their growth plan. “We are trying to fight the biases that are ingrained in the minds of homeowners due to generations of lack of trust,” a Nestaway spokesperson told Business Insider. That problem has led the founders of the startup to believe that housing is a question of entitlement and not availability. “Therefore, NestAway offers owners concrete promises: guaranteed and timely rent; trustworthy tenants; and a rental agreement governed by speedy arbitration. We think creating trustworthy systems and market-linked mechanisms is a better way to fight prejudice,” said the spokesperson. See Also: <a href="https://www.businessinsider.in/ratan-tata-invests-in-home-rental-startup-nestaway/articleshow/51177346.cms">Ratan Tata invests in home rental startup NestAway</a> <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a> <a href="https://www.businessinsider.in/student-housing-startup-oxfordcaps-has-raised-8-million-from-times-internet-kalaari-capital-and-500-startups/articleshow/68579957.cms">Oxfordcaps lands $8 million in funding on promise of providing ‘affordable’ student housing in India</a>

This Indian startup is offering budding entrepreneurs mentorship – and a free home

New Delhi, Jul 15 () Technology startup Housejoy plans to raise USD 35 million (around 260 crore) by end of this year for business growth, a top company official said. Bengaluru-based firm, which is engaged in construction, renovation, interiors and home maintenance, has so far raised USD 30.2 million from investors such as Amazon, Matrix Partners, Growth Story, Vertex Ventures and Qualcomm. "We are planning to raise USD 30-35 million as growth capital. We have bagged Rs 100 crore worth contract in the IRC (interiors, renovation and construction) business. We want to expand in new cities," Housejoy founder and CEO Sanchit Gaurav told . The fund is required for new technology and brand awareness, he said, adding that the company aims to complete fund raising exercise by December. Founded in 2014, Housejoy entered the construction business last year and has secured an order book of Rs 100 crore spread over 350 projects. This service is being currently provided in Bengaluru, Hyderabad and Chennai and the plan is to expand in seven-eight new cities including tier-II and tier-III towns, Gaurav said. In the IRC business, Housejoy provides services right from building plans approval to the possession. The per sq ft rate is freezed at the time of entering an agreement with the customer. "We plan to open multiple construction experience centres," he said. The IRC business is growing at the rate of 20 per cent month-on-month and the company targets to build 2,000 homes over the next two years, he added. "Our goal is to become the largest tech-enabled construction and home services platform in India," Gaurav said. Housejoy posted a revenue of Rs 136 crore last fiscal - nearly four-fold jump from the previous year. "We are almost profitable," Gaurav said, adding that the margins in both the IRC and home maintenance business were around 15-20 per cent. Meanwhile, the company recently appointed Neelima Ronanki as Associate Vice President - Design, Deepak Thakur as the Vice President (Product and Technology) and Gaurav Joshi as the senior vice-president of growth and strategy, as part of its expansion plan. MJH ANS ANS

Housejoy plans to raise USD 35 mn for expansion of construction, interiors biz

<ul><li>Institutional investments into alternate real estate assets grew four-fold as compared to 2019, says a report by Colliers. </li><li>Most of the inflows went into data centers, which accounted for 52% of the total alternate asset investments. </li><li><keyword id="68968" type="General" weightage="20" keywordseo="institutional-investors" source="Orion">Institutional investors</keyword> pumped in $4.9 billion into the real estate sector in 2022 and the office sector accounted for 41% of the inflows.</li></ul>Institutional investments in alternate real estate assets have been rising in the last few years but in 2022, it hit a new high of $867 million, says a report by Colliers. Data centers, life sciences, senior and student housing, holiday homes and more such constitute alternate assets in the real estate market. Even as inflows into these asset classes account for 18% of the total institutional investments in this vast sector, it grew by a massive 92% year-on-year. Moreover, as compared to 2019, it constituted a four-fold jump. “The growth of alternate sectors is led by investors looking to diversify their portfolio, given steady returns in some traditional asset classes,” the Colliers report said. Most of the inflows however went into data centers, which accounted for 52% of the total investments in alternate assets. This was followed by others such as life sciences, holiday homes, hospitals, etc. “However, the traction in investments was seen largely in data centers, with the other segments witnessing scattered deals,” the report added. Investors buy into the back-to-the office theme Across all asset classes, institutional investors pumped $4.9 billion into the real estate sector in 2022. Their favourite pick is office spaces which grew 50% year-on-year on account of large deals. In fact, the office sector with investments to the tune of $1.9 billion accounted for 41% of the total inflows in 2022. “As investors eye building a portfolio that they can bundle up as real estate investment trusts (REIT), they continue to see resilience in greenfield and ready-to-move assets. Majority of the deals in the office sector were driven by global investors, who are looking at income-yielding assets,” the report said, adding that the gross yields for Grade A completed office assets stands at 8-9%. However, institutional investments into the residential sector dropped 29% and this is the asset class with moderate gross yields to the tune of 2-2.5%, while investments in the industrial and warehousing sector declined 63%. Apart from alternate assets, retail and mixed-use assets exhibited massive growth. Interest rates, recession may have a short-term impact However, Colliers also believes that high interest rates coupled with high inflation, recessionary concerns and geopolitical tensions in some countries may dampen fund deployment on a short-term basis. “The investments in Indian real estate have been consistent for the past few years and hence have the potential to grow due to the structural change in demand for capital. During 2023, while we may see some postponement in deployment, there is ample dry powder in the market across core assets and alternate assets,” said Piyush Gupta, MD, Capital Markets and Investment Services, <keyword id="3166898" type="General" weightage="20" keywordseo="colliers-india" source="Orion">Colliers India</keyword>. Gupta says that there is a strong performance in the residential, retail, and hospitality sectors, where 2022 witnessed some large transactions. “These sectors are likely to see more traction in the next couple of years. Performance credit, special situations, portfolio acquisitions, asset reconstruction, and related structures have been growing and are likely to attract more investments,” he adds. Domestic investors turn active While most of the institutional investment into real estate tends to come from global investors, domestic investors also turned active in the last year. While global investors are attracted by the stable demand dynamics and tend to participate in entity-led deals, residential assets accounted for a chunk of the domestic investments. “The share of domestic investment inflows in 2022 has surpassed the share in 2021, accounting for 22% share in total inflows. Overall, though the total investment inflows are yet to outrun the pre-pandemic levels, investors remain vested in India’s real estate even in challenging times. Large global investors will continue to partner with domestic firms to set up investment platforms,” Vimal Nadar, senior director and head of research, Colliers India. SEE ALSO <a href="https://www.businessinsider.in/business/news/flatheads-shoes-founder-denies-shark-tank-offer-sells-his-entire-inventory-over-the-weekend/articleshow/96849132.cms">This IIT-IIM startup founder denies Shark Tank offer, sells his entire inventory over the weekend</a> <a href="https://www.businessinsider.in/business/corporates/news/why-mcdonalds-is-going-big-even-as-pizza-hut-and-other-rivals-slash-store-sizes/articleshow/96782982.cms">Delivery versus dine-in: Why McDonald's is going ‘big’ even as rivals slash store sizes</a>

Data centers, holiday homes and more attract $867 mn from institutional investors in 2022: Colliers

Personal grooming is a growing industry in India and is raising hairs of many start-ups in India since the past two years. Many companies have sprung up in this space notably <keyword id="2811049" type="PERSON" weightage="20" keywordseo="urbanclap">Urbanclap</keyword>, <keyword id="6439410" type="PERSON" weightage="20" keywordseo="housejoy">Housejoy</keyword>, StayGlad,Yes Madam, MyGlamm, <keyword id="3023137" type="ORGANIZATION" weightage="20" keywordseo="vanitycube">VanityCube</keyword>, and many more, just to provide customers a better service at a great price. According to reports, the grooming market in India is valued at nearly Rs 50,000 crore and 85% of the business here comes from women, notably professionals with increasing disposable incomes in cities. While the industry quickly grew in investment in 2015, the next year saw many of them shutting down due to high losses. While VanityCube was acquired by VLCC, Vyomo got acquired by Naturals and Quikr acquired StayGlad players like Urbanclap, MyGlamm and Housejoy have reported increased revenue in the past year steering the roadblocks. The problem with the current model The beauty services industry is a complicated one and isn’t particularly eased by technology after the booking is made. The service offered needs to be of great quality every time so that the customer makes repeated purchases on a regular basis. Till a brand is created, growth will not come as start-ups focus on signups. As a platform, the management cannot make sure that every service is quality-checked. While most start-ups including Urbanclap, focus on providing the service to the customer at their homes, many consumers find that the beauty care ritual is a better experience in salons because of the hygienic and professional environment. As I have used Urbanclap and Housejoy in the past, I noticed that they are not particularly more affordable compared to neighbourhood salons. The solution to these two problems have been devised by two startups which is making waves in Delhi NCR for being different in the approach. <keyword id="4425546" type="UNKNOWN" weightage="20" keywordseo="Be-U-Salons">Be U Salons</keyword> Be U operates in the B2B2C space and aims to fix the gap between the demand and supply in the salon industry through on-ground operations and advanced technology. Unlike the conventional models, the company signs up small salon owners and don’t levy any franchise fee or capital expenditure on the part of the salons. The company brands the salons completely and has created categories under which everything including the products used, services offered and the prices are replicated to ensure quality is delivered. Instead they charge a 15% commission on the overall salon revenue which varies on the salon category Red, Blue or Green which falls under different revenue slabs. Vikas Johari, CEO &amp; Founder, Be U Salons told Business Insider, “When I entered the salon industry with Monsoon salons, I noticed that the industry is suffering due to inefficiencies and running costs such as real estate rentals, promoter services etc. While Monsoon became a great salon brand in Delhi, I realized that a tech-enabled solution could help scale up the franchise model in place.” Enter asset-light tech-enabled Be U model which has low or no capital commitment, benefits of economies of scale, focus on core activities, automation and standardization due to strong tech support which helps existing small salons to achieve better productivity and profitability. How it works Be U Salons has an mobile app on android and <keyword id="75489" type="ORGANIZATION" weightage="20" keywordseo="IOS">iOS</keyword> platforms that enables customers to make easy online appointments, mobile payments and check transaction history record. The app also has scope for feedback, reviews and ratings, loyalty programmes, no waiting time and real time services which ensures that all partner salons provide quality service. Not just that, the app offers its customers attractive ‘’freebies” like a free haircut or 100% cashback on digital payments which ensures that once someone uses the app, they come back for the great value for money. Currently, the company has 70 plus outlets operating across Delhi-NCR, and services about 900-1000 customers per day. <keyword id="795759" type="UNKNOWN" weightage="20" keywordseo="Yes-Madam">Yes Madam</keyword> Yes Madam is a nascent startup that has come up in some areas of Delhi NCR like Noida, Greater Noida and <keyword id="44991" type="LOCATION" weightage="20" keywordseo="ghaziabad">Ghaziabad</keyword>. While this startup also provides its personal grooming services at home, it has a unique billing system which makes it affordable to most working women. The company charges its customers on per minute basis for Rupees 6 on any beauty service they want with extra service charge for better brands. During peak hours or weekends, the company charges Rs. 8 per minute which makes it still more affordable compared to the competitors. 
	
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 With Yes Madam app, the customers have the freedom to use their own product and the beautician. Another way to book can be through the call centre and Whatsapp which makes this startup more inclusive to people that might not have a smartphone or omnipresent internet connection. These new startups are engaging more people while using the resources differently but it will be interesting to see who leaves a last impression behind.

You Searched For "Indian home services startup Housejoy" and got 11 results

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