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<ul class="summary-list"><li><keyword id="1121907" type="PERSON" weightage="100" keywordseo="OpenSpace">OpenSpace</keyword> announced that it has raised a $50 million Series C funding round.</li><li>A former commerce secretary invested as part of the round, led by hedge fund <keyword id="11171402" type="UNKNOWN" weightage="60" keywordseo="alkeon">Alkeon</keyword> Capital Management.</li><li>The <keyword id="11171401" type="UNKNOWN" weightage="60" keywordseo="construction-tech">construction tech</keyword> company said it saw a 150% growth in customers last year.</li></ul>OpenSpace CEO Jeevan Kalanithi wasn't planning to raise any more money after a fundraising effort last year netted the company $15.9 million.The Series B round in July 2020 <a href="https://www.businessinsider.com/openspace-pitchdeck-15-million-raise-menlo-jll-construction-tech-2020-7">helped the company hone and expand the use of its software</a>, which uses video to help contractors, architects, and developers track the progress of under-construction buildings remotely.But then pandemic brought in even more customers who wanted to monitor construction sites from afar via photos, videos, and artificial intelligence.So when Alkeon Capital Management, a New York hedge fund and tech investor that <a href="https://www.cnbc.com/2020/05/30/this-under-the-radar-hedge-fund-is-riding-e-commerce-plays-to-a-big-return-here-are-its-next-bets.html">CNBC described as an "under-the-radar" fund "trouncing" the market</a>, came knocking, Kalanithi saw opportunity to speed up the company's growth.OpenSpace announced on Wednesday that it had raised a $55 million Series C funding round, led by Alkeon. New investors included PSP Partners, the firm run by Obama-era Secretary of Commerce and billionaire real-estate heiress Penny <keyword id="1893417" type="PERSON" weightage="60" keywordseo="Pritzker">Pritzker</keyword>, Asia-focused real-estate tech investors GreenPoint Partners, and Hong Kong landlord and real estate firm New World Development.Kalanithi, who is also OpenSpace's cofounder, plans to use the latest capital to both attract customers worldwide and offer more features to existing customers.Returning investors <a href="https://www.businessinsider.com/lux-captials-shahin-farshchi-sees-coming-wave-of-smart-automation-2020-7">Lux Capital</a>, Silicon Valley heavyweights Menlo Ventures, JLL Spark, the venture arm of commercial real estate firm JLL, and <keyword id="7034821" type="UNKNOWN" weightage="60" keywordseo="PropTech">proptech</keyword> specialists Navitas Capital and Zigg Capital also participated in the round.The San Francisco-based company declined to provide a valuation, but the startup has now raised a total of $88.3 million in funding since it launched in 2016. The company says that its customer base increased 150% in 2020, while usage was up 300%, suggesting that existing customers were also capturing more snapshots of job sites.OpenSpace uses computer vision - a type of machine learning that trains computers to analyze visual data - to make digital, detailed models of construction sites that are updated daily, or even more often. These models can be rendered by OpenSpace's own cameras, third-party cameras, or soon, <a href="https://appleinsider.com/articles/21/03/02/how-to-use-the-lidar-scanner-in-iphone-12-pro">new iPhones with LiDAR-technology</a>. <div type="image" title="This photo shows a comparison of site imagery captured with OpenSpace and the project's BIM." height="750" width="1536" msid="82294170" hostid="261"></div>The company then builds software tools on top of this underlying data. Most recently, it created what it calls ClearSight Progress Tracking, which calculates overall progress on a construction site by comparing its physical shape to the digital blueprints of the job. Another feature is object search, which allows someone to search for different items on a job site, such as a palette of wood. <h2>Taking the old-school construction industry digital</h2>OpenSpace's growth came as the pandemic turned construction-tech adoption from a possibility to a necessity, especially for its particular offering, which allows stakeholders intimate looks into job sites from anywhere in the world.Its impact has already rippled industry-wide: It was one of the most-nominated firms that appeared on <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwj0udCilZ_wAhV3KFkFHfI_BU8QFjABegQIBBAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fproptech-startups-the-hottest-real-estate-and-construction-tech-companies-2021-2&amp;usg=AOvVaw1inXSip9TwSI7E-_d3-Nfq1-2&amp;usg=AOvVaw1inXSip9TwSI7E-_d3-Nfq">Insider's list of the hottest proptech companies</a>. The buzz meant that OpenSpace didn't need to actively fundraise, or even make a pitch deck. Instead, investors came to OpenSpace with their own presentations, explaining how they could help the company expand even further."What stood out to us about OpenSpace is its rapid adoption across industry leaders, including our own construction teams," Pritzker, of PSP Partners, wrote in a press release. "This level of validation is rare for a young company and a promising indicator of its future potential."Investors not only saw OpenSpace gaining customers during an unprecedented era of remote work but also predicted that the range of options it offers clients will eventually become the norm in the field."We know that this will be the expectation," Kalanithi said. "If you're a project manager at a real-estate development firm or a superintendent, sooner or later you'll expect that you can open up your phone or look at your computer and see at your project."The company already has customers across the globe, but is hoping to use its biggest cash infusion yet to expand its global operations, with a specific focus on the Asia-Pacific region.Kalanithi said one of the OpenSpace's two goals is to "be everywhere." The other is to continue to build more software tools that build off of its data set.The company has already, he added, essentially become a time machine for construction sites that can allow future facilities managers to see exactly how buildings were put together in the past. This same data, though, could also help builders become more efficient early in a project's life cycle. OpenSpace feedback, delivered mid-construction, could inform their strategies or tactics for the rest of the job. "With time-series information, we can start to make predictions and manage changes in construction," Kalanithi said. "That's really what our customers care about."OpenSpace now counts large retail chains among its customers. They use the company's models to manage their sprawling square footage, to keep track of renovations, and to allow brand managers to check in on stores remotely.The company's plan to use the LiDAR sensor on the new iPhones, which uses light to accurately measure distance and depth, should open it up to even more customers who will have now have OpenSpace-capable devices in their pockets.It will also allow the company to create much more accurate digital models of analog construction tools, which could be more specific and accurate than their physical counterparts. As an example, Kalanithi highlighted tape measures: They're essential on a job site, but often, two different workers can record different dimensions for one piece of wood. "You'd think a tape measure as the most objective thing out there," Kalanithi said. "You'd be surprised. Tape measures are pretty subjective."

So many people want to monitor construction sites remotely that proptech startup OpenSpace just raised $50 million without even trying

<keyword id="8276508" type="General" weightage="20" keywordseo="mohalla-tech" source="Orion">Mohalla Tech</keyword>, the parent company of homegrown social media apps <keyword id="8678883" type="General" weightage="20" keywordseo="moj" source="Orion">Moj</keyword> and <keyword id="3358959" type="General" weightage="20" keywordseo="sharechat" source="Orion">ShareChat</keyword>, on Thursday raised $266 million as part of its Series G round, at a valuation of $3.7 billion. This is Mohalla Tech's third round of funding in 2021, with $913 million cumulatively raised this year. With social and live commerce initiatives, the company hopes to reach a target of $100 million annualised creator earnings by the end of 2023. "Both our products (Moj and ShareChat) have been leading the market with the highest monthly active user base, a very active creator set and amazing new partnerships to delight our community. This fresh funding will further strengthen our position," said Ankush Sachdeva, CEO and Co-founder, Moj and ShareChat. The fresh investment was led by Alkeon Capital with participation from new and existing investors including Temasek, Moore Strategic Ventures (MSV), Harbourvest and India Quotient. The funding, said the company, will help build deep capabilities on priority areas such as social and live commerce, growing its AI/ML team which is now over a 100 people strong and spread across the US, Europe and India. Since January, the company has grown to over 2,000 employees and added several new features as it focuses on building its products to be the leader in the Indian short video and social media space. "In one of the fastest-growing and most dynamic internet markets in the world" with an estimated over 600 million (mostly mobile) internet users "ShareChat is already entrenched as the largest and most engaging social and digital media platform," said Deepak Ravichandran, General Partner at Alkeon Capital. Founded in 2015, Mohalla Tech has now raised over $1.177 billion across eight fundraising rounds. Moj has an average user time spent of 34 minutes every day, scoring over 4.5 billion views daily. ShareChat is positioned uniquely with an average user time spent of 31 minutes daily. Moj and ShareChat together have a 340 million-strong user community, according to the company. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/ola-raises-half-a-billion-dollars-in-debt-to-fuel-its-food-delivery-and-quick-commerce-dream/articleshow/88314624.cms" data-type="tilCustomLink">Ola raises half a billion dollars in debt to fuel its food delivery and quick commerce dream</a> <a href="https://www.businessinsider.in/stock-market/news/supriya-lifescience-ipo-analysts-bet-to-subscribe-on-its-diversified-product-portfolio/articleshow/88314011.cms" data-type="tilCustomLink">Analysts suggest subscribing to this pharma company IPO on discounted valuation and strong product portfolio than peers</a> <a href="https://www.businessinsider.in/cryptocurrency/news/heres-what-the-government-has-been-discussing-behind-closed-doors-as-it-looks-to-regulate-crypto-in-india/articleshow/88311964.cms" data-type="tilCustomLink">Analysts suggest subscribing to this pharma company IPO on discounted valuation and strong product portfolio than peers</a>

ShareChat's valuation increases by a billion with a fresh $266 million funding round

<ul><li>Indian <keyword id="1464841" type="PERSON" weightage="20" keywordseo="Edtech">edtech</keyword> decacorn <keyword id="2900267" type="PERSON" weightage="20" keywordseo="Byju">BYJU</keyword>’S said that it has added BlackRock, Sands Capital, and Alkeon Capital as investors. </li><li>While it now has 70 million students, it also has 4.5 million paid subscribers (up from 3.5 million in August).</li><li>The latest investment is believed to be a part of the ongoing $500 million round led by Silver Lake.</li></ul>Indian edtech decacorn BYJU’S said that it has added BlackRock, Sands Capital, and Alkeon Capital as investors. Interestingly, BYJU’S latest user count and paid subscriber base have seen an uptick. While it now has 70 million students, it also has 4.5 million paid subscribers (up from 3.5 million in August, according to data shared by the company). While the exact amount of investment in the latest round remains undisclosed, the latest investment is <a href="https://www.cnbctv18.com/startup/byjus-raises-funds-from-blackrock-sands-capital-others-6988211.htm">believed </a>to be a part of the ongoing $500 million round, which was led by Silver Lake. The round will also see participation from BYJU’S existing investors General Atlantic, Owl Ventures, and Tiger Capital. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment co. </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;">Amount </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;">Funding in 2020 </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;">Tiger Global </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 million </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;">January </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;">General Atlantic </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 million </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;">February </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;">BOND </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;">$23 million </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;">June </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;">DST Global </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;">$122 million </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;">August </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;">Silver Lake` Additional investors: BlackRock, Sands Capital and Alkeon Capital </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;">$500 million </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;">September </td></tr></tbody></table> “As we continue to create engaging and personalised learning solutions, partnerships like these reaffirm our commitment to build and transform the global learning landscape through technology, innovation, and quality pedagogy. Continued support from our existing investors is a testament of their confidence in us and our mission,” said Byju Raveendran, Founder, and CEO in a statement. The Raveendran-led <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword>, which recently acquired coding company White Hat Jr for $300 million, is also eyeing overseas expansion. BYJU’S and White Hat Jr are gearing up for launch in six new countries– UK, Australia, New Zealand, Singapore, and Germany. SEE ALSO: <a href="https://www.businessinsider.in/business/news/mukesh-ambani-reliance-retail-gets-its-second-investment-in-two-weeks-kkr-invests-5550-crore/articleshow/78267281.cms">Mukesh Ambani's Reliance Retail gets its second investment in two weeks – KKR invests ₹5,550 crore</a> <a href="https://www.businessinsider.in/business/corporates/news/hindustan-unilever-chairman-is-urging-the-government-to-spend-more-to-boost-consumption/articleshow/78267444.cms">Data shows why HUL Chairman is urging the government to spend more to boost consumption</a>

BYJU’S onboards new investors – edtech decacorn’s paid subscriber base jumps by a million in a month

<keyword id="2777173" type="General" weightage="20" keywordseo="razorpay" source="Orion">Razorpay</keyword> has raised $375 million in fresh funding from Lone Pine Capital and others at a valuation of $7.5 billion, which has more than doubled since the fintech major's last funding round in April this year, its co-founder and CEO Harshil Mathur said. Speaking to PTI, Mathur said the series F round was co-led by Lone Pine Capital, Alkeon Capital and TCV, and also saw participation from existing investors like Tiger Global, Sequoia Capital India, GIC and Y Combinator. "With this funding round, our valuation has increased to $7.5 billion -- the fastest increase in valuation for an Indian unicorn in a year. Razorpay was valued at $1 billion in October last year and $3 billion in April this year," he added. With the series F round, Razorpay has raised a total of $741.5 million in investments since its inception in 2014. The latest infusion will be used to further scale up Razorpay's Business Banking Suite, RazorpayX and offer new banking solutions in 2022 that will help businesses focus less on handling compliance and operations. The full-stack financial solutions company plans to invest in acquisitions in 2022 and expand its presence across Southeast Asian countries. It also plans to hire over 600 employees to fuel its growth plans in India and overseas. "While these freshly infused funds will be used in multiple areas, the most important one will be towards investing in building intelligent technologies that will make the lives of small businesses easier by providing them a fundamentally different experience and reducing complexity. We want them to spend less time managing compliance and operations and invest more time in creating new products, building on new ideas and thinking scale," Mathur said. He added that the funds will help the company take financial services up a notch and serve the underserved businesses and continue to build the central nervous system of Digital India. Talking about the international expansion, Mathur said geographies like Southeast Asian (SEA) countries face similar payment problems like India, and Razorpay will look to leverage its leadership in building intelligent payment products and learnings to ripe markets like SEA countries. Besides, Razorpay also plans to use the fundraise to double down investment in acquiring B2B SaaS companies that can help scale up operations while providing the highest standards of customer experience in the country. "Razorpay is set to create a larger dent in the fintech universe and with the help of new acquisitions and partnerships, we will be able to build an A-class financial service infrastructure for India's businesses,” Mathur stated. Mathur highlighted that of the 42 companies that were crowned as unicorns in 2021 alone, Razorpay powers payments for 34 of them. Razorpay has achieved $60 billion in TPV (Total Payment Volume) as of early December 2021, and has set a target of $90 billion TPV by the end of 2022. "We clocked over 300 per cent y-o-y growth, second year in a row. We are looking at achieving break-even on an overall level in 2-2.5 years and will look at the IPO route in 2.5-3 years," he added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/here-is-how-to-check-the-allotment-status-of-medplus-health-services-ipo/articleshow/88374021.cms" data-type="tilCustomLink">Medplus Health Services’ IPO: Here is how to check allotment status</a> <a href="https://www.businessinsider.in/tech/news/its-time-to-stop-hero-worshiping-the-tech-billionaires/articleshow/88376907.cms" data-type="tilCustomLink">It's time to stop hero worshiping the tech billionaires</a> <a class="tout-title-link" href="https://www.businessinsider.in/politics/world/news/republicans-applaud-joe-manchin-for-sinking-bidens-big-social-and-climate-bill/articleshow/88378660.cms">Republicans applaud Joe Manchin for sinking Biden's big social and climate bill</a>

Razorpay is now the most valued fintech startup in India

<ul><li>Khatabook has raised $100 million in its Series C round led by Tribe Capital and Moore Strategic Ventures (MSV).</li><li>Overall, the company’s merchants network manage more than 264 million users across India.</li><li>The company will use this funding to introduce new offerings for the merchants and hire across verticals.</li><li>The company had reported no revenue with a loss of ₹126 crore in the financial year 2020, as per Tofler.</li></ul>Bookkeeping app Khatabook’s valuation has touched $600 million even though the company is still in a pre-revenue phase. The company had reported no revenue with a loss of ₹126 crore in the financial year (FY) 2020, as per data platform Tofler. Khatabook’s financial statement for FY21 is not yet publicly available. A major reason for the company’s skyhigh valuation seems to be its penetration in the Indian small and medium businesses (SMB) market, which does not have much internet penetration. The company claims to have over 10 million monthly active merchants registered on the platform. Overall, its merchants manage more than 264 million customers. About 95% of the Indian districts are represented on its app, as per the company. The company, on Tuesday, said that it has raised $100 million in its Series C round led by Tribe Capital and Moore Strategic Ventures (MSV). Alkeon Capital also participated in the round, along with existing investors B Capital Group, Sequoia Capital, Tencent, RTP Ventures, Unilever Ventures, and Better Capital. Former and current partners of Andreessen Horowitz, Balaji Srinivasan and Sriram Krishnan, also infused an undisclosed amount in the Bengaluru-based startup. The latest round would allow Khatabook to strengthen its talent base and hire across multiple roles like engineering, product, design, analytics and data science functions. The company currently employs 200 individuals. A part of the funding will also be used to launch several new financial services for its merchant partners, the company said in a press note. Khatabook further added that it would also buy back $10 million worth of employee stock ownership plan (ESOP) shares to reward current and former employees of the company. Eligible employees will be able to sell as much as 30% of their vested options, the company said. It has also expanded its ESOP pool to $50 million. Khatabook was originally founded by Vaibhav Kalpe in 2016. The company was later acquired by Kyte Technology — founded by Ravish Naresh, Jaideep Poonia, Dhanesh Kumar and Ashish Sonone — in 2019, with Kalpe joining the company. The company enables small and medium enterprises (SMEs) to record and track business transactions. Khatabook helps small shopkeepers and kirana store owners in India manage their account by keeping track of the money owed to them through digital ledger. It also offers several features to make collection of money earlier through the use of technology. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/swiggy-sharechat-byjus-lead-the-funding-race-as-indian-startups-raised-6-5-billion-between-april-and-june/articleshow/85583697.cms">Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June </a><a href="https://www.businessinsider.in/retail/news/ikea-products-would-now-be-even-cheaper-in-india/articleshow/85585775.cms">Ikea products would now be even cheaper in India</a>

Khatabook’s valuation touches $600 million with zero revenue to show

<ul><li>It plans to use the latest funding to expand its technology infrastructure and widen its reach to under-penetrated regions.</li><li><keyword id="6189412" type="General" weightage="20" keywordseo="groww" source="Orion">Groww</keyword> had reported a revenue of ₹1 crore in the financial year 2020.</li><li>It competes with profit-making <keyword id="759851" type="General" weightage="20" keywordseo="zerodha" source="Orion">Zerodha</keyword> and <keyword id="12381414" type="General" weightage="20" keywordseo="angelone" source="Orion">AngelOne</keyword> in this domain.</li></ul>Wealth management and investment platform Groww has tripled its valuation to $3 billion, after its $251 million funding round announced on Monday. The Series E funding round was led by Iconiq Growth, with participation from new investors Alkeon, Lone Pine Capital and Steadfast. Sequoia Capital, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners also participated in the round. The development was first <a href="https://www.livemint.com/companies/start-ups/groww-raises-251-mn-triples-valuation-to-3-bn-in-6-months-11635096502920.html">reported</a> by Mint. Groww is the highest valued venture capital (VC)-funded investments platforms in India after this fundraise. However, what are these valuations based on? Zerodha — which has the most number of users and offerings — is not even in the race as it is a bootstrapped company. In the last two years, Zerodha accorded itself a $1 billion valuation in 2020 and $2 billion valuation in 2021 in order to buy back employee stocks and give them returns. Nitin Kamath, the co-founder and chief executive officer (CEO) of Zerodha, believes that the valuations it has accorded to itself could be conservative. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[ ]]></cdata></div> Groww’s valuation is also double that of publicly-listed companies such as AngelOne (formerly <keyword id="103837" type="General" weightage="20" keywordseo="angel-broking" source="Orion">Angel Broking</keyword>), which has a market cap of ₹10,700 crore ($1.4 billion). AngelOne has 5 million registered clients, as per its website. Groww is also the only startup among the three companies valued over a billion dollars. It is also the one with the <a href="https://entrackr.com/2021/03/groww-expenses-shot-up-20x-in-fy20-with-miniscule-revenue/" data-type="tilCustomLink">least amount of revenue</a> in the financial year 2020. <div type="image" title="Loss-making Groww is now the most-valued investment platform even though some of its peers make profits" msid="87249158" hostid="261"></div> The financial statement for FY2021 is not yet publicly available. Business Insider reached out to Groww seeking details about its financial performance in FY21. However the company declined to comment. Upstox’s RKSV Securities subsidiary is also a player in the domain, although valued below $1 billion. The company had hit profitability in the financial year 2019, but reported a loss of ₹37.99 crore in FY20 after a profitable run of two years. Rata Tata-backed Upstox has two subsidiaries RKSV Securities and RKSV Commodities, with RKSV Securities being the bigger one. Groww is looking to expand its reach “Groww is already among the leading investment platforms in India, showcasing strong unit economics and customer cohorts. We are excited to participate in its vision to be the primary financial platform for Indian consumers," said Yoonkee Sull, partner at Iconiq Growth. Groww plans to use this funding to expand its technology infrastructure and widen its reach to under-penetrated regions. It will also use the capital to create financial education and awareness about investment products. The company — founded by four former Flipkart employees Lalit Keshre, Harsh Jain, Ishan Bansal and Neeraj Singh in 2016 — has already enabled its customers to invest in US-based stocks through its web platform. The company claims to have more than 2 million users on its platform, with nearly 70% of its users coming from Tier II and III geographies. <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;">Year of launch </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;">User base in 2021 </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;">Zerodha </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;">2010 </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 million </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;">AngelOne </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;">1996 </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;">4.12 million </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;">Upstox </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;">2009 </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 million </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;">Groww </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;">2016 </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 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Media reports Groww has raised nearly $393 million to date from marquee investors like Tiger Global, Y Combinator, Sequoia Capital India, Ribbit Capital and others. It was valued at $1 billion in April 2021. ALSO WATCH: A $4.5 billion fund manager talks about the absurdities in the stock market and shares priceless insight <div type="Video" msid="84818150" hostid="261" title="All the absurdities in the stock market" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=84818150"></div> SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-icici-bank-tata-elxsi-and-other-top-stocks-to-watch-out-for-on-october-25/slidelist/87247835.cms" data-type="tilCustomLink">Reliance Industries, ICICI Bank, Tata Elxsi and other top stocks to watch out for on October 25</a> <a href="https://www.businessinsider.in/business/startups/news/twitter-tencent-and-tiger-global-are-investing-in-vernacular-social-media-startups-sharechat-koo-and-public-app/articleshow/87207096.cms" data-type="tilCustomLink">Twitter, Tiger Global, Tencent and others have pumped in over $900 million into India’s vernacular social media platforms in a year</a> <a href="https://www.businessinsider.in/tech/news/google-worked-with-facebook-to-undermine-apples-attempts-to-offer-its-users-great-privacy-protections-complaint-alleges/articleshow/87244342.cms" data-type="tilCustomLink">Google worked with Facebook to undermine Apple's attempts to offer its users greater privacy protections, complaint alleges</a>

Loss-making Groww is now the most-valued investment platform even though some of its peers make profits

<ul><li>These <keyword id="10993707" type="General" weightage="20" keywordseo="Ecommerce-startups" source="Orion">ecommerce startups</keyword> have raised over $135 million since August 2021.</li><li><keyword id="7598194" type="General" weightage="20" keywordseo="khatabook" source="Orion">Khatabook</keyword> alone has raised $100 million in the last one month.</li><li>India is home to 60 million small and medium businesses (SMBs).</li></ul>It was the year 2019, when India’s richest man Mukesh Ambani declared that he would connect 13 million kirana stores —the Indian word for mom and pop stores — with his tech platform JioPlatforms. Amazon and Flipkart have been on hot pursuit of these neighbourhood stores for at least half a decade. However, for quite some time before that, a bunch of young startups like <keyword id="1249046" type="General" weightage="20" keywordseo="dukaan" source="Orion">Dukaan</keyword> and Khatabook have been preparing the ground for these big tech giants to make a big splash. These enablers are getting their due from venture capitalists (VCs) now. These <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> startups have raised over $135 million since August 2021. Key deals include: <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;">Launched In </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;">What does it do? </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;">Recent Funding </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;">Investors </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;">Merchants </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;">Khatabook </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;">2017 </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;">Originally a bookkeeping app. Ventured into the ecommerce enablement space in 2020 with MyStore. </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;">$100 million </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;">Tribe Capital, Moore Strategic Ventures (MSV), Alkeon Capital </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 million monthly active users </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;">Dukaan </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;">2020` </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;">Enables kirana stores to set up their online store </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;">$11 million </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;">640 Oxford Ventures, OYO’s Ritesh Agarwal and Nothing CEO Carl Pei </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;">3.5 million </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;">Bikayi </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;">2019 </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;">Helps small businesses set up a digital store </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;">$10.8 million </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;">Sequoia Capital India </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;">4 million </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;">Ping </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;">2020 </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;">Aggregates all the local commerce message groups on the app and allows customers to discover new stores. </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;">$3.5 million </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;">Elevation Capital, </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;">400 active residential communities </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;">ApnaKlub </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;">2020 </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;">Wholesale platform for small sellers and retailers </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;">$3.5 million </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;">Sequoia Capital India’s accelerator programme Surge. </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;">5,000 wholesale partners </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;">Kirana247 </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;">2020 </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;">Wholesale distributor of consumer goods for small businesses. It optimises warehousing using ML and AI. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 million </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;">Undisclosed </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;">5000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Other major businesses in this segment include OkShop and MyStore. “The recent rounds in September are indicative of growing interest from investors in this segment,” Madhur Singhal, managing partner and chief executive at Praxis Global Alliance told Business Insider. He noted that Google and PayU’s investment in online-to-offline commerce platform DotPe further substantiate this claim. Devendra Agrawal, founder of investment bank Dexter Capital echoed the same sentiment, highlighting that while offline retailers have been severely impacted by the pandemic, online retail received a huge boost. “To compete with online retailers, offline retailers have started adopting solutions offered by ‘Dukan Tech’ startups at an unprecedented rate,” he said. India is home to 60 million SMEs and 13-14 million kirana stores, which employ over 130 million people. “Clearly, it is an extremely vast market and provides great opportunities for digital solutions,” he added. But what are the challenges ahead of these companies? According to Singhal, finding the right product market fit for these startups is going to be extremely challenging for these startups as they have a diverse mix of customers in terms of region, scale and vertical of operations. “Another challenge would be the monetisation aspect. Given the free adoption and availability of Dukan Tech solutions, it would be crucial for these start-ups to figure out what percentage of their merchant base become paid users,” Agrawal added. Sequoia-backed Khatabook is facing similar challenges when it comes to monetisation. The company, valued at $600 million due to its size and scale, is currently in a pre-revenue stage. The company is currently piloting some monetisation engine, according to sources within the company. But the biggest challenge remains the emergence of big tech companies in the segment. Agrawal told Business Insider that any segment where customers are interacting on a daily basis always has the potential for big players jumping in. The question, however, remains how and when they do it. They can either enter organically or follow Walmart’s approach and acquire another company, he added. However, he emphasised that companies that have figured out their business model and are raising capital will be able to survive. “But another thing to keep in mind is that the current dukan tech companies are in the customer acquisition phase. They need to figure out the business model and monetisation engines,” Agrawal added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/shree-cement-zee-entertainment-telecom-and-other-top-stocks-to-watch-out-for-on-september-15/slidelist/86219264.cms" data-type="tilCustomLink">Shree Cement, Zee Entertainment, telecom and other top stocks to watch out for on September 15</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-13-series-ipad-ipad-mini-and-watch-series-7-announced-indian-pricing-availability-and-features/articleshow/86213320.cms" data-type="tilCustomLink">Apple iPhone 13 series, iPad, iPad mini and Watch Series 7 announced – Indian pricing, availability and features</a> <a href="https://www.businessinsider.in/tech/news/apple-unveiled-its-new-399-watch-series-7-that-lets-you-text-from-a-keyboard-on-your-wrist-and-can-detect-if-you-fall-off-your-bike/articleshow/86211383.cms">Apple unveiled its new $399 Watch Series 7 that lets you text from a keyboard on your wrist and can detect if you fall off your bike</a>

Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due

<ul class="summary-list"><li>Junata Nakai spent 14 years at Goldman Sachs and is now the global industry leader for financial services at Databricks, a company founded by the creators of Apache Spark.</li><li>In this op-ed, Nakai gives his prediction for how money will look and feel in the 2020s. </li><li>Data will play a critical role in bringing "vast segments of our population out of the shadows of banking in the 2020's," he says. </li></ul>How will money look and feel in the 2020s?In three words:1) Inclusive2) Invisible3) InstantThe 2010's were good for the economy. The past decade saw America add $5 trillion to its economy, a figure bigger than the entire output of the world's third largest economy: Japan.Yet, over 50 million Americans remain underbanked or unbanked. Despite the billions being invested in <a href="https://www.businessinsider.com/jpmorgan-goldman-sachs-citi-fintech-startup-investments-2019-2019-8">fintech</a>, the 2010's actually saw very little change in the way Americans pay, borrow and invest.As a result, the current system underserves significant segments of the population. In fact, when it comes to many aspects of modern finance, America is far behind. For example, America's mobile payment industry today is 1/50th the size of China's.Apart from <a href="https://www.businessinsider.com/charles-schwab-td-ameritrade-interactive-brokers-e-trade-cut-fees-2019-10">commission-free stock trading</a> and a few other tech-enabled business models, financial intermediation has seen little change from the beginning to the end of the 2010's.Banks, brokers and insurers largely make money the same way today as they did in the last decade. The contents of your wallet seem remarkably similar today as it did in 2010.The coming decade will mark the abrupt end of the status quo. <a href="https://www.businessinsider.com/the-future-of-banking-jobs-and-technology-in-next-decade-2019-12">By 2030</a>, your wallet will look different. The way you interact with money will feel different. The brands you associate with finance today will be different.<a href="https://www.businessinsider.com/future-big-data-wall-street-finance-industry-2019-6">Data</a> will play a central role in driving the modernization of financial services.<h2 dir="ltr">Inclusive</h2>New types of data will enable more holistic and dynamic underwriting, insuring and banking.Consumers will stop obsessing over FICO scores as more reliable and personalized metrics become available. Today, FICO and other credit bureaus rely on a very narrow set of data.For example, whether or not you pay your rent on-time is not factored into assessing your credit worthiness. The status quo requires individuals to already be part of the financial ecosystem in order to become customers.One reason is the economics of serving the underserved is not favorable to incumbents. As a result, those at the periphery end up paying more for less.But as the use of new and <a href="https://www.businessinsider.com/category/alternative-data">alternative data sets</a> becomes more prevalent, a big swath of the population - from gig-economy workers to new immigrants - will have significantly more options than before and at a lower cost.Things are starting to change. On December 3, 2019, regulators released new guidance related to the use of alternative data. The guidance encourages the responsible use of alternative data to "improve the speed and accuracy of credit decisions," especially for customers that are outside the mainstream banking system.<h2 dir="ltr">Invisible</h2>For many daily transactions, the notion of "paying" will fundamentally change.Paying for a good or service will be an afterthought, similar to when you simply get out of your ride-share once you get to your destination without having to reach for your wallet. Finance will increasingly be incorporated into apps, software, and routines that we touch every day.When you shop online, financing options will be recommended to you at check out. When you drive, your maps app will package a price, interest rate and insurance quote for a new car based on your driving patterns and search history. When you retire, your portfolio will rebalance to adjust for your expected spending patterns.Borrowing, insuring, and investing will not be unique destinations on their own, but a ubiquitous service that is offered throughout everyday life. Finance will increasingly be invisible to the consumer.The front-end application will own customer mindshare and the resulting data. As a result, incumbent banks, insurers, and asset managers run the risk of becoming utilities with low brand awareness, little differentiation and diminished customer loyalty.For example, ANT Financial (the world's largest fintech) simultaneously serves the function of PayPal, Moody's, Citi, Blackrock, Western Union and American Express for it's Chinese customers. This data-driven disrupter was founded only five years ago and today is worth almost as much as Citigroup with 1/20th the number of employees.<h2 dir="ltr">Instant</h2>Digitally-native banking, insurance and investing, coupled with AI, will make finance much faster, more real time and predictive.The time to get a mortgage approved and funded will shrink from weeks to minutes. Insurance claims will be paid immediately. Your tax returns will be paid the moment you finish with your accounting software. Financial products will be delivered to you immediately.Underpinning this speed is data. Data empowers better risk management, enabling money-related customer experiences that meet the same demands for instant satisfaction that we hold other sectors to.For example, ANT Financial's on-line bank, MYbank, has a "3-1-0" business model, where an applicant takes three minutes to apply, the AI takes one second to make a decision by analyzing over 3000 variables. Zero employees are required to complete the end-to-end lending process. The default rate is just 1%.Data will bring vast segments of our population out of the shadows of banking in the 2020's. It will change the way you think about and interact with money. It will make life much more convenient and open up new opportunities for millions. It will be an exciting decade to be a customer.Junta Nakai is the global industry leader for financial services at Databricks, a company founded by the creators of Apache Spark. Databricks pioneered the Unified Data Analytics platform that makes it easier for companies to leverage big data and accelerate their AI initiatives. Databricks recently completed a $400 million fund raising round at a $6.2 billion valuation. Investors include Andreessen Horowitz, Blackrock, T Rowe Price, Tiger Global, Alkeon and Coatue. Junta is a former head of APAC sales at Goldman Sachs.

I spent 14 years at Goldman Sachs and now head up financial services at a $6 billion startup. Here are all the ways money and how we pay will transform in the coming decade.

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/ Carlo AllegriJohn Paulson is the biggest hedge fund shareholder of Allergan.</div></div></div>Hedge funds' favorite stock, drugmaker Allergan, <a href="http://www.businessinsider.com/allergan-confirms-merger-talks-with-pfizer-2015-10">has confirmed that it has been approached by Pfizer</a> about possibly merging to form the world's biggest pharma company.Allergan's stock is up on the news. The share price was last up about $23.80, or an increase of 8.29%, at $311.The Botox maker <a href="http://www.prnewswire.com/news-releases/338283972.html">said</a> that it is in "preliminary friendly discussions" and no agreement has been reached. Allergan was recently ranked No. 1 on Goldman Sachs' "VIP" list of stocks that "matter most" to hedge funds.According to Goldman, 97 of the major hedge funds they track owned Allergan's stock in the second quarter ended June 30. Of those funds, 67 had Allergan as one of its top 10 holdings.A number of fund managers have brought up the stock in investor updates recently.Hedge fund billionaire Larry Robbins of Glenview Capital wrote in a recent investor that his Allergan position was a "consolidation play."Leon Cooperman of Omega Advisors said on a call last week that it was one of his fund's "winners." Allergan is Omega's third biggest holding.Lone Pine's Stephen Mandel said in his latest investor letter that even without acquisitions he thought Allergan's earnings could grow at double-digit rates.Here's a rundown of some of the big hedge funds who own the stock, according to data compiled by Bloomberg. (Note: This data is from the second quarter ended June 30. These funds could have bought or sold shares since that time.) <ul><li>Paulson &amp; Co. (John Paulson): 7.17 million shares (added 1.53 million shares in Q2)</li><li>Viking Global (Andreas Halvorsen): 6.8 million shares (added 698,498 shares in Q2)</li><li>Oz Management: 3.67 million shares (added 13,838 shares in Q2)</li><li>Third Point (Daniel Loeb): 3.3 million shares (sold 275,000 shares in Q2)</li><li>Lone Pine Capital (Stephen Mandel): 2.29 million shares (added 465,652 in Q2)</li><li>Senator Investment Group: 2 million shares (added 300,000 in Q2)</li><li>Glenview Capital (Larry Robbins): 1.98 million shares</li><li>Jana Partners (Barry Rosenstein): 1.61 million shares (sold 3,467 shares)</li><li>First Eagle: 1.54 million shares (sold 27,248 in Q2)</li><li>Corvex Management (Keith Meister): 1.54 million shares (added 205,000 in Q2)</li><li>Fir Tree: 1.45 million shares (added 191,188 shares in Q2)</li><li>Blue Ridge Capital (John Griffin): 1.46 million shares </li><li>Maverick Capital: 1.45 million shares (added 1.43 million in Q2)</li><li>Sachem Head Capital: 975,000 shares (added 175,000 in Q2)</li><li>Columbus Circle: 925,671 shares (added 23,684 in Q2)</li><li>Omega Advisors (Leon Cooperman): 922,375 shares (sold 11,100 in Q2)</li><li>Discovery Capital (Rob Citrone): 921,093 shares (sold 19,125 in Q2)</li><li>Farallon: 919,284 shares (sold 66,000 in Q2)</li><li>York Capital (Jamie Dinan): 861,560 shares (sold 665,651 in Q2)</li><li>Hoplite Capital: 848,762 shares (sold 25,968 in Q2)</li><li>Alkeon Capital Management: 781,000 shares (added 62,000 in Q2)</li></ul> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/art-of-war-wall-street-psychology-2015-10">'The Art Of War' holds the keys to success on Wall Street</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="h3NDc3eDpu1_MUKtRRJTywQqU6NjSs_i" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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