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Leading conversational messaging platform <keyword id="755674" type="General" weightage="20" keywordseo="gupshup" source="Orion">Gupshup</keyword> on Tuesday said it has acquired <keyword id="3844675" type="General" weightage="20" keywordseo="active-ai" source="Orion">Active.Ai</keyword>, a conversational artificial intelligence (AI) platform used by banks and fintech firms, for an undisclosed sum. Headquartered in Singapore, Active.Ai serves BFSI customers across 43 countries with a conversational banking as a service (CBaaS) platform that helps clients engage with millions of consumers every month. "Active.Ai's robust CBaaS platform adds more vertical depth to our product stack, giving BFSI customers the tools to create intelligent, frictionless micro conversations with consumers using voice, video and messaging channels", said Beerud Sheth, Co-founder and CEO, Gupshup. Active.Ai has enabled more than 300 million user interactions via voice, video and messaging, managed over 30 million service requests and fulfilled 50 million plus enquiries in aggregate. Active.Ai's customers include Axis Bank, Kotak Mahindra Bank, Tata Capital, IndusInd Bank and HDFC Securities Ltd in India. The acquisition will strengthen Gupshup's customer experience (CX) solutions for BFSI customers. "Active.Ai's conversational engagement platform powers leading financial enterprises across 43 countries," said Ravi Shankar, Co-founder and CEO, Active.Ai. "We are excited to partner with Gupshup to help shape the future of conversational engagement in the financial services space." Active.Ai's investors include InnoCells, Kalaari Capital, Vertex Ventures, Chiratae Ventures, CreditEase, DI and Kstart. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/news/elon-musk-is-now-asking-if-people-want-an-edit-button-in-twitter/articleshow/90656209.cms">Elon Musk is now asking if people want an edit button after acquiring a 9.2% stake in Twitter</a> <a href="https://www.businessinsider.in/stock-market/news/sbi-cards-stock-falls-steeply-after-2-7-crore-shares-of-the-company-were-sold-in-a-block-deal/articleshow/90657796.cms">SBI Cards’ stock falls steeply after 2.7 crore shares of the company were sold in a block deal</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-shares-dip-after-ccis-probe-order/articleshow/90656032.cms">Zomato stock dips nearly 3% after CCI’s probe order</a>

Tiger Global-backed Gupshup acquires conversational AI platform Active.Ai

<ul><li><keyword id="755674" type="COMPANY" weightage="20" keywordseo="GupShup">Gupshup</keyword>, the artificial intelligence led conversational messaging platform, has become the 10th <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> from India in 2021.</li><li>It was founded by Beerud Sheth, a serial entrepreneur and co-founded Elance (Upwork), a poster boy of the gig economy.</li><li>Founded in 2004, the <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> had last raised funds in 2011.</li></ul>Ten years after it last raised funds, Gupshup, the artificial intelligence led conversational messaging platform, has become the 10th unicorn from India in 2021. The startup has raised $100 million from Tiger Global and is now valued at $1.4 billion. Founded in 2004, the startup had last raised funds in 2011. The startup also said that the current investment will be followed by a ‘second close with significant additional funds raised from more investors.’ Gupshup is a smart messaging platform that helps companies reach out to their consumers. It was the first company that <keyword id="4936066" type="COMPANY" weightage="20" keywordseo="whatsapp-business">WhatsApp Business</keyword> tied up with globally as an enterprise messaging partner. The AI software looks at enterprise messages and classifies them as banking, real estate, e-commerce or others and then extracts the important information to show you in a simple card. Gupshup was founded by Beerud Sheth -- a serial entrepreneur and co-founded Elance – a poster boy of the gig economy. Elance went public on Nasdaq in 2019 as Upwork. “Customers expect to converse with businesses the way they do with friends. They expect the conversation to be simple, easy, quick, contextual, and personalised. Gupshup’s mission is to build the tools that help businesses better engage customers through mobile messaging and conversational experiences,” said Sheth in a statement. The company claims that its application programming interface (API) enables over 100,000 developers and businesses to build messaging and conversational experiences ‘delivering over 6 billion messages per month across 30+ messaging channels’. It also claims an annual run rate of $150 million. “It’s like having a personal assistant that goes through your texts and gives you the important information. Gupshup is taking the mess out of messaging,” Sheth had told Business Insider in an earlier<a href="https://www.businessinsider.in/business/startups/news/gupshup-is-innovating-text-messaging-with-its-smart-sms-as-whatsapp-business-gains-momentum/articleshow/71573898.cms"> interview</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/sharechat-is-2021-9th-unicorn-as-it-raises-over-500-million-from-tiger-global-snap-and-twitter/articleshow/81964106.cms">ShareChat is this year’s 9th unicorn as it raises over $500 million from Tiger Global, Snap and Twitter</a>

Gupshup, an Indian AI startup, raises $100 million from Tiger Global to join India’s fast growing club of unicorns

<ul><li>Rapid <keyword id="11964795" type="General" weightage="20" keywordseo="digitisation" source="Orion">digitisation</keyword> has created an opportunity for software-as-a-service (SaaS) companies to scale like never before. </li><li>Business Insider India’s special web series <keyword id="15419506" type="General" weightage="20" keywordseo="saas-scions" source="Orion">SAAS Scions</keyword> in partnership with AWS saw Beerud Sheth, co-founder and CEO of Gupshup, in conversation with Tim Barnes (GM, Advertising and Marketing Technology Vertical), Amazon Web Services, on the digitisation journey in <keyword id="6359891" type="General" weightage="20" keywordseo="emerging-markets" source="Orion">emerging markets</keyword>, protection of user privacy, and more. </li><li>According to Sheth, for markets like India, the time is now.</li></ul>The next two decades could see the greatest amount of digitisation and “maybe even wealth creation,” according to Beerud Sheth, co-founder and chief executive officer of unicorn conversational messaging startup Gupshup. Sheth was speaking with Tim Barnes, General Manager, Advertising and Marketing Technology Vertical, Amazon Web Services, at the SAAS Scions web series by Business Insider India. “(It’s) the kind of growth you saw in China for the last two decades, and in the US maybe the two decades before that. The baseline for digitisation was low (in emerging countries), and there was an enormous need to e-enable every aspect of the business (during the pandemic). That’s just for companies focused on the Indian market. For companies focused on the global market, of course, India has enormous cost advantages, scale and so on,” Sheth said. Sheth noted the remarkable differences in the digitisation journey adopted by India (and other emerging markets) as compared to developed economies. “Some of it is obvious, the moment people couldn’t get into physical spaces, clearly all of it moved online,” he said. “Everything from online banking to commerce, to online education, and even some business use-cases. All of that then requires a lot more notifications, updates, interactions, and more. All of that created a huge spike in demand.” The digital play in emerging markets A large part of Gupshup’s business comes from emerging markets, where, unlike the western markets, the pandemic-driven spike in digitization didn’t subside once things started returning to normal. For Sheth, the transition to digital in emerging economies was a metamorphosis that saw no coming back. “There’s a slightly different impact on the emerging markets because of a variety of reasons,” he said. “There were a lot of local businesses, which before the pandemic (would say) I don’t need to do this or we’ll do it later. But this really was a shock to the system, and it really accelerated the adoption of digital tech and so on. And that is not a temporary spike, you digitise and then you’re digital forever,” he added. According to Sheth, for markets like India, the time is now. Rapid digitisation has created an opportunity for software-as-a-service (SaaS) companies to scale like never before. “Conversational messaging supports customers across the entire lifecycle, which includes the front end in the marketing side, in the middle around the commerce or purchasing side, and then in the post-purchase around support. Specifically, around martech, there’s a commensurate growth in use-cases, like people using it for lead generation, promotions, deals, offers and so on. So we’ve seen a massive growth spurt.” said Sheth. And this growth isn’t just with large enterprises, but significantly at the “lower end of the pyramid.” A restaurant or corner store didn’t have the same amount of time to digitise before the pandemic, but when customers stopped walking into the store, “what was once a nice to have, became a must-have.” Protecting user privacy However, he warned that SaaS firms must take company user privacy seriously while building their products. If privacy is an afterthought, Sheth reasons that it could disqualify firms from operating in certain jurisdictions since different countries have different requirements for compliance and user privacy. “We try to create federated solutions, which means it can be hosted in separate instances without needing to work with a centralised assistant. Which gives us the flexibility where different instances can support different privacy frameworks,” he advised. Establishing the new de-facto Beerud Sheth’s comparison of new-age chatbots to early internet-era websites demonstrates the potential for conversational messaging for businesses of all sizes. The company’s innovation, keeping in step with emerging cloud technologies and fine-tuned to various geographies, has unlocked a newer medium of communication which have radically transformed the very core of how businesses interact with their customers. If the old catchphrase,”The medium is the message” were to be recalled, then Gupshup is both the medium, and a strong message for every business that has a customer. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on <a target="_blank" class="c-link" href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

Emerging markets’ digitisation roadmap different from West: Gupshup CEO

<ul><li>Tiger Global, Think Investments and Malabar Investments participated in the round.</li><li>The company will be exploring mergers and acquisitions to expand its business.</li><li>A part of the funding will also be used to buyback shares from the company's employees.</li></ul>Messaging platform <keyword id="755674" type="COMPANY" weightage="20" keywordseo="GupShup">Gupshup</keyword>, which became a unicorn earlier in April 2021, has raised an additional funding of $240 million in a follow-on funding round. Several marquee investors like Fidelity Management and Research Company LLC, Tiger Global, Think Investments, Malabar Investments, Harbor Spring Capital participated in the round, along with certain accounts managed by Neuberger Berman Investment Advisers LLC, White Oak, and others. A unicorn is a startup valued at or more than $1 billion. The 17-year-old company will use this funding to invest in its product and also enable buyback shares from existing and former employees. The company will also be providing partial exits to few of its initial investors. Gupshup is also exploring merger and acquisition (M&amp;A) opportunities to expand its business, it announced in the press release. “We have followed Gupshup’s progress for a long while and believe that they are the most evolved customer communications platform In India and increasingly in other emerging markets, with a leadership position in the most attractive and fastest growing sub-segments of the market,” said Sumeet Nagar, managing director of Malabar Investments. Gupshup was founded by Beerud Sheth in 2004. It is a conversational messaging platform that enables businesses to manage internal communications. The company provides a platform for developers to build bots for SMS, Twitter, Slack, WeChat, Teamchat and others. The company’s clientele is spread across banking, ecommerce, hospitality, consumer goods and other industries. A few big names in its client list are Zomato, Flipkart, HDFC Bank, and others. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories </a> <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-opens-on-july-28-and-closes-on-july-30-with-a-price-band-of-880-900/articleshow/84813639.cms">Rolex Rings IPO opens today with a price band of ₹880-900</a>

Business communication platform Gupshup raises $240 million, to buyback ESOPs

<ul><li><keyword id="9700532" type="General" weightage="20" keywordseo="indian-saas" source="Orion">Indian SaaS</keyword> companies are expected to raise a whopping $6.5 billion in 2022.</li><li>Approximately 8-12 more <keyword id="6756963" type="General" weightage="20" keywordseo="saas-companies" source="Orion">SaaS companies</keyword> are expected to turn unicorns this year.</li><li>Such companies are expected to generate a revenue of $100 billion in the next four years.</li></ul>There is no denying that the Indian software-as-a-service (SaaS) industry has seen the best-recorded growth in the last two years, with the entry of companies like PostMan, MindTickle, Browserstack and many others into the unicorn club. Not only that but <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham</a>-led Freshworks also made a stellar debut on Nasdaq last year. The same boom is expected to continue this year as well. Indian SaaS companies are expected to raise a whopping $6.5 billion in 2022, a recent report by investment firm Chiratae Ventures and management consultancy firm Zinnov has revealed. This represents a 55% increase from the $4.2 billion that such companies raised in the previous year. The report, titled ‘India SaaS: Punching through the global pecking order’, also mentioned that 1,150 Indian SaaS companies generated a revenue of $8 billion in 2021. The report also emphasized that Indian SaaS companies are poised to pocket $100 billion in revenue by 2026. “Post surpassing UK this year in the number of SaaS unicorns, India is all set to leapfrog China and become the second-largest SaaS nation by 2026,” the report noted. A unicorn, in startup parlance, is a company valued at over a billion dollars. India is currently home to 17 SaaS unicorns. About 15, or 90%, of which have achieved unicorn status in the last four years. <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;">Year </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;">Total SaaS Unicorns </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;">Names </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;">Before 2012 </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 </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;">InMobi, Zoho (Boot Strapped) </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;">2018 </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 </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;">Freshworks </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;">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;">2 </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;">Icertis, Druva </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;">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;">3 </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;">Highradius, Postman, Zenoti </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;">2021 </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 </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;">Innovaccer, Gupshup, chargebee, MindTickle, Browserstack </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;">2022 till March 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;">4 </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;">Amagi, Uniphore, Hasura, Darwinbox </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: India SaaS: Punching through the global pecking order Approximately 8-12 more SaaS companies are expected to turn unicorns this year, the report added. This list may include companies like Carestack, CleverTap, Deskera, FarEye, Fourkites, Hevo, Kissflow, Loginext, Moengage, Pixis, Shiprocket, Whatfix and Yellow.ai. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/as-travel-and-tourism-bounce-back-investors-of-this-travel-firm-mint-huge-profits/articleshow/90935507.cms">As travel and tourism bounce back, investors of this travel firm mint huge profits</a> <a href="https://www.businessinsider.in/finance/news/rbi-thinks-that-risk-of-inflation-may-continue-to-rise-as-export-declines/slidelist/90932616.cms" data-type="tilCustomLink">Here’s what is worrying RBI as India faces the double whammy of rising inflation and declining exports</a> <a href="https://www.businessinsider.in/finance/banks/news/hdfc-out-of-top-10-largest-companies-in-india/articleshow/90933474.cms" data-type="tilCustomLink">HDFC twins wipe out ₹2.5 lakh crore investor wealth, push HDFC out of top 10 largest companies in India</a>

Indian SaaS boom to continue as Indian startups are projected to raise $6.5 billion in 2022

<ul><li>Indian <keyword id="6362513" type="General" weightage="20" keywordseo="startups" source="Orion">startups</keyword> have raised $6.5 billion across 160 deals in the second quarter of 2021.</li><li>Eleven startups also turned unicorns, companies valued at above $1 billion, in the same quarter.</li><li>Nearly 50% of the $6.5 billion fundraise was clocked in by top 10 deals of the April-June quarter of 2021.</li></ul>The April-June quarter of 2021 turned out to be a great one for the <keyword id="1948072" type="General" weightage="20" keywordseo="indian-startup" source="Orion">Indian startup</keyword> ecosstem despite the second wave of COVID-19 wreaking havoc across the country. As per the latest NASSCOM-PGA Labs report, India’s startups have raised $6.5 billion across 160 deals in the second quarter of 2021. Eleven startups also turned unicorns — companies valued at above $1 billion — in the same quarter, taking the total tally to 53. While many reports had previously suggested that India would have 100 unicorns by 2025, the number has been revised to 150 due to the massive uptick in funding as well as unicorn rounds.. Interestingly, 11 startups had entered the unicorn club in 2020. "Q2 2021 has been impeccable for the startup growth story. From being the most funded quarter, it has also added the most number of unicorns. Standing tall during the pandemic second wave headwinds, the Indian startup ecosystem has shown a strong resilience in this quarter," the report said. Nearly 50% of the $6.5 billion fundraise was clocked in by top 10 deals of the April-June quarter of 2021. <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;">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;">Key investors </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;">Swiggy </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;">$800 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;">Falcon Edge Capital, Goldman Sachs, Think Capital, Amansa Capital and Carmignac </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;">ShareChat </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;">$502 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;">Tiger Global Management </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;">Byju’s </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;">$340 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;">UBS, Blackstone, ADQ </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;">PharmEasy </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;">$323 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;">Prosus Ventures, TPG Growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$300 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;">Softbank Vision Fund, Prosus Ventures, Shunwei Capital, Venture Highway </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;">Pine Labs </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;">$285 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;">Baron Capital Group </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;">Delhivery </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;">$277 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;">Fidelity Investments </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;">Zeta </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;">$250 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;">SoftBank Vision Fund </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;">Cred </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;">$215 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;">Falcon Edge Capital, Coatue Management </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;">Urban 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;">$188 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;">Prosus Ventures, Tiger Global Management, DF International 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;">Total of top deals </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;">$3.4 billion </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;"> </td></tr></tbody></table> Innovaccer, Infra.market, Digit and Five Star Finance became unicorns in the first quarter of 2021. Urban Company, Cred, Meesho, Groww, PharmEasy, ShareChat, GupShup, Chargebee, Moglix, Zeta and BrowserStack turned unicorns in the April-June quarter. In the ongoing third quarter of July to September, another 10 startups have been added to the unicorn club. This includes, BlackBuck, Droom, OfBusiness, BharatPe, MindTickle, UpGrad, CoinDCX, Eruditus, Grofers and Zetwerk. Overall, 25 startups have entered the unicorn club in 2021 so far. SEE ALSO <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-save-your-life-an-afghan-refugee-recounts-fleeing-kabul-on-a-c-17-military-plane-and-arriving-in-the-us/articleshow/85579190.cms" data-type="tilCustomLink">An Afghan refugee who lifted his wife and toddler onto a C-17 military plane to flee Kabul tells the harrowing story of how they arrived safely in the US</a> <a href="https://www.businessinsider.in/cryptocurrency/news/visa-purchases-cryptopunk-nft-for-150000-as-it-gets-involved-in-the-booming-digital-collectibles-market/articleshow/85564627.cms">Visa purchases CryptoPunk NFT for $150,000 as it gets involved in the booming digital-collectibles market</a>

Swiggy, ShareChat, Byju’s lead the funding race as Indian startups raised $6.5 billion between April and June

<ul><li>Banking technology startup <keyword id="702953" type="COMPANY" weightage="20" keywordseo="Zeta">Zeta</keyword> is the latest to join the Indian <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club.</li><li>The company has been valued at $1.45 billion after raising $250 million in its Series C round of funding.</li><li>Zeta plans to use the fresh infusion of capital to expand its presence in the US and European markets where banks are moving away from branches to offering their services online.</li></ul>Zeta, a banking technology startup based in Bengaluru, is the newest Indian startup to attain the ‘unicorn’ status. In its Series C round of funding the company raised $250 million from Softbank Vision Fund II at a valuation of $1.45 billion. A ‘unicorn’ is a private company that is valued at $1 billion or more. The deal more than quadruples Zeta’s valuation since 2019, when Sodexo SA valued the startup at $300 million. With new money in its pocket and a brand new unicorn tag, Zeta plans to use the new funding to expand in the US and European markets. “They [banks] have been slow to innovate and provide poor user experiences,” said Bhavin Turakhia, co-founder of Zeta. According to him, Zeta is poised to capture the markets where banks are moving online and away from the conventional branches. It provides backbone technology for credit and credit-card processing, core banking, loans, mobile banking and personal finance management. <div type="ExtQuote" text="“Banking software is a $300 billion industry globally. Most banks still employ technology, which is significantly older than their customers, impacting user experience and engagement." auname="Munish Varma, managing partner at SoftBank Investment Advisers"></div> The company is banking on its simplified approach being different enough to attract customers. Rather than work with numerous supplies, as banks and financial institutions typically do, Zeta wants to combine all of those services and provide one cloud-based offering. So far, Zeta has 10 banks and 25 <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword> companies across eight countries among its customers. This includes bigwig Indian banks like HDFC Bank, Kotak Mahindra, Axis, and others. Sodexo, an existing investor, is also a customer. It participated as a minority investor in the Series C round of funding. <cmsannotation type="cmsannotation" annotationid="List of startups that have entered the unicorn club in 2021:" comment="subhead" text="List of startups that have entered the unicorn club in 2021:">List of startups that have entered the unicorn club in 2021:</cmsannotation> <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;">Startup </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;">Valuation </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;">Digit Insurance </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;">$1.9 billion </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;">Innovaccer </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;">$1.3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Meesho </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.1 billion </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;">Infra.Market </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 billion </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;">PharmEasy </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;">$1.5 billion </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;">Cred </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;">$2.2 billion </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;">$1 billion </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;">ShareChat </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;">$2.1 billion </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;">Gupshup </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;">$1.4 billion </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;">Chargebee </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;">$1.4 billion </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;">Urban 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;">$2 billion </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;">Five Star Finance </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;">$1.4 billion </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;">Moglix </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 billion </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;">Zeta </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;">$1.4 billion </td></tr></tbody></table> Turakhia doesn’t normally rely on external funding. In fact, most of the startups he’s been involved in, in the past, have been without institutional funding. Zeta’s move to raise capital marks a departure from his preference for bootstrapping his businesses. Zeta founder, 41-year old Turakhia, launched the startup in 2015 after already having dipped his toe — more like submerged his toe — in multiple startups with his brother, Divyank. He was already coding at the age of 10 and had attained millionaire status by the time he hit 20. By the time he was 26, he shared a billion-dollar fortune with his brother. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/indias-silicon-valley-bengaluru-is-awed-by-the-rainbow-coloured-halo-in-its-skies/articleshow/82909806.cms">India's Silicon Valley is awed by the rainbow-coloured halo in its skies — but take pictures at your own risk</a> <a href="https://www.businessinsider.in/india/news/indias-prime-minister-narendra-modi-gets-a-unique-proposal-via-a-newspaper-advertisement/articleshow/82908689.cms">India's Prime Minister Narendra Modi gets a unique proposal via a newspaper advertisement</a>

This banking tech startup is the newest Indian unicorn with a $1.45 billion valuation

<ul><li>SAAS startups have more than doubled in India since 2018.</li><li><keyword id="4621694" type="General" weightage="50" keywordseo="freshworks" source="Orion">Freshworks</keyword> now has over 5000 employees around the world.</li><li>Startups should focus on hiring right and making the right decisions, Freshworks CEO explained.</li></ul>The number of startups coming from India and building products for the world is set to be a “very big long term trend,” according to <keyword id="2167965" type="General" weightage="50" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword>, co-founder and chief executive officer of NASDAQ-listed software-as-a-service (SAAS) company, Freshworks. <keyword id="4621834" type="General" weightage="100" keywordseo="mathrubootham" source="Orion">Mathrubootham</keyword> was speaking to <keyword id="14316094" type="General" weightage="50" keywordseo="brian-e-taptich" source="Orion">Brian E Taptich</keyword>, VP, Worldwide Specialist Organization at <keyword id="141088" type="General" weightage="50" keywordseo="amazon-web-services" source="Orion">Amazon Web Services</keyword> (AWS), at the SAAS Scions web series by Business Insider India. “What we are seeing is how durable the Indian startup opportunity is,” Mathrubootham said, explaining the startup opportunity in India. Taptich noted that the country now has over 9000 SAAS companies, which is almost double the number of such companies that were present in 2018. Some of these companies, like Gupshup, have even achieved unicorn valuations. “It’s a great time to be an entrepreneur in India,” Mathrubootham exclaimed. He cited a recent report by consulting firm Mckinsey, which said that over 450 different categories of SAAS software are up for disruption, which in turn creates more opportunity for SAAS companies in India to build new products. Further, according to Mathrubootham, the growth of the startup community in India has been partly enabled by AWS, “which is levelling the playing field” in a way that anyone sitting anywhere in India can start working on a startup. That, combined with a “disruptive go-to-market capability” through online customer acquisition and “product-led growth” could be the secret sauce for startups to achieve success in India, Mathrubootham said. But amid this growth phase, the other big worry that the industry is facing is talent acquisition. Mathrubootham noted that talent is the “number one challenge” for any CEO or team today, irrespective of whether they’re in India or the US or if they’re a startup or a full-blown enterprise business. He advised younger entrepreneurs and startups to pay close attention to their hiring plans and who they are hiring. For Freshworks, he said that the company took advantage of the fact that AWS also allows firms to get rid of IT infrastructure costs and focus on building their core product. The company collaborated with AWS when it had only six employees and has brought the task back in-house. Now that Freshworks has 5,000 employees around the globe, “We’re on a mission to make people love using their business software,” he said. “Our next frontier is to clearly break down the silos of sales, marketing and support,” he added. For young startups, Mathrubootham said that it’s crucial to focus on the company’s ability to attract new talent rather than simply scaling internal employees. “I think founders should always think about the company two-three years ahead, and make sure that people you hire as directors and VPs will suit those positions even after you’ve grown,” he said. He advised against throwing large titles to attract talent and said companies should be setting expectations right; so employees aren’t disappointed later. Lastly, Taptich and Mathrubootham discussed emerging technologies and how it is necessary for companies to experiment smartly. He said Freshworks breaks the company into a performance zone, an operational zone, an incubation zone, and a transformational zone, with the performance zone responsible for quarterly results, while the startup zone moves fast and experiments with new products.

Indian startups building global products will be a ‘big long trend’, says Girish Mathrubootham

<ul><li>The company is reportedly looking for commercial properties which have 20,000 to 30,000 square feet of space.</li><li>The company has reportedly shortlisted New Delhi, Mumbai and Bengaluru to open showrooms and service centres.</li><li><keyword id="107096" type="COMPANY" weightage="20" keywordseo="Tesla">Tesla</keyword> India Motors and Energy Private Limited was incorporated, on January 8, in India’s southern state of Karnataka.</li></ul>California-based electric car titan Tesla, Inc. is reportedly searching for a space to set up their first showroom in India. The company, founded by <keyword id="6355315" type="COMPANY" weightage="20" keywordseo="elon-musk">Elon Musk</keyword>, has also hired an executive to lobby with the government, according to a<a href="https://www.reuters.com/article/us-india-tesla/tesla-scouts-for-showroom-space-in-india-hires-executive-for-lobbying-sources-idUSKBN2BV0Q9"> report</a> by news agency Reuters. Tesla had registered itself in India, via its<a href="https://www.businessinsider.in/business/auto/news/why-elon-musk-tesla-indian-subsidiary-has-a-parent-company-registered-in-the-netherlands/articleshow/80331151.cms"> Amsterdam</a> arm, earlier this year. Tesla India Motors and Energy Private Limited was incorporated, on January 8, in India’s southern state of Karnataka and the registered address is in Lavelle Road, Bengaluru, with ₹15 lakh authorised capital and ₹1 lakh paid-up capital. Sridhar Ramachandran, a tax partner at Grant Thornton Bharat, had told Business Insider this route would help Tesla with tax benefits related to capital gains and dividend payments. According to the Reuters report, the company is looking for commercial properties which have 20,000 to 30,000 square feet of space. According to unnamed sources, who talked to Reuters, the company has shortlisted New Delhi, Mumbai and Bengaluru to open showrooms and service centres. The world’s most valued carmaker, by market capitalisation, has also reportedly roped in <keyword id="1665358" type="PERSON" weightage="20" keywordseo="Manuj-Khurana">Manuj Khurana</keyword> who was formerly with the government of India’s body for promoting investments in the country – <keyword id="1980753" type="COMPANY" weightage="20" keywordseo="Invest-India">Invest India</keyword>. Khurana will reportedly lead Tesla’s “policy and business development efforts” in India. Business Insider has mailed Tesla requesting comments on the media report. We will be updating the story if and when we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/how-samsung-is-repurposing-old-galaxy-phones-into-medical-cameras/articleshow/81968501.cms">Samsung is repurposing its old Galaxy phones into medical cameras for countries like India</a> <a href="https://www.businessinsider.in/business/startups/news/gupshup-messaging-platform-raises-100-million-from-tiger-global/articleshow/81968331.cms">Gupshup, an Indian AI startup, raises $100 million from Tiger Global to join India’s fast growing club of unicorns</a> <a href="https://www.businessinsider.in/science/news/meet-muons-tiny-subatomic-particles-that-indicate-there-could-be-a-fifth-fundamental-force-of-nature/articleshow/81967950.cms">Meet muons — tiny subatomic particles that indicate there could be a fifth fundamental force of nature</a>

Elon Musk's Tesla reportedly shortlists New Delhi, Mumbai and Bengaluru to open its first showrooms in India

Rohan Shravan was 24 years old when he founded Notion Ink, a <keyword id="138263" type="UNKNOWN" weightage="100" keywordseo="startup">startup</keyword> that designed India’s first tablet computer Adam. The device was launched five months before Apple placed the first version of the iPad on store shelves. 
 
At its international debut in the Consumer Electronics Show at Las Vegas in January 2010, one of the first to place an order for Adam was an employee at Apple headquarters in Cupertino. However, in the ensuing months as the iPad gained iconic status, Adam dropped by the wayside, felled by the lack of risk capital to grow the business. 
 “When I told venture capitalists that our product will be a challenger to <keyword id="10591" type="CITY" weightage="40" keywordseo="Samsung">Samsung</keyword> and Apple, they laughed at me,” said Shravan, a mechanical engineer from the Indian Institute of Technology in Kharagpur who initially bootstrapped the firm with personal savings of around Rs 6 lakh. 
 
Shravan’s experience is hardly unique. In the midst of an unprecedented entrepreneurial boom, several of those starting up say there are more hurdles than advantages in the Indian startup sector. Apart from the red tape and the lack of policy support there is also a shortage of true risk capital that can back edgy new ideas. 
 
Customers are unwilling to pay for untested products and many entrepreneurs choose the middle path fearing failure. “I was very aggressive, arrogant and fought like a warrior, the so-called experts advised me to tone down and be nice, which led to our downfall,” said Shravan who trained engineering students to work on Adam as a way to minimise staff costs. “Around 80 per cent of the employees were final year students; they were later snatched by Samsung and Motorola.” 
 
In recent years, several ventures including short messaging service GupShup, personalised news service Frrole and language keypad maker Luna Ergonomics have altered business models when faced with regulatory hurdles or the fear of rejection from investors and customers. 
 This at a time when many global technology companies including WhatsApp, <keyword id="6354576" type="CITY" weightage="40" keywordseo="Facebook">Facebook</keyword>, caller identification service Truecaller, home rental marketplace Airbnb, and question and answer site Quora count India as one of their fastest growing markets. 
 
Nearly 40 million of WhatsApp’s global user base of 450 million is in India. “India is our largest market with about 30 million users and continues to demonstrate great opportunities for us,” said Nami Zarringhalam, cofounder of Sweden’s Truecaller. When Amarpreet Kalkat started his company Frrole in 2011, he wanted to build a product that was tailored to a user’s area of interest. 
 
“I believed it could rival Google News,” said the 35-year-old entrepreneur. Eight months later, Kalkat started looking for funds and he had to answer the dreaded question, over and over again: “How do you make money?” Two years of running the company without external funding almost made him bankrupt. Kalkat was forced to start a new by changing his model to an enterprise product. 
 
At about the same time when Frrole was launched in Silicon Valley, a text and photo sharing app called Snapchat was born. It received $60 million (Rs 361 crore) in initial funding and was handling 150 million photos every day. 
 
Last year, the company rejected a $3 billion (Rs 18,000 crore) buyout deal from Facebook. “There is a very high chance that Frrole would still have been a social newspaper, if we were based in Silicon Valley,” said Kalkat whose company now has a dozen of enterprise customers. 
 
Parag Dhol, managing director at Inventus Capital Partners, said he has some sympathy with the entrepreneurs’ point of view. “But let me throw the question back at them—let us find at least one product from India where there are at least 100 million users,” said the investor who has backed firms such as Savaari Car Rentals, online bus ticketing site redBus and technology company TELibrahma. 
 
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Angel investor Sharad Sharma, who pushed Kalkat to alter his business model, is of the view that in Silicon Valley entrepreneurs can afford to not have a paying business. “Because they have the confidence that they will get bought over, here there is no such scene. It’s all about viability of the business,” said Sharma who participated in a $245,000 angel (Rs 1.4 crore) funding round in Frrole this April. 
India has a far worse ratio of venture capital exits as compared to Israel and the US, according to data compiled by think tank iSpirt and investment bank Signal Hill. Few large companies are interested in buying out startups or using their products, impeding growth of local companies. 
 
“We had all the ingredients to become a large global company,” says Abhijit Bhattacharjee, 43-year-old founder of Luna Ergonomics, the maker of the Indian language keypad Panini. 
 
Named after an ancient Sanskrit grammarian, the technology makes it possible to type quickly and easily in all Indian languages on the mobile phone. The company which has received patents for its Korean language interface did not find takers amongst Indian telecom companies. 
 
“Supporting Indian scripts on digital devices does not suit the strengths and roadmaps of these companies,” said Bhattacharjee, whose company last released an Urdu keypad for iOS, Android, and PC in 2013. “Which large enterprise buys cutting edge technology from startups? When there are not early customers, how can you expect to have $1 billion companies?” asked Ashish Gupta, a senior managing director at Helion Venture Partners that backed group text messaging service GupShup. 
 
The Mumbai-based firm was launched just six months after microblogging site Twitter was launched in the US in July 2006. Within a year of inception the service had racked up 15 million users. 
 GupShup was a free, social, short messaging service that allowed users to communicate and connect with family, <keyword id="343" type="ENTERTAINMENT" weightage="40" keywordseo="Friends">friends</keyword> and followers using ordinary mobile handsets. But the telecom ecosystem and policies were a problem. 
 
“The regulations did not allow advertising. The operators kept the short messaging service rates high,” said Beerud Sheth, cofounder of Webaroo maker of GupShup product. The company had to shift focus from retail consumers and instead offer the messaging platform for enterprises. 
 
“They (government) should invest money in big ideas. They need to stop protecting big industries and start encouraging disruption and risk taking,” said Rahul Sood, partner at Microsoft Ventures and a technology entrepreneur, who sold the luxury computer business VodooPC to Hewlett Packard in 2006. 
 
Compare this to China, where the startup ecosystem is accelerating faster than anywhere in the world. There are around 1300 incubators and accelerators across the country compared with about 35 active accelerators in India. Shravan of Notion Ink has not lost hope yet. 
 
The entrepreneur is placing another bet. This time a personal computing robot called EVE, which he thinks will disrupt the market and will be in the market by 2017. “I will be jealous of my kids, they will be enjoying the rewards our hard work and same is true for the next generation of entrepreneurs,” he said.

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