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Merchant payment and lending service provider <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> on Thursday said it has acquired <keyword id="1917213" type="COMPANY" weightage="20" keywordseo="PAYBACK-India">Payback India</keyword> from <keyword id="91294" type="COMPANY" weightage="20" keywordseo="American-Express">American Express</keyword> and ICICI Investments Strategic Fund. The company, however, did not disclose the financial details of the transaction. This is the first-ever acquisition by BharatPe and will make Payback <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> a wholly-owned subsidiary of BharatPe, a statement said. Payback India - launched in 2010 - is a multi-brand loyalty programme with over 100 million members in the country. It has a network of more than 100 offline and online partners and allows its customers to earn and redeem points on every transaction at its partner merchant outlets. The acquisition of Payback India is in line with BharatPe's strategy to build a robust and engaged network of over 20 million small merchants by 2023, the statement said. With Payback India, BharatPe will be able to enhance its value proposition for the merchant partners, it added. Additionally, it will enable BharatPe to build a lucrative set of offerings for end customers, that will enhance footfalls at merchants and accelerate the growth of their businesses. As a result of the acquisition, all Payback India employees will become part of the BharatPe group. Suhail Sameer and Gautam <keyword id="2220" type="PERSON" weightage="20" keywordseo="Kaushik">Kaushik</keyword> (Group Presidents at BharatPe) along with Sumeet Singh, General Counsel of BharatPe, have joined the Board of Payback India. The role of the senior leadership team at Payback India will be expanded to also work on the loyalty programme for the six-million plus merchants of BharatPe, it added. The team, led by Pramod Mahanta (MD Payback India) and Rijish Raghavan (Chief Executive Officer at Payback India), will be working closely with Gautam Kaushik to build a new version of Payback India. Notably, Kaushik was the CEO and MD of Payback India prior to joining BharatPe in February this year. The company (Payback India) will continue operating under its current name and there will be no impact on the existing customer and partner relationships with Payback India that will continue to roll out initiatives for customers across India, the statement noted. "With the acquisition of Payback India, we will be able to add a whole new dimension to our merchant value proposition. In addition to the range of payment and credit products which BharatPe offers to help merchants scale their business, we will also be able to drive more consumers to their stores," BharatPe co-founder and CEO Ashneer Grover said. He added that the company is committed to build India's largest and most engaged merchant network and this acquisition will be a "game-changer" in that regard. "...Users can collect points while shopping offline and online and benefit from exclusive offers in the usual way, now at even more merchants with BharatPe. We are convinced that the great Payback value for customers is guaranteed sustainably and in the long term with BharatPe as the new operator," Markus Knorr, CFO of Payback Global, said. BharatPe at present provides a single interface for all existing UPI apps and allows merchants to accept UPI payments for free, through the BharatPe QR. It also supports merchants to access credit and other value-added services. Founded in 2018 by Ashneer Grover and Shashvat Nakrani, the company currently serves over 60 lakh merchants across 100 cities. It processes over 10 crore UPI transactions per month (annualised Transaction Processed Value of more than USD 10 billion) and facilitated disbursement of loans totaling to over Rs 1,600 crores to its merchants since launch. BharatPe's investors include Coatue Management, Ribbit Capital, Insight Partners, <keyword id="6497288" type="COMPANY" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>, Beenext, Amplo and <keyword id="122716" type="COMPANY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/here-are-the-coolest-ios-15-features-coming-to-iphones/slidelist/83362145.cms">Here are the coolest iOS 15 features coming to iPhones</a> <a href="https://www.businessinsider.in/cryptocurrency/news/paraguay-could-become-the-second-country-to-adopt-bitcoin/articleshow/83363776.cms">After El Salvador, Paraguay considers Bitcoin adoption</a> <a href="https://www.businessinsider.in/careers/news/google-microsoft-apple-and-many-others-are-hiring-for-various-it-roles-in-india/articleshow/83365305.cms">Google, Microsoft, Apple and many others are hiring for various IT roles in India —data scientists and cloud architects in high demand</a>

BharatPe acquires Payback India from American Express and ICICI Investments Strategic Fund

<ul><li>The <keyword id="3351303" type="PERSON" weightage="20" keywordseo="Gaming-startup">gaming startup</keyword> has announced a secondary investment from <keyword id="6497288" type="ORGANIZATION" weightage="20" keywordseo="steadview-capital">Steadview Capital</keyword>. </li><li>The 11-year-old <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword> has over 50 million users and aims to have 100 million by the end of 2019. </li><li>Its existing investors include <keyword id="1397792" type="COMPANY" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword>, Think Investments &amp; Multiples Equity.</li></ul>Indian gaming startup <keyword id="6214644" type="UNKNOWN" weightage="20" keywordseo="Dream11">Dream11</keyword> has entered the prestigious <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club. The startup announced a secondary investment from Steadview Capital, an Asia-focused alternative asset manager. Steadview Capital comes on board by buying secondary shares from Dream11’s existing investors Kalaari Capital, Think Investments &amp; Multiples Equity. The existing investors will continue to stay on board. Secondary investments are when the new investor purchases shares from sources other than the issuer (employees, former employees, or investors). India now has over 15 unicorns, which are startups with the valuation of over $1 billion. The new additions include Delhivery and BigBasket. The 11-year-old startup has made it big in the Indian gaming space with over 50 million users and is also the official partner of the Indian Premier League - the cricket league which brought them most of their users. According to the company’s official release, Dream11’s user base has grown at a compounded annual growth rate (CAGR) of about 230% over a period of three years. “Providing great returns to our shareholders, whether investors or Dreamsters (employees), is very important to us and further reinforces their belief in Dream11. We will keep working hard and are targeting to end the year with 100 million users,” said Harsh Jain, CEO and Co-Founder, Dream11. The startup has a busy time ahead with the ongoing IPL and the upcoming cricket World Cup. At Dream11, it was a dream come true after multiple years of hard work. In an earlier interview with Business Insider, Bhavit Sheth, COO and co-founder, Dream11 had spoken about their journey so far. “As 22-year-olds we started this business, engineers who didn't know anything about business. We didn't even in our wildest imagination think that we will have over 52 million users in such a short time, with only a team of over 200 managing them and be at this scale,” said Sheth. See Also: <a href="https://www.businessinsider.in/dream11-is-eyeing-the-unicorn-tag-riding-on-ipl-and-cricket-world-cup-in-2019/articleshow/68458528.cms">2019 may be the biggest year for this 11-year old Indian gaming startup</a> <a href="https://www.businessinsider.in/gaming-startup-dream11-strikes-gold-as-the-official-partner-of-ipl/articleshow/68426121.cms">Gaming startup Dream11 strikes gold as the official partner of IPL</a>

Dream11 becomes India’s first gaming unicorn

<ul><li>Conducted across 15 cities in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, the research indicates 98% of respondents from <keyword id="302378" type="General" weightage="50" keywordseo="east-india" source="Orion">East India</keyword> are aware of <keyword id="6416838" type="General" weightage="20" keywordseo="CoinDCX" source="Orion">CoinDCX</keyword>. </li><li>60% of crypto users in the East have used it in the last one year. </li><li>Users stated easy interface, quick money withdrawal and good referral programs for their preference.</li></ul>A survey conducted by CoinDCX, one of India’s leading crypto exchanges, revealed that 74% of non-crypto users are aware of the crypto exchange. The crypto company conducted an empirical study across 15 cities to understand the awareness of crypto created by exchanges across India. The survey had over 2,000 respondents across platforms. The first crypto unicorn in India, CoinDCX has an estimated 13 million users. While 74% of non-crypto users are aware of CoinDCX as well, over 41% of respondents which included crypto and non-crypto users stated that they could recall the brand spontaneously. Awareness of the brand is 91%, highest among crypto users as compared to other crypto exchanges in the country, revealed the report. Having an easy interface along with safety and security features in place were some important hygiene factors that were considered by the respondents for choosing CoinDCX as their preferred exchange. <div type="ExtQuote" text="We are delighted that our brand CoinDCX has the highest recall in the crypto industry. Our education-led content is designed to help the masses easily learn about the fundamentals of crypto assets with an aim to strengthen our faith in India’s financial inclusion" auname="Ramalingam S, Head of Brand, Marketing &amp; Communications at CoinDCX said."></div> The research stated that the exchange is ‘user-friendly platform’, has ‘ease of withdrawing money, ' with ‘the best referral programme’. This was followed by other leading exchanges worldwide. CoinDCX has higher recognition in the East zone among crypto users. The research indicates 98% of respondents from East India are aware of CoinDCX. Total of 60% of respondents from the East have used it in the last one year. Moreover, the research indicated that the consideration for CoinDCX as a brand is 79% among female crypto users as compared to 67% among male crypto users. “However, the lack of credible information and jargon associated with investments makes them reluctant to invest,” said CoinDCX. The research stated that online channels such as websites, internet searches, influencers, and content creators on social media played key roles for the brand outreach among crypto users. While newspapers, online articles, and stories are the key drivers among non-crypto users, referrals from friends and family helped gain further trust. CoinDCX is backed by investors such as Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, <keyword id="684670" type="General" weightage="50" keywordseo="bain-capital-ventures" source="Orion">Bain Capital Ventures</keyword>, Cadenza, Draper Dragon, Republic, Kindred, and <keyword id="6409882" type="General" weightage="50" keywordseo="coinbase-ventures" source="Orion">Coinbase Ventures</keyword>. Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

74% of non-crypto users are aware of CoinDCX being India’s leading crypto exchange, reveals survey

It’s often said that a road trip strengthens your bonds with loved ones. The crux of a road trip lies in spontaneity, but that being said, if you manage to get a guidebook, there's nothing like it. <a href="http://www.businessinsider.in/Heres-a-go-to-guide-for-your-Mumbai-Goa-roadtrip/articleshow/54881836.cms">Also Read: Mumbai-Goa Roadtrip plan</a> 
 Business Insider has curated a go-to guide to help you plan your <keyword id="3760043" type="UNKNOWN" weightage="100" keywordseo="delhi-lansdowne">Delhi-Lansdowne</keyword> road trip. Yes the same trip you had been planning with friends, but it never turned into reality. For this couple, however, it was not to be kept as a simple plan waiting to be implemented. <keyword id="3760045" type="UNKNOWN" weightage="20" keywordseo="monami-mitra">Monami Mitra</keyword> and <keyword id="3760047" type="UNKNOWN" weightage="20" keywordseo="rahul-deb">Rahul Deb</keyword> recently rode their <keyword id="94237" type="COMPANY" weightage="20" keywordseo="Royal-Enfield">Royal Enfield</keyword> from Delhi's <keyword id="6441250" type="PERSON" weightage="20" keywordseo="New-Ashok-Nagar">New Ashok Nagar</keyword> to the Himalayan heaven of Lansdowne. We asked the duo to share their ride-plan with us. 
 
(Image credit: Monami Mitra)

Delhi-Lansdowne bike trip guide: From route map to stopovers, keep this rulebook
handy

New York-based hedge fund <keyword id="60126" type="ORGANIZATION" weightage="80" keywordseo="Falcon">Falcon</keyword> Edge and <keyword id="6357722" type="COMPANY" weightage="80" keywordseo="silicon-valley">Silicon Valley</keyword> venture fund <keyword id="144381" type="COMPANY" weightage="80" keywordseo="Accel-Partners">Accel Partners</keyword> are expected to join DST Global which is leading a soon-to-be-announced $400-million financing round in taxi hailing service <keyword id="6354720" type="PERSON" weightage="80" keywordseo="Ola">Ola</keyword>, sources close to the matter told TOI. 
 Falcon Edge is expected to pump in around $20 million in the new round while <keyword id="2788417" type="UNKNOWN" weightage="80" keywordseo="Accel-US">Accel US</keyword> will put $5 million, sources said. Accel US was an investor in TaxiForSure (TFS) and became an Ola shareholder post its recent acquisition. Ola's other existing investors -including Tiger Global, Matrix Partners, <keyword id="6497288" type="UNKNOWN" weightage="80" keywordseo="Steadview-Capital">Steadview Capital</keyword> --are also participating in the new financing round. 
 
 The latest fund-raise is likely to value the company at $2.5 billion post the investment, as reported by this newspaper first in its February 26 edition. Russian billionaire <keyword id="303107" type="PERSON" weightage="80" keywordseo="Yuri-Milner">Yuri Milner</keyword>'s DST, a significant investor in e-commerce biggie Flipkart, is expected to hold just under 10 per cent stake in the four-year-old company , post the new round. 
 
 When contacted by TOI, Bhavish Agarwal, co-founder, Ola, did not offer any comments, while Falcon Edge could not be reached immediately for a response. Founded by <keyword id="2566840" type="UNKNOWN" weightage="80" keywordseo="Richard-Gerson">Richard Gerson</keyword> together with <keyword id="2788418" type="UNKNOWN" weightage="80" keywordseo="Navroz-D-Udwadia">Navroz D Udwadia</keyword> and James Minshull, Falcon Edge leads the pack of a new breed of <keyword id="42111" type="COMPANY" weightage="80" keywordseo="Wall-Street">Wall Street</keyword> hedge funds, a Tiger Global offshoot, managing more than $4 billion in assets. Its India <keyword id="6362476" type="ORGANIZATION" weightage="80" keywordseo="investments">investments</keyword> include realty portal <keyword id="35061" type="ORGANIZATION" weightage="80" keywordseo="housing">Housing</keyword> and <keyword id="2112984" type="UNKNOWN" weightage="80" keywordseo="Newshunt">NewsHunt</keyword>, a mobile news aggregation service. 
 
 
Hedge funds like Falcon Edge, Valiant Capital and Steadview Capital, among others, funneled big money into Indian consumer internet companies last year, fanning the already frothy valuations of these tech startups. 
 The latest round of fundraise for Ola, founded by IITBombay batchmates Aggarwal and Ankit Bhati in 2011, would put it right up in <keyword id="819204" type="UNKNOWN" weightage="80" keywordseo="the-League">the league</keyword> of the most valuable internet firms domestically .Ola's $210-million fund-raise led by <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">SoftBank</keyword> in October last year valued it at $650 million -post-money -making the Japanese investor the startup's largest investor. 
 
The cab aggregator is present across 67 cities and has received $277 million of capital across five financing rounds. Its biggest competitor taxi-hailing app Uber had stepped on the gas in India by doling out huge discounts to riders. However, its growth has stalled considerably post the rape of a female passenger by one of its drivers last year in Delhi.

Ola Cabs to receive $400mn funding soon

After getting its hands on a whopping $400 million deal in April this year, now online cab service provider, <a href="http://www.businessinsider.in/searchresult.cms?query=Ola">Ola</a>, is all set to get another huge sum of Rs 3,150 crore ($500 million). 
 
As reported by Economic Times, officials who were directly aware of the development informed that the deal might add to the <a href="http://www.businessinsider.in/On-Demand-Car-Service-Uber-May-Be-Raising-At-A-Massive-3-Billion-Valuation-Or-Higher/articleshow/21347585.cms">valuation </a>of the company. The current valuation of <keyword id="6354720" type="PERSON" weightage="20" keywordseo="Ola">Ola</keyword> is $2.5 billion which might go up to $4.5 billion. 
 
The official, on condition of anonymity, informed ET, "The deal could be finalized in about 2-3 weeks." "As <a href="http://www.businessinsider.in/searchresult.cms?query=Uber+">Uber </a>gets more aggressive in India, Ola will need to burn more cash to maintain its market leadership position," another source further added. 
 
An Ola executive said that the firm is targeting to raise $550 million at a post-money valuation of $5 billion. Reports of bringing new investors onboard have also been heard. 
 The Bengaluru based firm, however, denied making any comments on the matter. Ola, which is a <keyword id="163404" type="COMPANY" weightage="20" keywordseo="Softbank">SoftBank</keyword> backed company have investors including Russian billionaire <keyword id="303107" type="PERSON" weightage="20" keywordseo="Yuri-Milner">Yuri Milner</keyword>'s DST Global, Singapore's GIC and New York based hedge fund Falcon Edge and also Tiger Global, Steadview Capital and <keyword id="144381" type="COMPANY" weightage="20" keywordseo="Accel-Partners">Accel Partners</keyword> are major investors. 
 
Ola, so far, has raised around $676 million in six funding rounds from over a dozen investors. 
 
"The company needs cash to invest further in new businesses as well as continued discounting (for customers)," informed a source. 
With acquiring another taxi-service provider <a href="http://www.businessinsider.in/searchresult.cms?query=TaxiForSure+">TaxiForSure </a>earlier this year, Ola, currently, is present in around 10o Indian cities. 
 
One of Ola’s biggest rivals, San Francisco-based Uber, which is valued at an estimated $50 billion, has grown swiftly in India since its launch in Bengaluru in 2013. It is now present across 20 cities. 
 
The company is currently working on several new initiatives, including carpooling, on-demand food and grocery deliveries, on-demand bus aggregation and logistics. 
 Ola's spurt in revenues has been aided by the $200-million acquisition of rival <keyword id="1428790" type="COMPANY" weightage="20" keywordseo="TaxiforSure">TaxiForSure</keyword>, whose revenues have doubled since the deal closed in March this year. But Ola still accounts for over 80% of the revenue of the combined entity. Ola currently gets over 80% of its bookings through its mobile application. 
 
Image: indiatimes

Ola to raise 3,150 crore to double valuation, in talks with investors

Home services marketplace <keyword id="8681398" type="COMPANY" weightage="20" keywordseo="Urban-Company">Urban Company</keyword> on Wednesday said it has raised USD 255 million (about ₹1,857 crore) in funding led by <keyword id="8265057" type="COMPANY" weightage="20" keywordseo="Prosus-Ventures">Prosus Ventures</keyword>, <keyword id="2106816" type="COMPANY" weightage="20" keywordseo="Dragoneer">Dragoneer</keyword> and <keyword id="268904" type="COMPANY" weightage="20" keywordseo="Wellington-Management">Wellington Management</keyword>. The series F round - which also saw participation from <keyword id="2603376" type="COMPANY" weightage="20" keywordseo="Vy-Capital">Vy Capital</keyword>, Tiger Global and Steadview - takes Urban Company's valuation to USD 2.1 billion. The latest round includes a <keyword id="11365744" type="UNKNOWN" weightage="20" keywordseo="primary-capital-infusion">primary capital infusion</keyword> of USD 188 million and a secondary sale of approximately USD 67 million by select angels and early investors, Urban Company CEO and co-founder Abhiraj Singh Bhal told . He added that Urban Company has raised about USD 330 million in primary capital till date. Bhal said the funds will be used towards innovation, training, product development, enhanced quality control and safety measures for both partners and consumers. The company also aims to increase its geographic footprint by entering the top 100 cities in India by 2022 and further expanding into international markets. "With this funding, we plan to rapidly scale our business while continuing to invest further in the safety of our consumers and service partners, training of partners and product development...We will continue to penetrate existing markets while venturing into new overseas geographies," Bhal said. Currently, Urban Company has more than 35,000 service partners across 35 cities in India, the UAE, Singapore, Australia and the Kingdom of Saudi Arabia. The marketplace offers a variety of home services to consumers across categories like beauty and personal care, cleaning services, plumbing, carpentry and appliance repairs. Bhal said the company has also been focussed on upskilling and training its service partners. The number of partners is set to grow in line with its expansion into more cities. Talking about the impact of pandemic on business, Bhal said while there was significant impact initially but the situation has changed now. "After the lockdown was lifted last year, we saw momentum returning and double to pre-COVID levels. We expect strong growth momentum to continue as more people use our services while staying safe within their homes," he added. Bhal noted that the company has undertaken a number of steps to ensure the safety of its partners, including taking care of their vaccination and providing safety gear. He added that over 50 per cent of its partners have already been vaccinated, and by June-end, this number is expected to go up to 75-80 per cent. Consumers can see the overall vaccination rate along with the vaccination status of the partner assigned when they book a service. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-photos-alternatives-are-hardly-any-good/articleshow/83138238.cms">Google Photos alternatives are hardly any good – here’s what made the Google service so good</a> <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomis-latest-wired-charging-tech-can-fully-charge-a-phone-in-just-8-minutes-and-wirelessly-in-15-minutes/articleshow/83136172.cms">Xiaomi’s latest wired charging tech can fully charge a phone in just 8 minutes and wirelessly in 15 minutes</a>

Urban Company raises $255 million at over $2 billion valuation, eyes global expansion

It’s raining <keyword id="73654" type="PERSON" weightage="20" keywordseo="hedge">hedge</keyword> funds all over! Seeing the Indian startups at a crucial juncture , the offshore investment funds are aiming to bank upon early-stage startups such as Zop-Now, Vserv and <keyword id="143842" type="UNKNOWN" weightage="20" keywordseo="Mobikwik">MobiKwik</keyword>, says an Economic Times report. But as these investors plant themselves firmly in India's startup landscape, analysts as well as entrepreneurs are doubtful about the funds' potential to abruptly pull out in a crisis, as they did during the economic downturn that began in 2008. 
	 
	A long-anticipated interest rate hike by the US Federal Reserve, the ongoing Eurozone crisis, and flat economic growth in the Asia-Pacific region could force hedge funds to slow their pace of startup investments in India, experts told the financial daily. "Hedge funds, above all, need liquidity. They have redemption windows. Instead of investing in an unlisted company, if they can get the same risk-reward by investing in a publicly listed entity, they will obviously swap," Srinivas Baratam, managing director at investment bank Kriscore Financial <keyword id="159121" type="POSITION" weightage="20" keywordseo="advisors">Advisors</keyword> told the ET. 
	 
	Overall, 14 hedge funds including new entrants such as Maverick Capital, Tree Line Asia and Dragoneer Investment Group participated in transactions worth about $3.8 billion in Indian companies since the beginning of 2014, according to Tracxn, which tracks startup activity. These deals accounted for 31.3% of the total $12 billion pumped into Indian tech companies in the past 16 months. 
	 
	Ashish Goel, founder and chief executive of Urban Ladder in which Steadview Capital led a $20 million round in July 2014, believes hedge funds have a capacity to be long-term investors comparable with venture capitalists. 
	 
	Nonetheless, many startups scampering for hedge fund money are covering bases by also seeking out other classes of investors. 
	 
	(Image: India times)

Hedge Funds to Indian startups’ rescue

Online classifieds portal Quikr today said it has raised $150 million (about Rs 900 crore) from investors, including existing ones. 
 The additional <keyword id="6357455" type="EVENT" weightage="80" keywordseo="Funding">funding</keyword> will be utilised to consolidate its leadership position, <keyword id="47916" type="UNKNOWN" weightage="80" keywordseo="invest">invest</keyword> in mobile and in key categories, it said in a statement. 
 The financing round included significant investment by its existing investors <keyword id="260318" type="COMPANY" weightage="80" keywordseo="Tiger-Global-Management">Tiger Global Management</keyword> and <keyword id="2798250" type="UNKNOWN" weightage="80" keywordseo="Investment-AB">Investment AB</keyword> Kinnevik, and first time investor <keyword id="6497288" type="UNKNOWN" weightage="80" keywordseo="Steadview-Capital">Steadview Capital</keyword>, a Hong Kong-based firm, it added. 
 "This fresh round of funding will be used to further invest in Quikr's fast growing mobile business and in key categories where the company already has leadership positions, including goods, cars, <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword>, jobs and services," the firm said. 
 The firm's strategy of innovating for the local markhas played out really well and Quikr intends to continue to do that as we go <keyword id="53005" type="POSITION" weightage="80" keywordseo="Forward">forward</keyword>, <keyword id="2798251" type="UNKNOWN" weightage="80" keywordseo="Quikr-Founder">Quikr Founder</keyword> and <keyword id="5645" type="POSITION" weightage="80" keywordseo="CEO">CEO</keyword> <keyword id="1063538" type="PERSON" weightage="80" keywordseo="Pranay-Chulet">Pranay Chulet</keyword> said. 
 
"The big things for us going forward are to continue to innovate for India, innovate for mobile and go deeper in key categories where we already are leaders," he added. 
 
Quikr has more than 30 million monthly consumers and small business users across 1000 cities. 
 
The firm had last year raised USD 60 million funding for business expansion.

Quikr in a 'hurry' to grow! Raises Rs 900 crore in funding to invest in mobility

Ever since its inception, eCommerce giant <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> has ‘grown from strength to strength’ in India and managed to raise Rs 10,500 crore ($1.7 billion) in the last fiscal year. 
 And now with investment firms <keyword id="309606" type="ORGANIZATION" weightage="80" keywordseo="Helion-Venture-Partners">Helion Venture Partners</keyword> and <keyword id="145352" type="CITY" weightage="80" keywordseo="IDG-Ventures-India">IDG Ventures India</keyword> selling stakes in Flipkart, the value of India's largest online retailer stands at $12.5 billion (Rs 77,000 crore), as reported by The Economic Times. 
 Helion, which got a stake in the Bengaluru-based company by virtue of its investment in online electronics retailer <keyword id="620521" type="PERSON" weightage="80" keywordseo="Letsbuy">LetsBuy</keyword> that was acquired by Flipkart in 2012, has sold its entire stake of 0.2%, estimated to be worth Rs 156 crore. IDG Ventures, which entered Flipkart through fashion portal <keyword id="319719" type="COMPANY" weightage="60" keywordseo="Myntra">Myntra</keyword> that was bought last year, has shed a portion of its holding of 1% by selling stake worth nearly Rs 940 crore last month. IDG still holds about 0.9% stake in Flipkart. 
 As reported by The Economic Times, the Sachin and Binny Bansal founded company’s valuation leapfrogged from Rs 16,120 crore ($2.6 billion) in May 2014 to about Rs 68,000 crore ($11 billion) by December when it raised $700 million led by <keyword id="6497288" type="UNKNOWN" weightage="80" keywordseo="Steadview-Capital">Steadview Capital</keyword>. 
 Industry experts are of the view that the stake sales are happening at a time when <keyword id="6357455" type="EVENT" weightage="60" keywordseo="Funding">funding</keyword> cycles are expected to taper off in India's redhot eCommerce sector. The top three firms mopped up nearly Rs 31,000 crore ($5 billion) of funding in 2014. 
 
Helion has declined to comment on the developments while IDG Ventures and Flipkart did not respond to email queries by the financial daily. 
 
(Image: India Times)

Flipkart is now worth $12.5bn!

In July 2012, <keyword id="1870519" type="PERSON" weightage="100" keywordseo="Ashish-Goel">Ashish Goel</keyword> and <keyword id="2480022" type="PERSON" weightage="100" keywordseo="Rajiv-Srivatsa">Rajiv Srivatsa</keyword> decided to take the plunge and start <a href="http://www.businessinsider.in/How-UrbanLadder-got-Ratan-Tata-on-board-as-an-investor/articleshow/52649231.cms">UrbanLadder</a>, an online <a href="http://www.businessinsider.in/searchresult.cms?query=furniture&amp;sortorder=effectivedate">furniture</a> website with the aim of making beautiful homes. 
 
“We decided to go online at a time when no one could even think that people would buy furniture on the internet,” says Srivatsa, highlighting the risk of their venture. 
 Thankfully for the duo, investors saw the Bangalore <keyword id="2539960" type="UNKNOWN" weightage="100" keywordseo="Urbanladder">UrbanLadder</keyword>’s potential and came calling. From <a href="http://www.businessinsider.in/searchresult.cms?query=SAIF+partners&amp;sortorder=effectivedate">SAIF Partners</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Sequoia+Capital&amp;sortorder=effectivedate">Sequoia Capital</a> to <a href="http://www.businessinsider.in/searchresult.cms?query=kalaari+capital&amp;sortorder=effectivedate">Kaalari Capital</a>, Steadview Capital and <a href="http://www.businessinsider.in/searchresult.cms?query=ratan+tata&amp;sortorder=effectivedate">Ratan Tata</a> himself, the <keyword id="3397759" type="UNKNOWN" weightage="100" keywordseo="online-furniture-website">online furniture website</keyword> became quite a hit. 
 
Add their efficient customer service and beautifully designed products to the mix and four years later, UrbanLadder has managed to establish itself as India’s leading furniture and home decor destination. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a> that raised 50 million in funds last year claims to be looking at another funding round next year of the same value with the hope of breaking even on their mind. 
 
“From the $50 million that we’ve received last year, we intend to pump in $15 million this year to expand and stabilise our brand,” Srivatsa tells us. 
 
An<a href="http://www.businessinsider.in/searchresult.cms?query=iit&amp;sortorder=effectivedate"> IIT</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=iim&amp;sortorder=effectivedate">IIM</a> graduate himself, Srivatsa, the COO and co-founder of UrbanLadder talks to Business Insider about leadership, company strategies, the startup ecosystem and how tough it is to hire the right candidate. 
 
 
 
 
What was the idea behind starting an online furniture website like UrbanLadder? 
 
Four years back, we started out with one thought, ‘India has a lot of homes. Can we make those homes beautiful?’ 
 
When you take a call to start a business based on that vision alone and not anything else, the way you go about your business is very different. 
Our aim was to go about in a way so that the end product would be a beautiful home. This meant that we had to focus on three aspects in a very strong way. Those were- 
 
1. We had to get a product that was fantastic: When I say fantastic, I mean it had to be designed well and in a way that you’re proud of. But, there was a catch. The beauty couldn’t come at a very high cost. The beauty had to come at a cost which was meaningful and a quality which was long-lasting, because Indian customers value the quality, right? So product and beauty of the product was a very very strong point. 
 
2. Second comes the service: This is not one of those businesses where I just deliver the product outside the house and my job is done. It requires service as well. I need to help you install the product, arrange it in a way you like it and even help you take regular care of it. So essentially, in this category the service also becomes a part of the product. And, we had decided early on that our service needs to be top-notch so that the customer is worry-free. 
 
3. The third aspect was technology: To ensure that UrbanLadder reached as many people in as many cities as possible, we had to take it online. And, here the quality of technology played a very big part as it would help the customers visualise how our products would fit into their space. 
 
So, essentially brand UrbanLadder is nothing but an execution of these three aspects. 
 
How do you think these three core aspects helped UrbanLadder stand out as compared to other brands? 
 
The result of this was that we didn’t have to talk price or discounts. All that did the talking were our products. Giving discounts and indulging in crazy pricing would have made sense until a year back when people were still pumping money into businesses. It makes absolutely no sense right now because of the slowing down of the startup ecosystem and I’m proud that we stuck to our guts. 
 
One decision that you’d taken in the early years that you wish you could undo? 
 
We initially started with third party services for pour deliveries. The idea was to rely on these well established players and get them to help us with deliveries. But, it turned out to be quite a catastrophe and in one month we pulled back these delivery services from all over India and realised that we can’t make our brand happen if we depend on someone else. Our vision would go for a toss, our customer service score would go for a toss. So, we just decide to do it ourselves. That is how we started doing everything inhouse, right from the delivery to the installation. 
 
 
 
 
What would you say are some strategies that help UrbanLadder grow as a brand? 
 
Firstly, you would notice that any typical marketplace will generally have 50,000 or more products, but not us. We have a little over 4,000 products. That’s only because we don’t want to crowd our side with incessant product additions everyday but instead create value with each of our existing products. By having a slightly less number of products, we ensure that we’ve been thoughtful with every product that’s on the site. 
The second thing that I believe has helped us is our clear perspective on how we want to grow year on year. Last year, our business grew 3x. This year, our aim is to grow 2.7 x. The following year we’re looking to grow around 2.5 x. The reason you don’t see us making claims of wanting to grow 5x or 4x is because we want to grow in a way that would actually help profitability and allow us to hold the customer service experience really strong. 
 
UrbanLadder is about to complete four years of existence. What would you say are some of the decisions that has helped the brand through the years? 
 
We’ve always stuck to a pricing which is reasonable to a sustainable economic situation and that decision has helped us in establishing a fundamentally sound business that can shoot for profitability in the next two years. 
 
Does that also mean that you don’t take too many risks and play it safer than the others? 
 
We see risk very differently. For us, any innovation related to our three aspects is a risk. For example we just introduced a very ethnic Indian range on our website. UrbanLadder has never done anything like this before, so for us this is out of our comfort zone. 
 
We don’t want to have products that we later have to recall. We don’t want out customers to say, ‘I’m never going t buy this product’ Our aim to is to be very thoughtful with every product. That’s our priority. 
 
Tell us how UrbanLadder incorporates technology in its operations? 
 
Tech innovations are very important for us. Infact, we were the first ones to invest in AR/VR two years back. 
 
We have an app called Living spaces where customers can look how our sofa looks in their living rooms with the help of augmented reality. It basically happens by superimposing the model on a camera and that’s been a big proponent of how we sell so fast. This helps customers figure out how a product would look n their space. A big challenge with AR is that you have to ensure it doesn’t look fake because your surrounding are real. 
 
 
What would you say has worked for UrbanLadder that quite hasn’t for other players? 
 
I think, the scale at which furniture is bought on our website is something that no other player can boast about. We’ve actually managed to get customers to shop for furniture online. Plus, no other player has even managed to come half at par with the level of service that we offer. 
 
What are the areas you are looking to invest heavily this year? 
 
Our focus like always is to be thoughtful more than anything. But there are a few things that are a priority for us this year. One of them is to leverage what we already have, and especially our new interior business. 
 
Secondly, of late, sofas as a category are taking off so our aim is to have a wide range of sofas that are easily configurable. 
 
Additionally, we are also changing the interface visually on the website so as to ensure the customer buying experience is very different. 
 
Is hiring a difficult process for a company as unique as yours? 
 
It’s tough to find the right candidate when you’re a startup. A lot of people are not okay with the possibility of their job being at stake even if they perform well, though the number of people who are open to joining start-ups are much more now as compared to four years back. 
 
At UrbanLadder, what we try to do is instead of getting a lot of senior people on board, we look to hire MBA graduates with 2-3 years of experience and groom them in a way that they are able to make decisions tomorrow and face challenges. We have only 3-4 senior people in the company. 
 I believe, the media plays a big role here. They should start talking about stuff other than funding news. We need more success stories, learnings, how entrepreneurs have solved problems to get people to broaden their view of <keyword id="6362513" type="ORGANIZATION" weightage="100" keywordseo="Startups">startups</keyword> 
 
How do you think IKEA’S entry into the Indian market will affects players such as UrbanLadder? 
 
I’d like to believe that the Indian furniture market is big enough for every player to fit in. But, it all depends on execution. IKEA is a fantastic brand and their execution is top-notch so the challenge for us is to hold on to our value propositions, execute and innovate well. 
 
Have you thought about entering the office interior space? 
 
Not as of now. I mean, it is a massive opportunity, no doubt, But it’s also a very different segment that requires different products. But, I’ll never say never.

Exclusive: UrbanLadder
will be profitable in 2 years, will likely raise close to $50mn next year

Ecommerce companies such as <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, Jabong, Myntra and Amazon-owned Junglee have come under the radar of Enforcement Directorate. The Delhi High Court ordered the ED to find out whether these have flouted the country's foreign direct investment (<keyword id="44528" type="ORGANIZATION" weightage="100" keywordseo="FDI">FDI</keyword>) rules by deploying overseas funds. The court was hearing a case filed against the government by shoe shop owners on the grounds that India bars overseas capital in the sector and that such investments were also in breach of the <keyword id="6368276" type="COMPANY" weightage="100" keywordseo="Foreign-exchange">Foreign Exchange</keyword> Management Act. 

	"The court has ordered investigation of 21 companies and asked the government of India to file a report and counter affidavit" by December 21, Rishi Agrawala, counsel for the All India Footwear Manufacturers &amp; Retailers Association that had petitioned the court in August, told ET.
 

	India bars FDI in business-to-consumer (B2C), multi-brand ecommerce but allows 100% FDI in the business-to-business (B2B) segment. Earlier this month, it allowed single-brand retailers to sell online provided they already have permission under that category.
 Companies such as Snapdeal, <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> and <keyword id="18635" type="CITY" weightage="100" keywordseo="Amazon">Amazon</keyword> India say they operate marketplaces, where vendors sell to customers, rather than retailing directly to buyers. Amazon has consistently said that it operates within the law in all the markets it is present in. 

	A Snapdeal spokesperson said it provides a technology platform that connects sellers to their buyers and that its activities are in compliance with the laws of the land. 
 

	Jabong said it couldn't comment on specifics as it didn't have a copy of the petition. Interim CEO Nils Chrestin also said Jabong hadn't violated any aspect of the FDI policy and wasn't under investigation by the ED. Responses were still awaited from other companies mentioned in the petition as of press time. 
 Ecommerce companies have attracted billions of dollars of <keyword id="136566" type="UNKNOWN" weightage="100" keywordseo="foreign-capital">foreign capital</keyword>, which amounts to "circumventing" FDI regulations, brickand-mortar retailers have said. Such companies call themselves marketplaces but indulge in actual retailing, they allege. 

	Over the past few years, brick-and mortar retailers have raised their pitch against ecommerce companies and demanded a level-playing field from the government. They have said that ecommerce rivals are luring consumers with heavy discounts funded by overseas investments. This has come about because of a simplistic FDI policy without segregation by brands and channels, they said. 
 

	The footwear association has alleged "rampant illegalities" by ecommerce companies in "complete violation" of FEMA and FDI rules. 
 

	These actions are "actionable" under money laundering rules, it said. "These companies are evading the law by creating a complex and convoluted business structure by creating the facade of a 'marketplace' model," the footwear retailers said in the petition. 
 The stakes are high as ecommerce companies are growing rapidly. A Bank of America <keyword id="6374847" type="CITY" weightage="100" keywordseo="Merrill-Lynch">Merrill Lynch</keyword> report released earlier this month predicted India's ecommerce market could touch $200 billion in gross merchandise value (GMV) by 2025. 

	The gains made by ecommerce companies are reflected in the hype around festive season sales having shifted to online channels. To be sure, some experts have said that ecommerce companies are becoming more prudent about discounting as they look to stem cash burn. 
 The top ecommerce contenders have received substantial money from overseas in recent times as investors seek to get in on the ground floor. In July, Flipkart raised about $700 million from investors including Tiger Global and Steadview Capital, reportedly valuing the country's largest ecommerce company at $15 billion. In August, Snapdeal raised $500 million from <keyword id="6354671" type="COMPANY" weightage="100" keywordseo="Foxconn">Foxconn</keyword>, Alibaba Group and largest stakeholder <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword>, valuing the company at an estimated $4-4.5 billion. 

	The Delhi High Court has previously been approached on the same issue. The Retailers Association of India (RAI) filed a writ petition against the government in May asking for a level-playing field in terms of foreign investment in relation to ecommerce companies.
 

	The court converted the petition into a representation on May 21 and directed the association to discuss the matter with the government, failing which it could approach the court again in four months.

	 
	 
	(Image credits: Indiatimes)

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