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<ul><li>Indian startups have already laid off a little over 11,000 employees in the first six months of 2022.</li><li>It could get even worse in the near future as experts expect Indian startups to layoff close to 60,000.</li><li>Both low-funded and highly-funded startups have been impacted by this, and would be in the future too.</li></ul>The prospects of a long funding winter has pushed several Indian startups to fire a significant chunk of their employees. However, amid the gloom there are some outliers who continue to hire employees even as they maneuver through the economic challenges. Sridhar Vembu-led software-as-a-service (SaaS) company Zoho Corp plans to hire 2,000 employees in India and abroad this fiscal, as it plans to further scale its operations. Even TaCa Healthcare is continuing its hiring to strengthen its existing business and expand to new geographical locations. The same stands true for other startups hiring amidst the chaos. Indian startups have already laid off a little over<a href="https://www.businessinsider.in/business/startups/news/indian-startups-have-already-laid-off-a-little-over-11000-people-in-the-last-six-months/articleshow/92541036.cms"> 11,000 employees in the first six </a>months of 2022 as the flow of capital is expected to remain constricted for the next 18-24 months. It could get even worse in the near future. Archit Garg, co-founder at Glamyo Health, <a href="https://www.businessinsider.in/business/startups/news/60000-jobs-in-startup-companies-may-lose-their-jobs-this-year-in-india-experts-say/articleshow/91804572.cms">pegs startup layoffs at 60,000</a>. Both low-funded and highly-funded startups have been impacted by this, and would be in the future too. Yogita Tulsiani, the managing director and co-founder of global tech-recruiter iXceed Solutions, noted that most companies hired aggressively during the start of the pandemic and are unable to handle it now. Amidst all this, these are the startups that are hiring at the moment: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Startups </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Hiring </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Verticals </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Timeline </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Zoho </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2,000 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Software developers, quality assessment engineers, web developers, designers, product marketers, writers, technical support engineers and sales executives </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY2023 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vivifi </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,000 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Multiple verticals </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY2023 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">VDO.AI </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">100+ </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tech, sales, operations, finance and strategy </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 2022 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">iThink Logistics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">120+ </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tech, marketing, sales in different locations like Mumbai, Surat, Jaipur, Delhi, Bangalore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY2023 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Faircent </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">200-250 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Technology and data analysts, predictive analytics, data mining technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3-6 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Collabera Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">600-800 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BFSI, retail, life sciences and healthcare and Hi-Tech Industry </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4-6 week </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TaCas </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">400 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LeadSquared </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">800 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sales and marketing, finance, product, engineering, delivery, and support functions </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MBA Chai Wala </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">500 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Baristas, restaurant staff </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6 months </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Utkarsh </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">500 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY2023 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HappyLocate </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">600 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sales, HR, accounts, operations, marketing and tech. </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY2023 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sequretek </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">500 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">N/A </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:middle;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY2023 </td></tr></tbody></table> Piyush Bhartiya, co-founder and CEO of AdmitKard — an end-to-end career advisory for students studying abroad — earlier in May highlighted that for every company that is laying off employees there are 100 others who are hiring. “Like I said, some companies are laying off, others like ours are hiring. I do not see that will impact the employment ratios too dramatically,” he added. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-itc-infosys-and-other-hot-stocks-on-july-22/articleshow/93041515.cms">Indian markets open in the green – RIL, M&amp;M gain while Nifty IT, Infosys decline</a> <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-best-offers-deals-discounts/articleshow/93024348.cms">Amazon Prime Day 2022 – early deals, bank offers, Prime membership and everything else you need to know</a> <a href="https://www.businessinsider.in/business/news/reliance-industries-to-start-fy23-with-strong-earnings-thanks-to-refining-margins/articleshow/93041430.cms">Reliance Industries to start FY23 with strong earnings, thanks to refining margins</a>

Zoho, LeadSquared and other startups continue to hire amid industry layoffs

<ul><li><keyword id="10131833" type="General" weightage="20" keywordseo="ultraviolette" source="Orion">Ultraviolette</keyword> has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation, as per regulatory filings.</li><li>The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle.</li><li>TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then.</li></ul>Indian multinational automotive company TVS and software-as-a-services (SaaS) giant Zoho Corp have announced their investment in electric two wheeler company <keyword id="6792726" type="General" weightage="20" keywordseo="ultraviolette-automotive" source="Orion">Ultraviolette Automotive</keyword>. According to Ministry of Corporate Affairs filings, Ultraviolette has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation. Its valuation is estimated to be $200 million as per Inc42. The company has not officially confirmed the financial details of this transaction. The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle, which is currently in the final stages of testing. It expects to launch the electric vehicle (EV) in the first half of 2022. The Bengaluru-based startup had first showcased the electric motorcycle in November 2019 and it has received over 50,000 booking requests so far. ‘’What impressed me most about Ultraviolette is their approach towards building the EV experience in the country -- one that is focused on high performance, disruptive design and technology, and superior user experience, all built and developed right here in India. There is no doubt that the future of mobility is electric, and innovation has to be at the forefront of product disruption,” Zoho Corporation’s founder and chief executive (CEO) Sridhar Vembu said. Ultraviolette Automotive was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan. It develops sustainable mobility and energy infrastructure. The company has raised over $20 million to date from marquee investors like Speciale Invests, GoFrugal’s Kumar Vembu. TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then. Sudarshan Venu, Joint Managing Director at TVS Motor Company, said, “EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution.” SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

TVS Motor, Zoho invest in Ultraviolette ahead of its F77 electric motorcycle launch

For the last five years, a team of 150 engineers have been working day in and out in a tiny<a href="http://www.businessinsider.in/searchresult.cms?query=indian+village&amp;sortorder=effectivedate"> Indian village</a> in <keyword id="239945" type="CITY" weightage="100" keywordseo="Tenkasi">Tenkasi</keyword>, about 650 kms south of <a href="http://www.businessinsider.in/searchresult.cms?query=chennai&amp;sortorder=effectivedate">Chennai</a>, building a world-class context-aware helpdesk software called <keyword id="3860891" type="UNKNOWN" weightage="100" keywordseo="Zoho-Desk">Zoho Desk</keyword>. 
 This may sound like it's straight out of the plot of a movie, but <keyword id="191862" type="PERSON" weightage="100" keywordseo="Sridhar-Vembu">Sridhar Vembu</keyword>, CEO of <a href="http://www.businessinsider.in/searchresult.cms?query=zoho&amp;sortorder=effectivedate">Zoho Corp</a> has ensured it became a reality with his able guidance and vision. As a result, <keyword id="265415" type="COMPANY" weightage="100" keywordseo="ZOHO">Zoho</keyword>, a multi-billion dollar customer management (CRM) company with offices in <keyword id="12864" type="COMPANY" weightage="100" keywordseo="Chennai">Chennai</keyword> and <a href="http://www.businessinsider.in/searchresult.cms?query=silicon+valley&amp;sortorder=effectivedate">Silicon Valley,</a> has achieved something no company can boast of- harnessing and training the talent in rural India to build a software product for a global market. 
 “Zoho has challenged conventional wisdom so many times in its history. We built the first software products from India when IT services were the rage and established them in the global market. We are now showcasing something that has never been done before: the first software product created in rural India, world-class in its refinement, competing with the best,” said a proud Sridhar Vembu, CEO, <keyword id="447145" type="ORGANIZATION" weightage="100" keywordseo="Zoho-Corp">Zoho Corp</keyword>. 
 Zoho Desk, which is the sixth product that the company has launched in 2016, uses customer data from past interactions and from other Zoho products, like Zoho CRM and <keyword id="3870877" type="UNKNOWN" weightage="100" keywordseo="zoho-projects">Zoho Projects</keyword>, to organise tickets and intelligently present information to agents so that they can better understand a customer's problem and resolve it efficiently. 
 
It thus helps companies deliver the right solution at the right time. Its clean user interface packs innovations like Work Modes that help agents send context-aware responses, the Headquarters dashboard that provides the visibility managers need to make better decisions, and the Team Feed to help the entire company participate in customer service. 
 
As is the case with every Zoho product, Zoho Desk is also available for free up to 10 users. Paid plans begin at Rs 720 per user per month for the Professional Edition and increase to Rs 1,500 per user per month for the Enterprise version. 
 
The company's 15 acre Tenkasi facility from where Zoho Desk was built started out with three engineers who had moved from Chennai five years ago, which has today blossomed into a modest-size office housing 150 employees. Vembu himself makes it a point to visit this office once every three months. "Investment in building the entire centre at Tenkasi stood at Rs 3,000 per sq feet, excluding land costs," he revealed. To accommodate more employees, the company is also expanding its facility, which is going to be three times bigger than the existing office. 
 
 
 
From the very beginning of this plan, Vembu was clear about one thing- he had to first build a durable product, regardless of how long it took him. Infact, it was this very decision that stopped him from making Zoho Desk public despite it being ready for a year. Instead, the company used those 12 months to test out the product themselves and launch it in the market once they were absolutely sure of it. 
 
That seemed to paid off wonderfully for Vembu, as Zoho Desk currently boasts of handling 50 million tickets for 20 million users. Vembu is of the hope that out of 150,000 organizations across the world that Zoho counts as its customers, atleast one-third of them will become Zoho Desk users, making it a force to reckon with while it takes on two large rivals- global major <a href="http://www.businessinsider.in/searchresult.cms?query=zendesk&amp;sortorder=effectivedate">Zendesk </a>and local product <a href="http://www.businessinsider.in/searchresult.cms?query=freshdesk&amp;sortorder=effectivedate">Freshdesk</a>. 
 
Naturally, the road till here was fraught with challenges as Vembu attempted to build everything from ground up, but that hardly deterred the man who is known for building a one of the most profitable global tech company without any external funding. 
 
"We would have definitely built it faster if we had chosen a city like Chennai, but from the onset we were clear that we wanted to build a world-class product from rural India using the talent that most often than not remains untapped," he explained. 
 
Combine that with Vembu's belief that rural talent shouldn't have to leave home to find opportunity and you get an insight into the mind of the man who has proved that ‘a determined and sincere group of people can build path-breaking products anywhere.’ 
 
Sticking to their guns, the company developed local talents through its own university, Zoho University, recruited engineers through campus placements, then trained and mentored them. 
 At a time when almost all companies are moving from the suburbs to the cities to make a name for themselves, Zoho is busy reversing that trend to prove that you don't really need to be in <keyword id="6357722" type="COMPANY" weightage="100" keywordseo="silicon-valley">Silicon Valley</keyword> to build a world-class product. 
 
 
 
Image credit: Zoho

Here's how Zoho's Sridhar Vembu built a world-class software product from a tiny village in India

<ul><li><keyword id="4621694" type="General" weightage="20" keywordseo="freshworks" source="Orion">Freshworks</keyword> made its debut in the US-based Nasdaq on September 22 and it is the first Indian SaaS company to do so.</li><li>Freshworks was the first Indian SaaS company to achieve a billion dollar valuation, in 2019.</li><li>The company has now crossed a $10 billion valuation, thanks to its public listing.</li></ul>The Indian software-as-a-service (SaaS) industry had already been growing exponentially since last year, but Freshworks’ public listing at Nasdaq has taken it all to another level. The company, which makes customer engagement software for businesses, was valued at a whopping<a href="https://www.businessinsider.in/stock-market/news/freshworks-ipo-500-crorepatis-12-billion-market-cap-and-more-that-emerged-from-indias-first-saas-listing-at-nasdaq/articleshow/86445614.cms"> $12.2 billion </a>after it opened 21% above the initial offering price of $36 apiece. Freshworks sold 28.5 million common shares, hitting an intraday high of $48.75 on September 22. Freshworks was founded over a decade ago by <keyword id="2167965" type="General" weightage="20" keywordseo="girish-mathrubootham" source="Orion">Girish Mathrubootham</keyword> and <keyword id="2167964" type="General" weightage="20" keywordseo="shan-krishnasamy" source="Orion">Shan Krishnasamy</keyword>. Both the co-founders were former employees of Zoho Corp, which too is one of the biggest SaaS companies in India. Both Zoho Corp and Freshworks are rivals and the biggest players in this industry. Here is a glimpse of Freshworks’ journey so far: <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 910.922px; font-family: Merriweather; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Development </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Early 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Girish Mathrubootham decided to start his entrepreneurial journey. Shan Krishnasamy too decided to join this venture as a co-founder. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">October 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Mathrubootham and Krishnasamy resigned from Zoho Corp. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2010 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks, then known as Freshdesk, incorporated in the USA due to lack of recurring payment solutions in India. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2011 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Created a team of six people — three developers, one UI/UX designer, one customer acquisition/support engineer and Mathrubootham himself as product manager and CEO. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2011 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Raised $1 million in a funding* round led by Accel. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2015 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Acquired co-browsing and live video chat provider 1CLICK.io. This was Freshdesk’s first acquisition. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2015 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">The company crossed 50,000 customers. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">June 2017 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshdesk rebranded to Freshworks. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">June 2017 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">The platform was used by 100,000 companies in 145 countries. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">December 2018 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks turned unicorn, after raising $100 million at a valuation of more than a billion dollars. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">November 2019 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks valued at $3.5 billion, after raising $150 million. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">November 2019 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">It crossed 150,000 customers. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2020 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Zoho Corp filed a lawsuit alleging that Freshworks stole confidential information and built a business out of it. </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">August 2021 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks filed for $100 million IPO in USA </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2021 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Freshworks made its debut on Nasdaq and its valuation touched $12 billion. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>*Freshworks has raised one funding round every year since 2011. There was a year-long break in 2017, when the SaaS firm did not raise any capital. Freshworks and Zoho’s rivalry took a serious turn in 2020, when Zoho filed a lawsuit <a href="https://economictimes.indiatimes.com/tech/startups/zoho-says-freshworks-intentionally-accessed-database-in-new-us-lawsuit/articleshow/79413070.cms">alleging</a> that Freshworks stole confidential information and built a business out of it. Vembu-led company has also accused Freshworks of poaching its employees and customers. The battle is still ongoing. According to a report by investment firm Chiratae Ventures and consulting firm Zinnov last month, the Indian SaaS segment has the potential to clock a total turnover of <a href="https://www.businessinsider.in/business/startups/news/india-software-service-sector-needs-more-than-200000-employees-by-2025/articleshow/84632003.cms">$75 billion</a> by 2025. Companies like Zoho, Freshworks, and others are expected to be at the forefront of it. Freshworks was the first Indian SaaS company to achieve a billion dollar valuation, in 2019. A year later, the company closed another round at a valuation of $3.5 billion. It is backed by some of the prominent investors across the globe — Sequoia Capital, Tiger Global, Accel, Steadview, CapitalG and more. The company raised another billion dollars through its public issue. It’s valuation also increased over three times to $12.2 billion. The SaaS giant has acquired 13 companies to date including AnswerI1Q, Flint, CanvasFlip, Natero, and Zarget, among others. "I feel like an Indian athlete who has won a gold medal at the Olympics. We are showing the world what a global product company from India can achieve,” Mathrubootham said, in an <a href="https://www.moneycontrol.com/news/business/freshworks-ipo-creates-more-than-500-crorepatis-in-india-with-70-of-them-aged-below-30-7496681.html">interaction </a>with Moneycontrol. He further claimed that the <keyword id="11167545" type="General" weightage="20" keywordseo="freshworks-ipo" source="Orion">Freshworks IPO</keyword> has made 500 crorepatis in India, 70 of which are under 30. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-need-tariff-hikes-agr-moratorium-might-not-be-enough-say-analysts/articleshow/86285450.cms">Vodafone Idea and Airtel need tariff hikes, AGR moratorium might not be enough, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a> <a href="https://www.businessinsider.in/business/corporates/news/airtel-challenges-telecom-departments-demand-of-1400-crore/articleshow/86260516.cms">Airtel challenges telecom department's demand of ₹1,400 crore</a>

The success story of India’s first SaaS company to be listed in Nasdaq

<ul><li>A report by CNBC-TV18 said that <keyword id="46156" type="General" weightage="20" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> along with German automaker <keyword id="6355119" type="General" weightage="20" keywordseo="bmw" source="Orion">BMW</keyword> to manufacture electric vehicles for India and global markets.</li><li>Shares of TVS Motor surged as much as 7% today.</li><li>At present, TVS and BMW are already in partnership to develop and manufacture 500 CC bikes for domestic and global markets.</li></ul>Shares of TVS Motor Company gained as much as 7% on Wednesday on a report by CNBC-TV18 that said TVS Motor along with German auto giant BMW may announce a joint strategy to manufacture electric vehicles (EVs) for India and global markets. This comes after the automaker created a subsidiary named TVS Electric Mobility, which will focus on the electric mobility business. <div type="image" title="tvs motor share" height="900" width="1200" msid="88298078" hostid="261"></div> Adding to it, the two-wheeler firm along with software-as-a-services (SaaS) giant Zoho Corp together invested in electric two wheeler Bengaluru-based startup <a href="https://www.businessinsider.in/business/auto/news/tvs-motor-zoho-invest-in-ultraviolette-ahead-of-its-f77-electric-motorcycle-launch/articleshow/88254530.cms">Ultraviolette Automotive</a>. Ultraviolette Automotive will use the latest Series C fund to launch its F77 high-performance electric motorcycle, which is currently in the final stages of testing. It expects to launch the <keyword id="381751" type="General" weightage="20" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword> (EV) in the first half of 2022. At present, TVS and BMW are already in partnership to develop and manufacture 500 cc bikes for domestic and global markets. TVS produces G310R and BMW manufactures 310GS at the company's plant in Hosur. In November, TVS Motor was <a href="https://www.businessinsider.in/business/auto/news/after-tata-motors-tvs-motor-may-raise-money-to-run-ev-business/articleshow/87602948.cms">in talks to raise funds </a>from a clutch of global private equity investors to raise $300-500 million (₹2,220-3,700 crore) for its electric vehicle subsidiary. The credit for the excitement about any development in the EV space goes to the government who has enhanced subsidies on two-wheeler EV and extended the faster adoption and manufacturing of hybrid and electric vehicles (FAME - 2) policy by two years to 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/state-bank-of-india-to-sell-stake-in-sbi-mutual-fund-ipo/articleshow/88292698.cms">SBI Mutual Fund to come up with an IPO; SBI to sell 6% out of 63% stake via the public issue</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-1rs-data-plan-recharge-benefits-cheapest-4g-data-plan/articleshow/88292543.cms">At ₹1, Reliance Jio’s latest data pack is the cheapest in the world – costs less than a packet of water</a>

TVS Motor gains on report of tie-up with BMW to manufacture EVs

<ul><li>Shares of <keyword id="80004" type="General" weightage="20" keywordseo="info-edge" source="Orion">Info Edge</keyword> (India) Limited reached ₹6,692 at 11:56 a.m. on September 8.</li><li>The development coincides with ICICI Securities issuing a buy call on Info Edge (India) with a target price of ₹8,040.</li><li>The analyst expects increase in hiring, real estate rentals and wedding trends to fill Info Edge’s pockets in the near term.</li></ul>Sanjeev Bikhchandani-led Info Edge’s shares reached ₹6,692 at 11:56 a.m. This represents an increase of ₹509 in value compared to the previous close of ₹6,183 on September 7. Over the last one month, Info Edge’s share price has increased by 23%. Each share was valued at ₹5,368 on August 9 compared to ₹6,692 at 11:56 a.m. The development comes as ICICI Securities has issued a buy call on Info Edge (India) with a target price of ₹8,040 today. The analyst expects the share to reach the target price in a span of one year. The analyst had issued a similar buy call in June with a target price of ₹6,300. ICICI Securities have now revised the target as <keyword id="6740899" type="General" weightage="20" keywordseo="info-edge-shares" source="Orion">Info Edge shares</keyword> have crossed the said target. In its latest report on Info Edge, ICICI Securities has elaborated on the strong points that would lead the company’s stock price to increase. The broking house has also revised the estimated valuations of Info Edge and its subsidiaries. “We value Naukri at 75x [times] financial year 2023 estimates earnings per share. We value 99 Acres and Jeevansathi [Info Edge’s subsidiaries] each at 20x FY 2023 estimated sales. As elaborated in our report, our 1-year forward valuation of Zomato [a portfolio company of Info Edge] stands at $22 billion.” <div type="image" title="Here is how Naukri parent Info Edge’s stock went up 23% in the last one month" msid="86032580" hostid="261"></div> Meanwhile, Info Edge’s portfolio companies — Zomato and Info Edge — are also moving away from the ‘startup’ tag to a maturity stage. Zomato has already hit the public market and bought over <a href="https://www.businessinsider.in/stock-market/news/info-edges-remaining-stake-in-zomato-is-worth-15000-crore/articleshow/84668883.cms">₹15,000 crore</a> in return for Info Edge, PolicyBazaar has filed <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">preliminary papers</a> to go public soon. Further Info Edge invested in another <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">initial public offering (IPO)</a>-bound company ixigo in July. Key points working in favour of Info Edge <div type="image" title="Here is how Naukri parent Info Edge’s stock went up 23% in the last one month" msid="86032598" hostid="261"></div> Strong hiring could benefit Naukri.com Trends in other markets like the US, which publish job market data periodically, hint towards a significant demand-supply mismatch when it comes to hiring. In India, entrepreneurship, preference to work in startups and flexibility of workplace are going to be biggest drivers of this demand-supply mismatch in hiring, as per ICICI Securities. This is likely to benefit job search platforms like Naukri.com for the next 12-18 months. Vibrant job market will push more people to move out ICICI Securities in its latest report noted that several new trends have emerged in the proptech segment — low interest rate, strong pipeline, print to online shift in advertising, recent direct-to-customer (D2C) approach taken by builders to drive traction in online real estate classifieds. The brokerage firm predicted the spike in paid listing going ahead, which will enable Info Edge-owned 99acre.com’s EBITDA [earnings before interest, taxes, depreciation, and amortisation] profitability to exceed the street estimates. ICICI Securities, however, also noted that competitive intensity is one of the key reasons for the suboptimal profitability in this segment for Info Edge. Besides this, the decline of funding in the real estate segment is also pushing Info Edge’s competition to reduce cash burn. “Nevertheless, the full stack aspirations of competitors like Square Yards is a key risk to watch out for,” the report added. Matchmaking is back on the table Easing of lockdown restrictions and best-in-a-decade job security will encourage more people to look for their partners on matchmaking platforms. ICICI Securities is anticipating a sharp increase in paid listings in the near term to also drive EBITDA profitability, in FY23. This will be a surprise to the current street expectation, the ICICI Securities added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-policybazaar-investor-info-edge-invested-in-nearly-2-startups-every-month-in-2021/articleshow/86028438.cms">Zomato, PolicyBazaar investor Info Edge invested in nearly 2 startups every month in 2021</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms">Byju’s bags another $150 million to fund its acquisition spree</a> <a href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a>

Here is why Naukri parent Info Edge’s stock went up 23% in the last one month

<ul><li><keyword id="381854" type="General" weightage="20" keywordseo="indiamart" source="Orion">IndiaMart</keyword>’s share price is now above the ₹8,000-mark, compared to ₹1,800 in March 2020.</li><li>The B2B e-commerce company now sits on a market cap of ₹27,483.8 crore ($3.7 billion).</li><li>IndiaMart competes with Tencent-backed Udaan and publicly listed company Just Dial, which was recently acquired by Reliance Industries.</li></ul>If you invested ₹25,000 in <keyword id="5802502" type="General" weightage="20" keywordseo="indiamart-intermesh" source="Orion">IndiaMart InterMesh</keyword> Limited last year in March, your shares would now be worth over ₹1,21,000. It wasn’t a long time ago that IndiaMart’s shares were valued at ₹1,846 (March 27, 2020), right after India stepped into the pandemic-induced lockdown. Along with these restrictions came massive supply chain disruption that left Indian industry — from manufacturing to healthcare — in a void. IndiaMart has been gaining from it since then. A business model that allows buyers and sellers to interact and cash in on their product needs — without physical contact — has allowed IndiaMart to garner the interest of more customers and get confidence of retail investors amidst the pandemic. IndiaMart currently competes with Tencent-backed <a href="https://www.businessinsider.in/business/startups/news/indian-b2b-e-commerce-startup-udaan-raises-280-million-valuation-jumps-to-over-3-billion/articleshow/80132753.cms">Udaan</a> (valued at $3 billion) and publicly listed company Just Dial (market cap of $845 million), which was recently <a href="https://www.businessinsider.in/stock-market/news/mukesh-ambanis-reliance-retail-to-buy-majority-stake-in-justdial-vss-mani-to-continue-as-md-and-ceo/articleshow/84477000.cms">acquired </a>by Reliance Industries. IndiaMart’s share prices were above ₹8,900 as of September 8, 2021. The company’s share prices have increased 24% in the last month, from ₹7,236 on August 9. It now sits on a market capitalisation of ₹27,483.8 crore ($3.7 billion). <div type="image" title="Indiamart share price has gone up nearly five times in last 18 months and the record profit is only a part of what’s driving it" msid="86058098" hostid="261"></div> Jyoti Roy, equities strategist at Angel Broking, told Business Insider India that COVID-19 has shifted B2B commerce trends, from offline to online, and IndiaMart is strategically positioned to cater to such trends. Structural changes have happened in terms of supply and demand, and how these needs are met, he added. As COVID-19 has forced micro, small and medium enterprises (MSME) into the digital arena, all companies that enable such transformation have benefited from it. In general, any newage business — like Affle India or Route Mobile — that lays more stress on digital or digitisation have benefited in the last one year, Roy added. Deven R Choksey, managing director of KR Choksey Investment Managers, noted, “everyone wants to make investments in these kinds of businesses when they are not losing money. In a business-to-customer (B2C) model ecommerce platform loses money.” <div type="image" title="Indiamart share price has gone up nearly five times in last 18 months and the record profit is only a part of what’s driving it" msid="86058074" hostid="261"></div> Founded in 1996, by Dinesh Agarwal and Brijesh Agrawal, IndiaMart currently enables business and discovery for MSMEs. It helps these small businesses with buyer and seller negotiations as well as quotation and invoicing of products. The company has been planning to expand further into the commerce side of the business, with payments, logistics/tracking and transactional financing. <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;">Key points to note about IndiaMart’s performance in April to June quarter of FY22 </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;">IndiaMart reported a revenue of ₹210 crore, with a new profit of ₹91 crore. </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;">The company had 66 lakh suppliers on its platform. Its traffic grew to 248 million (24.8 crore). </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">It witnessed organic growth and did not incur any advertising spends. </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;">The company had 146,000 paid suppliers. </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;">Average revenue per user (ARPU) increased to ₹49,700. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">It reported a revenue of ₹750 crore in FY2021. </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: IndiaMart’s financial report, Motilal Oswal “Apart from collections and revenue growth, IndiaMART has shown higher resilience on the margin front. While we concur that margins at current levels are unsustainable, it would see positive benefits from cost optimisation and operating leverage in the long term,” Motilal Oswal said in a <a href="https://www.motilaloswal.com/site/rreports/637628892983928419.pdf">report </a>published in July 2021. More small businesses are going digital, placing orders and finding new customers online. The company has over 70% market share in the underlying industry, the report noted. What’s better, the buyers and sellers on IndiaMart are less sensitive to pricing by the platform, according to Motilal Oswal, allowing the company to steadily increase its average revenue per user. ALSO WATCH: IndiaMart’s founder Dinesh Agarwal explaining the recent trends in e-commerce <div type="Video" msid="86061546" hostid="261" title="IndiaMart’s founder Dinesh Agarwal explaining the recent trends in e-commerce" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=86061546"></div> Motilal Oswal, in the report published before Reliance’s acquisition of Justdial, added, “IndiaMART would continue to work on gaining buyer and supplier traction to emerge as the market leader in this space.” Meanwhile, Roy of Angel Broking said that B2B e-commerce is still at an nascent stage but there is a lot of growth potential for each company over the next three-five years. Therefore, it’s too early to comment on competition at the moment. He also noted that the new age digital businesses have the potential to be valued much higher than the traditional information technology (IT) business that enjoys supremacy today. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-policybazaar-investor-info-edge-invested-in-nearly-2-startups-every-month-in-2021/articleshow/86028438.cms">Zomato, PolicyBazaar investor Info Edge invested in nearly 2 startups every month in 2021</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms">Byju’s bags another $150 million to fund its acquisition spree</a> <a href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a>

Indiamart share price has gone up nearly five times in last 18 months and the record profit is only a part of what’s driving it

<ul><li>Salaries for software-as-a-service (SaaS) roles in comparison to traditional <keyword id="57650" type="PERSON" weightage="20" keywordseo="IT-jobs">IT jobs</keyword> are higher by at least 30% if not more.</li><li>Demand for SaaS specific skills is on the rise after the ‘digital transformation’ wave of the pandemic.</li><li>Moreover, small businesses and startups are willing to pay more than bigger MNCs in order to secure the right talent.</li></ul>If you’re an engineer in India, the job market is tough. There’s a lot of competition and companies are selective about who they hire. But one thing that can give you an edge over other candidates is the right set of skills — SaaS-y skills. India’s software-as-a-service (SaaS) market is still young, but that’s where the real money is, if you’re an engineer. The demand is overflowing, especially after the COVID-19 pandemic’s ‘digital transformation’ wave. “COVID-related trail winds have led to a massive leverage using technology and that in turn leading firms to look at incrementing their teams with high quality engineers,” Siddharth Sangwan, the director and head of talent strategy at venture capital company Lightspeed Venture Partners, told Business Insider. Recruitment firm TeamLease told Business Insider that <keyword id="11126922" type="UNKNOWN" weightage="20" keywordseo="salaries-in-saas">salaries in SaaS</keyword> firms are at least 30% higher than traditional IT services, if not more. “The potential for growth is better as a SaaS firm because product development on this platform is more robust and exposure to technology is higher. Whereas in traditional IT service companies, they tend to stick to one project for longer durations,” explained Siva Prasad Nanduri, the vice president and business head of IT Staffing at TeamLease Digital. Five SaaS skills that have seen the biggest uptake in demand: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup></colgroup></colgroup></colgroup></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;">SaaS skills </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;">Spike in demand from December 2020 to January 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IT security </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;">166% </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;">Full Stack </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;">110% </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;">Android Developers </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;">80% </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;">Data Analytics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44.7% </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;">Angular JS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40% </td></tr></tbody></table>Source: Quess IT Staffing What were once considered to be niche skills before the pandemic are now mainstream, especially with the wave of ‘digital transformation’ as lockdown forced businesses to shut down their physical stores. “Organisations are looking to hire talent with bundled skill sets, rather than just one skill, driving up the salary expectations and offers in the market,” said Vijay Sivaram, the chief executive officer (CEO) of Quess IT Staffing. Having at least two years of experience is all you need to capitalise on your skillset. It doesn’t matter which sector you were in, or what brand you were working on, your knowledge is what companies are looking for when hiring. “If you get a reasonable 2-3 years of experience, salaries have virtually doubled in the last one year. The demand is coming from traditional companies, from startups, from IT, and from global companies,” said Haresh Chawla, a partner at True North, during a Business Insider Twitter Live. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> Sirion Labs, a contract life-cycle management company that has clients like Vodafone, Unilever, Credit Suisse, and EY, agrees that experience is key. Just having the right set of skills is not enough. A potential employee must also know how to use those skills to get the job done. “When it comes to technical hires specialising in AI/ analytics/data science, we look for top talent with practical experience in NLP, streaming applications (Kafka, Rabbitmq), and programming languages such as Python and R,” explained the co-founder and CEO of SirionLabs, Ajay Agrawal. <cmsannotation type="cmsannotation" annotationid="Startups are pulling talent away from the bigwig MNCs" comment="subhead" text="Startups are pulling talent away from the bigwig MNCs">Startups are pulling talent away from the bigwig MNCs</cmsannotation> It’s not that traditional IT companies aren’t hiring for the same skills. They’re even giving out pay hikes to junior employees to keep them around for longer. But startups and small businesses are willing to offer more money. “I know for a fact that startups are paying more. They’re more discerning in terms of the kind of people they have. Their interviewing style is very different from an IT services company or even some of the MNCs that are out there,” said Lathika Pai, country head of venture capital (VC) and private equity (PE) partnerships at Microsoft. According to her, the keyword is ‘passion’. Startups are looking for young employees who aren’t working for money, but from the heart — people who want to shoot for the stars, not just the Moon. "More than the skills, it’s the mindset that differentiates engineers who ship great products. The ability to solve a problem for a customer and then do it at scale is what excites most SaaS engineers," Praval Singh, the vice president of marketing at Zoho Corp, told Business Insider. He estimates that there over 1000 SaaS companies in India. More than 150 have annual recurring revenue of more than $1 million. And, these companies are a hotbed for engineering talent. They have a healthy customer retention rate, which means they willing to shell out the big bucks because they know they will see higher revenue per employee as the business grows. “As far as salaries go, there is a higher percentile of companies in the SaaS space who offer more salaries, but that is linked to the skills and competencies required based on the type of work or role the employee is expected to play,” said Atlassian, one of the biggest software companies in the world. It is currently planning to recruit 300 research and development engineers in India over the next year. Every other company wants to build a mobile app so that they can reach customers on their smartphones. Cloud is the new mantra, and cybersecurity concerns are on the rise. And firms are on the hunt to secure the right talent, which also means paying out big bucks to keep others from poaching talent away. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/jp-morgan-is-funding-european-super-league-of-chelsea-real-madrid-barcelona-and-others/articleshow/82143811.cms">JP Morgan is doling out billions to fund the ‘Dirty Dozen’ Super League — the biggest disruption in the history of club football</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-users-need-to-update-their-apps-and-report-malicious-links-as-new-malware-makes-the-round-and-cert-in-warns-of-multiple-vulnerabilities/articleshow/82140756.cms">WhatsApp under threat — multiple vulnerabilities in older versions of the app and a new ‘Pink’ malware on the prowl</a>

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