<ul><li>The aggressive hiring will help <keyword id="7349800" type="UNKNOWN" weightage="20" keywordseo="bharatpe">BharatPe</keyword> to launch a slew of products in merchant as well as consumer lending space.</li><li>It has announced a new policy to offer monetary and other incentives for both old and new joinees to attract more talent. </li><li>BharatPe has also preponed tech team’s appraisals by eight months and the team has earned 75% increments.</li></ul>Payments platform BharatPe is looking to grow its technology team by three times, as it plans to launch a slew of products in merchant as well as consumer lending space. The company will be looking to hire more than 100 employees for its tech team by March 2022. The company has also announced a first-of-its-kind ‘Referral &amp; Joining Policy’, under which it will offer incentives to both new employees and the existing employees who refer fresh talent. These range between gadgets, appraisals and other perks. For instance, all new tech team joinees will have the option to choose between bike or gadget packages. The Bike Package and Gadget Package is available to anyone referring tech talent to the company. This would include the BharatPe team as well as alumni of the company. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bike Package </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BMW G310R, Jawa Parek, KTM Duke 390, KTM RC 390 and Royal Enfield Himalayan </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gadget Package </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apple iPad Pro (with Pencil), Bose Headphone, Harman Kardon Speaker, Samsung Galaxy Watch, WFH desk and chair, and Firefox Typhoon 27.5 D bicycle. </td></tr></tbody></table> BharatPe has also preponed the tech team’s appraisals by eight months and the team has earned 75% increments split between cost to company (CTC) and incremental employee stock ownership plan (ESOPs), effective July 1, 2021. Besides this, the company will also host its entire Tech Team in Dubai for the International Cricket Council (ICC) Men’s T20 World Cup from October 17-November 14, 2021. “BharatPe is a tech-first fintech [firm]. As we build the next generation of banking in India, we want to invite and excite the best tech talent to work with us on building market leading products at scale. We will, therefore, be taking the lead in tech talent compensation in India because that’s the only real investment our business needs given the capital efficiency of our model,” Ashneer Grover, co-founder and chief executive of BharatPe said. Founded only three years ago by Grover and Shashvat Nakrani, BharatPe till now focused exclusively on merchant-payments and lending solutions. However, the hiring would also look into launching products focused on consumers. The company is also looking to aggressively build a loan book of ₹5,000 crore and has recently <a href="https://www.businessinsider.in/finance/banks/news/pmc-bank-will-have-a-new-owner-in-centrum-and-bharatpe/articleshow/83639668.cms">acquired </a>the scam-hit Punjab and Maharashtra Co-operative (PMC) bank in a consortium with Centrum Financial services. The company was valued at $900 million, after its $108 million Series D round led by Coatue Management in February 2021. The company’s investors include Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/used-car-platform-spinny-raises-108-million-to-fund-growth/articleshow/84545148.cms">Used car platform Spinny raises $108 million to fund growth and expand its presence across India</a> <a href="https://www.businessinsider.in/business/startups/news/from-zomatos-ipo-to-delhiverys-fundraise-to-paytms-drhp-these-were-the-biggest-developments-this-week/slidelist/84496707.cms">From Zomato’s IPO to Delhivery’s fundraise to Paytm’s DRHP — These were the biggest developments this week</a> <a href="https://www.businessinsider.in/business/startups/news/100-million-investment-in-delhivery-will-help-fedex-gain-prominence-in-india/articleshow/84471579.cms">FedEx makes its first strategic investment in India, puts $100 million in Delhivery’s kitty</a>

From BMW bikes to Apple iPads to T20 World Cup in Dubai — BharatPe is trying hard to woo tech talent

New Delhi, <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> co-founder Bhavish Aggarwal on Monday said its electric scooter factory will be run entirely by women and employ over 10,000 women at full scale. "Aatmanirbhar Bharat requires Aatmanirbhar women! Proud to share that the Ola Futurefactory will be run ENTIRELY by women, 10,000+ at full scale! It'll be the largest all-women factory in the world!! Slightly smiling face," he said in a tweet. He also shared a video featuring the first batch of women hired to work at the facility. <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div> In a blogpost, Aggarwal said the company welcomed the first batch this week and "at full capacity, Futurefactory will employ over 10,000 women, making it the world's largest women-only factory and the only all-women automotive manufacturing facility globally". This is the first in a series of initiatives Ola is undertaking to create a more inclusive workforce and provide economic opportunities for women across the board, he added. Aggarwal said the company has invested significantly to train and upskill them in core manufacturing skills and they will be responsible for the entire production of every vehicle manufactured at Ola Futurefactory. "Enabling women with economic opportunities improve not just their lives but that of their families and indeed the whole community. In fact, studies show that just providing women parity in the labour workforce can grow India's GDP by 27 per cent," he said. He pointed out that in manufacturing, the participation of women remains the lowest at just 12 per cent. "For India to be the world's manufacturing hub, we must prioritise upskilling and generating employment for our women workforce," Aggarwal added. Ola had announced a Rs 2,400-crore investment last year for setting up its first electric scooter factory in Tamil Nadu. Touted to be the world's largest scooter manufacturing facility, the company had stated that it would initially start with 10 lakh annual production capacity and then scale it up to 20 lakh, in line with market demand, in the first phase. When fully completed, Ola Electric had claimed that its plant would have an annual capacity of one crore units, "that is 15 per cent of the world's entire total two-wheeler production". The company had, on August 15, unveiled its Ola S1 electric scooter in two variants — S1 and S1 Pro — at Rs 99,999 and Rs 1,29,999, respectively (ex-showroom including FAME II subsidy and excluding state subsidies). While the sale was to start on September 8, it postponed the sale process by a week to September 15 as it faced "technical difficulties" in making the website for purchases live for customers. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/loss-making-cars24-is-worth-more-than-a-profitable-cartrade/articleshow/86158047.cms" data-type="tilCustomLink">Loss-making Cars24 is worth more than a profitable CarTrade ⁠— here’s why</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-infra-reliance-industries-zomato-and-other-top-stocks-to-watch-out-for-on-september-13/slidelist/86156619.cms">Reliance Infra, Reliance Industries, Zomato and other top stocks to watch out for on September 13</a> <a href="https://www.businessinsider.in/international/news/the-first-transgender-person-elected-bishop-in-a-major-christian-church-wants-to-inspire-hope-and-expand-peoples-minds-about-trans-people/articleshow/83528986.cms">The first transgender bishop in a major Christian church wants to inspire hope and expand people's minds about trans people</a>

Ola electric scooter factory will be run only by women, says CEO Bhavish Aggarwal

<ul><li>The Chinese government called for a severe crackdown on <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> mining and trading, setting off a global phenomenon that's often dubbed ‘the great mining migration.’</li><li>China contributed up to 65% of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate, followed by the US, Russia, Kazakhstan, Malaysia, and Iran.</li><li>Miners are actively looking for alternatives and heading west. More precisely, Texas, Florida, or even Canada.</li><li>These regions are trying to woo mines with some of the world's cheapest electricity, a higher share of green energy, and pro-crypto lawmakers.</li></ul>China has long been home to more than half the world's <keyword id="1926395" type="PERSON" weightage="20" keywordseo="Bitcoin-miners">bitcoin miners</keyword>, but now, Beijing <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-inner-mongolia-region-proposed-punishments-for-companies-and-individuals-involved-in-crypto-mining/articleshow/83034373.cms">wants them out</a> as soon as possible. In May, the government called for a severe crackdown on Bitcoin mining and trading, setting off a global phenomenon that's being called ‘<a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crypto-miners-are-looking-at-texas-amid-the-great-mining-migration/articleshow/83601284.cms">the great mining migration</a>.’ The movement is underway right now, and while it means the end of Bitcoin in China, it also means a new region will soon be the focal point of the crypto community. And, there’s no shortage of contenders trying to woo these miners over to their side. Since decentralized finance means the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> has no borders or a single regulating party, mining is also scattered. However, it is concentrated around regions that have a cheap source of electricity. Till now, China's Sichuan was a favourable destination thanks to abundant electricity via hydropower, but that's no longer a viable destination. So, where are the miners headed next? <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;">Head West is the new mantra</h2> Mining is the energy-intensive process that creates new coins and maintains a log of all existing digital tokens. The cumulative processing power of the network is called the hash rate. The higher the hash rate, the healthier the blockchain is. Hence, it's a perennial process that cannot afford hiccups at a massive scale. China contributed up to 65% of the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> hash rate, followed by the US, Russia, Kazakhstan, Malaysia, and Iran. Amid the sudden crackdown, Bitcoin’s hash rate is down by almost 40% from its peak. <div type="image" title="Average monthly hash rate breakdown by country as of April 2021" msid="83808065" hostid="261"></div> Miners are headed west to Texas and Florida — even Canada. Immediately after China's announcement in May, many big mining companies packed up and moved to the former wild west. Some of these names <a href="https://finance.yahoo.com/news/texas-governor-signs-law-creating-125552045.html">include</a> Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, and Riot Blockchain. The region makes for an attractive place to set up shop since it boasts of having some of the world's cheapest electricity, a higher share of green energy, and pro-crypto lawmakers. While China supplied the power, its politicians were never sold on the decentralised idea. As <a href="https://bitcoinmagazine.com/business/bitcoin-mining-firm-blockcap-moves-headquarters-to-texas-as-state-embraces-bitcoin">noted</a> by the former governor of Texas, Rick Perry, miners are a significant accelerant for job creation and sustainable economic growth. And, the current governor, Greg Abbott, has carried that trend forward and put up a huge welcome sign-board for miners. Florida is also wooing crypto miners by offering cheap electricity from its abundant nuclear power plants. “We want to make sure that our city has an opportunity to compete,” Francis Suarez, the Mayor of Miami, told <a href="https://www.cnbc.com/2021/06/17/miami-mayor-francis-suarez-trying-to-win-over-chinese-bitcoin-miners.html">CNBC</a>. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here.’” Similarly, Maryland has also managed to attract at least one mining company from China. A Chinese logistics firm, Fenghua International, <a href="https://twitter.com/onlyyoontv/status/1406911193126785026?ref_src=twsrc%5Etfw">confirmed</a> that it will be flying 3,000 kilos worth of mining equipment from Guangzhou in China to the mid-Atlantic state. <div type="twitter" handle="GregAbbott_TX" handlename="Greg Abbott" image="http://pbs.twimg.com/profile_images/1106778059590565889/M-ak-U5F_normal.jpg" favoritecount="14138" retweetcount="3578" status="Blockchain is a booming industry that Texas needs to be involved in.I just signed a law for Texas to create a mas… https://t.co/3w6btK8yC4" createdat="1622852603000" id="1400971477051133956"></div> <h2 style="line-height:1.38;margin-top:18pt;margin-bottom:6pt;">Limited options other than the US</h2>Other possible global destinations include countries like Kazakhstan, which is right next door to China. The nation's coal mines offer a low-cost, abundant energy supply, and the government has building-friendly policies which make it easy to construct offices quickly. BIT Mining has <a href="https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan">already shifted</a> 320 mining machines to the former Soviet republic and another 2,600 are expected to arrive soon. While the logistics of moving from China to Kazakhstan are more straightforward, but the US offers political stability, wider reach, and has far better chances of pivoting to green energy. Colder regions like Scandinavia, Russia, and Canada offer temperate or even polar temperatures, which aids in keeping the chips cool. While this helps reduce electricity consumption, it only eliminates cooling costs. Canada, for instance, has high electricity costs. And, many other formerly popular options like Iceland, Norway, and Sweden have <a href="https://www.dw.com/en/bitcoin-mining-is-scandinavias-cryptoboom-coming-to-an-end/a-57443905">reached their limit </a>in terms of generation capacity. Iran has encouraged mining over the last few years but announced a surprise ban this summer. The country has issued an order to <a href="https://www.businessinsider.in/cryptocurrency/news/iran-is-planning-to-introduce-a-legal-framework-for-crypto-even-as-bitcoin-mining-activity-remains-restricted/articleshow/83396588.cms">stop mining</a> for a few months since it cannot meet the local energy demand. The government claims the energy requirements of miners have depleted the entire grid, causing frequent blackouts. While the country tries to figure out a middle-ground, the US has taken the lead. Texas even has a brand new solution to offer — oil and gas vent capture technology. Pioneered by companies like Upstream Data, this technology captures escaping gas and turns it into energy. Companies like Great American Mining are also helping oil producers cut their gas byproducts while drilling by converting the wasted gas into potential fuel. The most significant concern surrounding the migration is Texas's capacity to handle the surge because the state's grid has historically <a href="https://www.npr.org/2021/06/02/1002277720/texas-lawmakers-passed-changes-to-prevent-more-blackouts-experts-say-its-not-eno">struggled</a> during extreme weather. During winter, blackouts were a norm in the state, and residents were left with no energy amid freezing temperatures. While companies are making a move, it'll be interesting to see how local communities react to mining farms and their thirst for electricity. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms">There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</a>

China’s Bitcoin miners are looking at US, Kazakhstan, Canada, and Europe amid the exodus — but not every option fits the bill

Capital market regulator <keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">Sebi</keyword> is planning to come out with framework on special purpose acquisition companies (SPACs), which will enable listing of startups on domestic stock exchanges, sources said on Thursday. The regulator is expected to put in place guidelines in this regard next week, they added. SPACs or blank cheque companies are formed to raise capital in an initial public offering (IPO) with the purpose of using the proceeds to identify and merge with a target company. SPACs are usually formed by private equity funds or financial institutions, with expertise in a particular industry or business sector, with investment for initial working capital and issue related expenses. Such companies have recently become popular in the US. There has been increasing demand that SPACs should be allowed in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> as well. Under the framework, Sebi may put in place a separate set of regulations on SPAC, whereby detailed listing rules would be provided for such firms. This would include a minimum threshold size for an IPO, sources said. The regulator is expected to provide qualifying criteria for sponsor to ensure only seasoned and sophisticated individuals, with senior management level business and public company experience are allowed as a sponsor for an IPO through a SPAC vehicle. The founder or sponsor might be required to invest a minimum amount of seed capital and remain invested even post de-SPAC for a specific period of time under the new framework. Vikas Bagaria, Partner for Audit and Assurance at <keyword id="6356108" type="COMPANY" weightage="20" keywordseo="deloitte-india">Deloitte India</keyword> said that a founder or sponsor should remain invested for a period ranging from 12 months to 18 months post reverse merger of the target company with the SPAC. Further, they must hold equity position in the merged entity between 10 per cent and 20 per cent post de-SPAC, he added. According to him, SPAC vehicle should be be given 24 months to 36 to complete the acquisition. He, further, said that an opportunity should be given to the dissenting shareholders to redeem the investment in case the individual investors do not approve the merger proposed by the SPAC sponsor. The SPAC listing rules may define the requirement of due-diligence, audits, controls framework on financial reporting to be included in the draft papers related to the target operating companies for pre-clearance with the Sebi before the merger is taken-up for approval from the SPAC shareholders. The framework is likely to impose a condition not to proceed with the proposed qualifying acquisition if more than a pre-determined percentage of public holders of securities vote against the proposed acquisition. Public holders of securities who vote against a qualifying acquisition that is completed might be allowed to redeem their securities for their pro-rata portion of the escrow funds. Bagaria said that various changes in the current regulatory framework are required to allow reverse merger of the private operating company with a SPAC. This included amendments in the Companies Act, 2013, for defining SPAC vehicles as a separate entity, and amendments to delisting rules to permit delisting of SPAC not able to complete the acquisition within a define period of 24 months to 36 months, he added. At present, Sebi (Issue of Capital and Disclosure Requirements) Regulations do not provide listing options for blank cheque companies. Also, it has defined thresholds resulting in only operating companies being eligible for an Indian IPO. According to market experts, while SPACs have several advantages, they also raise various regulatory concerns. For public shareholders, SPACs give the advantage of investing along with the sponsors in the SPAC like private equity type transactions. The advantage for the sponsor is that it allows rapid deployment of capital to take advantage of opportunities. It also helps the target company acquired by the SPAC going public during periods of market instability or volatility in traditional IPO markets. According to Bagaria, Indian unicorn privately owned companies valued in excess of USD 1 billion is booming in sectors like <keyword id="2461546" type="COMPANY" weightage="20" keywordseo="FinTech">fintech</keyword>, ed-tech, healthcare, consumer, food delivery and mobility, e-commerce. He, further, said that these new age companies are attracting capital and are now at the forefront of India's startup ecosystem. However, current listing options available to these unicorn firms in India is limited. "The SPAC framework will provide significant opportunities allowing public and retail investors to participate in acquisition of private operating companies by an Indian SPAC investment vehicle," Bagaria said. In addition, it will offer liquidity and visibility to the founders and private company investors and will provide access to seasoned management and financiers for a private company, he added. In March, Sebi had formed a group of experts to examine the feasibility of introducing SPACs like structures in India, sources had said. The group, formed under Sebi's Primary Market Advisory Committee (PMAC), was asked to submit its report at the earliest. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/heres-how-chinas-2021-crypto-crackdown-in-2021-differs-from-the-2017-ban/articleshow/83802778.cms">Here’s how China’s 2021 crypto crackdown in 2021 differs from the 2017 ban</a> <a href="https://www.businessinsider.in/business/startups/news/zomato-is-seeking-a-8-billion-valuation-in-its-ipo-does-it-make-sense/articleshow/83801848.cms">There are a few reasons why Zomato wants $8 billion valuation from its IPO -- here's a look at if it makes sense</a>

Sebi plans to come out with framework for SPACs to enable listing of startups on domestic stock exchanges, say sources

<ul><li>The Indian SaaS segment has the potential to clock a total turnover of $75 billion by 2025.</li><li>One in five global <keyword id="6361043" type="General" weightage="20" keywordseo="software" source="Orion">software</keyword> demand is likely to be met by Indian <keyword id="6756963" type="General" weightage="20" keywordseo="saas-companies" source="Orion">SaaS companies</keyword> in the next four years, according to experts.</li><li>On one hand large global corporations, even tech giants like Amazon and Twitter, are buying software solutions from India.</li><li>This has led to a mad rush from venture capitalists who have pumped in $1.7 billion into these startups in 2020.</li><li>Seven unicorns have been created in this space in the last year and a half alone.</li></ul>The sudden change in global trends and the rise of ‘remote everything’ — from learning to work — has propelled the software-as-a-service (SaaS) industry. And their customers include marquee names like Amazon, Twitter, <keyword id="596" type="General" weightage="20" keywordseo="hyundai" source="Orion">Hyundai</keyword>, Domino’s, and Philips, just to name a few. Venture capital firms like Accel, Tiger Global and Sequoia, looking for the next gold rush, have pumped in $1.7 billion across 128 deals in 2020, and more in 2021, creating at least seven unicorns in the space of less than 20 months, in India alone. Enterprise tech accounted for 13% of deal volume among top investors in the first half of 2021, says a NASSCOM PGA Labs report. 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. But where will this revenue come from? The answer is simple — market and product expansion. As the world stepped into a lockdown in March 2020, the SaaS companies had a new reality to face — the demand for softwares and solutions that required limited/no physical efforts and showed faster results was the need of the hour. More enterprises were on a hunt for tech solutions in the latest virtual scene and SaaS companies started seeing more customer interest. The increased customer interest also resulted in increased flow of venture capital for this segment and India added seven SaaS unicorns — private companies valued at or more than $1 billion — during the pandemic since 2020. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647410" hostid="261"></div> While the investors’ interest brought in more money for the SaaS companies to grow, the increased customer interest has brought in more revenue. Zoho, which is a 25-year old bootstrapped company that has not raised funds so far, has customers like Amazon, Zomato and Xiaomi. Here's Sridhar Vembu, the founder of Zoho, explaining the software boom, in a recent interview with Business Insider. <div type="Video" msid="85650341" hostid="261" title="Zoho founder explains India's software boom in the last 24 months" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=85650341"></div> Conversational artificial intelligence (AI) solutions company Uniphore ⁠— backed by Cisco, Sistema Capital Partners and ⁠Chiratae Ventures — claims to have noted a 3-fold year-on-year increase in their revenue in the financial year 2021, meanwhile contract management system has termed this fiscal the best one for them. Similar trend of increased revenue has been witnessed by most of the big SaaS names in India. Backed by Google and led by founder Girish Mathrubootham, help desk software company Freshworks ⁠— which has bagged contracts from Vice Media Group, Toshiba and Cisco ⁠— claimed to have crossed $300 million in annual recurring revenue (ARR) in February 2021. ARR is a metric used by SaaS businesses to show the revenue one can expect on a yearly basis. “It’s no secret that the future of business and scale is SaaS-driven, more so in the post-pandemic landscape. What’s interesting however is how quickly Indian companies have set a global benchmark for the industry. The exponential growth unlocked in the last 5 years is a testament to how capital efficient the Indian SaaS industry is,” Venkatesh Peddi, executive director and head of SaaS investments at Chiratae Ventures, previously said. One in five global software demands will be met by Indian SaaS companies in the next four years, Chiratae-Zinnov report added. What are Indian startups doing to attract these customers? With enough revenue and funding to aid sustain and grow their businesses, Indian SaaS companies have now put in greater focus on penetrating deeper into the international markets. <div type="image" title="Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global" msid="85647440" hostid="261"></div> Monish Darda, co-founder and chief technical officer (CTO) of Icertis, talked to Business Insider about the three important aspects for international expansion for any SaaS business. First, ensuring that the technology is in accordance with the market one if planning to enter. Second, readiness from the team perspective and having local workforce who understand the market well. Third, cracking right partnerships to expand business. “If you look at contract management, you will see that for India we will not only integrate electronic signatures from Adobe Sign, which are global, but also add e-Mudhra which is a very Indian specific digital signature. You always have these different things in different markets that you need to cater to, to be successful. So there is technology,” he explained. Ankur Bansal, co-founder of BlackSoil Capital, in an interaction with Business Insider said that it’s almost a given for all SaaS companies, who have found their product-market fit, to think global. Having global customers changes the valuation of a SaaS company “dramatically” and offers much better margins to the company. “In terms of the size of the contract, the understanding of it and the speed of execution — everything on all counts in favour of a SaaS company… Anyway SaaS business margins are great, and on top of it if the company is catering to customers based out of the US or Europe then it becomes way better,” Bansal added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/infosys-airtel-kaveri-seed-and-other-top-stocks-to-watch-out-for-on-august-26/slidelist/85645299.cms">Infosys, Airtel, Kaveri Seed and other top stocks to watch out for on August 26 </a> <a href="https://www.businessinsider.in/personal-finance/news/investors-will-be-able-to-open-fixed-deposit-accounts-fds-on-google-pay/articleshow/85646488.cms">Google Pay to let users open fixed deposits on its platform </a> <a href="https://www.businessinsider.in/science/news/popular-pro-vaccine-reddit-page-calls-on-founders-to-do-more-to-combat-covid-19-disinformation/articleshow/85639053.cms">Popular pro-vaccine Reddit page calls on founders to do more to combat COVID-19 disinformation</a>

Amazon, Twitter, Hyundai, and Domino’s are buying Indian software fuelling a $75 billion dream chased by top VCs like Sequoia and Tiger Global

Senior managers, working at startups like <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart%2C+Snapdeal+and+Amazon">Flipkart, Snapdeal</a> and Ola, are no more interested in these top consumer Internet companies in India. They are heading for the exit door, with many citing a mixture of low job satisfaction and poor work-life balance. 
 
This change is seen at a time when <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+startups">Indian startups</a>, boosted by soaring valuations, are on an aggressive spree to hire new talents. So are these mangers hungry to start their own companies? Lets’ read and know! 
 <keyword id="3019928" type="UNKNOWN" weightage="60" keywordseo="Swaminathan-Seetharaman">Swaminathan Seetharaman</keyword>, who earlier worked as the vice-president for engineering at taxi app firm <a href="http://www.businessinsider.in/searchresult.cms?query=Ola+">Ola</a> and quit after about a year at the company, said: "There are multiple levels of decision-making as an organisation grows and individual contributions to make impact get diluted." 
 The 41-year-old Seetharaman, who led the development of consumer mobile interfaces while at Ola, teamed up with former colleagues <keyword id="2047443" type="UNKNOWN" weightage="60" keywordseo="Ganesh-Subramanian">Ganesh Subramanian</keyword> and <keyword id="576027" type="PERSON" weightage="60" keywordseo="Nitin-Agarwal">Nitin Agarwal</keyword> to launch an on-demand services marketplace Pianta. 
 
Termed unicorns — or companies valued upwards of a billion dollars — Flipkart, Snapdeal and Ola have all witnessed exits of senior managers in recent months. 
 The latest exit was of <keyword id="843670" type="PERSON" weightage="60" keywordseo="Ravi-Vora">Ravi Vora</keyword>, the head of strategic initiatives at Flipkart, who quit this week. Others to have quit the country's largest <a href="http://www.businessinsider.in/searchresult.cms?query=online+retailer+">online retailer</a> include engineering head <keyword id="6518849" type="PERSON" weightage="60" keywordseo="Sameer-Nigam">Sameer Nigam</keyword>, who left in July. 
 Chief Technology Officer <keyword id="1937803" type="UNKNOWN" weightage="60" keywordseo="Amod-Malviya">Amod Malviya</keyword> transited to an advisory role in July. In February, Delhi-based Snapdeal saw its then CTO <keyword id="2049459" type="UNKNOWN" weightage="60" keywordseo="Amitabh-Misra">Amitabh Misra</keyword> leave to start his own firm. 
 
Restaurant listing guide <a href="http://www.businessinsider.in/searchresult.cms?query=Zomato+">Zomato</a> has seen the exits of marketing heads <keyword id="499896" type="PERSON" weightage="60" keywordseo="Alok-Jain">Alok Jain</keyword>, and subsequently <keyword id="584823" type="PERSON" weightage="60" keywordseo="Rameet-Arora">Rameet Arora</keyword>, who quit within 10 months. Jain has started an ondemand food venture Yumist. 
 The Gurgaon-based company's chief product officer <keyword id="3019927" type="UNKNOWN" weightage="60" keywordseo="Namita-Arora">Namita Arora</keyword> left within a year of joining the firm. 
 
Let’s know the reasons behind leaving the billion dollars companies. 
 
Seniors being relegated: Experts tasked with finding fresh talent for these high-growth startups say several exits stem from seniors being relegated when hierarchies alter. "Shrinking interactions with the founders coupled with decreased influence on impactful decisions are two most frequently cited reasons for individuals to move out of startups," Harish Kumar, founder of headhunting firm Wenger &amp; Watson, told ET. 
 
Volatile work environment, long working hours, and high levels of stress are also wearing out several senior executives at startups. "The culture of having beds for technology teams in offices can backfire and hurt emotional health," said a senior technology executive who quit a Delhi-based startup. 
 
Bid to lock in talent: Dissatisfaction with compensation is also leading to exits in several cases. Startups typically offer employee stock options aimed at locking in talent from a year to four years. Often, employees can cash in about a quarter of their holding after a year. "After that, shares can be redeemed on a pro rata basis every month or quarter, depending on the contract," said Seetharaman. 
 
However, this is only at an ideal startup. At several others, founders allow only a tenth of promised stock to be sold at the end of a year, with vesting periods rising incrementally to 40% at the end of four years. "There can be additional harsh lock-ins, which make the packages unfair," said the Delhi-based founder of an executive search firm who works with companies such as Flipkart, Zomato and Snapdeal. 
 
Senior employees are realising that they too have a chance of making big returns from India's unprecedented startup boom where the top Internet companies have between themselves soaked up some $6 bn of funding so far. 
 
(Image: Indiatimes)

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