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India is one of our fastest growing markets, we are investing heavily here: Canva co-founder Cliff Obrecht

Money ControlMoney Control · 1y ago
India is one of our fastest growing markets, we are investing heavily here: Canva co-founder Cliff Obrecht
Medial

Co-founder and COO of graphic design company Canva, Clifford Obrecht, stated that India is one of their fastest-growing markets and they are heavily investing in the region. India has a large creator community on Facebook and is gaining prominence as a key market for social media giants. Canva recently launched AI-enabled offerings under 'Magic Studio', featuring new features available in 11 Indian languages. Education is a popular use case in India, with presentations and social media designs being the most popular categories. Canva has doubled its users in India in the past year and has strategic partnerships with startups and educational institutes in the country. Canva also announced a $200 million fund to pay content and AI royalties to its creator community.

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Jodaro helps Indian manufacturers with an efficient global ecom expansion

EntrackrEntrackr · 1y ago
Jodaro helps Indian manufacturers with an efficient global ecom expansion
Medial

Bengaluru-based Jodaro aims to simplify the process for Indian manufacturers to establish their brands and sell products in international markets. As a global commerce company, Jodaro offers comprehensive services, including shipping, e-commerce support, and fulfillment. Besides facilitating global direct-to-consumer (D2C) business, the company assists with fulfillment and logistics for manufacturers’ business-to-business (B2B) orders. Jodaro aims to capitalize on the anticipated surge in e-commerce exports—forecasted to reach $400 billion over the next six to seven years according to Directorate General of Foreign Trade’s (DGFT) chief Santosh Kumar Sarangi. We spoke to company co-founders Rajiv Patki and Sambuddha Adhikari to delve into Jodaro’s business model, growth trajectory, and more. Here are the edited excerpts. Help us understand how Jodaro functions. What makes it unique? We primarily work with Indian manufacturers, helping them launch global brands. Whether they’re online domestically or not, we assist in establishing their global presence, covering both B2B and B2C exports. Our support extends to addressing various market inefficiencies like logistics, infrastructure, and marketing complexities, particularly in the competitive US market. Regulatory challenges, especially in retailer B2C exports, pose significant hurdles for medium to small manufacturers. We manage the entire lifecycle of global commerce, allowing manufacturers to focus on product quality while we handle business processes, analytics, and technology. Essentially, we ensure seamless global trade operations for our clients. B2C exports from India are relatively low compared to other markets and total exports from the country. The majority of Indian exports are B2B, where products are sold in bulk directly to business buyers, offering higher margins. However, there’s potential for significantly higher profit margins, around 1.5x to 3x, by exporting directly to consumers, especially in the US. Currently, most of this activity, totaling below $10 billion, occurs through Amazon’s global selling program. However, this model restricts sellers to only Amazon’s platform, limiting their reach. They cannot utilize other B2C channels like Walmart, eBay, Etsy, or Shopify, which hampers demand generation. This narrow approach contributes to the current underperformance of B2C exports from India. Please tell us about your growth, and plans to expand into markets other than North America. We’re currently collaborating with six manufacturers and are set to onboard 20 more in the next few months. Our operations span across North America and India, representing six brands. By the quarter’s end, we anticipate reaching an annual Gross Merchandise Value (GMV) run rate of approximately $200,000, building on last month’s achievement of a $100,000 annualized GMV run rate in January. Our primary focus initially is on North America, given its status as the largest target market. For the first six to seven months, our operations will concentrate on India and North America, as India presents low-hanging fruit for us. Following this phase, we aim to expand into EU countries, including major economies like Germany and France. Additionally, we plan to explore markets in the Middle East and eventually Southeast Asia. While we haven’t set specific timelines for these expansions, our priority is to establish a presence in the North American market first, considering its significance as the largest consumer product market. How do you generate revenue? Our revenue model is solely incentive-based, with commissions charged on sales facilitated through various platforms. A key aspect manufacturers appreciate is our commitment to transparency throughout the entire process—from warehouse to customer delivery. Unlike legacy players, where opacity often prevails, we ensure manufacturers understand the revenue generated at each stage. This transparency brings trust and brand retention, as manufacturers realize the fair share they receive from end-consumer payments post rebranding and other processes.

RockClimber banks on authenticity and quality to tap into India’s beverage market

EntrackrEntrackr · 1y ago
RockClimber banks on authenticity and quality to tap into India’s beverage market
Medial

India has a massive beverage market with many established brands, though several new players, such as Bira, have also made their mark. Considering the sheer size of the market, it’s safe to say that there’s ample scope for newcomers. One such new player is RockClimber. The company creates fruit beverages and fruit spirits designed specifically for India, made from locally grown fruits like jamun, grapes, pomegranate, kiwi, mulberry, and litchi, among others. One of the company’s objectives is to help reduce fruit wastage and create a sustainable ecosystem for farmers and fruit produce. We spoke to Cofounder Hariprasad Shetty to learn more about RockClimber, what distinguishes it from the competition, and the roadmap ahead. Here are the edited excerpts: The beverage market is filled with multiple brands, including some very established ones. How do you plan to stand out from the competition? As a truly authentic fruit based beverage brand, we are committed to using high quality fruits with an experimentative approach to crafting unique fruit combinations that incorporate global flavour trends. This has allowed us to offer a very diverse range of exciting and refreshing beverages while keeping fruits at the center of everything we do. That’s what makes us stand out from the rest of the competition – we see ourselves as fruit experts and our products are fresh and engage with the evolving consumer preferences. So our focus is on delivering an uncompromising product experience. We source the finest fruits from across the country. This commitment to authenticity and quality sets us apart from many competitors who rely heavily on artificial flavors and preservatives. And the traction we have had in the last three years also points to how we have been accepted in the market. [FY 22 7 Cr, FY 23 7 Cr, FY 24 25 Cr, FY 25 60-70 Cr domestic and 30-35 outside India = 100 Cr+ target] 140 strong distributor network across 11 states. 3 million + bottles of beverages sold. 3000 tons of fruits processed sourced from a farmer base of 200,000 small scale fruit farmers producing grapes, pomegranate, pineapple, jamun, strawberry, mango etc. What is your offline and distribution strategy, usually the key to robust growth in your category? Most of the work should happen before Day Zero – the launch day. We recognized early on that a robust distribution network is the backbone of success in this business. We adopted a systematic approach to build our distribution network from the ground up. Mapping out territories and identifying potential distributors and retailers who could penetrate different markets. We only went ahead with experienced and reputable distributors who had an in-depth understanding of local market dynamics and consumer preferences. What is your strategy for online? Are you considering partnerships with any quick commerce platform? Yes, now that we have a headway in the distribution aspect and have achieved product market fit, we are now going to go aggressive on the marketing front especially online channels. What are the incentives for a farmer dealing with your platform other than the convenience of direct sale and price? Farmers are looking for a stable assured source of income every year. Timely procurement of their fruit produce, immediate payments, reduction in time to sale, and providing access to a large pool of buyers are all the benefits farmers get by working with us. We started with 500 tons of fruit procurement, and now at over 5000 tons. We aim for 10X procurement volumes in the next 2-3 years, thereby contributing to 10 times reduction in fruit loss, and hence a direct positive impact on small scale farmers livelihood and stable income generation. As we expand our facilities, we aim to recruit local talent to be part of our company and thereby directly provide employment opportunities as well. RockClimber aims to: Scale to 10,00,000 farmer base in the next 3 years Platform building for farmer outreach, communication, and forecasting Patented mobile fruit processing system Export unit in select locations for UAE and Africa markets You also mentioned entering the UAE and Africa markets. What is your roadmap for global expansion? And why particularly these two markets? We expect 30-35% revenues coming in from global markets in the near term. Particularly markets like UAE are huge on experimentation as consumers there are well traveled and have an international palette. We see a large market opportunity in the innovative – new age beverage category in this region.

Rupeeflo raises $1 Mn from Piper Serica

EntrackrEntrackr · 5m ago
Rupeeflo raises $1 Mn from Piper Serica
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Rupeeflo raises $1 Mn from Piper Serica Fintech startup Rupeeflo has raised $1 million in funding in a pre-seed round led by Piper Serica Angel Fund. Fintech veterans including Ravi Shankar (co-founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (co-founder of Hyperverge) also participated in the maiden round. Rupeeflo will use the funding to roll out a full-stack NRI investment platform, introduce instant UPI access, and expand its global presence. Founded in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, Rupeeflo streamlines banking and investing for NRIs in India. Starting with the U.S. and U.K., it aims to expand across global NRI hubs. With Rupeeflo, NRIs can now digitally apply for an NRE/NRO account in less than 10 minutes and have easy and paperless access to stock markets, mutual funds, and index funds without regulatory headaches. “We see this as one of the biggest untapped opportunities in fintech. In the USA alone, NRIs have over $300 billion in low-yield savings overseas because investing in India has been too complex. We are fixing the problem so that they can participate in India's future instead of just watching from the sidelines,” said Ashish Jha. Piper Serica is an asset manager investing in India’s public and private markets. It manages a SEBI-registered PMS, advises a Mauritius-based offshore fund, and runs the Piper Serica Angel Fund for early-stage startups, overseeing over Rs 1,000 crore in assets.

Meet Beyoung, Udaipur-based D2C fashion brand that’s eyeing Rs 650 Cr GMV

EntrackrEntrackr · 1y ago
Meet Beyoung, Udaipur-based D2C fashion brand that’s eyeing Rs 650 Cr GMV
Medial

Independent fashion brands have come a long way in recent years. While the offline segment is still dominated by legacy players and franchises, the rise of social media and e-commerce has facilitated the growth of quite a few D2C brands. Moreover, the over $14 billion Indian e-commerce fashion market has helped brands like Bewakoof, Rare Rabbit, and The Pant Project to gain traction. One of the popular names in this space remains Beyoung. Founded in 2018, the startup claims to have delivered over 20 lakh online orders. The company recently announced accelerating its offline expansion by 300 stores across India and growing GMV two-fold to Rs 650 crore by 2027 We spoke to the company founder Shivam Soni to learn more about Beyoung, its history, growth, and lots more. Here are the edited excerpts: How did you come up with the idea of Beyoung? We always wanted to enter the essentials market, and the idea to start Beyoung was initiated with this thought. At one point, we recognized a significant gap in the market for aspirational yet affordable fashion options in tier 2, 3, and 4 cities across India, which we refer to as the ‘Real Bharat.’ While many brands were focusing on niche segments, we aimed to serve the mass market. We chose to focus on Kapda from the essentials ROTI, KAPDA, MAKAN (clothing), offering branded products to consumers in these underserved regions, providing both aspirational choices and value for money. What are the key challenges in the industry that still need to be addressed? And how do you plan to address them? Catering to diverse target audiences with varying buying power across regions is challenging. It’s crucial to adapt products and marketing to different regional preferences and cultures, as what works in North India might not work in South India. Managing an efficient supply chain and ensuring timely delivery adds to the complexity. Additionally, attracting and retaining skilled talent in a Tier 3 city like Udaipur is difficult. To solve these problems, we have leveraged technology and data-driven marketing campaigns. We analyze behavioral patterns and channel our efforts toward solving our audience’s pain points. While staying headquartered in Udaipur posed some challenges, it has also helped us address the challenges of tier 2, 3, and 4 cities in understanding their pain points and solving their problems How has your startup performed since its inception? Since its inception, Beyoung has shown significant growth and achieved notable milestones. Some key performance statistics highlight our progress: we have successfully built a robust customer base of 5 million, underscoring the strong demand and engagement with our brand. This growth reflects our ability to connect effectively with our target audience. Recognizing the potential and spending power in the men’s fashion segment, we have strategically made it our primary focus. This decision has paid off, as 90% of our revenue comes from male customers. In the last financial year of 2023, we achieved an impressive annual recurring revenue (ARR) of 200 million. This reflects our ongoing efforts to expand our market reach, enhance our product offerings, and improve customer engagement. What are your short-term and long-term product and business expansion and diversification goals? Our short-term and long-term goals for product and business expansion and diversification are driven by the evolving ways users interact with brands and the significant growth potential within the Indian fashion industry, projected to reach 289.6 million users by 2029. We aim to be the top choice for customers by offering trendy styles and great value for money. Our focus will be on efficiently engaging with and serving the mass market, both domestically and internationally, to become a part of their everyday wardrobe. Over the next three years, we plan to expand our presence by establishing physical stores in various neighborhoods across India. This will complement our existing online platform and provide a seamless shopping experience. Our long-term vision is to extend our reach beyond India and establish a global presence. We aspire to make Beyoung a recognizable and trusted brand worldwide, serving customers across different countries.

Cygnet aims to drive business process digital transformation through specialized offerings

EntrackrEntrackr · 1y ago
Cygnet aims to drive business process digital transformation through specialized offerings
Medial

Cygnet is an Ahmedabad-based SaaS startup that aims to help organizations achieve business process digital transformation with its specialized offerings in compliance, digital and quality engineering, enterprise modernization, data, AI and analytics, hyper-automation, test automation, digital signature, and a myriad of other offerings. We spoke to the company founder, Niraj Hutheesing, to learn more about the startup, how it works, the growth of cloud and automation in the context of new-age AI, the future roadmap, and much more. How has the cloud and automation industry evolved with the arrival of new-age AI? How do you plan to make the transformation? The cloud and automation industry has evolved significantly with the advent of AI, enhancing capabilities in data processing, predictive analytics, and process automation. Our AI solutions excel in cloud monitoring and developing self-healing scripts, reducing Service Level Agreement (SLA) breaches through consolidated alerts. Additionally, AI-driven FinOps optimizes cloud infrastructure costs, while business process automation delivers real-time insights to operations teams. As pioneers in business prediction, we use AI to nullify data gaps, empowering businesses to enhance data-driven decision-making with accurate forecasts and strategic advantages. Do you also offer cyber security solutions? If yes, please explain them. If no, please help understand your point of view on adding a security layer to yourservices given the increasing risks. Yes, Cygnet offers comprehensive cyber security solutions under our ‘Security as a Service’ portfolio. Our approach is to implement ‘security by design’, ensuring all controls are implemented as a regular practice rather than add-on activities. Cygnet, certified on ISMS and SOC 2 Type 2, ensures overall compliance with industry standards for products and services provided. We also cater to our client’s needs in performing specific security practices, including Network Security assessment, Application Security assessment, Cloud assessment, documentation, Compliance reviews, etc., to help them achieve the required security posture. Cygnet also ensures the ‘Single Source of Truth’ concept using a data warehouse is implemented product-wide to ensure data reliability and integrity are maintained. Our approach includes compliance automation, ensuring adherence to industry standards and regulations. We implement infrastructure automation to maintain robust security protocols across all systems. Our applications support regulatory-required User access management modules, which ensure appropriate authentication, authorization, roles, rights, and logging are performed and stored in a secured format for future reviews. There are a bunch of companies operating in your space, with some well-established ones too. How do you stand out from the competition? With a couple of decades of robust experience in providing solutions to multiple organizations globally, Cygnet understands the need for agile deliveries and challenges occurring in a dynamic environment. The ability to adapt to changes and implement a solution or product tailored specifically for the client helps us to stand out from our competitors. Be it on critical integrations with legacy systems on the tax tech or fintech side or modernizing decade-old applications without incurring major downtimes. Cygnet is a CMMi v2 L3, SoC 2 Type 2, and ISMS-certified organization that helps us provide our clients with prompt and secure solutions. We also have a 24/7 support model for functional, process, and technical aspects to ensure client support is not hampered. With a process-driven approach, we have specific delivery teams that ensure client requirements are met in a cost-effective and efficient manner. Which are your key markets? Please explain what makes India different from other developing and developed markets? Cygnet’s key markets include India, the Middle East, America, and Europe. In India, we have a significant presence, managing one-fifth of the country’s e-invoicing traffic through our portals. India’s market is distinct due to its decentralized and distributed systems, emphasizing the importance of data integrity and integrated systems. Unlike other regions, India’s regulatory environment and digital infrastructure necessitate robust, scalable solutions tailored to diverse requirements, making it a unique and dynamic market for our product solutions. What is your roadmap for increasing your local and international footprint? Cygnet’s roadmap for increasing its local and international footprint involves leveraging its unique COSMOS Digital Transformation Framework, based on co-ideate, co-innovate, co-create, and co-evolve pillars, ensuring a collaborative and innovative environment. This strategy fosters strong client relationships and delivers tailored solutions. By partnering strategically and offering holistic service offerings for BFSI, Manufacturing, and Healthcare industries, Cygnet aims to achieve a robust global footprint. As a core thought leader in tax, compliance, and data understanding, Cygnet excels in transforming financial processes across local and global markets. Please help understand your growth trajectory in terms of users or clients or any other metric you use. And also share your future projections and measures to achieve them. Our growth trajectory has been impressive, scaling our client base and securing multi-million dollar deals across 1000+ Enterprise accounts globally. We’ve successfully retained 90%+ clients and expanded our valued clients during global economic downturns, strengthening our position as a trusted partner in driving sustained growth. Amongst all the proprietary platforms, we have more than half a lac user base globally. Wherein one of the platforms, Cygnet Tax, processes 19% of India’s E-invoicing volume. Over the past year, our product vertical grew by 45%, with a projected 50% growth this financial year. Amongst solutions provided to our clients for their Go-To-Market, we have achieved 97% client satisfaction & 65% referral-based business. Looking ahead, we plan to achieve vertical growth through cross-selling services and horizontal expansion with global e-invoicing solutions to address compliance challenges for MNCs.

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