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One97 Communication Posts $ 126 Million In Revenue

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One97 Communication, the parent company of Paytm, India’s fastest growing digital wallet, posted a total revenue of $ 126 million for the fiscal year 2016 – 2017. The net worth of the company also scaled new heights to reach Rs. 2,376.6 crores.

After recording a loss of Rs. 13.63 crores in the financial year 2015 – 2016, with a total revenue of Rs. 7.34 crores, the company gained more customers in November last year following Demonetization. Paytm became the de facto digital wallet for thousands of traders and users.

Founded by Vijay Shekhar Sharma in 2010, Paytm was one of the first digital wallets to be launched in India. In August 2016, the company also incorporated Paytm Payments Bank and formally launched its operations in May 2017. In an attempt to capture the lucrative ecommerce market in India, One97 Communications also launched the consumer shopping app Paytm Mall in February this year.

Backed by China’s largest ecommerce site Alibaba and Japanese major SoftBank, the company claims to have over 218 million customers in India and a few other parts of the world. In a Facebook post, Vijay Shekhar Sharma added, the company would try to increase their customer count to 50 crores by the end of 2020.

The digital payments company earns most of its revenue through its mobile wallet and ecommerce business. During the recent festive season sale, Paytm Mall also chalked out an aggressive budget of Rs. 1,000 crores, including Rs. 501 crores cashback offers. Paytm, Snapdeal and ShopClues, together, managed to capture close to 16% of the market share. The company also witnessed a 65% rise in offline payments resulting in transactions worth $ 1.6 billion. Vijay Shekhar Sharma was also featured in the 6th “Hurun India Rich List 2017,” along with Flipkart founders Binny Bansal and Sachin Bansal. Sources claim, the founder of Paytm, the biggest digital wallet, received a salary of Rs. 3.4 crores last year.

Watch the inspiring journey of Vijay Shekhar Sharma from Aligarh, Uttar Pradesh to becoming one of the most influential entrepreneurs of this generation.

Entrepreneur Stories

Inside T-Hub: India’s Launchpad for Innovation and Entrepreneurship

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Aerial view of T Hub Hyderabad

Imagine a building that’s not just a structure but a buzzing ecosystem. A space where startups, corporations, universities, and investors come together to create the future. This isn’t science fiction; it’s T-Hub, India’s largest innovation hub, and it’s rewriting the rules of entrepreneurship.

T-Hub isn’t just about workspaces. It’s a launchpad for ambitious dreams. They’ve empowered over 2,000 startups, turning ideas into thriving businesses. Think funding woes? T-Hub’s got your back, connecting entrepreneurs with angel investors and government grants. Need a mentor to guide you through the rough patches? T-Hub boasts a network of 2,000 mentors ready to share their wisdom.

T-Hub’s vision extends beyond startups. Here’s a glimpse into what makes T-Hub special:

  • From Seed to Scale: Whether you’re a budding entrepreneur with a bright idea or a scaling startup ready to take on the world, T-Hub has programs to support you. From the “seed-accelerator stage” Lab32 program to the “early-stage technology startups” RubriX program, T-Hub provides the tools and guidance needed to thrive.
  • Corporate Muscle: Innovation isn’t just for startups. T-Hub bridges the gap between startups and established corporations like Facebook, Uber, and Boeing. This collaboration allows startups to tap into corporate expertise and resources, while corporations benefit from the agility and fresh perspectives that startups bring.
  • Funding Powerhouse: T-Hub is more than just an idea incubator; it is also a reality maker. Through initiatives like T-Angel and the Digital India Scaleup Program, T-Hub connects startups with high-net-worth individuals, angel investors, and government funding sources.
  • Global Ambitions: Thinking Beyond Borders? T-Hub has you covered. With partnerships across the globe, from the UK government to La Trobe University, T-Hub helps Indian startups access international markets and provides foreign startups with a foothold in India.

And it doesn’t stop there. T-Hub 2.0, their new colossal campus, is a testament to their ambition. This behemoth is not just the world’s largest technology incubator; it’s a microcosm of innovation itself. Universities find a home here, churning out future tech leaders. Foreign partnerships open doors to international markets for Indian startups. It’s a melting pot of ideas, cultures, and expertise, all focused on creating a brighter tomorrow.

T-Hub’s story is far from over. They’re aiming to empower a staggering 20,000 startups in the next five years. With their focus on internationalization and capacity building, they’re poised to become a global hub for innovation. So, if you’re an entrepreneur with a dream, T-Hub might just be the launchpad that takes you to the stars.

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Carl Pei’s Nothing Invites Retail Investors 

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Carl Pei said the time came for him to leave OnePlus and focus on other interests, following which he resigned from OnePlus in October 2020.  Since then, Pei had been working on his new startup in the audio hardware sector.  Carl Pei unveiled the name of his startup which is now called as Nothing, on January 27th, 2021.  Since the unveiling of Nothing, Pei’s startup has attracted a lot of attention from Silicon Valley and venture capitalists.  

Carl Pei now seems to be emulating his success formula at OnePlus with his new startup Nothing.  OnePlus is highly customer centric, because as a company they take in inputs from their consumers and adapt them to their products.  Pei seems to be using the same strategy with Nothing, as he invited retail investors to invest in his new startup.  Normally a startup raises Series A funding to begin product development and then goes on to Series B and so on.  For a normal retail investor to invest in a stock, they could only do it at the time of an Initial Public Offering (IPO) at the time of which the company would be valued highly.  However, Carl Pei is letting in investors from the beginning.  

ALSO READ: Alphabet Invests In Carl Pei’s Startup Nothing

This lets the investors be a part of the product development process and makes Nothing more personalised.  Moreover the investors would also act as promoters for the products.  Currently, there are $ 1.5 million worth of shares available.  Users can invest a minimum of € 50 and a maximum of € 20,000.  However, the demand to invest is off the charts and was unexpected as Carl Pei confirmed there was an interest worth of $ 10 million from 8,700 users.

Nothing’s first wireless earphones will be unveiled in the summer of 2021.  Nothing aims to build an ecosystem of listening devices which talk to each other.  Initial investors of Nothing include the likes of Tony Fadell (Principal at Future Shape and the Inventor of the iPod,) Casey Neistat (YouTuber,) Kevin Lin (Co founder of Twitch,) Steve Huffman (CEO of Reddit,) Liam Casey (Founder and CEO, PCH,) Paddy Cosgrave (Founder of Web Summit,) Kunal Shah (CEO of CRED) and Josh Buckley (CEO of Product Hunt.)  Alphabet’s investment arm Google Ventures was the latest investor in Nothing as they invested $ 15 million.

 

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Startup India Seed Fund To Be Disbursed From April 1st

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There is no doubt India has a strong foothold in the startup ecosystem.  India currently ranks third in the world for the number of startups, next only to the United States of America and China.  This was possible due to the Indian Government’s initiatives to develop the startup ecosystem and also due to a strong presence of unicorn startups like PayTM, Zomato, Unacademy and many more.

The Government of India announced it would begin to disburse INR 945 crores seed capital from April 1st, 2021 under the Startup India Seed Fund Scheme in a  bid to boost the startup ecosystem in India.  These funds would be distributed through select incubator partners all over the country.  This scheme will be implemented by the Department for Promotion of Industry and Internal Trade (DPIIT.) 

In a gazette notification, DPIIT announced that Startup India Seed Fund Scheme will provide financial assistance to startups that have been recognised by the DPIIT and incorporated not more than two years ago at the time of application.

ALSO READ: How The Events Industry Is Impacted By The COVID-19 Pandemic

The Startup India Seed Fund Scheme will have a common central application on the Startup India portal for startups on an ongoing basis.  An Experts Advisory Committee (EAC) will be formulated to oversee and monitor the overall execution of the scheme.  The EAC will evaluate and select the incubators for allotment of the seed funds and place measures for the efficient disbursement of funds.

The government also mentioned preference will be given to startups working in the areas of agriculture, education, food processing, healthcare, social impact, waste management, water management, financial inclusion, biotechnology, energy, mobility, defence, space, railways, textiles and oil and gas.

 

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