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The Incredible Journey Of Wolfe Herd And The Dating App Bumble Which Went Public

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The Incredible Journey Of Wolfe Herd And The Dating App Bumble Which Went Public,Startup Stories,Bumble CEO Whitney Wolfe Herd becomes the youngest woman to take a company public,Bumble Cofounder Becomes World’s Youngest Self-Made Woman Billionaire, Thanks To IPO,Shares in dating app Bumble soar in first day of trading on Nasdaq,Austin dating app Bumble sets price for $2.2 billion IPO will start trading Thursday,Bumble CEO Whitney Wolfe Herd on Bloomberg Studio 1.0,Read Bumble CEO Whitney Wolfe Herd's letter celebrating the company publicly filing for an IPO

Silicon Valley woke up to the news of the dating app Bumble making its public debut.  Bumble is a dating app which caters to women and is led by a woman named Whitney Wolfe Herd.  As soon as Bumble made its debut on the New York Stock Exchange (NSE,)  shares of the dating app soared by as much as 67%.  This led to the net worth ofWolfe Herd, the Chief Executive Officer of Bumble, to be valued at $1.5 billion, thereby making her a self made billionaire at just the age of 31.  Bumble plans to use the $2.2 billion proceeds from the IPO to pay off debt, fund international growth, and pursue acquisitions.

However, the story of Wolfe Herd and Bumble is one of mettle, grit and inspiration.  The journey of the unicorn is nothing short of a story.  Keep reading to find out how Wolfe Herd founded a company to rival Tinder.

Journey

Wolfe Herd began her journey as a co founder of Tinder, the world’s biggest dating app.  Whitney Wolfe Herd was Vice President of Marketing, at Tinder when she began her journey.  However,  Wolfe Herd alleged she was subjected to sexual harassment by her colleagues at Tinder and that she was stripped of her co founder tag because having a girl with that tag makes the company seems like a joke.  Wolfe Herd walked out of Tinder and filed a lawsuit against Match Group, the parent company of Tinder.  The lawsuit was settled out of the court for $ 1 million.

It was her experiences at Tinder which led Wolfe Herd to start Bumble, a dating app which lets women make the first move.  Women can swipe across profiles of men and choose to begin a conversation after a match.  At no point in this process could a man make the first move thereby putting women in firm control about the conversation as well as offering them a safety net.  

After taking some time off following the nasty lawsuit with Tinder, Wolfe Herd received an email from a Russian named Andrey Andreev, who is based in London and founded Badoo, another dating app which was the world’s largest dating app at that time (2014.)  Andreev was impressed with Wolfe Herd’s commitment at Tinder and said he would help her with her new startup and ended up investing $ 10 million in her idea.  Andrey Andreev would own 79% stake while Wolfe Herd owns 20% and the title of CEO and at the same time be able to tap into the infrastructure and resources of Badoo.  Herd and Andreev brought in former Tinder executives Chris Gulczynski and Sarah Mick, to design the new app’s back end and user interface.  Both Mick and  Gulczynski share the remaining 1% stake between themselves.

ALSO READ: Tinder: The Unique Story Behind The Swipes

During a cocktail event, Andrey and Wolfe Herd were discussing a scenario where women could make the first move and get the phone number of a guy after a match.  However, the match would disappear after 24 hours if neither of the parties made a move.  This became the core of Bumble and the secret sauce for its success.

By January 2015, about a month after launch, Bumble had about 100,000 downloads.  By the end of 2017, two years after launching, Bumble had amassed more than 22 million users.  This growth was noticed by Tinder which then made a buyout offer for $ 450 million.  Wolfe Herd rejected the offer immediately.  By July 2020, Bumble announced it had reached 100 million users.  Today, Bumble is available in 150 countries and is expanding into new areas like business networking.  In 2019, revenue jumped more than 35% and it turned a profit of $ 68.6 million.  More than 10% of Bumble’s users pay $9.99 for a monthly subscription to access perks like extra time to decide whether a suitor merits a message.  At Tinder, just about 5% of users pay for a similar service.

Today Bumble is the second largest dating app in the world and only continues to grow with its closest competitor being Tinder.

 

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Acevector Limited Announces New CEOs for Snapdeal and Stellaro Brands

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Acevector

Acevector Limited, the parent company of Snapdeal and Stellaro Brands, has announced significant leadership changes within its organization. Achint Setia has been appointed as the new CEO of Snapdeal, while Himanshu Chakrawarti will transition to the role of CEO of Stellaro Brands.

Himanshu Chakrawarti to Lead Stellaro Brands

Himanshu Chakrawarti has successfully led both Snapdeal and Stellaro Brands for the past three years. In his new role, he will focus exclusively on driving growth at Stellaro Brands, which houses various apparel brands, including Rangita. Chakrawarti brings over 30 years of experience in the retail industry, having held leadership positions at notable companies such as Trent, Arvind, and the Landmark Group. His extensive background in brand building and retail operations will be instrumental in scaling Stellaro’s growth.

Strategic Focus

Chakrawarti’s shift to Stellaro Brands allows him to leverage his experience to enhance the brand’s market presence and operational efficiency. His leadership is expected to drive innovative strategies that align with consumer trends and preferences.

Achint Setia to Head Snapdeal

Achint Setia takes over as CEO of Snapdeal, bringing a wealth of experience in e-commerce, media, telecom, and government services. He has a proven track record in business building, marketing, strategy, and technology. Prior to joining Snapdeal, Setia served as the Chief Revenue and Marketing Officer at Zalora Group in Singapore. He has also held senior leadership roles at Myntra, Viacom18, McKinsey & Co., and Microsoft.

Background and Expertise

Setia holds an MBA in Strategy & Finance from the Indian School of Business and completed the Stanford GSB LEAD program in Corporate Innovation. His diverse experience positions him well to lead Snapdeal through its next phase of growth as it navigates a competitive e-commerce landscape.

Focus on Growth and Innovation

These leadership changes are strategically aimed at driving growth and innovation across both Snapdeal and Stellaro Brands. With experienced leaders at the helm of each business, Acevector Limited is well-positioned for continued success in the dynamic Indian market.

Market Positioning

The transition comes at a critical time for Snapdeal as it seeks to strengthen its market position amid rising competition from other e-commerce platforms. Setia’s expertise in digital ecosystems is expected to enhance Snapdeal’s offerings and customer engagement strategies.

Recent Developments at Acevector Limited

Acevector Limited has been actively involved in restructuring its operations to optimize performance across its portfolio. The company has previously made headlines with initiatives such as:

  • The formalization of a group structure encompassing Snapdeal, Unicommerce, and Stellaro Brands.
  • Strategic investments aimed at enhancing technology capabilities and expanding service offerings.

Conclusion

The appointment of Achint Setia as CEO of Snapdeal and Himanshu Chakrawarti as CEO of Stellaro Brands marks a pivotal moment for Acevector Limited. These strategic leadership changes are designed to leverage their extensive industry experience to foster innovation and drive growth across both brands. As they embark on their new roles, the focus will be on enhancing operational efficiencies and adapting to evolving market demands within India’s competitive e-commerce sector.

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Swiggy Launches “Pyng” for Professionals: A New Services Marketplace

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Swiggy Launches "Pyng" for Professionals: A New Services Marketplace

Swiggy, the leading food delivery platform in India, has expanded its offerings by launching “Pyng,” a new app designed to connect professionals with potential clients. This move marks Swiggy’s entry into the services marketplace, enhancing its portfolio beyond food delivery.

Key Features of Pyng

Platform for Professionals

The Pyng app allows various professionals, including nutritionists, yoga instructors, life coaches, and designers, to list their services and connect with potential clients. This platform aims to empower service providers by providing them with a dedicated space to showcase their expertise.

Comprehensive Features

Professionals using Pyng can benefit from several features designed to streamline their operations:

  • Order Management: View, accept, and track orders, including consultations and digital product sales.
  • Scheduling Services: Schedule services and manage bookings efficiently.
  • Pricing Updates: Update pricing and availability in real-time.
  • Earnings Tracking: Monitor earnings through an integrated payout tracker.

Expanding Swiggy’s Ecosystem

The launch of Pyng signifies Swiggy’s foray into the services marketplace, adding another dimension to its growing portfolio. This initiative follows the company’s exploration of similar ventures under the “Yello” brand, which aimed to connect users with various service professionals.

Recent Developments at Swiggy

Swiggy has been actively expanding its services in recent months with several new initiatives:

  • Snacc: A dedicated app for 10-minute delivery of snacks and beverages.
  • Swiggy Bolt: A service for 15-minute delivery of quick-to-prepare dishes.
  • Swiggy Scenes: A platform for booking parties and events at partner restaurants.
  • Swiggy One: A premium membership program offering exclusive benefits.

These developments reflect Swiggy’s strategy to diversify its offerings and cater to a broader audience.

Competitive Landscape

The launch of Pyng intensifies competition in the growing services marketplace. Swiggy will face competition from other platforms that connect professionals with clients, including established players like Urban Company and newer entrants in the market. The focus on professional services aligns with a broader trend of consumers seeking specialized expertise in various fields.

Market Positioning

By entering the services marketplace, Swiggy aims to leverage its existing customer base while providing professionals with a platform to reach new clients. This move is expected to enhance user engagement and create additional revenue streams for the company.

Conclusion

Swiggy’s launch of Pyng marks a significant step in its evolution as a multifaceted platform. By connecting professionals with clients through a dedicated app, Swiggy is strategically positioning itself to meet the diverse needs of consumers while fostering innovation in the services marketplace. As it continues to expand its ecosystem, Pyng has the potential to become a valuable resource for both service providers and consumers looking for expert assistance across various domains.

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Inshorts Co-founder Azhar Iqubal Launches No-Code Platform Fenado AI

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Inshorts Co-founder Azhar Iqubal Launches No-Code Platform Fenado AI

Azhar Iqubal, co-founder of the popular news app Inshorts, has launched a new venture called Fenado AI. This innovative platform empowers individuals and businesses to build fully functional apps and websites without any coding knowledge, democratizing technology access for entrepreneurs.

Empowering Entrepreneurs

Fenado AI aims to democratize technology by enabling anyone with a business idea to bring it to life. Users can simply describe their requirements and design preferences through a user-friendly interface, and Fenado AI will generate the desired app or website. This approach is particularly beneficial for startups and small businesses that may lack the resources for extensive tech development.

Key Features

  • No-Code Development: The platform eliminates the need for coding skills or hiring expensive tech teams, allowing users to focus on their ideas rather than technical complexities.
  • User-Friendly Interface: Fenado AI features an intuitive interface that enables users to easily define their requirements and design preferences, making the app creation process accessible to all.
  • Rapid Prototyping: The platform facilitates quick and efficient development of web and mobile applications, allowing users to test and iterate on their ideas rapidly.

Market Impact

Fenado AI has the potential to significantly impact the startup ecosystem by empowering entrepreneurs with limited technical expertise. By removing barriers to entry, the platform can foster innovation and accelerate growth in the startup landscape.

Growth Trajectory

Fenado AI has already gained traction during its beta phase, attracting over 200 paying customers across regions including the US, Europe, and India. The company aims to onboard over 10,000 startups globally by the end of 2025, indicating strong demand for no-code solutions.

Azhar Iqubal’s Entrepreneurial Journey

Azhar Iqubal is a well-known entrepreneur and investor in the tech space. He co-founded Inshorts in 2013, which has become a highly successful news platform recognized for its concise news delivery. His experience in building a successful tech company will undoubtedly be invaluable in guiding the growth of Fenado AI.

Vision for Fenado AI

Iqubal’s vision for Fenado AI aligns with current trends in software development, where no-code platforms are gaining popularity for their ability to streamline processes and empower non-technical users. As more people seek to create digital solutions without extensive programming knowledge, Fenado AI positions itself as a key player in this evolving market.

Conclusion

The launch of Fenado AI marks an exciting development in the no-code movement, providing a powerful tool for aspiring entrepreneurs to turn their ideas into reality without technical barriers. With Azhar Iqubal at the helm, Fenado AI is poised to make a significant impact on the startup ecosystem by fostering innovation and accessibility in app and website development. As the platform continues to grow, it will likely contribute to reshaping how technology is approached by non-developers, ultimately expanding opportunities for creativity and entrepreneurship.

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