The month of October started off with a long weekend celebrating Dussera and Gandhi Jayanti. Post a surprise announcement by the founder of global taxi hailing startup Uber, the past week was relatively calmer with multiple investments in the Indian startup ecosystem.
Here are the highlights of the week:
Ola To Raise Fresh Funds From SoftBank And Others
The homegrown taxi service hailing startup based in Bengaluru secured a $ 2 billion investment from Japan’s SoftBank Group Corp., and from China’s Tencent Holdings. This round of funding marks the second largest funding received by an Indian startup.
Flipkart Pulls Off One Of The Biggest Employee Retention Coup Yet
In order to retain employees, Flipkart pulled of one of the biggest retention coup by providing thousands of employees Flipkart shares and providing them the opportunity to liquidate their shareholdings later. Under this scheme, 35% to 40% of its mid level to senior level employees would receive stock values instead of their salaries.
Uber Board Votes For SoftBank Deal
The board of global taxi hailing company Uber, announced major changes in their governance strategy in an attempt to move past the months of strife. The changes were adopted unanimously by the 11 members of the board, which includes expanding the number of board seats to 17 from the existing 11. The company might also pursue an initial public offering of Uber’s stock by the end of 2019.
Karnataka Government To Invest $ 6 Million In AI Hub
The Karnataka Government has always been at the forefront of technological changes and upgrades in the country. Keeping up the pace, the government is all set to invest Rs. 40 crores to build a state of the art artificial intelligence (AI) and data science capabilities center. With NASSCOM as the programme and implementation partner, the tech hub will be named as the Centre of Excellence for Data Science and Artificial Intelligence.
Mukesh Ambani: India’s Richest Man For The Tenth Year
While inheriting a business might seem like a good boost inside an industry, taking the business to the next level requires a lot of skills and capabilities. Mukesh Ambani is one such businessman who made a name for himself out the shadow of his father, Dhirubhai Ambani. By doing so, he was named as the richest Indian by Forbes for not two or three years, but ten consecutive years.
Facebook Tests Workplace Chat App For Mac And PC
Social media giant Facebook very discreetly launched the beta version of the dedicated Workplace app for desktops. This beta app, called Workplace Chat, will also support screen sharing along with voice and video calling, customized push notifications, one on one chats and group chats. The new app will allow employees to message coworkers throughout the day without relying on a browser tab.
Google Hardware Event
The global search engine giant Google finally unveiled their latest new smartphones, smart speakers and other gadgets at the Google Hardware Event. Demonstrating its commitment to making new devices along with new and improved software developments, Sundar Pichai, the CEO of Google, launched their two new Pixel smartphones along with the Google Home speakers, a new laptop, a virtual reality headset and wireless headphones.
GST Made Simpler For Small Entrepreneurs In India
Three months after the Goods And Services Tax was launched, the Government decided to revamp various aspects of the new taxation process. The renewed indirect tax regime involves a slew of new measures to reduce the burden and stress the implementation of the GST brought to exporters and small businesses. PM Narendra Modi said these changes were in line with the government’s endeavor to safeguard the citizens’ interests and ensure a growth in the Indian economy.
China’s Tencent Holdings Invests $ 400 Million In Ola
China based Internet giant Tencent Holdings invested $ 400 million in the cab aggregator startup Ola through their Singapore based investment arm Copper Technology Pte., Ltd. Ola’s parent company ANI Technologies Pvt., Ltd., will issue 1,908,143 preferential shares at Rs.13,521 apiece to Copper Technologies. Post this investment, Ola’s valuation will increase to $ 4.1 billion from the current $ 3.8 billion valuations.
Discover Kheyti, The Startup Changing The Lives of Farmers In India
Farming has been an integral part of India’s history and culture for ages. It’s been the foundation of the Indian economy, supporting millions of people with food and jobs. Crops and agriculture hold immense importance in Indian society, not just in terms of money, but also in terms of culture, community, and spirituality.
Farming is a way of life for many people in India, but it can be a difficult and unpredictable business and farmers face a number of challenges, from erratic weather patterns to low market prices for their crops. Kheyti is a social enterprise founded in 2015 by Saumya, Kaushik Kappagantula, and Sathya Raghu. The organisation provides sustainable solutions to small farmers in India, helping them overcome challenges and improve their lives.
Kheyti’s flagship product is the “Greenhouse-in-a-Box,” a low-cost modular greenhouse that allows farmers to grow high-value crops year-round, even in unfavourable weather conditions. operates on a subscription-based model, where farmers can purchase a “Greenhouse-in-a-Box” kit or sign up for crop advisory services on a monthly or annual basis. Kheyti.com also earns revenue by connecting farmers with markets and buyers, taking a small commission on sales. They work to keep the costs low by partnering with local manufacturers to produce their products and leveraging tech to provide personalised crop advisory services at scale.
They also provide crop advisory services to farmers, offering personalised advice on crop selection, planting, and management. In total, The company has helped over 6,000 small farmers increase their incomes by an average of 300%. You call them small farmers, Kheyti calls them Smart farmers!
While there are other companies in India that offer similar solutions to small farmers, Kheyti stands out for its focus on sustainability, innovation, and community involvement. It works closely with farmers to develop tailored solutions that meet their needs while focusing on sustainable farming practices. Through its efforts, Kheyti has improved soil health, reduced water usage, and increased yields of various crops.
Looking ahead, Kheyti plans to expand its reach to more farmers in India and beyond and aims to continue developing new products and services that can help small farmers overcome the challenges they face. With its commitment to sustainability and innovation, The visionaries at Kheyti claim it has the potential to transform the agricultural sector and contribute to a more equitable future for all.
Imagine the joy and hope Kheyti brings to struggling farmers in India. With Kheyti’s help, over 6,000 small farmers have transformed their lives, becoming Smart farmers who handle challenges and succeed. With sustainable solutions, Kheyti is not only revolutionising agriculture but also spreading hope for a brighter future.
Leher Versus Clubhouse: Which Audio Listening Startup Would You Choose?
Clubhouse is a new type of social networking platform which is an audio only platform. This means every conversation takes place through audio where users speak to let their thoughts known. Users can create and host rooms where speakers will talk about a particular topic. Originating in the Silicon Valley, Clubhouse attracted some major names onto its platform like Elon Musk, Evan Williams, Reddit co founder Alexis Ohanian, former Y Combinator President Sam Altman, AngelList co founder Naval Ravikant, Ashton Kuthcer, Oprah Winfrey, Drake, Kevin Hart and many others are some of the influential personalities who are on Clubhouse. There is however a catch as Clubhouse is currently limited to iOS.
Leher is an Indian made alternative to Clubhouse and is a similar audio sharing and listening startup. Leher also has video support unlike Clubhouse and is also available for both Android and iOS. However, Leher does not have the biggest names in the world on its platform but it does have significant micro influencers and is growing at a rapid pace. Within 180 days of its beta version launch, the company claimed to have its users spend about 44 minutes every day and 250,000 minutes per month for live video sessions.
We at Startup Stories are curious to see which among Leher or Clubhouse would our readers choose to take part in a virtual discussion. Please let us know your answer in the poll below.
Why Are Ads On Digital Media Failing To Reach The Right Audience?
If you are a regular user of social media platforms and also a fan of consuming content on the digital medium, then there is a very high likelihood that you have seen ads on pages you are reading or watching something. There would be times when you have been targeted by an ad which feels like it was wrongly targeted at you. Imagine if you are a vegetarian by choice and while browsing online, if you are targeted by a food delivery app which shows ads about chicken dishes. The ad would only serve to spoil the mood of the online user instead of serving its actual purpose which is to push the user to buy a chicken dish.
These wrongly targeted ads might be the side effects of performance marketing or a weak brand marketing. Performance marketing means advertising programs where advertisers pay only when a specific action occurs. These actions can include a generated lead, a sale, a click, and more. Inshort, performance marketing is used to create highly targeted ads for a very specific target audience at a low cost. Performance marketing usually means high volume for a very specific cost.
Brand marketers on the other hand believe in narrowly defining target audiences but end up spending a lot of money on ad placements. Gautam Mehra, CEO, Dentsu Programmatic India & CDO, Dentsu International Asia Pacific said, “You’ve defined a persona, you know the emotions you want to elicit, but then you buy a YouTube masthead and CricInfo sponsorships because IPL is up. If brand advertisers look at audience-based buys more deeply than just placements, you will see more relevant ads (sic.)”
Performance marketing is more of a sales function rather than a marketing function and is about meeting the cost of acquisition. This is a reason why budgets are usually high for performance marketing. Mehra goes on to add, “the fact is that an engineer can out-beat FMCGs on performance marketing. Advertisers who have cracked this are spending 10x and are on an ‘always on’ mode (unlike time-bound brand campaigns.)”
There is always the case of supply and demand, with the supply usually exceeding the demand on digital platforms. Ultimately, it boils down to the choice between no ad versus low relevance ad and it is quite easy to guess that having a low relevance ad is better.
Arvind R. P., Director – Marketing and Communications at McDonald’s India (West and South,) said “McDonalds’ for instance, has seen its share of spends on digital grow from 20% levels a couple of years back to over 40% at present. Outcomes of this journey have been encouraging, proven by our media-mix-modelling and other key metrics. We have seen best results from an optimal mix of Television plus digital (sic.)” Moreover, Arvind also believes performance marketing only approach could turn out to be more suited to short term, versus a more consistent full funnel effort. The latter ensures adequate emphasis on building consideration, as well as growing transactions. Arvind feels digital is a complex medium which needs investment in the right talent who could use the right tools. Brands which underestimate the need for the investment are often disappointed from the return on investment from the digital medium.
With the constantly changing consumer dynamics marketers are now shifting to unscripted marketing which frankly needs more insights into the consumer mindset. The lack of marketers to do the proper research is why digital medium is plagued with irrelevant ads.
- Discover Kheyti, The Startup Changing The Lives of Farmers In India
- Suki: This Startup Wants To Transform Healthcare With Its Artificial Intelligence Tool
- 5 Successful Indian Startups Founded By Women
- Leher Versus Clubhouse: Which Audio Listening Startup Would You Choose?
- Why Are Ads On Digital Media Failing To Reach The Right Audience?
- Facebook Launches BARS For Creating Raps To Counter TikTok’s Growing Popularity
- How Domino’s Pizza Grew 13000% From 2008 To 2020
- Elon Musk Tweets About Bitcoin Bull Run And Loses $ 15 Billion
- Daily Basket Creates BBisabully Over Being Sued By Big Basket Over Usage Of Basket
- Bike Rental Startup Bounce Goes For A Second Round Of Layoffs Amidst Operations Scale Down
- How Parle G Became An Iconic and Well Loved Indian Brand
- Adidas To Sell Reebok Brand Due To Declining Sales
- Carl Pei’s Nothing Invites Retail Investors
- The Incredible Journey Of Wolfe Herd And The Dating App Bumble Which Went Public
- Alphabet Invests In Carl Pei’s Startup Nothing
- Bitcoin Soars As Tesla Purchases 1.5 Billion Dollars Worth Of Cryptocurrency
- From Unicorn To Bankruptcy; Knotel Bears The Brunt Of COVID-19 Pandemic
- The Journey Of Wine Recommendation App Vivino Which Raised 155 Million Dollars In Funding
- How Does Investment Startup Robinhood Make Money?
- The Story of Mens Grooming Startup Bombay Shaving Company