27 JANUARY 2024 E BOOK

51 | B W BUSINESSWORLD | 27 January 2024 SHOW - ROOM B2B operates as a B2B marketplace in the fashion and apparel industry expanding its quality unbranded apparel network from small retailers, focussing on optimising its platform’s user experience and introducing AI-driven tools for predictive inventory management. Showroom B2B’s differentiation lies in personalised support to the small retailers in the form of ‘touch and feel’ of apparel through its physical ‘experience stores’, thereby reducing the returns. This results in an increased buyer’s confidence and trust in the platform and hence Showroom B2B is able to gain a better wallet share of its customers. Abhishek Dua, Co-founder & CEO, Showroom B2B says that the inception of Showroom B2B was inspired by a desire to democratise access to quality unbranded apparel for small retailers in India. Witnessing the challenges these retailers faced in building a reliable supply chain, Showroom B2B aimed to create a platform that would empower them, fostering growth and sustainability in the fashion industry, Dua added. In 2024, the company plans to consolidate its presence in the Indian market and explore strategic international partnerships to facilitate cross-border trade. The key factors which led to Showroom B2B gaining prominence are the growing trend in the collaboration between small retailers and local artisans, fostering unique and authentic products. It also adopts environmentally friendly ways like shifting towards circular fashion, with an emphasis on recycling and upcycling to reduce environmental impact. The market leader, Showroom B2B is also utilising modern technologies like the adoption of blockchain technology for transparency in the supply chain, ensuring ethical sourcing and production. The last quarter for the company showcased robust growth, with a 20 per cent increase in user registrations and a 25 per cent rise in transactions. “We successfully closed a funding round, enabling us to invest in technological enhancements and user acquisition,” says Dua. Rapid adaptation to market trends, prioritising sustainable and ethical practices to align with evolving consumer values and forging partnerships with logistics providers and financial institutions to enhance the overall ecosystem are the areas which are fundamental to the management of the company. Challenges facing the company include ensuring scalability without compromising quality and addressing supply chain disruptions in the current global scenario. “My vision is for India to become a hub of sustainable fashion innovation. The key growth factors include the nation’s rich cultural diversity, the resilience of the entrepreneurial spirit, and the increasingly tech-savvy consumer base,” emphasised Dua. SHEIKH RISHAD BW Disrupt 40 under 40 | WINNERS UNBRANDED APPAREL NETWORK Showroom B2B’s differentiation lies in personalised support for the small retailers ABHISHEK DUA, Co-founder & CEO, Showroom B2B

Z OFF FOODS is an online spices store that is pioneering the use of state-of-the-art Air Classifying Mills (ACMs). ZOFF offers a diverse range of premium masalas (spices), bringing great flavours and nutrients to kitchens across India. In its products ZOFF Foods prioritises both health and a flavourful taste. Founded by Akash Agrawal and Ashish Agrawal, the startup’s offerings include masalas, dry fruits, seasonings, whole foods and immunity boosters, ranging from vegetarian to non-vegetarian blends. Heritage Zoff Foods is part of Asquare Food & Beverages, which is a part of the ASquare Group. The group has a presence in diverse sectors such as steel, technology, food and trading. Zoff Foods plans to go public with an initial public offering (IPO) over the coming four to five years. At present, 60 per cent of its revenue comes from ecommerce, 20 per cent from general trade (GT) and the remaining 20 per cent from institutional sales and wholesale trade. ZOFF Foods is committed to ensuring that approximately 60 per cent of its workforce comprises women and that differently abled people also have representation among workers. ZOFF recently got featured on Disney + Hotstar, which proved a mile52 | B W BUSINESSWORLD | 27 January 2024 stone for the spice marketing startup. As of 2023 the size of the Indian spices market is estimated to be worth Rs 1,80,760 crore. Industry sources anticipate a substantial expansion of the market, which is projected to grow to a size of Rs 4,70,339 crore by 2032. So, for startups like ZOFF, a vast market is waiting to be explored and the company has the option of going global over the coming years. Zoff Foods has raised $121,000 in an angel round of funding on 9 February, 2023, led by Aman Gupta. The startup has only had one seed round of funding till date. To uphold the quality and safety benchmarks of Indian spices, the government has established spices parks and testing laboratories nationwide. These initiatives facilitate processing, grading, and quality certification of spices. Major players in the spices market now employ a myriad strategies to fortify their positions and stay competitive. Through substantial investments in research and development (R&D), ZOFF aims to innovate and introduce novel spice blends, formulations, and value-added products. This approach, featuring unique and varied spice offerings, attracts a broader consumer base and addresses evolving preferences. The company needs to actively engage in promotional activities, including advertising, endorsements and social media campaigns, to enhance brand awareness and establish a robust brand equity. Among the key players in its market segment are Badshah Masala, Patanjali Ayurved Limited, Everest Food Products and Mahashian Di Hatti. These brands have a global presence. Zoff Foods’ unique approach to spices production, its commitment to quality and innovative use of technology, however, gives it a distinct advantage in the Indian spices market. SWATI DUBEY BW Disrupt 40 under 40 | WINNERS PREMIUM SPICES Zoff Foods is an online store steadily making inroads into the growing market for premium Indian spices AKASH AGRAWAL, Managing Director, ZOFF Foods

27 January 2024 | B W BUSINESSWORLD | 53 F ITPASS PURPORTS to be the country’s single largest fitness membership service, offering access to 7,500 gyms and fitness establishments across 1277 PIN codes. The Delhibased fitness startup offers unparalleled flexibility to fitness enthusiasts by providing access to fitness centres across the nation. The premier Fittech brand has a strategic expansion plan, targeting 15 new cities in 2024. FITPASS boasts of having grown a network of 2,000 gyms and fitness centres over the past year alone. The startup has three founders, Arushi Verma, Cofounder and Director, Akshay Verma, Co-founder and Anil Pisharody, nominee Director. Funding The startup has raised altogether $3.86 million over five rounds of funding and is backed by institutional investors like Franchise India Holdings and Frost International. In its latest angel round of funding on 28 September, 2018, FITPASS secured $4,14,000, demonstrating continued investor confidence in its mission. Franchise India Holdings is the largest institutional investor in the venture and the latest round of funding was led by Sunil Aggarwal. With over 15 investors, FITPASS has attracted support from both institutional and angel investors. Competition Ranked third among 101 competitors in the fitness tech space, FITPASS competes with brands like ClassPass and Fitternity. Its unique approach of offering a single membership for diverse fitness options sets it apart in the market. FITPASS aims to democratise fitness by providing a single pass that grants access to various fitness centres, personalised coaching and a range of workout options. Its comprehensive approach aligns with the growing demand for flexibility in fitness routines. The startup is associated with ASR Market Ventures, which posted a revenue of $4,96,000 in March 31, 2021. Stressing on fitness awareness among the youth, Co-founder of the startup Akshay Verma, says, “Awareness of fitness and wellness is surging as a fundamental need in India, a nation with the youngest global population averaging 28 years, yet facing a health paradox where one in three individuals is medically unfit. This reality puts India’s economic resilience and vitality at a crossroads.” Verma goes on to say that “FITPASS anticipates significant enhancements that will not only significantly bolster the fitness sector in India, but also incentivise individuals to invest in their health proactively, underscoring this significance of physical fitness in the broader context of national development and personal growth.”The startup is receiving great response from its users and is positioned as a frontrunner in the fitness centre space. FITPASS aims to grow in the fitness market this year and to rope in more users. SWATI DUBEY BW Disrupt 40 under 40 | WINNERS FITPASS is the largest membership-based network of gyms and fitness centres across India and plans to break new ground this year KEEPING INDIA FIT AKSHAY VERMA Co-founder, FITPASS

T HE INDIAN GARAGE Company (TIGC), founded in 2012 by Anant Tanted, has emerged as a digitalfirst fashion brand, specialising in casual wear for men and women. Initially a leader in men’s wear, TIGC has expanded its portfolio to include women’s wear, plus-size segments with FreeHand and HardSoda brands. It has recently entered the kid’s clothing category too. Market Presence The startup has acquired a leadership position in the casual wear market and has a strong presence in men’s wear. The brand sells across major platforms like Myntra, Ajio, Flipkart and has recently ventured into Amazon. The company expects to achieve a top line of approximately Rs 700- 750 crore in FY2024. The Indian Garage Company mainly operates as a techdriven direct-to-consumer (D2C) fast-fashion brand. According to company sources TIGC intends to enhance its physical presence through a blend of phygital distribution channels and by establishing exclusive b r a n d o u t l e t s (EBOs) in the days ahead. Flipkart has recently introduced the latest assortment from The Indian Garage Company in partnership with cricketer Surya Kumar Yadav. The company’s fashion wear is also available at the offline Fashion Factory store, which features multiple brands. The Aditya Birla Group’s TMRW has invested Rs 155 crore in TIGC in October, 2023. In 2023, TIGC also launched the streetwear brand ‘TIGC Street’. The major players in TIGC’s segment of the market are Etsy, Snitch and The House Of Rare. Anant Tanted is the founder and CEO of the fashion brand while Ishita Anant Tanted is a TIGC Director. The company foresees a favourable market and hopes to take giant strides in the year ahead. Expansion The TIGC product catalogue includes a diverse range of casual wear, such as T-shirts, sweatshirts, jackets, coats, skirts, shorts, jumpsuits and footwear, primarily made of cotton. The brand’s strategic move into women’s wear, plus-size and kid’s segments reflects its commitment to catering to diverse consumer segments. The Indian Garage Company’s mission is to propel an Indian brand onto the global stage, supported by TMRW House of Brands and Aditya Birla Fashion and Retail Ltd., a conglomerate recognised for establishing numerous global brands. The partnership promises opportunities for the brand and potentials for sustained growth. The latest round of funding of Series B happened in October, 2023, taking the total valuation of TIGC to Rs 18.7 million. In TIGC’s digital-first fashion journey, the Series B funding and partnership with TMRW positions it for robust growth and innovation. SWATI DUBEY BW Disrupt 40 under 40 | WINNERS The Indian Garage Company, supported by the TMRW House of Brands and Aditya Birla Fashion and Retail, aims to be a global fashion brand FASHION ONLINE ANANT TANTED, Founder & CEO, The Indian Garage Company 54 | B W BUSINESSWORLD | 27 January 2024 Photograph by Naval Kishor

27 January 2024 | B W BUSINESSWORLD | 55 I N HER BUDGET SPEECH in 2023 Union Finance Minister Nirmala Sitharaman mentioned the terms “green” and “sustainable” multiple times. She suggested that green growth could be revolutionary during ‘Amrit Kaal’. The primary aim of green growth strategies is to ensure that natural resources fulfill their maximum economic potential sustainably. Startups like Smart Joules are going to play a key role in this endeavour over the coming few years. Smart Joules was founded in 2014 and is led by its Co-founder and CEO, Arjun Prem Chand Gupta. The leadership team also comprises Ujjal Majumdar (Co-founder & COO), Sidhartha Premchand Gupta (Cofounder), Karan Prem Chand Gupta (Director) and Ranganath Nuggehalli Krishna (Director). The startup stands for climate action, using energy efficiency as a tool for combating climate change. The company is headquartered in Delhi. Market Focus Smart Joules specialises in HVAC (heating, ventilation and air conditioning) management systems, offering comprehensive solutions for existing buildings in the domains of both hardware and software. It focuses on reducing electricity consumption in buildings by optimising central air-conditioning plants based on outdoor weather changes and indoor occupancy patterns. The startup operates primarily in the B2B space, catering to the high tech, energy tech, real estate and construction tech and environment tech market segments. The latest valuation of the Delhibased company is $16.7 million as of June 2022. In a conversation with BW Businessworld Arjun Gupta says, “Long term recurring revenue models give much needed stability to startups. Revenue models that are based on sharing positive outcomes with beneficiaries will stand the test of time.” Funding and Investors Smart Joules has secured a total funding of $6.47 million over two rounds. In its Series A round on 17 March, 2021, the company raised $4.9 million, with ADB Ventures leading the investment. The investor landscape comprises 10 institutional investors, including Guardian Advisors, Intelleventures.com and ADB Ventures. Raintree is the largest institutional investor. The startup’s competitors include Sense, GridPoint and myenergi. As of June, 2022, postround ownership reports indicate a diversified shareholding structure. The Union Budget for the ongoing financial year included many programmes for green energy. The focus on green energy is expected to continue in the coming financial year and the energy market is optimistic of growth initiatives. Smart Joules is driven by its commitment to sustainable energy solutions and following up on government policies. It aims for continued growth in the burgeoning market of HVAC management systems. With its technologies and a stellar leadership team, the company plays a crucial role in advancing energy efficiency for a more sustainable future. SWATI DUBEY BW Disrupt 40 under 40 | WINNERS Smart Joules stands for climate action, using energy efficiency as a tool for combatting climate change SMART ENERGY ARJUN P. GUPTA, Founder & CEO, Smart Joules

ARUSH CHOPRA AND Megha Sabhlok left their corporate jobs in 2014 to launch Just Herbs, a brand that fuses the traditional wisdom of herbs with modern beauty needs. They were inspired by Chopra’s mother, who turned her passion for mixing herbs, plants and flowers into a hobby. Over the last three years, the beauty industry has witnessed several trends including the rise of clean and sustainable beauty, greater inclusivity in product offerings and marketing, emergence of travel-size products and personalised products and experiences. These trends have significantly influenced Just Herbs’ approach to product development and marketing strategies. 56 | B W BUSINESSWORLD | 27 January 2024 Focus Areas & Future Plans With over 2 million orders shipped from their website alone, Just Herbs has dominated the D2C space. Looking ahead, the focus is on expanding offline presence across India; already they have a presence across more than 350 retail touchpoints. Actor Athiya Shetty has been enlisted as the face of their natural makeup range, further enhancing their brand’s presence. In the last quarter, Just Herbs achieved an annualised recurring revenue (ARR) of over Rs 120 crore, expanded its offline reach to more than 20 states and continued to enhance its product portfolio based on consumer feedback. The beauty and personal care industry has seen the rise of a number of startups making the landscape highly competitive. However, Just Herbs stands out by positioning itself as an ayurvedic brand with a modern twist. The brand’s commitment to delivering products that fulfil promises has been a cornerstone of its success. Chopra envisions the next decade as one where entrepreneurs from non-metro cities, towns, and villages will drive India’s growth. He attributes this optimism to the increasing young consumer base, widespread internet adoption, and rising value-added consumption outside metro cities. Lessons Learnt Chopra’s biggest lesson in entrepreneurship is embracing resilience and treating setbacks as opportunities to learn. Drawing inspiration from his mother’s scientific approach in the lab, Chopra emphasises the importance of viewing failures as valuable data points contributing to the learning process. Just Herbs continues to thrive in the dynamic beauty market, rooted in its commitment to herbal traditions, modern innovations and a resilient entrepreneurial spirit. SANGEET KUMAR SANU BW Disrupt 40 under 40 | WINNERS FULL OF PROMISE Just Herbs’ commitment to innovation and delivering products that fulfil promises have been the cornerstones of its success ARUSH CHOPRA, Co-founder, Just Herbs

27 January 2024 | B W BUSINESSWORLD | 57 tech firm InCred, has raised $222 million over eight rounds of funding. Ziel Financial Technologies has not led any round of funding since its inception. Even so, the startup’s leadership and commitment to simplifying and creating an impact, enables it to position itself as a promising player in the fintech sector. The company’s focus on serving the emerging middle class aligns with the growing demand for accessible and innovative financial solutions in India. The platform has enabled small and medium enterprises (SMEs) access longterm funds, supply chain financial solutions from banks and non-banking financial companies (NBFCs) and secure working capital loans. As of June, the startup provided approximately Rs 400-600 crore of debt market funding through non-convertible debentures to clients through its debt financing platform. The fintech startup is keen to make finance more personal, accessible and empowering for everyone. Ziel Financial Technologies aims to gain more stability in the market and establish its reach globally. Ashish Sharma says, “We have come a long way and without the team support it would have been impossible. We need to work more towards financial inclusion, helping the emerging middle class and emerging Bharat work to develop their aspirations.” “We are committed to empowering millions bridging financial gaps and achieving success by keeping things simple and thinking about consumers in getting the right product,” he goes on to say, adding, “The biggest thing is governance and not misleading the customers.” Ziel Financial Technologies strives to empower both individuals and businesses by giving them access to funds. The startup prioritises customer choices in the lending market. SWATI DUBEY BW Disrupt 40 under 40 | WINNERS INNOVATIVE LENDING Ziel Financial Technologies is a fintech player that enables both SMEs and individuals to access long-term funds Z IEL FINANCIA l Technologies, founded in 2021 and headquartered in Gurgaon, is a dynamic player in the fintech space. The cofounders, Ashish Sharma (CEO), Abhishek Sharma (COO) and Ashish Ojha (CIO), lead the company with a vision to simplifying access to credit for India’s emerging middle class (EMC). Ziel Financial Technologies operates as an online lending platform, specialising in business and personal loans. The platform caters to both individuals and businesses, offering diverse loan options such as loans against property, business loans, personal loans and education loans. The company provides a user-friendly app for Android users, facilitating loan applications, tracking and repayments. Competition The key competitors of the fintech firm include InCred, Kissht and TVS Credit. Reportedly, TVS Credit has raised $108 million over four rounds of funding. Another big finASHISH SHARMA, Co-founder & CEO, ZIEL Financial Technologies Photographby Naval Kishor

ATUL MONGA, Co-founder & CEO, BASIC Home Loan ATUL MONGA founded BASIC H o m e Loan smack in the middle of the raging Covid-19 pandemic, cashing in on the renewed focus on home. The venture not only meant to empower people to own a home, it also ended up disrupting the stagnant landscape of housing lending. His strong vision for affordable housing as well as his background as an investment banker and angel investor led Germany’s Picus Capital to participate in a successful seed funding round in July 2020. His leadership at BASIC Home Loan seeks to break down barriers faced by those from less privileged backgrounds, providing them with the dignity and social security that comes with homeownership. In a market saturated with fintech startups chasing higher margins through personal loans, Monga’s strategic decision to focus 58 | B W BUSINESSWORLD | 27 January 2024 on affordable housing lending sets BASIC Home Loan apart. In just about 1,000 days, the company claims to have empowered more than 80,000 citizens from diverse backgrounds to own a home. Home loan disbursements soared from Rs 500 crore in FY22 to an impressive Rs 3,500 crore in FY23 under Monga’s visionary leadership. The RBI pegs the housing market in the country at nearly Rs 150 lakh crore. Over the past 11 years, the share of residential housing loans in total loans has risen from 8.6 per cent in March 2012 to 14.2 per cent in March 2023. Catering Across Cities Working at Credit Suisse in Singapore, Monga, a Mechanical Engineer from IIT Delhi, guided several Chinese startups through IPOs. Drawn to India by its thriving startup ecosystem and the fintech sector specifically, Monga learned extensively across startups, including unicorns like Policybazaar. He then went on to launch BASIC Home Loan after gaining valuable insights from idea-stage ventures to established successes. While advancements have been made in home loan accessibility through lower interest rates, government schemes, and digital platforms, challenges persist. High housing costs, substantial down payments and stringent credit score requirements continue to hinder potential homeowners. However, initiatives such as concessional loans and accessibility improvements are underway. Along with Housing one of the biggest slogans of Indian socialism remains roti, kapda aur makaan — the basic needs of humanity. With the digital advent, Mongal and his team have ensured that people in not just Tier 1 locations, but also Tier 2 and Tier 3 areas have easy access to affordable home loans. He believes that housing is the first social security that grows a household to financial strength. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS HOMING IN ON SUCCESS Monga’s strategic focus on affordable housing lending has helped BASIC Home Loan stand out in the fintech space Photograph by Naval Kishor

27 January 2024 | B W BUSINESSWORLD | 59 F OUNDED IN 2010 and headquartered in Surat, Gujarat, Goldi Solar has emerged as a leading player in the solar energy sector. The company manufactures high-end photovoltaic modules and offers EPC services. It is recognised for its production of Mono-PERC and other cutting-edge module technologies and aspires to venture into TOPCon technology-based solar modules to meet India’s growing solar market demands. Goldi Solar was co-founded in 2010 by Capt. Ishver Dholakiya (Co-founder and Managing Director) and Bharat Bhut (Co-founder and Director). The company already has a global footprint and exports to over 20 countries. It operates two state-of-the-art manufacturing facilities with a consolidated capacity of four GW in Pipodara and Navsari, in Gujarat. Social Responsibility In keeping with its core brand philosophy of ‘Transforming Tomorrow’s Energy,’ Goldi Solar is actively involved in ensuring sustainable livelihoods in the Dang villages of Gujarat. The company has initiated various impactful projects, including the solarisation of villages, infrastructure improvements, support for athletes and providing skill development and employment opportunities for local youth. Demonstrating its commitment to social responsibility, Goldi Solar has announced installation of rooftop solar power systems at the homes of 41 workers rescued from the Silkyara tunnel collapse site in Uttarakhand. Goldi Solar operates in the energy and environment market segments. The company’s focus on solar module manufacturing and EPC services demonstrates its commitment to providing sustainable energy solutions. Goldi Solar holds the 48th position in a competitive landscape with 3,521 contenders. Its key competitors include Ecoflow, Renogy and Borosil Renewables. The startup is in the process of investing Rs 5,000 crore to double its module manufacturing capacity to 6,000 MW by 2026. The company also aims to set up a cell manufacturing unit, further solidifying its presence in the renewable energy sector. As of now, Goldi Solar has not raised any funds and there are no institutional or angel investors associated with the company. The solar power industry offers tremendous opportunities to investors the world over. India has achieved a solar power capacity of 64.5 GW, with around 58 GW of projects tendered and awaiting auction. As of June 2023, the nation’s overall renewable energy capacity, including large hydro projects, has reached 173.5 GW, constituting 41.4 per cent of the total power capacity mix. Goldi Solar aims for big investments in the year ahead and to continue to innovate and expand. The startup’s journey from manufacturing high-end photovoltaic modules to community-centric initiatives demonstrates its commitment to sustainability and transforming the energy landscape. SWATI DUBEY BW Disrupt 40 under 40 | WINNERS LIGHTING UP LIVES Goldi Solar manufactures highend photovoltaic modules and offers EPC services. It also provides sustainable livelihoods in the Dang villages of Gujarat BHARAT BHUT, Co-founder & CEO, Goldi Solar

60 | B W BUSINESSWORLD | 27 January 2024 BHAVIK VASA is the founder of GetVantage, which is an alternative funding platform based in Mumbai. The platform offers revenue-based financing (RBF) that enables entrepreneurs to finance their startups without diluting equity or paying interest. Instead, GetVantage charges a flat fee as a share of future revenues. As traditional venture capital funding experiences a slowdown due to the global tech downturn, RBF has emerged as a faster model for entrepreneurs to finance their businesses. Direct-to-consumer (D2C) brands have been the primary driver for RBF. It is estimated that RBF presents a $100 billion opportunity in India by 2025. Vasa says that GetVantage offers a fair, flexible and founderfriendly alternative to raising money. He further mentions that RBF works both complementary to and supplementary to venture capital depending on 60 | B W BUSINESSWORLD | 27 January 2024 the size and stage of the business raising money. Vasa, though, points out a diversified set of problems. He mentions that the old world of fundraising was based on who you know but the new world of fundraising is based on business fundamentals and data analysis. Tailored Packages For Founder GetVantage offers tailored packages to the founders. According to Vasa, GetVantage is the only RBF platform in India with an NBFC license and their non-dilutive financing model is more balanced, structured and step-wise. Referring to the funding winter, Vasa says, “Nature is similar to life and business. Nature has different seasons, every winter is followed by a spring, spring is followed by summer and so on. Similarly, in markets, you sometimes see a bullish market and sometimes a bearish market.” RBF has now diversified its offering to include new non-dilutive capital solutions such as working capital demand loans, marketing capital, fixed-term loans and revolving credit lines. “The important point should be that India is an emerging market and an emerging market is a place where anybody aspiring to build a business should be primarily focusing,” says Vasa, explaining the importance of diversification in investment channels for business. Vasa highlights the importance of business fundamentals saying that as a founder one must build something sustainable with an eye on the fundamentals because that is something that is never going to change. “Make sure that you are going into this journey of entrepreneurship for the right reason and that you are truly passionate about solving some kind of problem, otherwise the journey is going to be really difficult,” Vasa states. SHEIKH RISHAD BW Disrupt 40 under 40 | WINNERS FRIENDLY FINANCE GetVantage has disrupted the startup funding space through its founder-friendly revenue-based financing model BHAVIK VASA, Founder & CEO. GetVantage

27 January 2024 | B W BUSINESSWORLD | 61 S NACK MAKER 4700BC pioneered the introduction of flavoured popcorn in India and to date, it stands as the sole successful advocate challenging the notion that popcorn is solely a movie snack. Despite the crowded shelf spaces filled with similar products, 4700BC has remained resilient due to its unwavering confidence in the quality of its offerings and the ideology the brand stands for. Beginning life as Zea Maize in 2012, the company was renamed 4700BC by Chirag Gupta, its founder, to honour the historical roots of popcorn, which dates back to 4700 BC. Says Gupta, “As the founder of a snack company, my vision for India is centred on redefining snack consumption habits and fostering a culture of innovation and quality in the industry. I aim to contribute to a healthier and more diverse snacking landscape that resonates with the evolving preferences of the Indian consumer.” Redefining Snacks The last three years have been significant in shaping the future of snacking in the country. The current generation has changed the way they snack, the way they perceive this phenomenon and their relationship with food in general due to a rise in health-conscious snacking, a growing preference for plantbased and vegan snack alternatives, and introduction and acceptance of unique and exotic flavours including regional and global fusions. “Our overarching goal is to reshape the landscape of snack consumption in India. Yet, altering habits is a gradual process that demands both patience and persistence,” states Gupta, adding, “I aim to align with the entrepreneurial ecosystem, technological advancements and changing consumer preferences to leverage them to contribute to India’s entrepreneurial narrative and the snack industry’s evolution.” 4700BC had a quarter-on-quarter growth of about 31 per cent and the brand is confident that this percentage will only continue to increase. Gupta firmly believes that assembling the right team is a gamechanger and the unwavering support he received from his team has been pivotal in all the company’s endeavours. “Not once have I encountered a ‘This is impossible’ attitude; instead, their can-do approach has been the driving force behind our numerous achievements,” says Gupta. Despite the hurdles, the company remains steadfast in its commitment to this transformative journey, firmly believing that its dedication to quality and a pioneering approach will continue to set it apart in the market. “My motivation went beyond just business; it was about bringing a unique and premium popcorn experience to India. The venture was a combination of personal passion, long-term dreams and a commitment to introducing a novel product to the Indian market,” Gupta concludes. SHEIKH RISHAD BW Disrupt 40 under 40 | WINNERS Gupta is seeking to redefine snack consumption habits in the country with healthier and innovative offerings CORN CAN BE COOL CHIRAG GUPTA, Founder, 4700BC

WITH INDIA’S power sector growing rapidly, especially the renewables, it has been raining opportunities for engineering and design companies. Tapping into this space is Skipper, the country’s largest manufacturer of transmission towers and poles, with clients in international markets as well. Begun in 1981, Skipper is also a well-known manufacturer of premium quality polymer pipes and fittings, besides possessing expertise in executing infrastructure engineering, procurement and construction (EPC) projects. Skipper’s tower testing station, accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL), is one of the largest in the country. This facility ensures that each product meets the highest standards of safety and quality. Amidst the prevailing anti-China sentiment, the global 62 | B W BUSINESSWORLD | 27 January 2024 supply chain is actively seeking to reduce its reliance on China, creating a favourable environment for Indian manufacturers, including Skipper. Huge Growth Prospects Devesh Bansal, Director, Skipper says, “With such growing opportunities in the transmission and distribution, polymer and telecom sectors, we see manifold growth in the coming years. In the second quarter of FY24, Skipper won fresh orders totalling Rs 1,135 crore from both domestic and international markets.” The surge in demand for new transmission lines is also attributed to the growing emphasis on renewable energy sources, resulting in a shorter execution cycle and speedy supplies to meet project deadlines. Domestic transmission and distribution activities have also rebounded and Skipper’s order bidding pipeline remains robust. Moreover, the buzz is back in the domestic telecom sector due to the 5G rollout and increased bandwidth usage. Also, the resurgence of the real estate sector in the post-pandemic period is providing a much-needed boost to Skipper’s business. Skipper is one of the few companies in India with a NSF14 certification (highest standard of safety) and the only polymer pipes company in the country to successfully implement the theory of constraints in its operations. The company’s revenue stood at Rs 7,724 million compared to Rs 4,620 million in Q2 FY23, registering an YoY increase of 67.2 per cent. “In line with our growth plans for 2024, our foremost objective is to elevate Skipper’s revenue from the current Rs 2,000 crore to an ambitious target of Rs 5,000 crore within the next three years. Concurrently, we aspire to undergo a substantial evolution, transitioning from our traditional manufacturing roots to position Skipper as a distinguished high-end engineering and design company,” says Bansal. SHEIKH RISHAD BW Disrupt 40 under 40 | WINNERS ADDING POWER As a provider of the entire range of services from design and manufacturing to testing, Skipper is truly a powerhouse in India’s T&D sector DEVESH BANSAL, Director, Skipper Photograph by Naval Kishor

27 January 2024 | B W BUSINESSWORLD | 63 I NDIAN RAILWAYS MAY boast one of the most extensive rail networks in the world, yet when it comes to undertaking a train journey most of us find it daunting to begin with as trains are often fully booked months in advance. Flustered with this predicament, Dinesh Kumar Kotha in partnership with Sripad Vaidya founded ConfirmTkt, a digital platform to serve the needs of train travellers. Essentially a train ticket booking app, ConfirmTkt, however, goes much beyond simply booking train tickets. It is a modernised service that not only predicts the likelihood of confirmed tickets but also suggests an alternative mode of travel in case tickets are unavailable or waitlisted. Delving into the expansion of the company, Kotha says the firm has grown over the years with significant strategic advancements and as of July 2023 it commanded a market share of 50 per cent, thanks to the acquisition of the ixigo Group, which has enabled the company to excel in terms of B2C rail GBV or gross book value. Kotha informs that in FY23, 770.6 million passengers opted for e-tickets, compared to 734.3 million in FY22. “Our primary focus is to intensify our efforts in innovation and profitability, remaining committed to our mission of solving even the slightest inconveniences faced by train travelers. We aim to provide our commuters with a valuable and seamless traveling experience,” says Kotha, Co-founder & CEO of ConfirmTkt. Customer-centric Approach Kotha underlines customer satisfaction and loyalty as key to the company’s success. “Our customer-centric approach involves understanding customer needs, gathering feedback and customising offerings to meet their expectations,” he says. Besides, Kotha stresses the importance of maintaining financial prudence, prioritising management, upholding robust budgets and maintaining longer business sustainability. Kotha lists resilience and adaptability as two key entrepreneurial lessons that deeply resonates with him. “ConfirmTkt was established as we passionately wanted to solve a real problem faced by railway travelers in India. However, our ticket to success was not smoothly confirmed, we paid our fair share of challenges and setbacks,” he says, punning on ticketing terminology. According to the CEO, merely having a brilliant idea is not enough to climb the ladder of success. One must also possess the capacity to recover from failures and the ability to consistently adjust to evolving circumstances. “These learnings have not only helped me to overcome obstacles but have also influenced my problemsolving and innovative approach, strengthening my beliefs that setbacks are opportunities for growth,” says Kotha. SUCHITA SAIL BW Disrupt 40 under 40 | WINNERS ConfirmTkt has become a leader in online train ticket bookings by virtue of its commitment to taking the pain out of rail travel EASING TRAVEL DINESH KUMAR KOTHA, Co-founder & CEO, Confirm Ticket Online Solution

64 | B W BUSINESSWORLD | 27 January 2024 I N THE HEARTBEAT of entrepreneurial pursuits, the Founder embarked on a mission fuelled by a desire to bring about positive change. The genesis of this venture was not a mere business decision but a response to a poignant tale of a IIT days friend Gunjan who had moved to Germany —a mentor’s battle with cancer. The realisation that cures needed to reach patients faster sparked a visionary journey in September 2011. The then naive ambition to use data and technology for expediting drug discovery and development. Gaurav Tripathi, Group CTO, Innoplexus says, “I had come across the phrase ‘Data is the new Oil’ and have been working with large datasets already. That’s when, in September 2011, we decided to set out on this journey”. “We are the world’s largest data repository for life sciences, having the world’s largest ontology, having a patent portfolio of 175+ patents,” Group CTO, Tripathi claims. Achievements In 2023 In a strategic move forward, the company has inked multi-year partnerships with some of the pharmaceutical industry’s giants and Clinical Research Organisations (CROs). The company further expanded its reach by onboarding over 20 major hospitals in the Indian subcontinent as strategic data partners, enhancing its collaborative healthcare network. A noteworthy inclusion in Asia’s largest health data programme, DIISHA, showcased its commitment to pioneering advancements in healthcare. Actively engaging with governments at the central and state levels, the company played a key role in healthcare policy discussions. Financially robust, the group reported a substantial order pipeline in the last quarter, exceeding three digits in million euros. Additionally, the company successfully empanelled with a large Public Sector Undertaking (PSU) in a state, marking a strategic move towards utilising AI for addressing diverse challenges. Future Growth Plans In this year, the company aims to concentrate on three key areas, leveraging patented technologies for swift evaluation of drug assets, developing specialised AI models for drug discovery, and enhancing client value to fortify the revenue pipeline. “Our 2024 growth plan involves strategic partnerships with the top 30 global pharmaceutical companies, transforming our search platform into an insights generator, and utilising our Gen AI Tech stack for innovative solutions across diverse domains,” Tripathi explains. These endeavours highlight the company’s commitment to technological advancements, operational efficiency, and strategic collaborations, shaping its trajectory for the next phase of growth. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS FOCUS ON DATA Innoplexus’ endeavours highlight its commitment to technological advancements, operational efficiency and strategic collaborations Photograph by Naval Kishor GAURAV TRIPATHI, Group CTO, Innoplexus

27 January 2024 | B W BUSINESSWORLD | 65 SHIFTING FROM t h e D J b o o t h t o t h e h e a l t h f o o d i n d u s t r y wasn’t just a career transition but a profound personal journey. Motivated by a battle against borderline diabetes and high cholesterol, Gurmeet Singh Arora, Co-founder and CEO of Flax, embarked on a quest for clean eating. Flax, born in 2016, became not just a business venture but a reflection of a transformative path toward self-awareness and mindful eating. The motivation was clear - a desire to provide nutritional alternatives that were once elusive, marking a leap from beats to a wellness-driven entrepreneurial endeavour. Plant-based Nutrition In the last three years, the health food industry witnessed transformative trends. The surge in plantbased and vegan options reflected a growing preference for sustainable choices. Pe r s o n a l i s e d nutrition gained m o m e n t u m a s consumers sought tailored dietary solutions. The focus on functional foods, online platforms for health food purchases, and an emphasis on transparency through clean labelling became prominent. Flax’s 2024 growth plan is ambitious, aiming to expand to new cities like Delhi, Pune, and Hyderabad through cloud kitchens and add more outlets in Mumbai. Curating A Healthy Menu In the crowded health food industry, Flax distinguishes itself through constant innovation. “Due to the delicate balance between taste, health, and affordability, Flax remains a trusted and innovative choice in the dynamic health food landscape,” Arora states. In the last quarter, its dynamic performance showcased increased revenue and customer engagement, marked by a remarkable 70 per cent repeat user rate. The addition of innovative menu items, including glutenfree wraps and healthy hot mains, reinforced our brand presence alongside strategic collaborations and sustainability initiatives. The successful launch of FMCG & Gourmet Salads received overwhelming positivity, while its foray into Mexican cuisine under Flax broadened its culinary offerings. Impressively, it has processed over 50,000 orders, underscoring the robust demand for a health-conscious menu. The addition of a second cafe in Bengaluru and the positive reception of sister concern brands, Beyond Fit and Carless, emphasise its commitment to dynamic growth in the health food industry. According to Arora, building a successful business involves strategic planning, adaptability, and a customer-centric approach. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS Beyond a business, Flax became a soulful bridge, connecting the founder’s quest for clean nourishment FROM BEATS TO BITES GURMEET SINGH ARORA, Co-founder and CEO, Flax - Healthy Living

66 | B W BUSINESSWORLD | 27 January 2024 T HE MOTIVA - TION to disrupt the commercial office space in India stemmed from first-hand exposure to progressive ‘future workspaces’ in the Western world. The Co-founder of Smartworks Co-working, Harsh Binani witnessing the shortcomings of traditional offices in India, noted issues such as poor design, low employee energy, and limited flexibility. This realisation became the driving force behind the inception of Smartworks, aiming to redefine workspaces and reimagine the office experience. Transformative Trends Smartworks boasts having over 40 centres in 14 cities, with an expanding footprint of around 8 million square feet. Over the last three years, Smartworks has navigated transformative trends in India’s commercial office space. Post-Covid, the company recognised irreversible changes positioning India as the potential ‘office to the world.’ The surge in demand for hybrid work solutions, prioritising employee well-being, larger enterprises embracing scalable flex solutions and a focus on sustainability have defined the landscape. Smartworks has seamlessly integrated these trends, marking a significant shif t in the industry. Growth In Numbers Started as a bootstrapped coworking company, it has evolved into a managed workspace platform. In 2019, the startup secured USD 40 million in equity in Series A round. While discussing the company’s financial performance, Binani clarifies, “We have prioritised profitability and cash flow, providing the financial stability necessary to scale operations without heavy reliance on external funding.” In FY23 revenue soared to ~ Rs 750 crore from Rs 394 crore in FY22. He anticipates FY24 to reach Rs 1200 crore. Future Plans Smartworks’ cur - rent focus revolves around continuous innovation i n m a n a g e d spaces, with a distinctive campus solution model and a commitment to making workspaces aspirational. The company’s goal is to achieve 25 million sq. ft. in the next 4-5 years, anticipating FY24 to reach Rs 1200 crore revenue. Binani emphasises, “Driven by our distinctive campus solution models, we will continue to evolve and expand to provide companies with a comprehensive experience for their employees.” Going ahead, Smartworks’ journey reflects a commitment to innovation, adaptability and a customer-centric approach to redefine India’s commercial office spaces. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS Smartworks Co-working’s goal is to achieve 25 million sq. ft. in the next 4-5 years, anticipating FY24 revenue to reach Rs 1200 crore SMART OFFICE SPACES HARSH BINANI, Co-founder, Smartworks Co-working

27 January 2024 | B W BUSINESSWORLD | 67 T HE GROOMING and personal care sector has undergone a notable transformation in recent times, propelled by an increasing focus on changing consumer demands and ensuring satisfaction. In 2021, Winston India was established with the aim to transform the perception of personal care. From its initial establishment to its recent spotlight on Shark Tank India Season 2, Winston’s trajectory has been remarkable. Coming from a family deeply rooted in achievement and entrepreneurial endeavours, Himanshu Adlakha’s aim has always been to own and grow a brand. The circumstances of the lockdown period inspired their foray into the personal care industry. “We’ve witnessed a surge in integrating smart technology into personal care appliances, enhancing user experience and customisation. Connectivity, app integration and IoT capabilities have become integral,” says the Co-founder of Winston. The Road Ahead The current strategic priorities include enhancing customer satisfaction, continuous product development and expanding their presence in ecommerce. The company plans to foray into the offline market to provide a comprehensive brand experience. “Concurrently, we are poised to make a significant foray into the offline market, aligning our brand with diverse consumer touchpoints,” Adlakha reveals. In the last quarter, the company has achieved a turnover of Rs 4.5 crore. Breaking it out further, Adlakha explains, “A substantial 75 per cent of this revenue stream was derived from our ecommerce endeavours and 25 per cent of the turnover was attributed to our official website”. The balanced distribution across channels reflects the effectiveness of their omnichannel strategy. By intertwining innovation, durability and userfriendliness, Winston Electronics continues to carve a niche in the competitive personal care landscape. Their 3S strategy - smart, sturdy, and super easy - distinguishes them. “Currently, we find ourselves confronting a notable challenge wherein the Customer Acquisition Cost (CAC) has risen somewhat,” Adlakha opens up. In his view, shaping the future of India involves championing the ‘Make In India’ initiative, embracing technological advancements and ensuring access to funding and venture capital. To build a successful business, meticulous market research and a unique value proposition are imperative. Adlakha states, “Strategically cultivating a strong online presence, coupled with astute brand management, establishes credibility.” Consistent innovation and adaptability, coupled with networking, fortify the foundations of a business. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS PERSONAL CARE By intertwining innovation, durability and user-friendliness, Winston Electronics continues to carve a niche in the competitive personal care landscape HIMANSHU ADLAKHA, Co-founder, Winston Photograph by Naval Kishor

T HE SHIKHAR DHAWAN Foundation is a non-profit organisation, committed to uplifting underserved communities. Led by its Director, Kanika Dewan, the foundation is working towards social transformation by empowering marginalised groups through community-based services. Dewan’s leadership was recently recognised by BW Disrupt at the 40 Under 40 Founders Forum 2023, where she was bestowed the ‘Future Master’ award. The Winning Secret Receiving the token of appreciation Dewan said the recognition would motivate her to pursue her mission with more ardour. She emphasised that the accolade would not only inspire the work that the Shikhar Dhawan Foundation was doing, but also shed light on the impact social work has on society. Social work, she stressed, extends beyond simple acts of kindness to a dedicated effort to 68 | B W BUSINESSWORLD | 27 January 2024 bring about positive change within communities. The Winning Secret Dewan emphasised that her achievements in community development had come from an ability to effectively distinguish between strategy and welfare. She stressed that working at a socially responsible platform had taught her to fully commit herself to bring about societal transformation. She felt that she had been able to live up to the core principles of the Shikhar Dhawan Foundation, which prioritised the welfare of those in need. Devan said that her biggest learning at the Shikhar Dhawan Foundation had been gratitude. “Our organisation firmly believes that one’s origin or regional background is inconsequential. Ultimately, what truly matters is showing kindness towards God and this kindness is manifested through expressing gratitude for even the smallest things,” she said. Roadmap For 2024 Dewan said in the new year her goal was to uplift more communities by identifying their challenges. She was also enthusiastic about establishing stronger connections with diverse sources to broaden her reach. She pledged unwavering dedication to her organisation’s main goal to tackle educational inequalities and actively fight against hunger. Women’s empowerment and skill enhancement would also be among her priorities, she said. “Over the past twelve years, I have been actively involved in interacting with individuals, understanding their needs and providing them with the necessary help,” Dewan said. “I am convinced that my endeavours are not to instil a feeling of inadequacy, but rather to extend support. Working with the Shikhar Dhawan Foundation, my sole purpose is to assist people, as we all inevitably need some form of aid, even if we are uncertain about it,” she said. SUCHITA SAIL BW Disrupt 40 under 40 | WINNERS A SOCIAL CAUSE The Shikhar Dhawan Foundation works tirelessly to uplift the underprivileged, led by its Director, Kanika Dewan KANIKA DEVAN, Director, Shikhar Dhawan Foundation & Good Deed Relief Foundation

27 January 2024 | B W BUSINESSWORLD | 69 F OUNDED IN 2008, the eMudhra venture was sparked by noticing a common problem in digital systems – while ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management) digitised data, they failed to address the lingering issue of handling paper required for signatures in the last mile. This visionary founder saw the potential for digital signature technology to become a transformative business category, aiming to eliminate paper in the last mile. ‘Zero Trust’ Paradigm Over the last three years, the tech landscape has witnessed a seismic shift with the emergence of the ‘Zero Trust’ paradigm in cybersecurity. Defined by the principles of ‘Never Trust, Always Verify,’ this paradigm intertwines identity and security. It emphasises the traceability of identity, identity-driven access, and securing data infrastructure through encryption and cryptographic keys. Expanding Frontiers The strategic focus for the coming years is centred on key principles. Firstly, the company is actively investing in cutting-edge cryptography areas, including postquantum cryptography, fully homomorphic encryption and mobile-based digital signature certificates. Secondly, plans for international scaling are underway. Co-founder Kaushik Srinivasan reveals, “We plan to scale internationally in many markets which are looking at emulating or adopting models similar to India’s ‘Digital Public Infrastructure (DPI)’ and take our solutions to these markets”. Lastly, a commitment to come up with vertical offerings for specific industries such as BFSI and Pharma is a key agenda. Growth Graph As a publicly listed entity, Q2 FY 2024 reflects an impressive growth trajectory. Total income reached Rs 967.04 mn, marking a substantial 61.5 per cent YoY growth. The EBITDA stands at Rs 286.61 mn, with a PAT of Rs 187.65 mn. The path to building a successful business, according to the Co-founder, is marked by unwavering belief and patience. Drawing parallels with the ageold fable of the ‘tortoise and the hare,’ Srinivasan emphasises that patience and perseverance are key virtues. Alongside this, solving for product-market fit, scaling, and fostering continuous innovation are identified as imperative steps. A crucial entrepreneurial lesson from the Co-founder underscores the often underestimated importance of financial prudence. Regardless of groundbreaking ideas and stellar teams, navigating financial challenges is identified as a critical aspect that can significantly impact a startup’s journey. He envisions India’s impactful role globally, especially in transforming business processes and promoting financial inclusion through the Digital Public Infrastructure - encompassing KYC, eSignatures and Payments. India’s growth story, according to Srinivasan, is underpinned by entrepreneurial opportunities, access to skilled talent and the world’s increasing reliance on India as an innovation hub. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS eMudhra is actively investing in postquantum cryptography, fully homomorphic encryption and mobilebased digital signature certificates PLAYING GUARD KAUSHIK SRINIVASAN, Co-founder, eMudhra

70 | B W BUSINESSWORLD | 27 January 2024 AT THE HELM of Platinum Industries since 2016, Krishna Dushyant Rana, Chairman and Managing Director envisioned more than just business growth. The journey was a commitment to redefine the PVC industry in India, transitioning the company from a mere trading entity to a manufacturing powerhouse. Growth Catalysts The mission extended beyond profits, focusing on sustainability, positive industry impact, and contributing to India’s global reputation. The introduction of lead-free PVC additives marked a groundbreaking move, positioning Platinum Industries at the forefront of environmentally responsible manufacturing. “In 2016, when I took over the reins at Platinum Industries, I recognised a significant untapped potential within the company,” reveals Rana. For Rana the motivation behind this journey was two-fold, one was to transform Platinum Industries from a trading entity into a manufacturing powerhouse and to revolutionise the PVC additive market in India. The journey began with strategic restructuring, operational reforms and a commitment to integrate global best practices. “By investing heavily in research and development, we pioneered lead-free PVC additives, challenging the conventional options. This groundbreaking move not only set Platinum Industries apart but also drove it to the forefront of environmentally responsible manufacturing,” says Rana. A Calculated Risk Platinum Industries, initially a family-owned business under Krishna’s father, Dushyant Rana, underwent a significant transformation when Krishna assumed leadership in 2016. Krishna Rana’s 17 years of industry experience paved the way for the company’s journey towards going public. The decision to submit a Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) wasn’t impulsive. Rana’s move to take the company public was a strategic and well-researched decision, involving consultations with the Book Running Lead Manager (BRLM) to navigate regulatory complexities and assess risks associated with pre-IPO placements. Plans For 2024 Platinum Industries is poised for a dynamic trajectory in 2024, characterised by global expansion, innovation, and a steadfast commitment to excellence and sustainability. Rana shares, “We are set to increase our production capacity, facilitating entry into the promising Egyptian market and exploring opportunities across other international arenas.” Ambitious growth plans, fuelled by innovation and strategic initiatives, underline Platinum Industries’ commitment to excellence. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS KRISHNA DUSHYANT RANA, Chairman and MD, Platinum Industries PVC SANS LEAD Platinum Industries’ journey began with strategic restructuring, operational reforms and a commitment to integrate global best practices

27 January 2024 | B W BUSINESSWORLD | 71 F UELLED BY THE deeprooted enthusiasm for agribusiness, Yadu Corporation was founded to develop top-of-the-line products and services, in industrial categories like power, sugar, mining, beverages, bio-fertilizers, education, real estate and liquor. Leading this vertically integrated company as the Managing Director is Kunj Yadav whose remarkable achievements have been recently recognised by BW Disrupt at the 40 under 40, Founders Forum 2023. Yadav as a young leader is a trailblazer in a sector that requires a multifaceted approach. Sharing her thoughts on the successful stint, the Managing Director said, “We have always emphasised continuous innovation and efficient operations enhancing our business’s growth in a manner that is socially and environmentally sustainable.” In a saturated market like agriculture, holding a unique identity requires a valuable proposition, Yadu Corporation has rightly established this distinctive identity by significantly manufacturing qualitative products, meeting consumers’ higher standards. Stressing the USP Yadav said, we are not only selling sugar but offer a wide range of allied products catering to health-conscious and ethically-minded consumers. Our portfolio includes traditional products like Shakar, Bura and Khand and we have recently launched ‘Yadu Salt,’ a premium quality rock salt, she added. “We are not just committed to serving consumers with ‘products’ but with ‘healthy products’, that present natural choices for their consumption,” underscored the Yadu leader. Shifting the attention toward the obstacles Yadav said that despite the fluctuating raw material prices and intense market competition, there are several hurdles that we are currently navigating, as difficulties are an inherent aspect of any business. “We are constantly evolving our business tactics to meet these head-on challenges, thriving continuously to deliver value to our customers and stakeholders.” Yadav’s journey at Yadu is exemplary, the association has helped her gain valuable insights into the business world. Sharing the anecdotes, she said, “One of the most important lessons is the significance of resilience and adaptability. These qualities have played a crucial role in my success and have helped me overcome various challenges along the way.” Yadav said we are applying these learnings in the company’s undertakings. Adaptability to quickly reassess business strategies, diversify the product portfolio and embrace new technologies and processes. Resilience is implemented to maintain a positive outlook rallying our team and persevering through the tougher times. All this helped us to be more agile, understand market signals and made us future-ready to pivot, when necessary, concluded the leader. In the last quarter, Yadu Corporation has shown promising growth in several areas. A robust increase in its net sales, which reached Rs 90.78 crore in September 2023, marking a 19.35 per cent rise from Rs 76.06 crore in September 2022. SUCHITA SAIL BW Disrupt 40 under 40 | WINNERS STANDING APART Yadav’s leadership has successfully redefined the agribusiness landscape, positioning Yadu Corporation as a prominent player in the industry KUNJ YADAV, Managing Director, Yadu Corporation

72 | B W BUSINESSWORLD | 27 January 2024 L AURENT SAMANDARI , Co-founder and CEO, L’Opèra, 39 years old, was born in Lausanne, Switzerland. Being a French national he has been living in New Delhi for 15 years to attain his ambition to give India the authentic taste of French culinary. Samandri has worked with various organisations in France, Singapore and India. Although, working as CEO in L’Opèra, has been far challenging because as a Founder many obstacles were inevitable in the initial phase. L’Opéra is an upscale, authentic pastry store with Salon de Thé in India that specialises in French bakery. L’Opéra has always been about excellence and quality. Everything it serves, including breads, cakes, pastries, quiches, and croissants, is made to the highest standards of elegance and 72 | B W BUSINESSWORLD | 27 January 2024 excellence. Samandari emphasises that India posed various challenges as a new market but it has been equally rewarding and a thrilling experience. The diversity of the country opens to diverse taste and exposure and possesses a perfect ground for the firm’s growth. He believes in three principles for creating a successful business which includes idea, vision and execution. Idea, which brings the new concept and could significantly change the perspective of the business. Vision acts as a lighthouse which helps to navigate throughout the journey. Last but not the least, execution is always pivotal to guarantee success of the company. Despite going through the Covid crisis, Samandari’s flexible approach to reshape the business and seek new opportunities has proven to be lucrative to the company. He firmly believes that the business has a lot of potential and India presents immense opportunity. Having a great sense of gratitude towards his team, Samandri acknowledges his team’s contribution towards establishing L’Opéra in the Indian market. He looks forward to building and expanding a focussed team with a mutual goal statement. Catering to the everevolving demands, Samandari did not lag behind when it came to establishing L’Opèra’s social media presence. For its retail business, he worked towards generating relevant content to pitch the brand values while optimising the tools of social media. With the innovative solutions, Samandari is open to new technologies, whether it is about inculcation of artificial intelligence or media presence for L’Opèra. He further intends to expand the company’s offline footprint in Tier-1 cities like Chennai, Bengaluru, Pune, Mumbai etc. With more than 250 employees, Samandri plans to evolve the company’s structure to cater to the demands of expansion. KRISHANKANT CHOURASIA BW Disrupt 40 under 40 | WINNERS DOING THE MAXIMUM Samandri is passionate about setting a new trend for authentic French culinary offerings LAURENT SAMANDARI, Co-founder & CEO, L’Opèra Photograph by Naval Kishor

27 January 2024 | B W BUSINESSWORLD | 73 I N THE BEAUTY industry tall claims are common, where manufacturers often promise magical transformations from using a beauty product. The Deconstruct is different, because the brand substantiates its claims with evidence. The Deconstruct Founder and CEO Malini Adapureddy says, “We are not into triggering customers’ emotional impulses, instead we believe in winning their trust and so our skincare range is born to exhibit a simple and innovative beauty formula backed by science.” Expansion Expanding on the company’s growth strategy Adapureddy emphasises that as an organisation The Deconstruct was committed to remaining sharp and agile in adapting and refining its value proposition. The Deconstruct is at present in the process of expansion. The company’s monthly recurring revenue (MRR) stands at Rs3 crore, with a month-on-month increase of 25 per cent to 30 per cent, according to its CEO. Adapureddy stresses that the happy financial performance places the company in a responsive market dynamic, enabling it to ensure “consistent delivery of meaningful value” to its customers. The Success Mantra Sharing her formula for a successful business, Adapureddy says that for any entrepreneur, it is important to believe in the concept of execution rather than just relying solely on ideas. One needs to take decisive action and not simply plan without taking any concrete steps, she says. The 35-year-old businesswoman urges aspiring business enterprisers to unlock the significant key to success. She says “Execution is the Key” that separates an idea from a startup, a thinker from a leader and an aspiring business person from a company founder. The formula, she points out, did not only apply to business owners but was also applicable to employees aiming for big achievements. The Deconstruct’s USP The Deconstruct is significantly breaking down the conventions set by the big beauty and skincare brands. When businesses are offering the illusion of ‘organic and natural’ care, The Deconstruct has chosen to be candid about the fact that it was using chemicals in its beauty products. Adapureddy claims that chemicals were without a doubt, good for skincare. Flaunting this transparency, the skincare brand not only discloses the ‘science and research’ behind the ingredients used in its products, but also mentions the proportions used on its packs. The company underscores the fact that its unique selling proposition (USP) was its transparency. The Deconstruct positions itself as an honest and straightforward brand, with formulations centred around ‘actives’ which means delivering actual skin results. The Deconstruct provides comprehensive details about its products, both the pros and the cons, enabling customers to make choices based on their skin type and condition. SUCHITA SAIL BW Disrupt 40 under 40 | WINNERS The Deconstruct is a skincare brand that believes in being upfront with its consumers about the composition of its products A BOLD BRAND MALINI ADAPUREDDY, Founder & CEO, The Deconstruct

74 | B W BUSINESSWORLD | 27 January 2024 MONEYHOP, A CROSSBORDER, payments and structure company for remittances related to education for emerging markets has processed close to USD 200 million dollars to the platform and has saved about USD 5 million in remittance fees for the international students travelling abroad. moneyHOP primarily focuses on India with further plans to expand in other emerging markets as well. Mayank Goyal, Founder and CEO of moneyHOP, reiterates the consumption potential of India and firmly believes in the growth story and global leadership of India. Moreover, amid geo-political tensions prevailing globally, moneyHOP under the leadership of Goyal has been able to smoothly transact the remittances. Goyal completed his masters in financial engineering from Imperial college, London, where he recalls about the understanding of global citizens, cross-cultural sensitivities. After the completion of his MBA programme, Goyal pursued CFA and subsequently worked with Bank of Merill for seven to eight years. Goyal has also worked with global brokerage, Jefferies. MoneyHop was established in 2019 with the goal of transforming India’s remittance sector. The flagship products of moneyHOP, including HOPRemit, HOPApp, multi-currency HOP Debit, and Forex Card, now serve to meet the needs of individuals and companies looking to manage their finances globally. Goyal is passionate about quality education irrespective of geographical location or any geo-political issue affecting the remittances. He believes, the future of any student should not be hampered and governments should work in tandem to make sure that the visa processing and other things happen expeditiously and not result in students losing their admissions due to such delays. Riding through the extremely hard journey, Goyal advocates perseverance while delving into any venture. It helps while navigating any emotional and financial turmoil. Besides, thorough research, interaction with relevant peers in the ecosystem and strong conviction in the idea with a vision is imperative before starting any venture. Goyal has an optimistic outlook on concerns about winter funding, although he acknowledges the pre-Covid liquidity will not be repeated, but people are going to fund the right startup with the robust business plans. Adoption of Indian startups worldwide and the upcoming general elections in India will further inject liquidity. Technologyled businesses with focus on machine learning, artificial intelligence and API integration are going to perform well in the coming years. Goyal is actively focussing on IFSC Gift City and currently he is working with NPCI to take UPI International for education, related payment. Additionally, Goyal is all set to venture into South East Asia to expand in Bangladesh, Vietnam and Philippines. KRISHANKANT CHOURASIA BW Disrupt 40 under 40 | WINNERS MAYANK GOYAL, Founder & CEO, moneyHOP MONEY MOVERS Goyal has been able to lead moneyHOP to process USD 200 million remittances for education

27 January 2024 | B W BUSINESSWORLD | 75 Z OPPER FOUNDED in 2011, a businessto-business (B2B) Insurtech enables l a r g e b u s i n e s s e s like banks, NBFCs, micro-finance institutions, travel holders, ecommerce holders to offer insurance to their customers. Zopper integrates with a huge ecosystem and insurance companies and enables seamless connection between them. Mayank Gupta, Co-founder and COO, has been a pioneer in the growth and journey of Zopper. After the Phonepe acquisition of its retail-tech business, Zopper started its second innings led by Gupta. He observed the rapid growth in Indian insurance, however the lag in technology innovation motivated him to initiate a venture to enable technology-driven distribution in the insurance sector. Subsequently, Zopper emerged as an Insurtech platform to expedite the penetration and coverage of insurance in India. Gupta reiterates the changing trends ignited by technology have contributed to participation and interest from all the stakeholders in the Insurtech industry. Starting from the regulator’s core agenda of technology innovation, to the insurers’ adoption of data-based inputs to launch new products. Faster claim processing using AI based assessment and simplification of the sales process with the adoption of recommendation models. These meticulous insights from Gupta have set a path for the Zopper which helped to dodge any deviation in this dynamic market. For 2024, Gupta focuses on expansion and stabilisation. On one front, he has strategic plans on growth via organic and inorganic means, while exploring growth opportunities outside Indian boundaries and investing in new product development. On another front, Gupta intends to ensure fortification of Zopper’s technology platform and customer engagement to ensure long-term scalability partnerships. Gupta endorsed cash conservative and maintaining profitability policies in Zopper. Subsequently, the company clocked significant growth in Q3 and forecasts to close FY2024 with more than 100 per cent year-on-year (YoY) growth in all respects. Zopper will end the year with an Annual Gross Written Premium (GWP) exit run rate of over USD 300 million. He emphasises that overnight success is more often a long-term commitment of decades. Long-term commitment is not impacted by momentary downturns, moreover it also helps to build the team’s morale and continuously strive to find alternative means to sustain and grow your business. Goyal prioritises customer needs instead of any sacred idea and continuous iteration and refinement of ideas is also very imperative. Gupta appreciates India’s ease of doing business and digital-first mindset that the government has helped build across the country. Besides, he admires Indian youth’s entrepreneurial spirit in building venture-backed startups and taking traditional businesses in new formats. KRISHANKANT CHOURASIA BW Disrupt 40 under 40 | WINNERS LAYING COVERS Gupta’s goal to drive insurance space with a technological approach has been a pioneer in the growth of Zopper Industrial sector MAYANK GUPTA, Co-founder and COO, Zopper

76 | B W BUSINESSWORLD | 27 January 2024 PE O P L E A R E i n c r e a s i n g l y prioritising holistic wellness, encompassing physical, mental, and emotional well-being. Consumers are looking for comprehensive solutions that address various aspects of their health, including nutrition, fitness, mindfulness and self-care. O For Originality In 2016, Aarti Gill and Mihir Gadani started OZiva, a plantbased nutrition brand. The driving force behind the startup was a mission to empower individuals to lead healthier lives through clean and plantbased products. Recognising a gap in the market for 100 per cent clean offerings, free from harmful chemicals, additives or preservatives, OZiva was conceived. Co-founder Mihir Gadani says, “OZiva facilitates healthier living, addressing a significant gap in the nutrition products market.” Building A D2C Brand Emphasising the importance of overcoming the fear of the unknown, financial literacy and maintaining personal well-being and relationships, Gadani said, “True success lies in creating wealth that helps others and solves problems”. Nutrition remains a primary focus for OZiva, aiming to empower individuals with clean plant-based products. The upcoming launch of a new line focusing on skin and hair health reflects their dedication to innovation. Gadani states, “Our focus is unwavering as we expand our product offerings in 2024.” Company’s Scorecard In March 2021, plant-based nutrition brand OZiva raised USD 12 million as part of its Series B round led by Eight Roads Ventures. The round also saw participation from F-Prime Capital and existing investor Matrix Partners India. Furthermore, in December 2022, FMCG giant Hindustan Unilever invested and acquired stakes in OZiva to bolster its position in the category. The company’s growth trajectory has been evident, with steady progress each quarter. The Co-founder envisions fostering a culture of holistic wellness in India, coupled with a focus on transparency, innovation, and sustainability. For founders at OZiva, the goal is to continue growing, expanding product offerings, and making a positive impact on health and wellness across the nation. “My vision for India is to foster a culture of holistic wellness and my mission is to revolutionise the plant-based nutritional supplements market in India,” Gadani summarises. OZiva has been at the forefront of industry trends, witnessing a surge in demand for plant-based nutrition, a focus on holistic wellness, a rise in personalised nutrition plans, the clean label movement. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS In a crowded market, OZiva differentiates itself by offering personalised, science-backed plant-based supplements CLEAN NUTRITION MIHIR GADANI, Co-founder, OZiva

27 January 2024 | B W BUSINESSWORLD | 77 I N AN EXCLUSIVE conversation with the Co-founder of a pioneering healthcare education venture, we delve into the motivation, trends, challenges and goals that shape his journey. In 2017-2018, after exiting a previous venture, Nalin Saluja embarked on a journey to address a critical void in the healthcare sector — the shortage of trained Allied Healthcare Professionals (AHPs). This realisation was rooted in the understanding that these professionals, constituting over 60 per cent of the healthcare workforce, lacked formal training. This revelation, coupled with government initiatives, became the impetus for their mission. “I understood that the bottleneck in every healthcare institution is the Allied Healthcare Professional,” reflects the Co-founder. This epiphany, coupled with the impending AHP Act (later enacted in Dec 2021), laid the foundation for their venture. Virohan’s other Co-founder, Kunaal Dudeja, also brought in the opinion of his mother (who is a Doctor and is a member of the Paramedical Task Force of India) and sister (who was working with World Bank at that time) affirmed the problem statement. The Growth Map Over the past three years, the venture navigated transformative trends in the healthcare education sector, propelling its growth. The AHP Act emerged as a regulatory tailwind, bolstering the venture’s alignment with industry needs. Moreover, the diagnostic segment’s rapid growth, at a 35-40 per cent CAGR, amplified the demand for trained professionals. The global shortage of Allied Healthcare workers, exacerbated by the aftermath of Covid-19, spotlighted the industry’s significance. Recognition from the National Skill Development Corporation (NSDC), Project Niramaya, and increased university seats underscored the government’s commitment to formalise AHP training. Future Outlook The current focus revolves around strategic expansion and diversification. Expanding course offerings, from curr e n t l y r u n n i n g three out of 80 AHP job roles, the aim is to reach the top 20 courses. Also, the founders are exploring opportunities to expand, from 20 to 40-50 locations to ensure wider accessibility. His goals for 2024 also include the exploration of possible geographies to expand in multiple countries outside of India. The company’s scorecard is impressive, marked by consistent revenue doubling and profitable unit-level operations. Emphasising their distinc tive approach, Saluja states, “The way we train and the focus we have on customer happiness is not seen in any of the companies in the segment.” RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS In 2017-2018, Saluja embarked on a journey to address a critical void in the healthcare sector — the shortage of trained Allied Healthcare Professionals HEALTHCARE EDUCATION NALIN SALUJA, Co-founder and CTO, Virohan

78 | B W BUSINESSWORLD | 27 January 2024 I NDIA’S LOGISTICS SECTOR has come a long way. Consignments that earlier used to take weeks to deliver now take just a few days, all thanks to a clutch of Indian startups that have introduced innovative processes and checks to minimise bottlenecks in the delivery of consignments from one point to another. However, although India’s logistics sector is currently estimated to be $240 billion in size, and seen growing at about 10 per cent CAGR over the next five years, it is still largely unorganised and inefficient compared to global standards, with road transportation’s share at more than $150 billion. This presents a massive opportunity for a new-age tech-driven startup to organise this space and help the nation become truly Atmanirbhar Bharat. One such player is LoadNow — Forza Logistics TechLabs, founded by Nilesh Vishnu Ghule and aiming to work in this space to offer reliable, trusted and techoriented solutions to businesses of all sizes and shapes. It offers end-to-end logistics services across the supply chain for a wide range of industries like FMCG, telecom, retail, e-commerce, e-grocery, manufacturing, agriculture, etc. Strong Service Brand “We wanted to address the challenges on both the fronts as solving for only one would not be enough to drive impact. Therefore, we adopted an asset-light platform approach where we were trying to organise the existing supply as per the prevailing demand in the market and in the process create a strong service brand as well as value for all the stakeholders involved — customers, suppliers, employees and investors. For building a scalable and sustainable business, we had identified three key pillars — platform, process and people, which would act as a base for our future growth,” says Nilesh Vishnu Ghule, CEO and Cofounder of LoadNow. For the fiscal year 2022-23, the company clocked about Rs 35 crore in revenue with a gross margin of around 13 per cent and a net margin of about 1.5 per cent to 2 per cent. The company has been profit after tax positive since inception and claims to have grown over 100 times in the last seven years. Ghule adds, “The company has a strong focus on unit economics and is building a solid, stable and sustainable enterprise for creating value for all the stakeholders involved — customers, suppliers, employees and investors.” Over the last seven years, the startup has built a strong network of over 10,000 trusted and verified suppliers. We have created a logistics network that offers a wide and deep network across 500 cities and towns. Since inception, we have served leading brands like HUL, Nestle, Jio, Amazon, Britannia, Zomato, Otipy, etc., across various sectors,” Ghule shares. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS SMART MOVERS Under Ghule’s leadership, Forza Logistics has grown to become a trusted and tech-oriented end-to-end logistics service provider NILESH VISHNU GHULE, Co-founder & CEO, LoadNow—Forza Logistics Techlabs Photograph by Naval Kishor

27 January 2024 | B W BUSINESSWORLD | 79 T HE INCEPTION of iQOO was not just a business venture; it was a journey fuelled by a vision to redefine the smartphone experience for the performancehungry consumers of Gen Z and young millennials, according to Nipun Marya, Chief Executive Officer, iQOO India. Marya says that the motivation behind starting this venture was from recognising the vast opportunities in the online space and a commitment to cater to the discerning preferences of the dynamic demographic with cutting-edge technology at competitive prices. Over the last three years, iQOO observed significant trends shaping the mobile technology landscape. The demand for premium features in mid-range smartphones soared, reflecting a shift in consumer expectations. Aggressive pricing for feature-rich smartphones gained momentum, appealing to value-conscious consumers. Integration of AI and machine learning into smartphone functionalities became prevalent, enhancing user experiences. The emphasis on sustainable and eco-friendly practices influenced consumer preferences and the demand for 5G-enabled devices continued to rise. In 2024, iQOO’s focus centred on understanding customer needs, analysing the competitive market landscape and expanding the iQOO community for continuous engagement and feedback. The strategy revolved around impactful, purposedriven campaigns to increase market presence and meet evolving consumer expectations, solidifying iQOO as the go-to brand for high performance. On the other hand, the company’s last quarter proved exceptional, with festive sales surpassing expectations and all three series experiencing overwhelming responses. The iQOO 12 achieved the highest rating among smartphones on Amazon, showcasing consumer trust in the brand. iQOO consistently secured the highest overall user satisfaction scores on platforms like Amazon and 91 Mobiles Survey for Android, Marya said. She also said that building a successful business involves a clear and innovative vision, a culture of innovation and continuous learning, disciplined routines and meticulous planning. “Establishing robust relationships with stakeholders, customers and the team is crucial for sustainable growth. Additionally, staying agile, embracing change and consistently delivering value are key ingredients for enduring success,” Marya added. In a crowded market, iQOO stands out by providing transformative experiences, blending cutting-edge technology with an understanding of consumers’ nuanced needs, especially Gen Z. The focus on innovation, aggressive pricing and market trends positions iQOO uniquely in the segment. SANGEET KUMAR SANU BW Disrupt 40 under 40 | WINNERS REDEFINING EXPERIENCES Over the years, iQOO observed significant trends which are shaping the mobile technology landscape and reflecting a shift in consumer expectations NIPUN MARYA, Chief Executive Officer, iQOO India

80 | B W BUSINESSWORLD | 27 January 2024 BOASTING 55 coaching centres across the country today, Nitin Viijay, Founder & CEO of Motion Education, has demonstrated that educators with the right strategy and intent can build a successful venture. Started in 2007, this test preparation startup, which is completely selffunded until now, ended FY23 with revenues of Rs 180 crore and an employee count of around 970. The education sector is estimated to expand to $225 billion in size by 2025, with the country projected to have over 250 million school-going children by 2025, more than any other country, as per an IBEF report. Commenting on his entrepreneurial journey, Viijay says, “I was driven to the profession of teaching out of my passion for physics and the love for students. Determined to always provide quality in education, I ventured into entrepreneurship, leaving behind the comfort of teaching to empower the students. Even though I lacked the skills and expertise in the field of entrepreneurship, I went ahead to shoulder the responsibility with sheer willingness to contribute to the bright future of students.” An infrastructure-driven business such as offline coaching requires loads of money in the nascent stage to grow. However, this was not the case with Motion Education, which grew from zero to 55 centres without any external funding. Says Viijay, “Self-funding the entire business in a highly cluttered and competitive market poses challenges at times. But delving into the passion to ace the learning process of the students, and with the help of the supportive team, we have been able to steer Motion Education to success since its inception and continue to script phenomenal work with the coming up of more than 55 centres across the country.” Beyond Education In today’s rat race, it becomes important to nurture and identify different skill sets in students. To address this imperative, Viijay set up MyBizKid. “In 2021, we launched MyBizKid to inculcate entrepreneurial skills in children right from their formative years and focusing effectively on new-age technologies to impart the quality education across the country in a meaningful way,” says Viijay. Reminiscing about his journey so far, he says, “Till now, I have taught physics to thousands of students; every year around over 30,000 students from different cities come to Motion Education to study for competitive exams, and this is one of the biggest achievements that comes with a lot of responsibilities. This led us to expand the coaching centre, and slowly and steadily, we expanded from one coaching centre to 55 in over 15 states, which is a major milestone for us.” NITESH KUMAR BW Disrupt 40 under 40 | WINNERS METTLE TESTER Viijay’s passion for teaching and providing quality education has taken Motion Education to 55 offline coaching centres on its own steam NITIN VIIJAY, Founder & CEO, Motion Education

27 January 2024 | B W BUSINESSWORLD | 81 E VEN AS India’s wedding industry has grown in size to roughly $130 billion with more than 10 million nuptials taking place each year, it has remained largely unorganised and archaic, with very little or no innovation to talk of. A standout in this space though is Betterhalf, a matchmaking platform started by MIT alumni Pawan Gupta in 2016. It boasts a monthly user base of more than a million in Tier 1 and metro cities. From being one of the top matrimonial apps that used AI and government ID verified profiles for matchmaking and authentication, Betterhalf has today expanded into wedding services, positioning itself as a one-stop destination for everything related weddings. “Our ecosystem of marriage products — matchmaking, courtship and wedding in one super app, focused on the correct audience — urban working professionals of India with high income, located in 30 Tier 1 cities of India makes Betterhalf ’s product a winning combination,” states Gupta, Co-founder & CEO, Betterhalf. Amidst the funding winter over the last 15 to 18 months, Betterhalf took around nine months to close its $8.5 million series A round. “Year 2023 was really tough for startups. Startups have shown resilience and have come up beautifully strong. We have seen companies achieving profitability, and turning EBITDA positive,” says Gupta,. The platform has raised $11 million to date. Betterhalf ’s business model is applicable to any country where matchmaking and wedding go hand in hand. The next phase of growth for Betterhalf will come from countries like Singapore, South-east Asia, China, UAS: Dubai, Abu Dhabi and Sharjah. Pan-India Ambitions The company’s revenue has grown from $100,000 to $250,000 in 12 months. The matrimonial platforms are steadily penetrating cities beyond metros. However, the traditional setup of finding partners in the far-flung corners remains a major roadblock for Betterhalf and other startups in the space. The platform shares that its core business–matchmaking–has a positive contribution margin, whereas the wedding business is growing rapidly at 100 per cent every quarter, while the overall business is growing at 50 per cent. It expects an annualised revenue of $10 million in 18 months. As to the journey ahead, Gupta says, “The signal has been positive now. Startups that have turned profitable, PAT, EBITDA positive while maintaining the growth are at a great say. We should focus on building the company and keep growing the revenue. We should consider it as a first check-box as an entrepreneur. Rest is the by-product.” NITESH KUMAR BW Disrupt 40 under 40 | WINNERS Betterhalf has positioned itself as a 360-degree wedding services provider using technology and innovation HI-TECH FIXER PAWAN GUPTA, Co-founder & CEO, Betterhalf

82 | B W BUSINESSWORLD | 27 January 2024 I NCNUT LIFESTYLE Retail is a cosmetic enterprise with an annual revenue of Rs 50 crore, admired by customers for its hyper-personalisation. The venture was inspired by the observations and customer insights of the company’s media offshoot, a personal care and wellness website. These insights have prompted the company to venture into customisable cosmetics. Incnut LifeStyle, led by its Co-founder and CMO, Sangram Simha Datla, has two cosmetic brands, namely Skinkraft and Vedix, focussed on dermatological and Ayurvedic formulas. SkinKraft is a customisable cosmetic brand based on dermatology while Vedix is a customisable cosmetics brand, based on Ayurvedic principles. Customisation as an USP The cosmetic sector has been witnessing five major trends over the past three years, customisation, informed customers, service orientation, rising traction from tier-2 and tier-3 cities and global embracement of Ayurveda. Datla believes that in order to build successful businesses in this space, prioritising customer needs play a pivotal role. He believes in catering to customer preferences and securing feedback from them to sustain the loyalty of existing users and attracting new clients. Market Strategies Datla believes that this approach leads to better product development, improved customer satisfaction and builds credible brand reputation. His strategies have helped Incnut Lifestyle to sail through a highly challenging and competitive market. His primary focus is on customisation, product differentiation and a robust business model. These strategies have kept Incnut brands relevant in a dynamic market. Datla acknowledges the challenges that cosmetics brands face and has invested significantly in customer education, which in turn leads to word-of-mouth marketing, customer retention and helps customers make informed choices. Datla strives to grow the current 33 per cent of Incnut Lifestyle’s global sales to more than 50 per cent, to be able to reach a targeted revenue of Rs 300 crore. He intends to do this by optimising marketing and operations to their full potential. He also plans to introduce more exclusive brand outlets (EBO) for offline expansion as well as other offline retail formats in 2024. Datla envisions India as a global leader in innovation and entrepreneurship. He believes India’s distinct blend of cultural diversity, technological advancement and entrepreneurial spirit positions it perfectly for this role. He reiterates that growing disposable income, digital and physical infrastructure as well as informed customers, have significantly contributed to India’s impressive growth story. KRISHANKANT CHOURASIA BW Disrupt 40 under 40 | WINNERS CUSTOMISED COSMETICS Incnut Lifestlyle, produces customised cosmetics under two brands focussed on dermatology and Ayurveda and is going global at a rapid pace SANGRAM SIMHA DATLA, Co-founder & CMO, Incnut Lifestyle Retail

83 | B W BUSINESSWORLD | 27 January 2024 T HE CRYPTOCURRENCY has witnessed a profound evolution over the past three years, with Unocoin at the forefront of these transformative trends. According to Sathvik Vishwanath, Cofounder and CEO, Unocoin, “The surge in cryptocurrency adoption serves as emotional validation,” reflecting the team’s early recognition of digital assets’ potential. The rise of decentralised finance (DeFi) resonates deeply with Unocoin’s mission to decentralise financial services. Additionally, the integration of blockchain technology across industries and the increasing institutional interest emotionally validate Unocoin’s commitment to the transformative power of these developments. The Journey Continuous technological advancements align with Unocoin’s dedication to offering an innovative and scalable platform. Unocoin’s genesis is fuelled by an unwavering commitment to revolutionise conventional finance through the power of Bitcoin. Vishwanath and the visionary founding team embarked on a daring journey, confronted by regulatory hurdles and prevailing scepticism towards cryptocurrencies, the team showcased unparalleled resilience. Beyond merely establishing a market presence, their journey has been an endeavour to champion the transformative potential of digital currencies. Unocoin’s focus extends beyond mere operations, embodying a holistic commitment to enhancing user experience, expanding services and ensuring compliance. “The last quarter, despite external challenges that would test the mettle of any organisation, demonstrated the resilience embedded in Unocoin’s DNA”, Vishwanath states. Looking ahead to 2024, the growth trajectory involves geographic expansion, strategic partnerships, and cutting-edge product introductions. According to Vishwanath, these initiatives symbolise an ‘emotional commitment to continuous development’. Commitment To Compliance Unocoin stands out through a commitment to offer compliance, proactive user education and a secure user experience. Vishwanath states that standing out is more than a strategic imperative, it’s an emotional commitment to principles that transcend market dynamics. The challenges faced, such as regulatory uncertainties and the delicate balance between innovation and compliance, are viewed as opportunities to strengthen Unocoin’s commitment to its purpose. Vishwanath’s vision for India goes beyond business, aiming for broad financial inclusion through innovative financial instruments. According to him, factors contributing to India’s entrepreneurial growth include a diverse talent pool, increased technology availability and a supportive ecosystem. RESHAM SUHAIL BW Disrupt 40 under 40 | WINNERS DIGITAL CURRENCIES Unocoin’s genesis is fuelled by the commitment to revolutionise conventional finance through the power of Bitcoin SATHVIK VISHWANATH Co-founder & CEO, Unocoin

84 | B W BUSINESSWORLD | 27 January 2024 UNDER THE leadership of Shashank Sharma, Sunsure Energy has risen to be counted as a notable player in the highly competitive and infrastructure-dependent commercial and industrial (C&I) decarbonisation and renewable energy space. It is also credited with securing $400 million in what is touted as the largest single-round equity investment in a C&I renewable energy company in India. The C&I sector commands over 50 per cent of India’s total electricity demand with the overall power demand expected to exceed 300 GW by 2030. Meeting this substantial demand with renewable energy necessitates an investment of $200 billion over the next seven to eight years. Sunsure aspires to be a key player in deploying renewable energy capacity and investing in cutting-edge technology solutions for industrial decarbonisation. “We aim to have approximately 15 GW of installed capacity to ensure stable revenue, coupled with other solutions, resulting in a profit after tax exceeding $300 million,” says Sharma Profitable From Inception Sharma says he decided to build a company in the C&I RE space fired up by his mission of making India selfreliant in energy and bolstering the nation’s infrastructure. Sunsure is currently focused on delivering green and affordable power to the C&I sector, elevating their financial performance and fostering grassroots development through the establishment of power infrastructure in underdeveloped areas. Behind Sunsure’s ambitious mission is a young and dynamic team boasting an average age of less than 32 years, a standout factor in an industry where teams and management are typically a decade or two older. “There is no parallel to Sunsure in this aspect throughout the entire country,” says Sharma. The company has achieved profitability from its inception, reinforcing its commitment to responsible business practices and nationbuilding. Talking about the challenges faced while building a C&I renewable energy company, Sharma says they had to overcome a number of hurdles whether by way of revenue generation, intricate financing structures and the perception of high risk by traditional lenders which led to the funding hurdles. He informs that Sunsure has successfully navigated these challenges through strategic planning, transparent communication with stakeholders, exploration of alternative financing models and leveraging government support initiatives to ensure the financial viability of infrastructure endeavours. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS Sharma’s Sunsure Energy is contributing to decarbonisation by making green power available to the commercial and industrial sector SHINING BRIGHT SHASHANK SHARMA, Founder & CEO, Sunsure Energy

27 January 2024 | B W BUSINESSWORLD | 85 AS INDIA RAPIDLY urbanises, and builds furiously to meet the massive shortage of housing, particularly in the affordable segment, the need has arisen for building solutions that are not just economical but also environment friendly and sustainable. Recognising the opportunity that this gap presents, Sourabh Bansal, an industrial engineer from IIT Kharagpur, decided to enter the building materials and construction technology space with his Magicrete Building Solutions. Opportunities in the space are immense going forward. Already, there is a shortfall of 10 million housing units. To meet the needs of the burgeoning urban population, an additional 25 million affordable housing units are required by the year 2030. Launched in 2008, when Bansal was just 24, Magicrete began by producing autoclaved aerated concrete or AAC blocks, a green building material that is lightweight compared to the clay brick and quicker as well as easier to lay, which save time and building cost. Today, Magicrete is a known brand in the building materials and construction technology space, thanks to the leadership and vision of Bansal, Co-founder & MD of the company. The company’s growing clout is reflected in its revenue numbers as well. In 2021, AAC block sales revenue reached Rs 118.14 crore, signalling a robust presence in the market. 2022 saw sales surge to Rs 188.82 crore, indicating increased market share and customer acceptance. The upmove continued into 2023, with Magicrete AAC blocks achieving sales of Rs 236.38 crore, all thanks to the company’s strategic market approach, extensive distribution network, and effective marketing efforts that have expanded the customer base and reached new segments. Sustainable Blocks Bansal has expanded the company’s focus beyond AAC blocks to include AAC wall panels and precast construction elements, demonstrating a commitment to sustainable solutions. This innovative approach addresses the growing demand for eco-friendly construction materials, positioning Magicrete as a leader in the industry and contributing to a more sustainable future. For a long time, initiating and managing businesses involved in the construction of infrastructure including roads, bridges, and buildings has been fraught with substantial challenges. This endeavour is particularly daunting for individuals lacking prior experience in this domain. The complexities involved are considerable, encompassing high initial costs, intricate regulatory frameworks and a multitude of technical intricacies. But Magicrete’s journey is a testimony to Bansal’s astute leadership and his success in navigating the various challenges. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS Bansal’s vision has made Magicrete a leading company in the building materials and construction technology space BUILDING BLOCKS SOURABH BANSAL, Co-founder & MD, Magicrete Building Solutions

86 | B W BUSINESSWORLD | 27 January 2024 DI S P R Z emerged from a realisation within the edt e c h s p a c e , specifically in schools, that there was an opportunity to drive a more significant impact by helping organisations keep their employees ‘right-skilled’ in their roles, according to Subramanian Viswanathan, the Co-Founder & CEO. Recognising the fast-changing landscape of skills and persistent gaps in workplace roles, the founders aimed to go beyond traditional employee enablement through mandatory training. The vision was to introduce a skill-based training ecosystem for HR and L&D, aligning talent with business goals. Viswanathan stated, “We founded Disprz with a mission to enable every person to advance at work and life through the best technology-led, scientifically-backed skilling experiences.” Discussing industry trends, Viswanathan highlighted five transformative shifts observed in the last three years. Firstly, organisations now recognise the need for a unified, scientific articulation of skills integrated within every stage of the employee lifecycle. The second trend revolves around the rapid evolution of skills and job roles, demanding continual assessment for optimal role fitment. He also emphasised the role of Generative AI in disrupting content creation, discovery, and learning administration. With the rise of new worker categories like Gen Z and Gig workers, there is a need for short, adaptive, personalised, and structured learning journeys. Lastly, Learning and Development is transitioning from being HR-centric to a strategic business partner. Viswanathan outlined Disprz’s current focus areas and growth plans for 2024. The company is delving deep into Generative AI to redefine content creation and user experience. Expansion in the US market is a major focus, aiming to deepen impact in the dynamic American market. Collaborations with global HCM leaders are in the pipeline to amplify the content, technology, and trainer marketplace for a more diversified learning ecosystem. Sharing Disprz’s recent achievements, Viswanathan said that the company welcomed 50 new clients in the last quarter, pushing their customer base to 400. They have served over 3 million learners and the company is growing at an impressive rate of 20 per cent quarter-onquarter. What started in India has now become a global presence, with six operational subsidiaries worldwide. Reflecting on his vision for India, Viswanathan expressed a desire to shift from a “cutting corners” mindset to valuing quality over price. He acknowledged India’s favourable demographic dividend, rising affluence and the global exposure of talented entrepreneurs as key growth factors. However, he stressed the importance of prioritising quality-first products for the local market. SANGEET KUMAR SANU BW Disrupt 40 under 40 | WINNERS SKILL-BASED TRAINING Recognising the fastchanging landscape of skills, the founders aimed to go beyond traditional employee enablement through mandatory training SUBRAMANIAN VISWANATHAN, Co-founder and CEO, Disprz

27 January 2024 | B W BUSINESSWORLD | 87 L ONG, LONG before most urban Indian households had even heard of modular kitchens, or even begun thinking of giving that extra bit of jazz to their cooking areas, the husband-wife duo of Hamendra Sharma and Rati Sharma were importing Poggenpohl, the famed German luxury kitchen brand, for the super-swanky homes in India. In fact, the Sharmas launched SIS Imports in 1998 in Mumbai, bringing the Poggenpohl kitchen to the Indian market. In 2015, the business was rebranded as Plusch. It then introduced several German luxury kitchen, wardrobe and furniture brands across the country. Started with a loan of Rs 6 lakh in 1998, the business now has an average annual revenue of close to Rs 30 crore. Partner Sukriti Sharrma, a second-generation entrepreneur, helped the company expand in key locations such as Hyderabad. “I started my entrepreneurial journey in 2012, spearheading our expansion into Hyderabad, to assemble a team and expand Plusch’s brand presence in South India. My main challenges, looking back, were starting from scratch in a new city with an unfamiliar language, no family or friends. I had to build everything on my own — recruiting, training, designing, dealing with architects, focusing on sales, and managing government and municipal corporations,” says Sharrma. Determination and Grit Just like any other sector in India, female participation in the furniture space is not at par with major economies around the world. “In a male-dominated industry, being a 21-year-old, I was often the only girl in business forums and offices. Convincing architects that I meant business was tough. Even in interviews, I faced candidates much older than me and my clients were mostly two to three times my age. Reflecting now, I see how challenging it was, but I persevered, determined not to give up or let the condescending behavior affect me. That year, with this attitude, we achieved record sales, helping the company during the recession time in India,” says Sharrma. “Fueled by my parents’ passion, I have expanded Plusch to stores in Kochi, Bangalore, Hyderabad and Kanpur. Our showrooms proudly display high-end German brands for kitchens, wardrobes, furniture and accessories, setting new standards in the industry,” she says. Before Sharrma’s involvement, Plusch only had stores in Delhi and Mumbai. The Indian modular kitchen market is expected to grow from $3.67 billion in 2023 to $10.91 billion by 2028, logging a CAGR of 24.36 per cent during that period. Plusch’s plans align with the growing popularity of modular kitchens, driven by a rising middle-class and increasing demand for highquality products. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS Thanks to Sharrma’s efforts, Plusch is now recognised as a one-stop shop for German luxury kitchen and furniture brands BRAND CONSCIOUS SUKRITI SHARRMA, Partner, Plusch Photograph by Naval Kishor

88 | B W BUSINESSWORLD | 27 January 2024 UDITA BANSAL, Founder and CEO, embarked on a mission to redefine the fashion landscape with the launch of trueBrowns Lifestyle in 2019. Fuelled by a desire to bridge the gap between traditional aesthetics and contemporary fashion for diverse women, Bansal envisioned a brand that not only offered affordable and practical attire but also celebrated inclusivity. The brand’s commitment to empowering women of all sizes is reflected in its size range from 2XS to 6XL, emphasising inclusivity and body positivity. Over the last three years, trueBrowns has witnessed transformative trends in the fashion segment including a heightened focus on eco-friendly practices and celebrating cultural heritage through fusion designs has become a captivating trend, resonating globally. Growth Plans trueBrowns is strategically expanding its offline presence by establishing Exclusive Brand Outlets (EBOs), envisioning them as immersive hubs for customers. The brand has diversified its offerings by introducing an exquisite jewellery collection and venturing into menswear. Ambitious plans for the next three years include further expansion into lifestyle categories like bags and home, emphasising a curated and comprehensive lifestyle experience. International success through the global website has prompted considerations for additional expansion opportunities to solidify global presence. Recent Achievements In the last quarter, trueBrowns witnessed a remarkable journey, achieving a three-fold sales increase in FY23, with the global website now driving 25 per cent of the business. The brand’s strategic focus aims for a two-fold surge in FY24 while maintaining a commitment to quality. Accolades such as India Retailing’s Women Retail Icons and ET Retail D2C Brand Of The Year 2023 affirm trueBrowns’ dedication to excellence. Entrepreneurial Vision Bansal envisions cultivating a fashion landscape in India that celebrates diversity, timeless fashion experiences and cultural richness. Innovation and adaptability, tech-driven advancements and the influence of a youthful demographic are identified as significant factors fuelling India’s entrepreneurial growth. Bansal is committed to contributing to this spirit by nurturing a brand that embodies these values, fostering a fashion ecosystem that honours cultural heritage and stands as a testament to entrepreneurial vigour. A poignant lesson learned in entrepreneurship is the importance of resilience and adaptability. Bansal emphasises the unpredictable nature of the entrepreneurial journey, acknowledging setbacks as opportunities to learn and evolve. SANGEET KUMAR SANU BW Disrupt 40 under 40 | WINNERS REDEFINING FASHION The brand’s commitment to empowering women is reflected in its size range from 2XS to 6XL, emphasising inclusivity and body positivity UDITA BANSAL, Founder and CEO, trueBrowns Lifestyle

27 January 2024 | B W BUSINESSWORLD | 89 VINIT GARG IS A SEASONED entrepreneur and a veteran of more than 20 years in product-centric businesses. Prior to launching Mylo in 2018, he honed his skills and expertise in product leadership positions at organisations such as Wynk Music and MakeMyTrip, where he played key roles in scaling platforms and delving deep into various facets of the consumer industry. Garg identified a significant market opportunity in the parenting sector, particularly in mother and baby care, which is worth a staggering $40 billion in India. Mylo, under Garg’s leadership, has emerged as the leading full-stack solution tailored for the unique needs of Indian parents, offering a comprehensive product range for the various stages of parenting, from conception to post-partum for mothers and from diapering to baby gear for infants. Garg’s strategic vision and focus on addressing the specific challenges faced by Indian parents have positioned Mylo as the go-to destination for over 50 million Indian parents, as claimed by the company. Unprecedented Growth The financial performance of Mylo mirrors its meteoric rise. Within two years of its launch, the brand achieved a Rs 100-crore annual recurring revenue (ARR) and protracted revenue growth. The company recorded a 20x jump in revenue from FY21 to FY23. The company claims to have over 10 million users, with over 1.5 billion native impressions annually, and 150 per cent year-on-year growth. Mylo aims to reach Rs 1,000-crore ARR over the next three years and become a leader in the mom and baby segment within this decade. Biggest Parenting Market In a highly competitive space such as parenting in India, funding is essential to remain in business. To date, Mylo has raised over $25 million from various venture capital firms including ITC and W Health Ventures. Each year, India welcomes the highest number of newborns globally out of the 25 million babies born worldwide. However, parenthood presents significant challenges -- one in 10 Indian women encounter difficulties conceiving, two in three struggle with breastfeeding, and one in seven experience post-partum depression. Remarkably, despite these obstacles, a comprehensive, culturally-tailored parenting solution for Indian parents has been absent. Mylo seeks to address these issues with its premier full-stack solution for Indian parents. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS PARENT COMPANY Under Garg’s leadership, Mylo has positioned itself as the go-to destination for over 50 million Indian parents VINIT GARG, Co-founder & CEO, Mylo Photograph by Naval Kishor

90 | B W BUSINESSWORLD | 27 January 2024 RECONNECT Energy Solutions, l a u n c h e d b y Vishal Pandya i n 2 0 1 0 , h a s emerged as a leading digital energy platform in the country. From initially serving renewable energy producers through trading of renewable energy certificates (REC), the company quickly expanded to providing technology based solutions for electricity grid and renewable energy management. Today, players producing 22 GW of green energy rely on REConnect for services such as aggregation, forecasting, and dispatch. Another 12 GW of RE asset owners rely on the platform for asset telemetry, showcasing the company’s influence in the renewable energy management space. OTC Marketplace Thriving in the challenging climatetech space, the company has focused on the important mission of decarbonising energy systems through the strategic application of AI and grid automation. Operating in one of the most complex global segments, where energy markets are politically influenced and heavily regulated, REConnect Energy has emerged as one of the leading players in the space. The technology deployed by the company, particularly through its GRIDConnect platform, has not only shown significant financial success but also delivered a huge social impact. The platform has played a key role in enabling the grid integration of 76,000 MW of wind and solar assets in India, across national, regional, and state power grids. This initiative stands as one of the largest grid integration efforts globally, highlighting the company’s expertise in navigating complexities. The company says it has been PAT and cash flow positive from inception. With a modest initial investment of $0.25 million in 2014, REConnect Energy has successfully built a profitable and scalable business, achieving an annual recurring revenue (ARR) of around $8 million. In FY21, REConnect Energy reported a revenue of Rs 22.3 crore with an EBITDA of 45 per cent. Subsequently in FY22, it witnessed a revenue growth to Rs 29.4 crore, although the EBITDA fell slightly to 33 per cent. While the EBITDA declined further to 9 per cent in FY23, estimates for FY24 projected a revenue of Rs 63 crore and an EBITDA of 12 per cent, showcasing a substantial recovery. Notably, the near 100 per cent growth in revenue for FY24 positions REConnect Energy as a key player in the digital energy sector. The digital energy market opportunity is expected to be worth around $750 million annually in India by 2030 and about $64 billion per annum globally, as per BNEF and World Economic Forum report. This bodes well for REConnect Energy’s future growth. NITESH KUMAR BW Disrupt 40 under 40 | WINNERS REConnect Energy has emerged as a leading player in electricity grid and renewable energy management (RE)MIX PLAYER VISHAL PANDYA, Co-founder & CEO, REConnect Energy Solutions Photograph by Naval Kishor

92 | B W BUSINESSWORLD | 27 January 2024 T’S A WRAP! And with that, the 2023 season comes to an end. It was a year that seemed to stand still for fundraising. Macroeconomic forces limited capital flows that had previously fueled India’s burgeoning startup ecosystem. Money raised by startups plummeted to just $7 billion, a mere 18 per cent from the peak in 2021. Let’s picture what that means -- a mere 8 years back in 2016, about 5,000 startups jostled for the $5 billion of VC money invested in India. Last year, over 100,000 startups vied for about $7 billion of VC money. A fight for survival! If we were to dub a theme for the year, it would be resilience. While external capital was scarce we saw entrepreneurs do more with less. With a laser focus on customers, some entrepreneurs were able to cut through the fluff and hone in on what matters--profitable customers. It was also the year of bridge rounds… with sliding valuations very few investors were willing to put their neck out and many entrepreneurs were not ready for the cuts from the heydays of 2021. The solution -- convertibles to keep going. Not all investment areas fell out of favour -- climatetech, fintech in B2B and deeptech continued to see investments. And, of course, the Indian economy continued to thrive in a turbulent world clocking over 7 per cent growth making it a destination to reckon with in capital heavy conference rooms across the globe. Generative AI & Deeptech We believe there are two threads for 2024 and beyond. The decade-old Gen AI investments are bearing fruit and more readily available to everyone--this next wave of digital companies will leverage this moving beyond ‘digitalisation’ to create the deeper profit pools while offering low-cost solutions to the large value-conscious markets of India and beyond. The second lies in disruptive deeptech products. We are at an interesting juncture where the intersection of computational advances with the complex world of biology and materials opens up limitless possibilities. Whether it is for therapeutics or transitioning to biological manufacturing or discovering materials, this unlocks a whole new way to discover and produce things. Increasing interests from stakeholders (entrepreneurs, investors and governments), increasing pressures from climate, food and health needs and a plethora of experiences in India from software and pharma provide the tailwinds for this to gain legs in 2024. Looking back means wondering what’s next. There are enough trends that point to a recovering global economy—slowing inflation, outstanding growth predictors for India, reducing interest rates, etc. But then again, there are enough trends that can take us elsewhere—global conflicts that promise to escalate, ‘Japanification” of the Chinese economy, unpredictable elections in critical geographies and many more. But one thing is clear—2024 will continue to create entrepreneurs who are there to create the future and not opportunistic funders and entrepreneurs. This is the environment where real entrepreneurs disrupting the world with real solutions thrive. We look forward in 2024 to backing these entrepreneurs who see the potential of these crazy ideas to create a storm. WHAT TO EXPECT IN 2024 By RITU VERMA, Co-founder & Managing Partner, Ankur Capital A YEAR OF ENTREPRENEURS CREATING FUTURE The current environment is the one in which real entrepreneurs disrupting the world with real solutions will thrive I ENTREPRENEURS

94 | B W BUSINESSWORLD | 27 January 2024 NDIA IS ESTIMATED to be the third-largest consumer market by 2030 after US and China. According to Standard Chartered Bank Research, India’s GDP will nearly double in the next seven years to $6 trillion, and per capita income will increase to $4,000 by 2030. By that time, there is projected addition of 110 million middle-income households and 14 million high-income households as per a Deloitte report. The number of ultra-high net worth individuals will rise by over half in the next five years from 12,069 in 2022 to 19,119 individuals in 2027. India, with its rising affluence, is becoming a favourite destination for global luxury brands. Recently, Italian menswear brand Brioni, Spanish brand Balenciaga and Swiss chocolate maker Laderach have made their debut in India. Several other players like Italian luxury house Golden Goose, British luxury brand Dunhill, Paris’s iconic department store Galeries Lafayette and Armani Caffe have announced their plans to enter the Indian market soon. With India at the forefront of positive growth, global luxury brands urge to know the secret sauce to crack the complex Indian luxury market. Here are four key strategies to conquer the India model: Service Excellence It is crucial for brands to invest in creating immersive in-store e x p e r i e n c e s t h a t r e f l e c t brand philosophy and codes. For this, brands really need to train and sensitise their store associates to make each person stepping into their WHAT TO EXPECT IN 2024 By SHEETAL JAIN, Founder & CEO, Luxe Analytics SHOULD YOU INVEST IN LUXURY GOODS? India is becoming a favourite destination for global luxury brands. Recently, Italian menswear brand Brioni, Spanish brand Balenciaga and Swiss chocolate maker Laderach have made their debut in India I LUXURY Photograph by Fiphoto

95 | B W BUSINESSWORLD | 27 January 2024 store feel special and valued. In-depth product knowledge, core understanding of the brand’s voice and right temperament are all aspects of service excellence. Tech-led Experience Investing in technological tools across online and offline channels is crucial for luxury brands to magnify the relationship between customer and sales staff. Tech will assist sales staff to provide tailor-made product recommendations to customers as well as generate operational efficiencies through better inventory management. Developing centralised database will provide a better sense of location of inventory in the maison, as well as real-time availability in other store locations to provide frictionless customer experience. Technology will also aid in enriching the customer journey and brand discovery through immersive experiences, such as virtual try-ons or previews of product customisation. It will enable brands to engage with customers and build brand positivity. Right Product and Pricing Strategy Traditionally, new product collections in India were launched at least a season later than the western markets. Likewise, high prices were charged for luxury goods due to hefty import duties. This forced well-versed Indian consumers to buy these goods from international locations, which provided latest products and more variety at better prices. However, lately, most of the brands have recognised this fact and are making efforts to provide up-to-date product range and similar pricing in India. The government’s proposal to impose a 20 per cent tax on expenditures made abroad (under the Liberalised Remittance Scheme), in case of amounts exceeding Rs 7 lakh in a financial year, is likely to increase the sales of luxury brands in India. With this new rule being effective, the difference in the prices of luxury goods in India and abroad will lessen, making it attractive for buyers to shop in India. This could be a great opportunity for international brands to expand their footprint in the Indian market. Also, these brands can strategically introduce entry-level or diffusion lines to tap into the expanding pool of aspirational luxury buyers in India. According to a Bain and Company report, the affordable luxury segment is estimated to touch US$ 1.5 billion by 2025 at a CAGR of 25 per cent between 2023 and 2025, exceeding the overall growth rate of the luxury market, which is around 20 per cent. Retail Presence Although, India is one of the most promising luxury markets in the world, infrastructure is the major concern inhibiting the growth of luxury in India. There are a handful of high-end malls in the country, which are also limited to tier-1 cities. There are no luxury high-streets or factory outlets in India. Looking at the growing demand of luxury goods by value-seeking buyers, such formats should soon be introduced in India. It will not just provide aspirational Indian consumers with great product variety at promotional prices but will also offer them a true luxury experience through building a one-stop shop luxury buying experience with architectural beauty, green surroundings and culinary treats. According to a Bain and Company report, the affordable luxury segment is estimated to touch US$ 1.5 billion by 2025 at a CAGR of 25 per cent between 2023 and 2025 Photograph by Sarymsakov

98 | B W BUSINESSWORLD | 27 January 2024 IN DEPTH LIFESTYLE

LOVE COMdot More and more people these days are picking dating apps or matrimonial sites to find a suitable partner We delve into the world of love online to understand the trends and get the industry talking about security measures being taken to ensure safety of users. By Jyotsna Sharma 27 January 2024 Illustration by Rahul Roy | B W BUSINESSWORLD | 99

100 | B W BUSINESSWORLD | 27 January 2024 “58 per cent of young adults in India agree that dating apps allow them to meet people they would otherwise never have met – even those outside their social circle” PAPRI DEV, VP, APAC Communications, Tinder FRIEND IS GETTING married and everyone is looking forward to attending her big fat Delhi wedding. The interesting thing is, she met her groom on Bumble. Yes, the dating app. There are many others like her who have met their life partners through popular dating apps. This is a new trend and one driven by a change in mindset, where the person getting married wants full control over the selection of the partner without the families getting involved right at the start. Back in the day, finding the right match was a massive family affair, with the immediate and extended family getting involved in the process of picking out the right person. Some of you who were born in the 60s and 70s would remember that one of the aunties in the family friend circle would be the designated matchmaker and bring rishtas (proposals). The most suitable ones were invited over with their family for a meeting – this was like the screening process. And finally, the one chosen was invited for chai, pakoras and mithai (tea and snacks) to discuss wedding matters. This process would involve both sides of the family and it was more the families checking each other out. The bride and groom hardly got to spend time with one another. Digital Cupid When dating apps came up in India, the love story got a new definiA tion. People did not have to wait to get married to begin their love story. Rather, they could script their love stories. They had control over who they picked to date without family biases and interference. A recent Tinder report highlighted ‘not attached to the outcome’ and dating ‘for the plot’ as trends seen in the last year. These essentially mean, people are keen to enjoy the dating journey and are not attached to the outcome. “58 per cent of young adults in India agree that dating apps allow them to meet people they would otherwise never have met – even those outside their social circle. For this generation, committed relationships come in all forms — from monogamy to open relationships to situationships” says, Papri Dev, VP, APAC Communications, Tinder. Speak to the new generation of 20 somethings and you will find most of them do not want to get married till they have achieved career success. And, those who want a partner would rather have control over the process. They would rather date each other, travel together, and maybe even live together first and then decide if they want to commit to marriage. As per reports, the dating services market in India is set to achieve a revenue of US$ 402.10 mn this year. When matrimonial sites came up in India, it literally opened up a whole new world. The choice was not just limited to the family matchmaker auntie’s contacts. These sites allowed for a wider selection and people found the online aspect convenient. IN DEPTH LIFESTYLE