06 April 2024 | BW BUSINESSWORLD | 43 and make precise load forecasting.” Recently, smart metering company Kimbal Technologies secured $5 million in a funding round led by Niveshaay. Having already deployed over 1 million smart meters to date, the organisation plans to utilise the funds to scale up existing operations, and undertake new product development, helping build a modern power distribution ecosystem with efficient distribution to the last mile. Ayush Sinhal, CEO of Kimbal Technologies said, “We are growing at a solid pace, and I am strategically focused on ensuring that our growth is not only steep but also steady and sturdy.” Airtel Steps In In December, Airtel announced that Airtel Business, the telecom major’s B2B connectivity, technology, and communications solutions provider arm, had entered into a strategic partnership with IntelliSmart for powering up to 20 million smart meters. Airtel is working with utility providers to deploy millions of meters powered with Narrowband IoT (NBIoT) connectivity. Cellular IoT provides utilities with a standards-based communication offering for connecting the meters, which ensures there are no interoperability challenges between different service providers. Ganesh Lakshminarayanan, CEO, Airtel Business (India) said, “We have further strengthened our market leadership as the largest IoT enabler in the country. IoT is one of the fastestgrowing business segments for Airtel Business and, with this deal, we are now strategically positioned to play a pivotal role in driving the government’s vision of digitising 250 million conventional meters to smart meters.” A key benefit of licensed cellular networks is the plug-and-play nature of the offering. These networks do not require customers to incur any upfront capex for network rollout and eliminate costs and challenges associated with deploying, managing, and operating these proprietary networks. Let’s hope that the collaborative efforts lead to not just the seeding and usage of smart meters, but also helping the consumers become smart enough to stop wastages. [email protected] CEO, IntelliSmart Infrastructure said: “The smart meter’s two-way communication feature, along with the associated metering infrastructure, permit discoms to conduct automatic energy accounting at the consumer and feedertransformer level, and enable them to improve billing and collection efficiency What steps along with smart metering could be implemented to bolster the profitability of the state utilities? Smart metering enhances the potential of the industry to unlock distributed energy resources (DER) programmes and create new power system opportunities which will further enable discoms to ramp up their financial position and increase profitability. For a country like India, the target of 250 million smart meters should be considered as just the beginning and the programme should eventually envisage a rollout to include every household in the country. How does smart meter data play a role in the demand response (DR) programmes and how critical is its application in the success of these programmes? Smart metering serves as the technological backbone for DR initiatives. Smart meters capture energy consumption data enabling discoms to identify peak demand, helping them better understand when and where demand is highest. This enables discoms to target DR initiatives more effectively. What are distributed energy resources (DER) and what role do they play in the overall digitalisation efforts of the power distribution sector? DERs are decentralised renewable energy resources that are located close to the point of consumption. These energy resources, which include solar PVs, wind turbines, battery storage systems, etc., enable greater flexibility, resilience, and efficiency in the grid. Smart meters play a vital role in seamless DER integration with the grid by enabling bi-directional communication between consumers and discoms. What is the final application of demand response and DER programms in the electricity system in the context of energy transition? Implementing DERs like rooftop solar, battery energy storage will enhance the flexibility and resilience of the electricity grid by providing additional resources for managing supply-demand imbalances and grid disturbances, while DR programmes like time of day (ToD) tariff will help discoms manage peak electricity demand more effectively. Full Interview on www.businessworld.in
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46 | B W BUSINESSWORLD | 06 April 2024 India’s pet care industry is experiencing remarkable growth, with projections indicating a 20 per cent CAGR and a target valuation of more than Rs 20,000 crore in 2025. What’s stirring in the pet care pot? S neha Biswas, the owner of Pawfect Bites, a small bakery in Kolkata catering exclusively to pets, identified a lucrative gap in the market – the unmet needs of devoted pet parents. Spending months perfecting recipes and understanding the industry, Biswas realised the growing demand for high-quality pet food in the city. This trend, however, isn’t confined to Kolkata; in fact, there is a nationwide surge in pet care awareness. As investments surge and valuations soar—most notably, with Drools reaching a staggering $600 million—the Indian pet care landscape is poised for monumental growth. Projections indicate that the pet care industry in India is expected to grow at a remarkable 20 per cent CAGR over the next five years, potentially crossing $3 billion by 2025. The Indian pet care market has become a hub for investments, with over $170 million flowing into the sector. Following Drools’ lead, HUFT secured $37 million, while Just Dogs raised $7 million, and Supertails closed a significant $15 million funding round. Notable venture capital firms like Anthill Ventures, Panthera Peak Ventures, Info Edge, and Point One Capital, along with angel investors including Kunal Shah, Varun Alagh, Farid Ahsan, and Ritesh Agarwal, 46 | B W BUSINESSWORLD | 06 April 2024 have fuelled this rapid expansion. Trends in Pet Care Within India’s pet care industry, a profound shift is underway, driven by changing consumer mindsets and evolving pet parenting behaviours. Over the past decade, there has been a remarkable change in demographics and pet ownership patterns, particularly in urban areas. “More and more young parents are adopting pets in India, with over 80 per cent having children less than six years old,” says Satinderr Singh, General Manager of Royal Canin. Moreover, there’s a visible difference in pet preferences between urban and rural areas. The metros and urban population show a higher inclination for adopting cats compared to an equal distribution of urban and rural adoption for dogs, highlights Singh. This trend shows the diverse preferences and lifestyles of pet owners across different regions. The number of households in India with pets has been steadily increasing anyway. Presently, approximately 25 per cent of urban households own pets, and this figure is expected to rise to 35 per cent by 2025. Another notable trend shaping the Indian pet care industry is the exponential increase in pet parents across the country. The Making of the $2.85 BILLION Indian Pet Care Economy PET CARE ECONOMY COVER STORY n By Ojasvi Nath n
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 47 THE INDIAN PET CARE MARKET HAS BECOME A HUB FOR INVESTMENTS, WITH OVER $170 MILLION FLOWING INTO THE SECTOR
48 | B W BUSINESSWORLD | 06 April 2024 PET CARE ECONOMY COVER STORY The trend is also termed as pet humanisation. This surge in pet ownership, according to Ashish Anthony, Founder of Just Dogs, is a driving force behind the industry’s growth. “Pet humanisation has deepened the emotional bond between a pet and a pet parent,” Anthony explains, emphasising the profound connection that prompts pet owners to seek out the best products and services for their furry companions. And the strengthening emotional connections between pets and their owners have substantiated the significance of pet health and insurance. “Pet parents remain price-conscious,” acknowledges Srishti Bhatia, Founder, Fresh For Paws, “but they are also becoming more focused on the health and wellness of their pets.” Another growing trend among Indian consumers, notably millennials and Gen Z, is the shift towards research-driven purchasing decisions for their pets. With easy access to online information, they consult pet influencers, online reviews, and expert recommendations before buying, emphasising transparency and authenticity in their choices. The rise of subscription-based services and dedicated pet stores reflects the increasing demand for convenient and personalised pet care experiences. Subscription boxes offering customised products tailored to specific pet needs have surged in popularity, catering to pet owners’ desire for hassle-free shopping. Experts also observe growing technology integration in pet care, with wearable pet tech trackers and smart feeders gaining prevalence. Sales of pet tech gadgets have seen steady growth, indicating pet owners’ desire to monitor and enhance their pets’ well-being using innovative solutions. Data shows that sales of pet tech gadgets have seen a steady annual growth rate of approximately 15 per cent over the past few years, reflecting a desire among pet owners to monitor and enhance their pets’ well-being using innovative solutions. Premiumisation & Organic Products While the trends reflect the sudden boom within the industry, which the pandemic, of course, accelerated, there exists further untapped potential of the industry which can be explored: premiumisation and the market for organic products. While there is a special inclination towards nutrition and health supplements of pets, sales data from Grand View Research, along with insights from leading pet care brands, indicates a sharp uptick in demand for premium pet food and specialised supplements. Over the past five years, this demand has surged at an impressive annual growth rate of around 20 per cent, as per Suresh Garg, Founder & CMD, Zeon Lifesciences. Jessica Madan, Co-founder, Flying Fur, anticipates a significant leap in the pet care space with major players like Nestle and Mars entering the fray. She predicts a surge in demand for premium products and services, with consumers no longer willing to settle for average offerings. Flying Fur, she asserts, is well-positioned to meet this demand with its existing ability to provide premium services nationwide. Meanwhile, Richa Jaggi, Co-founder & CMO, Awshad, highlights the booming “organic category” within the pet care in- “Sales of pet tech gadgets have steadily grown at a rate of approximately 15 per cent annually, as indicated by data from the Global Market Insights report. This reflects pet owners' desire to monitor and improve their pets' well-being through innovative solutions” SURESH GARG, Founder & CMD, Zeon Lifesciences THE BIG PICTURE (2024) PETCARE FOOD: $0.85 BILLION PETCARE PRODUCT: $0.75 BILLION INDIA’S VETERINARY HEALTHCARE & SERVICE: $1.25 BILLION $2.85 BILLION PET CARE PIE PEGGED TO CROSS $3 BILLION IN THE NEXT YEAR
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PET CARE ECONOMY “The strengthening emotional connections between pets and their owners have substantiated the significance of pet health and insurance. Pet parents remain price-conscious but they are also becoming more focused on the health and wellness of their pets" SRISHTI BHATIA, Founder, Fresh For Paws dustry, driven by the post-pandemic surge in pet ownership. Globally, the natural and organic pet food market is also on the rise, propelled by factors such as pet sensitivity, obesity awareness, and the shift to online shopping. This growth reflects the preference of pet owners for natural supplements for their pets. The rise in demand for pet healthcare and holistic wellness products presents an opportunity for companies to innovate and cater to evolving consumer needs. Urban lifestyles have led to issues such as arthritis and obesity among pets, along with genetically predisposed conditions like cancer. Jaggi further notes the significant growth of the CBD (Convention on Biological Diversity) pet products market, which has transitioned from niche to mainstream. CBD products offer a natural alternative for pet health concerns, catering to a variety of issues including anxiety, joint pain, inflammation, and more. This reflects the evolving preferences of pet owners towards natural solutions for their pets’ well-being. Challenges, Solutions, Opportunities A key challenge facing the industry right now is the lack of awareness among pet parents regarding proper pet nutrition. While this is gradually changing, there’s still much ground to cover, believes Singh. He reinforces the importance of education through webinars and expert articles to inform pet parents about the precise nutrition their pets require. Royal Canin actively collaborates with veterinarians, breeders, and pet owners to promote knowledge exchange and improve pet health through proper nutrition. While investments in this sector are flourishing, the absence of clear protocols or standards is apparent. “Despite the booming ecommerce landscape for pet products, individuals are left without authoritative guidance on what’s best for their dogs,” states Shivani Mathur, Founder, Party Barky Hai & Give Goa Dogs. “There is higher taxation on pet food and no PLI benefits. The benefits of PLI scheme are directly linked to the sector’s upliftment and growth to unleash the full potential of the pet food industry” SATINDERR SINGH, General Manager, Royal Canin
Addressing governmental support, even Singh stresses the need for a focused approach to unlock the industry’s potential. Challenges such as fragmented regulations, high taxation, and limited infrastructure require attention. A uniform regulatory framework, incentives for domestic production, and measures to tackle pet homelessness are essential for the industry’s growth. Singh advocates for the inclusion of the pet food industry in initiatives like the Production Linked Incentive (PLI) scheme to stimulate growth and innovation. “All the stakeholders need to come together to create an environment which is conducive for the growth of the pet food industry in the country,” urges Singh. Ambika Shukla, Trustee, People For Animals (PFA), acknowledges the industry’s ongoing development and foresees a surge in innovation and new brands. However, she points out significant gaps, including the absence of a national animal blood bank and the need for enhanced veterinary expertise. Shukla encourages collaboration between industry players like Mars and local stakeholders to improve veterinary skills and address crucial gaps in animal welfare infrastructure. Alongside the rise in demand and awareness, there’s a pressing need to enhance knowledge and awareness among dog owners. Mathur of Party Barky Hai asks brands to elevate their social responsibility by allocating a portion of their resources towards CSR initiatives for animal welfare. “However, this conscientious approach is notably absent in our efforts towards community animals,” she notes. By consciously dedicating a percentage of resources to their welfare, “we can collectively address challenges related to dog population and conflicts.” As a country, we possess the necessary means; what’s required is organised and impactful on-ground action. Besides challenges, Shukla identifies emerging opportunities in pet care services, such as daycare centres, pet walking services, and home-cooked meal options for pets. These services cater to pet parents seeking natural and personalised care for their furry companions, presenting avenues for entrepreneurial ventures and career growth within the industry. Pet Insurance Pet insurance ensures a protection plan that covers your beloved pets against various risks such as illness, injury, accidental death, surgery or hospitalisation expenses, theft, and more. It also covers pet bites or third-party injuries, explains Tarun Mathur, Chief Business Officer - General Insurance, Policybazaar. Pet insurance began by exclusively providing insurance for dogs, but recognising the burgeoning demand from pet owners, it has advanced a step further by including cats in its pet insurance coverage as well. This surge, according to TA Ramalingam, Chief Technical Officer, Bajaj Allianz General “Innovation in pet food and treats, alongside advancements in grooming and pet care technology, are driving significant growth in the pet care industry. Hence, the rising investments in the sector” ASHISH ANTHONY,Founder, Just Dogs “Additional career opportunities can be found in pet daycares, walking services, and homecooked meals for pets. These services cater to pet parents seeking alternatives to commercial pet food but may lack the time to prepare nutritious meals themselves” AMBIKA SHUKLA, Trustee, People For Animals 06 April 2024 | BW BUSINESSWORLD | 51
52 | B W BUSINESSWORLD | 06 April 2024 PET CARE ECONOMY COVER STORY “Pet insurance ensures a protection plan that covers your beloved pets against various risks such as illness, injury, accidental death, surgery or hospitalisation expenses, theft, and more. It also covers pet bites or third-party injuries” TARUN MATHUR,Chief Business Officer - General Insurance, Policybazaar Insurance, can be attributed to the increasing number of pet enthusiasts keen on insuring their beloved pets. Although the market for pet insurance is still in its early stages compared to other insurance sectors, it holds immense potential, and “we are witnessing substantial growth within the pet insurance industry.” To further boost the industry and expand its reach, companies are launching proactive initiatives such as implementing modular premium structures and conducting pet health awareness campaigns. Ramalingam shares how these efforts aim to educate pet owners about the advantages of pet insurance, thereby broadening its appeal and accessibility to a broader audience. The future trajectory of pet insurance appears exceptionally promising, with the industry poised for significant expansion. This growth is supported by several factors, including the increasing rates of pet ownership, rising awareness of the benefits associated with pet insurance, and the ongoing integration of technology to enhance customer experiences and streamline claims processes. Notably, the pet insurance space recognises substantial opportunities for expansion in smaller towns and rural areas. These regions represent untapped markets with immense potential, offering a pathway to broaden the customer base for pet insurance providers. As a result, companies are proactively tailoring their offerings to provide customised and affordable plans to attract a broader segment of pet owners. This industry has the potential to play a significant role in safeguarding the well-being of millions of beloved furry friends across India, highlighting its importance in ensuring their health and happiness. As pets transition from mere companions to loved family members, their well-being and medical care have become paramount in the minds of their guardians. This emotional paradigm shift, according to Mathur, has led to a heightened awareness of the potential health risks and financial burdens associated with pet ownership. Consequently, pet parents are increasingly recognising the importance of investing in comprehensive healthcare coverage for their furry companions, “mirroring the prioritisation they accord to their own and their loved ones’ health insurance.” Pet insurance costs vary depending on factors such as the chosen insurer, your pet’s age, size, breed, and health condition, as well as the desired sum insured. Currently, most insurers, including Oriental Insurance, Bajaj Allianz, New India Assurance, Future Generali, and others, provide coverage primarily for dogs. Investor Frenzy The pet care industry is currently experiencing an unprecedented investor frenzy, with significant amounts of capital pouring into various sectors of the market. The investments in the pet care industry in India have not only strengthened the market position but also contributed significantly to the sector’s overall growth and development. There are several compelling reasons why big money is betting on pets. Firstly, the increasing humanisation of pets has led to a shift in consumer behaviour. Innovation in pet food and treats, alongside advancements in grooming and pet care technology, are driving significant growth in the pet care industry, notes Anthony, Founder of Just “Although the market for pet insurance is still in its early stages compared to other insurance sectors, it holds immense potential, and we are witnessing substantial growth within the pet insurance industry” TA RAMALINGAM, CTO, Bajaj Allianz General Insurance
#BWGenAI March 27, 2024 The Imperial, New Delhi Building Generative AI for Bharat Can India Become the Gen AI Capital of the World? fifffflffiflffflfffflflffifffffflfl ffi ffiffi fifffflffiflffifffffflfl ffifl ffiffi Headline Speakers Dr Annurag Batra Chairman & Editor-in-Chief, BW Businessworld & Founder, exchange4media Sandip Patel Managing Director, IBM India & South Asia Esteemed Speakers REGISTER NOW Arjun Reddy Co-Founder, HaiVE Ayush Singhal Founder & CEO, CodeMate.ai Mandaar Mukesh Giri Deepak Thomas Founder, Rare Labs Founder & CEO, SVAYO Faisal Kawoosa Founder and Chief Analyst, Techarc Chetan Bansiwal Co-Founder & CEO, Samajh.AI Hariom Seth Founder, FindInc Lily Prasad CTO, Food Safety and Standards Authority of India Arjun Prasad Co-Founder & Chief Strategy Oficer, QX Lab AI Tilakraj Parmar Co-Founder & CEO, QX Lab AI Shruti Kharbanda Founder, Invincible Robo League; Robotics & AI Chair (Northern Region), Indian Chamber of Commerce; Angel Investor; Mentor, Startup India Vishnu Vardhan CEO & Founder, VIZZHY INC Rohit Arora Founder, Biz2Credit Rohan Vaidya Area Vice President - India and SAARC, CyberArk Santanu Bhattacharya Scientist, MIT Media Lab Upendran Nandakumar Founder & CEO, AyatiWorks Technologies Roopali Mehra Governing Council Member, Global Cybersecurity Association Madhav Bissa Program Director, NASSCOM AI Animesh Samuel CEO & Co-Founder, E42 Raghav Sehgal Co-Founder & Head of Sales, a21ai, Inc Nitant Tiwari Director – SAP, Data Engineering, Analytics, Tredence Inc Praveen Bhadada Head of Generative AI, Persistent Systems Rahul Tyagi Co-founder, Safe Security Ritesh Chopra India Director, Norton Mayurakshi Das Founder and CEO, ElixirAI Meher Patel Founder, Hector
54 | B W BUSINESSWORLD | 06 April 2024 PET CARE ECONOMY COVER STORY Dogs. Brands like Drools and Supertails are attracting investments, while new companies are emerging with fresh offerings in food, freezedried options, and treats. Investments are also pouring into pet hygiene, toys, and accessories. Digital integration is enhancing the directto-consumer (D2C) experience, with mobile apps and ecommerce websites becoming prevalent. Capital inflows are driving expansion into Tier 2 and Tier 3 cities, improving service quality and standardisation. Educational campaigns on pet health and nutrition, alongside community-building efforts, are strengthening the industry’s position as well. The surge in investments in the pet care industry in India reflects the increasing recognition of its vast potential and the growing demand for high-quality pet care products and services. “At Zeon, we have witnessed firsthand how these investments have positively impacted our market position and contributed to the sector’s overall growth and development,” says Garg. Pet Care as a Business With investors showing a growing interest in the pet care industry, there’s an opportunity for startups and growing brands to capitalise on this trend and establish themselves in the market. To build a successful pet care brand, entrepreneurs need to focus on several key strategies. Considering the pet care industry as a business opportunity, starting with a clear vision and setting impactful goals is crucial. “These goals will guide your strategy and provide direction for growth,” suggests Saurabh Uboweja, Advisor on Positioning Strategy & Senior Partner at BOD Consulting. Next, a thorough analysis of a specific pet care industry segment will help understand market dynamics, assess competition, and identify opportunities for differentiation, he says. Also, determine an accurate business valuation based on market analysis and financial projections. This step is crucial for showcasing the potential profitability of one’s venture to investors, believes Uboweja. Post that, strategic positioning strategies need to be developed to distinguish one’s business amidst competition. Uboweja asks the brands to highlight their unique value proposition and key differentiators and also identify future lines of business and operational efficiencies to enhance scalability. This will ensure that a business is wellpositioned for growth and expansion. Building a strong brand identity and establishing trust with consumers is paramount. This involves creating compelling branding, messaging, and visuals that resonate with pet owners and convey reliability and quality. Leveraging social media and digital marketing channels can also help in building brand awareness and engaging with target audiences effectively. Furthermore, prioritising product quality and safety is non-negotiable. Pet owners are increasingly discerning about the products they purchase for their furry companions, so ensuring that offerings are made from high-quality ingredients and adhere to rigorous safety standards is essential for long-term success. When seeking consultancy services, one must ensure they offer comprehensive support, including risk assessments and crafting compelling pitch decks. These decks play a crucial role in helping investors understand your business’s potential “The natural and organic pet food market is also on the rise, propelled by factors such as pet sensitivity, obesity awareness, and the shift to online shopping” RICHA JAGGI, Co-Founder & CMO, Awshad “Conduct a thorough analysis of the pet care industry segment you are targeting. This will help in understanding market dynamics, assessing competition, and identifying opportunities for differentiation” SAURABH UBOWEJA, Advisor on Positioning Strategy & Senior Partner, BOD Consulting
in depth. Additionally, look for consultants who can connect you to potential investors within their networks. From initial outreach to final investment agreements, prioritise continuous support to ensure a seamless experience for all stakeholders involved. What Lies Ahead Looking ahead, the future of the pet care industry in India appears exceedingly promising, with abundant opportunities for expansion and development. As pet ownership continues to surge, propelled by urbanisation and evolving lifestyles, the demand for pet care products and services, particularly health supplements, is poised for remarkable growth. All in all, as pet owners become increasingly knowledgeable about their pets’ nutritional requirements and overall well-being, there will be a heightened emphasis on preventive healthcare and wellness, further propelling the market for pet health supplements. Within the market, pet food constitutes over 70 per cent, while segments such as pet accessories, shampoo and conditioner, health supplements, and cat care are poised for substantial growth in the coming years. Not to forget, advancements in veterinary nutrition and pet care technology are expected to revolutionise the industry, presenting new opportunities for innovation and differentiation. These advancements will enable companies to develop cutting-edge products and services that cater to the evolving needs and preferences of pet owners, further fuelling the industry’s growth trajectory. In light of these developments, the landscape looks deeply optimistic about the ongoing expansion and evolution of the pet care industry in India. The Indian pet care market presents a highly lucrative opportunity driven by rising pet ownership, changing consumer preferences, and technological advancements. With significant investments pouring into the sector and a projected CAGR of 20 per cent, the industry is poised for remarkable growth. Despite challenges, including awareness gaps and regulatory hurdles, the industry’s resilience and potential for innovation make it an attractive prospect for investors and businesses seeking to tap into the burgeoning pet care market in India. [email protected] “With major players like Nestle & Mars entering the industry, we should expect a major leap in the growth of the industry” JESSICA MADAN, Co-founder, Flying Fur “The percentage of people starting to treat animals as family members requires a lot of stuff that’s coming in for sure, and people are investing, but I don’t see any clear protocols or standards in place to adhere to” SHIVANI MATHUR, Founder, Party Barky Hai 06 April 2024 | BW BUSINESSWORLD | 55
Indian Pet Care Economy Set To Cross $3 Billion Mark By 2025 fifffflfiffifl ffi ffifl fiffff fifffflffffiflffffi ffffiffiff fflffffiflfflff ffiffffl fifffflffifl fiffifl fifffl fiffiff fflffffi ffi fflffi fflflffiffi fffflffi fflffffffiffffi fflffffifflff fi fflfl fiffiff fflffffi ffi ffiffffi ffi fffflffffiffi ff ffiffi fifflfl fiffifflffffi ffi ffi ffi fflflffi ffffiffiffffffi ff fflff ffl ffififfi ffffi ffi fffflffiffffi ffi ffiffi ff fflff ffl ffiffffiffiffi ffffifffflffi ffffi ffiff fflffffi fffflffiffffi ff fflffffi ffiffffi ffiffiffffi ffffiffffifffflffi fflffffi ffiffi flfffflffiffl ffiffi fflffffifflffiffi ffifflflffiffiflffi ffi ffi ffiffi ffi ffffifflfi fifffflfiffi ffi fflffi ffi fflffi ffiffiflfflffffi fflff ffffl ffi ffifflfi fiffi ffi ffi fiff ffl ffi ffifflff fifffflffiflflflfi fifffflffiflffiffi fflfflffifflflflffl fflffi ffi ffl fflffiflffiffl fl ffi ffifflffi fflffflffi fflflffifflffiffifflffi fflffifflflffi flfflffi ffiflfflffififfflffiflflffifflffi fflffi fflffiffi fl fflffiffi fflflfflffi fflffiffifl fflffi fflfflflffifflffifl fl ffi fl fl fflffifflffiflflfl ffiffi fffflffi flfflffi ffffiffi fffflffifflffi fflffiflffi fl fflffiffifl fflflffi flfflffifl fflffi ffflffiflffi fflffiffiffifflfflfflffi ffl flflffiffifflffiffi fl ff flflfl ffifflfflffiflflflffiffi flfflffifffflffiflffiffi flffi fflffifffflffiffiffl ffi fflffififfflffi flffi ffiffl fflffi flfflffiffifflfflflfflffi fl fflffiffifflffifffflffi ffl Graphics byRahul Roy
06 April 2024 | BW BUSINESSWORLD | 57 ffifflfi ffl ffffi fflffiffi fflfffflffiffffffffiffi fflfiffiffiffi ffi ffiffffi fflffffi fffflffi ffi fifffflfiffifl ffififf ffiffffifi fl fl ffffi ffi ffifflffffiffffl fiff flffffi ffi ffiflfflff fflff ffi ffiffi fffflfiffi fiffi ffl flff ffffi fl ffiffi ffi ffi fiff ffifflff ffi fifffflfiffi ffi ffl ffiffi fifffflfiffi fiffffi ffiffi fi ffiffi
58 | B W BUSINESSWORLD | 06 April 2024 Setting a benchmark with a $60m investment from L Catterton, SHASHANK SINHA, CEO of Drools Pet Food, talks of the industry’s appeal to investors, the benefits of the startup surge, and the brand’s visible role in this thriving industry Drools Pet Food asserts its dominance in the pet foods industry, with its 38 per cent market volume, worth 17 per cent in value terms. Achieving remarkable financial milestones, the company earned Rs 500 crore in revenue in FY2023, with projections soaring to Rs 700-750 crore for the current fiscal. Furthermore, Drools recently got a significant boost, raising $60 million in funding from L Catterton, consequently valuing the company at a substantial $600 million. In an interview with BW Businessworld, Shashank Sinha, CEO of Drools Pet Food, discusses the company’s role in transforming pet care, the influence of investments on industry growth, and the brand’s strategies for leveraging investor interest to drive future expansion and innovation. Transforming Pet Care Drools has spearheaded a transformation in the pet care industry by emphasising quality nutrition in response to the trend of treating pets as family. We offer a wide range of products for different dietary needs, life stages, breeds, and health requirements, ensuring top-notch ingredients and strict quality control. Our “Back of the Pack” campaign encourages pet owners to understand the listed ingredients in pet food for essential nutrients. We ensure nationwide accessibility through e-commerce, including quick commerce platforms for swift replenishment, and strong distribution in retail channels including specialty stores, veterinary clinics, supermarkets, and phar58 | B W BUSINESSWORLD | 06 April 2024 macies. Besides, digital advertising is key to our marketing, helping us reach a broad audience, along with collaborations with celebrities, veterinarians, and breeders to educate pet parents on balanced nutrition. Investments Driving Innovation & Growth The influx of investments has significantly impacted the pet care industry, driving innovation and growth to meet expanding demands. With increased financial support, companies have developed advanced products tailored to evolving pet owner needs, including specialised nutrition, sustainability, and personalised wellness plans. Investments have also bolstered infrastructure and distribution networks, improving efficiency in delivering pet products. Moreover, financial backing has enabled companies to implement robust marketing strategies to effectively reach pet owners globally. Trends Attracting Increased Interest from Investors In recent years, the pet care industry has seen a surge in investor interest, driven by evolving trends. One significant factor is the growing perception of pets as family members, leading to increased demand for products and services catering to their well-being. The rise of Gen Z emphasises sustainability and transparency, while affluent millennials prioritise premium options, boosting growth in branded toys, accessories, and specialty foods. This trend has expanded the pet care ecosystem, attracting more investment as opportunities in retail, nutrition, grooming, and other services emerge. LEADING THE PACK IN PET CARE INNOVATION PET CARE ECONOMY SPOTLIGHT n By Ojasvi Nath n
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 59 Shifting Consumer Behaviour Pet ownership is now driven by a desire for companionship rather than mere utility or tradition, reflecting rising disposable incomes, smaller family sizes, and busy lifestyles. With urbanisation and limited space favouring smaller dog breeds, Drools has adapted by offering premium, customised pet food options. These products feature real ingredients, essential nutrition, and a focus on overall pet health. Additionally, there’s a growing demand for natural, organic, and functional foods, as well as specialised diets tailored to different breeds, ages, and health needs. Drools’ commitment to regulatory compliance and utilisation of ecommerce platforms ensures that it meet the evolving expectations of Indian pet consumers. Start-up Surge: Growth Indicator? We view the emergence of numerous pet care startups in India as a positive development for the industry. These new players bring fresh ideas and innovation to the table, ultimately contributing to a more vibrant pet care ecosystem. The more pet ownership becomes normalised and pet care options flourish, the larger the market size becomes, which can only benefit Drools in the long run. Startups can also push us to be better by driving innovation in areas like product offerings, distribution channels, and leveraging technology. Sure, there might be some initial challenges as we face new competition, but our brand recognition and established presence in the market make us confident that we can navigate this space and continue to be a leader in Indian pet care. What Sparks Investor Interest? Several factors are driving the surge in investor interest in the pet care sector. Firstly, the industry boasts of remarkable resilience – even during economic downturns, pet ownership remains steady, and pet care spending continues to rise. This stability makes pet care a lucrative and reliable space for investors seeking long-term gains. Secondly, the pet industry is experiencing phenomenal growth, fuelled by trends like pet humanisation and rising disposable incomes. Finally, the rise of ecommerce and direct-to-consumer channels is revolutionising pet care accessibility and convenience. Blueprint for Maximising Investor Enthusiasm We are dedicated to maintaining our growth momentum by strategically targeting new markets, expanding our market share, and driving profitability. Our focus on export opportunities is a key aspect of our expansion strategy. We are committed to meeting the evolving needs of pet owners by continuously innovating through our research and development efforts. Our team consistently works on developing new recipes incorporating highly nutritious ingredients into our product offerings. We are excited to deliver exceptional pet food products that cater to the diverse demands of pet owners worldwide. “WE VIEW THE EMERGENCE OF NUMEROUS PET CARE STARTUPS IN INDIA AS A POSITIVE DEVELOPMENT FOR THE INDUSTRY. THE MORE PET OWNERSHIP BECOMES NORMALISED AND PET CARE OPTIONS FLOURISH, THE LARGER THE MARKET SIZE BECOMES” SHASHANK SINHA, CEO of Drools Pet Food
60 | B W BUSINESSWORLD | 06 April 2024 Heads Up For Tails is making waves in India’s pet care scenario with its remarkable financial strides. Boasting a hefty Rs 185 crore gross revenue in FY2023 and aiming for Rs 275 crore in FY2024, the company’s growth trajectory is nothing short of impressive. With consistent year-on-year revenue growth surpassing 50 per cent, Heads Up For Tails is demonstrating its prowess in meeting the evolving demands of pet owners nationwide. In a chat with BW Businessworld, Rashi Sanon Narang, Founder and Creative Director, Heads Up For Tails, talks of the key factors shaping the market, embracing technology, and prospects ahead. Excerpts: Inceptive Industry, Expansive Outlook Pet parenting is a growing phenomenon in the Indian markets as more and more families discover the magic and joy of pets being part of the family. That said, the pet industry is still at a nascent stage with huge growth opportunities in the next decade. At Heads Up For Tails, we have been at the forefront of this for the past 16 years helping to grow the market, build customer awareness and innovate continuously to build out the very best for our pets. It’s been a long and challenging journey. When we first started out – there was no industry, no one to learn from, and little awareness. But we are believers in the cause, are extremely passionate about what we do and will continue to develop innovative products and services that help to make our pets lead healthier, happier and more comfortable lives. We now have a retail network of over 90 stores of which almost 60 have a spa (grooming centre), plus we serve a large number of customers via our website, app and other marketplaces. We’re also in the process of going to new international markets via both stores and product distribution. Recognising Opportunities in Tier- 2 and Tier- 3 Cities We are expanding our retail footprint in the country – so you will find HUFT stores in many tier-2 cities as well 60 | B W BUSINESSWORLD | 06 April 2024 now. We want to continue to bring the best of pet care to India and will continue to do so by curating and creating high-quality products. The first and most heart-warming transition is that people are now evolving from being pet owners to pet parents. Pets bring so much joy to our lives, and I’m so glad that this is being experienced by more and more people. With that change, we see people trying to gain more knowledge about pet care and putting more effort into understanding what their pets need. Travelling with pets is becoming increasingly popular – hence, pet-friendly hotels and travel-friendly pet gear are gaining popularity. A consumer behaviour shift that FROM FURRY FRIENDS TO FLOURISHING BUSINESS PET CARE ECONOMY SPOTLIGHT n By Ojasvi Nath n RASHI SANON NARANG, Founder, Heads Up For Tails traces India's pet care sector ‘s evolution, spotlighting its market factors, tech integration and future prospects we’ve been wanting to see for a while – from collars to harnesses – has also picked up. Pet parents have gone from not being aware of harnesses to understanding that they are the ideal choice for walk time. Another sweet trend that has come to light are pet birthday parties! Themed parties, parties with other pets, or a big family celebration – pet parents are making sure to make their pets feel special on their big day.
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 61 Enhancing Customer Experience through Technology Our warehouse and inventory management, delivery predictions as well as our app are routed through best-inclass tech. We’ve also been working hard to build a seamless omni channel network where our stores can deliver online orders, online orders can be returned at stores etc. And of course, it’s continuous work in progress to keep deepening our customer experience online as well as our customer journeys. The Investment Outlook There is definitely growing investor interest in the category. There are still reservations too, given that the size of the market is considerably smaller as compared to other sectors where they can invest their money. However, it’s been great to see the funding that has come through in the past few years. The funding allows companies to experiment, to innovate, to work on expanding the market. Business Potential and Market Dynamics Spotting the absence of something and assessing the demand for it. When I started out, there was hardly a market for pet products, no path to follow, no examples to go by. So what I had set out to do, no one in the country had previously done before. Now that can mean two things: no one has done it because it has no potential or no one has yet had the foresight to see the potential. You have to try, take the risks, fail a lot, but learn in the process. If you don’t try, you don’t know. For some more evolved sectors there’s a ton of market data available. That’s not the case for the pet care segment, and so we have to do our own research and decide if we want to give the market a shot. This research involves competitive mapping, the number of pet stores, approximate sale of pet food from larger brands, orders from our website etc. The Future Says … It is fairly simple – if you have a pet, we have something for you, including a plethora of knowledge. We’re on a mission to connect more people with their pets, build best-in-class products and services, work to uplift our community animals, build more stores in existing and new markets, take the brand global and more! WHILE MORE ESTABLISHED SECTORS BENEFIT FROM READILY AVAILABLE MARKET DATA, THE PET CARE SEGMENT REQUIRES INDEPENDENT RESEARCH, INCLUDING COMPETITIVE ANALYSIS, SALES DATA FROM LARGER BRANDS, AND ONLINE ORDERS RASHI SANON NARANG, Founder & Creative Director, Heads Up For Tails
62 | B W BUSINESSWORLD | 06 April 2024 With a recent equity funding round led by RPSG Capital Ventures, Supertails is poised for significant growth. Co-founders Varun Sadana, Aman Tekriwal, and Vineet Khanna share insights on how they have meticulously built Supertails from the ground up, driven by their ambitious vision to transform the pet care ecosystem. Their aim to close FY2024 with Rs 100 crore in revenue reflects not only their determination but also the immense potential they see in the burgeoning pet care industry. Excerpts of a conversation with BW Businessworld: How has Supertails contributed to the transformation of the pet care industry amidst the surge in pet ownership and new market trends? Supertails emerged from a personal realisation after adopting my cat, Nifty, when I noticed the lack of comprehensive pet care resources in India. Teaming up with Aman and Vineet, we founded Supertails to address this gap, aiming to simplify pet parenting for all. Initially, we focused on providing essential pet supplies and healthcare solutions via our ecommerce platform. However, recognising the need for guidance, we introduced Pet Relationship Managers (PRMs) and vet consultations, ensuring personalised support for first-time pet parents. Our commitment to customer satisfaction has been pivotal, evidenced by our 80 per cent repeat customer 62 | B W BUSINESSWORLD | 06 April 2024 rate and a growing community of over 200,000 followers on social media. With offerings like our D2C pet food brand – Henlo, and a pet pharmacy, we’ve evolved into a one-stop solution for comprehensive pet care needs. As the pet care market in India expands, we’re poised to lead with tailored solutions, a customer-centric focus, and a vision to drive further growth in the industry. How has increased investment affected the pet care industry and spurred innovation in products, services, and market strategies? As financial support continues to grow in the pet care segment, pet health and wellness have emerged as crucial areas of focus for the industry. Moreover, technology has played a pivotal role in revolutionising pet care. Investments in pet tech have made it easier for pet parents to track their pets’ health and behaviour, enhancing their overall well-being. With the advent of wearable devices and smart sensors, pet parents can now monitor vital signs, and activity levels, and even receive alerts for potential health issues in real-time. This integration of technology makes the lives of pet parents easier and also ensures timely intervention and preventive care for their furry babies. Investments in digital platforms have provided pet parents with easy access to credible information, empowering them to make informed decisions about their pets’ well-being. This shift towards proactive care practices COLLABORATIVE GROWTH & PET CARE STARTUP BOOM PET CARE ECONOMY INTERVIEW n By Ojasvi Nath n Supertails sees the uptick in startups as an indication of the pet care industry’s growth and vitality. The founders welcome other startups as partners to raise standards, innovate, and meet evolving pet parent needs of a growing industry
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 63 has led to improved outcomes for pets. Investments have led to the creation of tailored solutions for pets, spanning custom meal plans, personalised training, and targeted healthcare services. This customisation not only boosts the effectiveness of offerings but also strengthens the bond between pets and their owners, driving higher satisfaction and loyalty. What was Supertails’ experience in securing investments, and what aspects of your business do you think appealed to investors? Securing investments has been a crucial aspect of our journey, allowing us to scale our operations, expand our offerings, and drive further innovation within the pet care industry. Our comprehensive approach to pet care has resonated strongly with investors. By offering a wide range of products and services, including pet supplies, healthcare solutions, training resources, and personalised guidance through our Pet Relationship Managers (PRMs), we have positioned ourselves as a one-stop destination for pet parents’ needs. This holistic approach not only addresses the diverse needs of pet parents but also enhances customer loyalty and engagement, creating a strong foundation for longterm growth. Our strong track record of customer satisfaction and brand loyalty has instilled confidence in investors about the long-term viability and growth potential of our business. With a loyal customer base, high customer retention rates, and a growing community of engaged pet parents, we have demonstrated our ability to deliver value and build enduring relationships with our customers, which is a key factor in attracting investment. Pet care startups – boon or challenge for Supertails? The surge in pet care startups signals growth and vitality in the industry. At Supertails, we see this as a positive reflection of increased demand for innovative solutions catering to evolving pet parent needs. Rather than competition, these startups contribute to a diverse landscape, offering unique perspectives and solutions. Collaboration fosters healthy competition, driving innovation and quality improvements. We embrace the chance to collaborate and learn from these startups to elevate the standard of pet care. How does Supertails plan to capitalise on investor interest? Any specific pet care areas or market segments targeted for future investments? As pet lovers ourselves, we are leveraging investor interest to enhance our pet care ecosystem. This funding enables us to expand offerings, improve user experience, and strengthen the bond between pets and owners. We aim to enable business growth through the acquisition of new customers and investments in technology, along with the expansion of healthcare services including our pharmacy, besides, foraying into an offline business strategy and building an omnichannel experience for consumers. Our goal is to ensure that pet parents have easy access to all their pet care needs, online and offline, for convenient and effective care of their furry companions. Full Interview on www.businessworld.in Supertails Co-founders VARUN SADANA, AMAN TEKRIWAL & VINEET KHANNA
64 | B W BUSINESSWORLD | 06 April 2024 With a substantial investment of Rs 50 crore already allocated, with Rs 25 crore designated for assets and operational expenses, Zigly is poised for significant growth. The brand’s ambitious plans include injecting an additional Rs 100 crore this year, with a determined goal of achieving break-even by 2025, emphasising its steadfast commitment to expansion and long-term sustainability. In an exclusive interview, Pankaj Poddar, Group CEO of Cosmo First – Zigly’s parent company, divulges the brand’s strategic approach to targeting Tier-II markets, its proactive measures in organising the sector, and provides insights into investor sentiments regarding the industry’s prospects. Excerpts: Zigly’s expansive strategy focuses on Tier-II markets. What drives pet care brand expansion, and how is Zigly building a nationwide experiential pet care ecosystem? The pet care industry is evolving into an emotional business, emphasising experiences over products. With rising pet adoption rates, brands must guide pet parents, offering comprehensive solutions to ensure pet comfort and safety. In India, where word-of-mouth is key, creating memorable experiences is crucial. Zigly addresses the unorganised market by offering a comprehensive pet care ecosystem, including veterinary services, grooming, training, and products. Unique house brands like Zigly Lifestyle and Furpro enhance the 360-degree experience. Zigly plans to expand nationwide, providing both online and offline access to its ecosystem. 64 | B W BUSINESSWORLD | 06 April 2024 How does Zigly measure success in Lucknow, Indore, and Noida markets? What strategies ensure heightened brand visibility and customer engagement in these new areas? Before entering new markets, our teams conduct thorough market research to gauge demand and service opportunities. Our expansion strategy aligns with growing our retail presence nationwide. Cities like Lucknow, Indore, and Noida exhibit high pet adoption rates and demand for pet care, making them prime targets. As we expand our footprint, our monthly Gross Merchandise Value (GMV) has been consistently increasing, currently reaching Rs 4 crore. Insights from these locations inform our expansion plans, ensuring effective growth both in existing and new markets. We utilise a robust marketing and advertising strategy, driven by a digital-savvy team. Offline events at our experience centres, including themed occasions like Valentine’s Day and Halloween, enhance brand recall. We offer enticing promotions, memberships, and customised packages. Additionally, influencer outreach and community initiatives expand our reach. Tailored solutions are adapted for different markets, ensuring effective results. How does technology enhance Zigly’s 360-degree pet care ecosystem and improve the experience for pet parents and their pets? Since 2021, Zigly has heavily invested in platforms like experience centres, the website, Zigly app, and marketZIGLY’S DRIVE FROM DISARRAY TO ORGANISED PET CARE PET CARE ECONOMY Q & A nBy Ojasvi Nath n During a conversation with BW Businessworld, PANKAJ PODDAR, Group CEO of Zigly’s parent company, Cosmo First, delves into the industry’s increasing allure to international investors, shedding light on the startup’s contribution to this trend
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 65 places. Recent IT infrastructure upgrades ensure readiness for India’s growing pet care industry. Investments in data analysis aid in understanding customer demand and feedback, supported by regression analysis for sales forecasting. Automated chatbots handle user queries, while reminders for vet check-ups and product purchases enhance customer engagement. The Zigly app, an integrated pet care app, offers grooming, vet care, and product solutions. Marketing attribution improvements boost RoAS and key performance parameters. These tech investments facilitate seamless customer experiences, drive innovation, and enable customised offerings for pets. Any words on the current state of India’s pet care industry? India’s pet care market is on a rapid growth trajectory, with a projected CAGR of 25 per cent, set to reach Rs 12,500 crore by FY27. Increased awareness and demand for specialised services are key drivers. International brands entering the market elevate quality standards. Despite its mostly unorganised nature, pet parents are embracing pet-specific food over traditional options. Global trends like urbanisation, nuclear families, and pet humanisation contribute to the surge in pet ownership, with India boasting a thriving pet population of 32 million. This growth fuels a robust pet care ecosystem, including retail chains, nutrition, services, and healthcare, with e-commerce facilitating product distribution. The rising importance of pet healthcare is evident, with increasing demand for veterinary services and specialised treatments. Initiatives like Ratan Tata’s proposed pet care hospital highlight the growing need for such facilities. How has the investment landscape evolved with the pet care industry’s growth, and what role do investors play in driving innovation and expansion within the sector? Five years ago, the Indian pet care industry was not widely discussed, but the pandemic sparked a surge in pet adoptions and service demand. Now, it’s a highly valued sector with large companies and FMCG giants organising it. Traditional firms are entering with significant investment plans, attracting marquee investors and driving expansion. Pet care companies, regardless of size, receive high valuations, indicating future growth potential. Increased investment will fuel R&D, domestic manufacturing, and expansion into untapped markets. Though it’s still early, investor confidence is crucial for sustained growth. We at Zigly are aligned with this vision, focused on creating a happy space for pets. [email protected] PANKAJ PODDAR, Group CEO of Cosmo First – Zigly’s parent company
66 | B W BUSINESSWORLD | 06 April 2024 What inspired the creation of Pet Fed, a festival for animals and their enthusiasts? How do you envision its future? Our goal was to create a platform catering to all pet-related needs, from food to pet-friendly transportation, while also promoting pet awareness. Our inaugural event in Delhi attracted 9,000 visitors, quickly gaining popularity. By 2016, our festival drew 66 | B W BUSINESSWORLD | 06 April 2024 CARVING A NICHE IN THE PET CARE BOOM PET CARE ECONOMY Q & A n By Ojasvi Nath n With a remarkable turnout of over 20,000 attendees in its early stages, Pet Fed has swiftly become India’s leading pet festival. Founder AKSHAY GUPTA shares insights into the festival’s rapid rise, driven by its mission to cater to all aspects of pet care while promoting awareness. Backed by actor Dino Morea, Pet Fed transcends being merely an event; it’s a strategic investment aligned with a good cause in an industry experiencing unprecedented growth. Gupta elaborates on Pet Fed’s adaptive strategies, ensuring that it remains ahead of industry trends and continues to attract a diverse audience of pet owners through collaboration and innovation. Excerpts: AKSHAY GUPTA with investor Dino Morea at a Pet Fed festival
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 67 over 20,000 attendees, earning accolades from leading media outlets as one of the year’s most successful events. Since then, Pet Fed has experienced significant growth, expanding to multiple cities. Leveraging my extensive business experience, I aim to further develop the festival into a prominent property. My focus is on expanding to new cities such as Bangalore, Pune, and Hyderabad, with eventual international expansion. I’m fully committed to the success of this entrepreneurial venture. As the organiser of Pet Fed India, how do you view the rapid growth of the pet care industry and its impact on the festival’s goals and offerings? As the founder of Pet Fed, I have seen the pet care industry booming, with more pet parents showing love and care for their furry friends. This growth directly impacts us, as our festival plays a crucial role in educating and engaging with pet parents. We are committed to evolving alongside the industry, offering new experiences that cater to pet parents’ needs, while ensuring that pets get the love and care they deserve. Pet Fed aims to evolve along with the industry, offering new and innovative experiences that cater to the needs and interests of pet parents and the community. This growth presents an opportunity to expand the festival’s reach and impact, ultimately benefiting both pet parents and the industry as a whole. How does Pet Fed India stay relevant amidst evolving trends in the expanding pet care industry and appeal to a diverse audience of pet owners? We are committed to staying ahead of industry trends and meeting pet parents’ evolving preferences. Each year, we expand to more cities, creating vibrant environments for pets. We incorporate new elements into our events and conduct thorough market research to understand trends. Additionally, we prioritise collaboration with industry experts, pet care professionals, and brands to stay at the forefront of developments. Customer feedback is integral to our approach, and we actively engage with our audience through various channels to tailor our offerings accordingly. Moreover, we recognise the importance of sustainability and integrate eco-friendly practices into our operations, promoting sustainable pet products and organising environmentally conscious events. Through adaptation and innovation, Pet Fed India remains a dynamic force, providing memorable experiences for pets and their parents. What role does Pet Fed India play in advancing the pet care industry beyond celebration? Any initiatives fostering collaboration and innovation? Absolutely! At Pet Fed India, we are more than just an event – we actively contribute to the pet care industry’s growth. By teaming up with sponsors like Just Dogs and Drools, we help pet parents understand the importance of good nutrition and pet care. Plus, our partnership with Purina India focuses on sustainability, aiming for zero environmental impact by 2025. We are big on adopting pets instead of buying them, so we support NGOs and campaigns that promote animal welfare. To encourage adoption, we invite indie pet parents to our festivals for free, creating a sense of community and spreading the word about indie pet adoption. Tell us about your investors and the future of the pet care industry. How much interest do sponsors and investors show in the festival space? One of our notable investors is Dino Morea, renowned for his presence on the silver screen and fashion runways. However, beyond his celebrity status, Dino is deeply passionate about pets, particularly dogs. He has invested in Pet Fed with a strong conviction to enhance the lives of pets. For Dino, Pet Fed is the epitome of a pet party, where he enjoys bringing his dogs, Maximus and Ganpath, for a day of fun and excitement. Looking ahead, I am incredibly optimistic about the future of the pet care industry. There’s a growing recognition that pets deserve love and care akin to humans, driving significant interest from investors and sponsors. Collaborations with leading companies such as Just Dogs, Drools, Purina India, and ITC Nimyle underscore our commitment to addressing crucial trends like pet nutrition and sustainability. As this awareness continues to expand, I foresee continued support and investments to ensure the well-being of our cherished pets.
68 | B W BUSINESSWORLD | 06 April 2024 Mars Petcare has been instrumental in shaping India’s pet care sector. From witnessing the transition from pet ownership to pet parenting to addressing the profound cultural shift towards understanding pets’ nutritional needs and well-being, we have remained at the forefront of innovation. The pandemic accelerated industry growth, driving a surge in pet adoption and a heightened focus on premium pet care services and products. At Mars Petcare, our mission is to set a global standard for pet food in India while tackling critical issues such as pet homelessness through initiatives like the State of Pet Homelessness project. Contributions to Industry Growth Mars Petcare India’s journey began two decades ago with Pedigree’s introduction, marking our commitment to pets’ health nationwide. Beyond market dominance, we strive for holistic industry growth through innovation, sustainability, and community-building. Our approach, from manufacturing excellence to advocating for safe pet food standards and 68 | B W BUSINESSWORLD | 06 April 2024 adoption, reflects our dedication to responsible pet ownership. With a broad presence across local stores and online platforms, we offer a range of products tailored to pets’ life stages and nutritional needs, prioritising their health and well-being. Impact of Investments Our significant investments in the Indian market, including the expansion of our manufacturing facility in Telangana, underscore our commitment to this rapidly growing sector. Our investment strategy is a testament to our belief in the Indian pet care market’s potential and our commitment to contributing positively to the industry and community. Our investments also support the continuous development of our nutritionally rich product range, tailored to meet the diverse needs of pets. Changing Mindsets As consumer attitudes shift towards viewing pets as family members, particularly among Gen Z, influenced by social media and growing animal welfare awareness, Mars Petcare is at the forefront of nurturing responsible pet parenting culture. Through educational campaigns and influencer collaborations, we emphasise optimal nutrition and care. Meanwhile, our commitment to innovation shines through our diverse product range, from Pedigree Pro to a variety of treats, tailored to meet pets’ evolving needs. Our portfolio, spanning from Pegidree to Whiskas, ensures we cater to diverse preferences. Recent innovations, such as the enhanced Pedigree Dry range, speaks about our dedication to pets’ health and well-being through cutting-edge nutrition and research-backed products. Future Outlook Looking forward, we are optimistic about the continued growth of the pet care industry, driven by increasing disposable incomes, changing family structures, and a deeper appreciation for pets as companions. As the industry grows, we also anticipate a greater focus on addressing challenges like pet homelessness and the establishment of mandatory pet food standards, areas where Mars Petcare is committed to making a significant impact. The core of our future strategy includes further refining our nutritionally tailored portfolio to enhance the health and well-being of pets globally. BARKING UP THE RIGHT TREE: MARS PETCARE’s INVESTMENT & INNOVATION PET CARE ECONOMY SPOTLIGHT n By Ojasvi Nath n In an exclusive conversation with BW Businessworld, SALIL MURTHY, Managing Director of Mars Petcare India, analyses the growth of India’s pet care sector. From the shift towards responsible pet parenting to the surge in premium pet care services, Murthy highlights Mars Petcare’s commitment to elevating pet food standards and addressing critical issues like pet homelessness. Excerpts:
06 April 2024 | B W BUSINESSWORLD | 69 I n a recent interview with BW Businessworld, Arun Vasudevan, CEO of MaxPetZ, emphasised the rising demand for quality pet healthcare across India. He highlighted challenges like limited access to advanced care and a shortage of skilled vets. Vasudevan also noted increasing investor interest, expecting the pet healthcare market to grow at a CAGR of 12-14 per cent over the next decade. With only 30 per cent access to quality care currently, he sees significant growth potential, especially with government efforts to regulate the sector and promote pet health insurance. Staying Abreast with Evolving Trends in Pet Healthcare Pet healthcare is progressing and is now more akin to paediatric care both in the perceptions and expectations of pet parents. There is a strong demand for quality veterinary care across the country including non-metro cities as they are underserved. Since 1952, MaxPetZ has been at the forefront of pet healthcare innovation. We have achieved significant milestones, including conducting the first brain surgery and pacemaker implantation in dogs. Additionally, we introduced hydrotherapy and performed the first total hip replacement surgery for pets in the country. Recently, we introduced Electrochemotherapy to India, bringing revolutionary cancer treatment options to pets. We provide compassionate pet care and prioritise client education. Our experienced team of veterinarians offers a wide 69 | B W BUSINESSWORLD | 06 April 2024 range of services, from routine check-ups to specialised procedures like neurosurgery and cancer care. With advanced medical facilities, including our CT scan facility, we ensure comprehensive care for pets at every stage of their lives. Challenges The pet healthcare industry is highly fragmented, with key pain points for pet parents including limited access to quality care and low efficacy treatments. While new entrants are emerging, most focus on basic primary care, leaving tertiary care as a significant gap. Factors like inbreeding, pollution, and poor nutrition contribute to the rising demand for tertiary care. We anticipate rapid growth and evolution in the tertiary pet healthcare sector, mirroring trends in developed markets. A few other structural issues too need to be addressed, such as the scarcity of skilled vets and specialists, the availability of critical drugs, and historically there has been very little regulation specifically for the pet healthcare sector. However, this is evolving. The government is actively working on bringing in regulations for this sector, for example, on minimum standards of care. Such regulations are favourable and will not only benefit the customers by improving access to quality care but also the sector as a whole. Last but not least, awareness and benefits of pet health insurance. Piquing Investors’ Interest The pet care sector has seen significant traction in private investment over recent years, particularly in pet food and retail. However, there’s a growing interest in pet healthcare, representing a relatively untapped opportunity. Currently estimated at Rs 4,000-4,500 crore, the pet healthcare market is expected to grow at a CAGR of 12-14 per cent over the next decade, reaching around 100 million pets. With only about 30 per cent access to quality pet healthcare currently, there’s immense growth potential. Globally, pet care is an organised market with a strong focus on healthcare, whereas, in India, we are just beginning this evolution. As such, the pet healthcare market is poised for robust growth, with expectations of more than doubling over the next five years. INDIA’S PET HEALTHCARE MARKET TO DOUBLE BY 2029 PET CARE ECONOMY SPOTLIGHT n By Ojasvi Nath n With only 30 per cent access to quality pet healthcare presently, MaxPetZ’s CEO, Arun Vasudevan, believes there is ample room for expansion, positioning the sector for robust growth
70 | B W BUSINESSWORLD | 06 April 2024 Fuelled by the harmonious integration of technological advancements and entrepreneurial ingenuity, niche domains such as astro tech, climate tech, pet care tech, and legal tech are experiencing rapid growth within the startup arena I n recent years, India’s venture capital (VC) landscape has undergone a significant transformation, marked by a notable shift towards emerging, specialised sectors alongside the conventional ones. Fuelled by the harmonious integration of technological advancements and entrepreneurial ingenuity, niche domains such as astro tech, climate tech, pet care tech, and legal tech are experiencing rapid growth within the startup arena. In the dynamic technological environment of India, innovation stands as the primary driver, facilitating exponential expansion. At the core of this evolution are VCs, playing a pivotal role by providing essential funding and support to these burgeoning sectors. Their contributions are crucial in fostering a vibrant and multifaceted entrepreneurial ecosystem, driving the progress of India’s technology industry. This article explores the significant 70 | B W BUSINESSWORLD | 06 April 2024 role of venture capital in shaping the trajectory of these four exciting niche sectors, capturing the attention and interest of investors and entrepreneurs alike. Climate Tech In India, the growing acknowledgment of climate change is not just a conversation but a catalyst for the emergence of niche segments within the tech industry, particularly from the venture capital perspective. Climate tech startups are experiencing a surge, propelled by substantial investments from venture capital firms. This trend is underscored by the shared recognition of the urgency to address climate challenges among the Indian government, corporations, and consumers alike. In response to investor directives, venture capital firms are actively backing these startups, resulting in a remarkable increase in climate tech investment, which soared to $1.29 billion in 2023. What’s striking is the diversity within this burgeoning sector, with over 600 startups focusing on green technology, renewable energy, and waste management. Notably, a significant proportion of these ventures are led by women directors and hail from tier-2 and tier-3 cities, reflecting a democratisation of entrepreneurship in the climate tech space. India’s prominence in climate tech investment, ranking ninth globally, underscores the alignHow New Niche Segments Are Emerging With the Help of the Tech Industry PET CARE ECONOMY COLUMN Rajeev Ranka, Partner, Incubate Fund Asia
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 71 ment of profitability and societal benefits in this domain. The investments span a wide array of areas, including renewable energy, sustainable agriculture, and carbon capture technologies, positioning India’s climate tech sector as a vital engine of innovation in combating climate change. Pet Care Tech The convergence of pet care and technology has sparked a burgeoning niche segment that has caught the attention of venture capitalists in India. In recent years, the pet care industry has witnessed remarkable growth, with startups capitalising on the evolving lifestyles of pet owners. With VC investments totalling $150 million last year alone, this sector is experiencing a surge in innovation and funding. Startups are strategically targeting both the e-commerce and veterinary sectors, recognising the diverse needs of pet parents in a rapidly changing landscape. From personalised pet health monitoring to the development of smart accessories and pet-friendly e-commerce platforms, entrepreneurs are harnessing technology to revolutionise the way we care for our furry companions. This intersection of technology and pet care not only addresses practical needs but also taps into the emotional bond between humans and their pets, making it an enticing prospect for investors. The Indian pet care market, currently valued at $9 billion, saw a staggering 150 per cent year-on-year growth in VC investments in 2023, underscoring the industry’s potential. Legal Tech Legal tech startups are harnessing technology to streamline legal processes, improve access to justice, and enhance efficiency. VC funding in legal tech reached $180 million last year, with startups offering solutions like contract automation and dispute resolution tools. As regulatory complexities mount, legal tech startups play a vital role in democratising legal services. India’s legal landscape is undergoing a digital revolution, with startups leveraging automation and artificial intelligence (AI) to make legal services more accessible and efficient. With the Indian legal tech market projected to reach $1.4 billion by 2025, VC investments soared in 2023, empowering individuals and businesses with user-friendly platforms. Astro Tech The emergence of astro tech in India presents a fascinating investment opportunity within the realm of digital spirituality. With the Indian religious and spiritual market valued at $44 billion in 2020 and expected to grow at a robust CAGR of 10 per cent through 2027, the sector showcases remarkable potential for exponential expansion. The proliferation of startups, with approximately 250 companies actively engaged in astrology services, reflects investor confidence and underscores the sector’s attractiveness. Moreover, the infusion of $5.51 million across 15 funding rounds since 2019 highlights increasing investor interest in this niche. The projected surge of the Indian astro tech market to Rs 50,000 crore ($6.5 billion) by 2025 further amplifies its allure. Leveraging AI for personalised consultations enhances user experience and underscores the pivotal role of technology in revolutionising traditional practices. In essence, astro tech in India represents not only a lucrative investment proposition but also a transformative force reshaping the spiritual landscape for the digital age. Conclusion In conclusion, the burgeoning tech landscape in India is witnessing a profound transformation, marked by the exploration of niche segments and the infusion of enthusiasm from venture capitalists. The emergence of domains like astro tech, climate tech, pet care tech, and legal tech presents tangible opportunities for collaboration and innovation. As these sectors evolve, the symbiotic relationship between startups, established entities, and venture capitalists will play a decisive role in shaping India’s innovation ecosystem. THE INDIAN PET CARE MARKET, CURRENTLY VALUED AT $9 BILLION, SAW A STAGGERING 150 PER CENT YEAR-ONYEAR GROWTH IN VC INVESTMENTS IN 2023, UNDERSCORING THE INDUSTRY’S POTENTIAL Photographby Olga Stock/CANVA
72 | B W BUSINESSWORLD | 06 April 2024 Top-tier investors like Cred founder Kunal Shah, Mamaearth’s Co-founder Varun Alagh, and ShareChat’s Co-founder Farid Ahsan are among those flocking to the pet care space For savvy investors seeking promising opportunities, the pet care industry stands out as fertile ground. What began as a modest sector has now flourished into a multi-billion-dollar market, driven by urbanisation, changing family dynamics, and a significant shift in attitudes towards pet ownership. With the pet population surpassing 38 million and investments exceeding $170 million, the appeal of this sector to investors is undeniable. Let’s explore in detail how the Indian pet care market is attracting such keen interest from investors. Background Today, India is the world’s most rapidly expanding pet care market. In 2019, there were approximately 20 mil72 | B W BUSINESSWORLD | 06 April 2024 lion pets in India, but now this number has exceeded 38 million, out of which 34 million are pet dogs. This growth is poised to accelerate further as the market offers an array of quality products and services and is expected to touch 54 million by 2027. During the pandemic, the need for companionship became a driving force behind pet adoption and purchase, causing the pet population to soar. Emerging Trends This transformation in the pet industry can be attributed to several factors. Urbanisation played a pivotal role, as nuclear families in urban centres started embracing pets as integral family members, rather than just guard dogs, as was the case in the past. Remarkably, couples now encourage their children to refer to Is India’s Pet Care Market the Next Investment Hotspot? PET CARE ECONOMY COLUMN Neeraj Tyagi, Co-founder & CEO, We Founder Circle Photograph by KroKodi11
06 April 2024 06 April 2024 | BW BUSINESSWORLD BUSINESSWORLD | 73 their pets as brothers or sisters, a concept unimaginable a decade ago. Previously, pets were often tethered indoors and restricted to the floor, but now, they roam unleashed, snuggle on couches, and even share beds with their parents. Indians have transitioned from being pet owners to becoming pet parents, reflecting a shift in attitudes and values. This change is driven by aspirational goals and self-sufficiency, causing people to reconsider traditional family models. The younger generation will play a significant role in propelling this transformation even more. Recognising the importance of happiness and freedom from financial liabilities, they will opt for pet parenting over parenthood. Key Startups Key startups in the Indian pet care space are as follows: Drools: Drools specialises in pet food, offering a diverse range of nutritionally balanced options for pets. They cater to various dietary needs and preferences of pets, ensuring their health and well-being. Heads Up For Tails: It’s a pet care brand that provides a wide array of products and services catering to the needs of pets and their owners. From premium pet accessories to grooming services, they aim to enhance the lives of pets and their families. Just Dogs & Zigly: These are retail stores offering a curated selection of pet products along with grooming services. They provide a convenient one-stop destination for pet owners to fulfill all their pet care needs. Supertails: Supertails operates an online platform offering a comprehensive range of pet products along with the convenience of online vet consultations. They prioritise the health and happiness of pets by providing access to essential supplies and professional advice. Vetic: Vetic is a chain of veterinary clinics dedicated to providing high-quality medical care for pets. They offer a range of services including routine check-ups, vaccinations, surgeries, and emergency care, ensuring the well-being of pets across the country. Wiggles: Wiggles is a direct-to-consumer brand specialising in pet products. They offer a wide range of innovative and high-quality products tailored to meet the unique needs and preferences of pets and their owners. Market Size and Investment Scenario The pet care market size is estimated to be around $1.2 billion as of now and pet food commands 80-90 per cent of this. With more products and professional services hitting the market along with increasing pet parent knowledge, the market is expected to expand rapidly. So far the Indian pet care market has seen a total investment of more than $170 million with Drools bagging the biggest chunk of $60 million last year from L Catterton. Between 2021 and 2022 HUFT raised $37 million led by Verlinvest and Sequoia Capital India and Just Dogs raised $7 million from The Sixth Sense Venture. Recently Supertails closed a funding round of $15 million led by RPSG Capital Ventures along with existing investors such as Fireside Ventures, Saama Capital, DSG, and Sauce VC. Other VCs who are part of this space are Anthill Ventures, Panthera Peak Ventures, Info Edge, and Point One Capital. Some top-level angels have also invested in the pet care space - Cred founder Kunal Shah, Mamaearth’s Co-founder Varun Alagh, S h a r e C h a t ’s C o - f o u n d e r Fa r i d Ahsan, Lachy Groom, Utsav Somani, Nitin Saluja (founder Chaayos) and Ritesh Agarwal (CEO), among many others. The Way Forward The industry is seeing more entrants coming into the space like Sploot (Pet Products, Dog Walking/ Home Grooming), Zoivane (Pet Products), Awwzo (Pet Boarding/Daycare), and Snouters among many others. The willingness of pet parents to invest in their pets as they learn more about pet parenting and their increasing disposable income highlights the immense potential in this market. We will see a lot of new and innovative pet products aimed at the health of pets, be it food, treats, or grooming and also many unorganised sectors like grooming, boarding, and training will be organised with companies launching professional services. The pet care market has just started to warm up and its growth is expected to grow at a CAGR of ~20 per cent between 2022-32. Although the Indian pet care industry holds vast growth potential, it is crucial to understand the current needs of pet parents. It is essential to look to markets like the US, Europe, or Australia for inspiration but adapt solutions with an Indian touch. Addressing genuine pain points and providing guidance to pet parents will be key to long-term success in this evolving industry. SO FAR THE INDIAN PET CARE MARKET HAS SEEN A TOTAL INVESTMENT OF MORE THAN $170M WITH DROOLS BAGGING THE BIGGEST CHUNK OF $60M LAST YEAR FROM L CATTERTON Photograph by Tadija
74 | BW BUSINESSWORLD | 06 April 2024 hile the nation is caught up in election fever, let us focus on the 2024 interim Union Budget presented by the Union Finance Minister, Nirmala Sitharaman. This could be a game-changing budget to rescript India’s growth story. Going Back In Time Let us go back in time. Since our independence, Indian policymakers and political powers have been grappling with numerous challenges and had to juggle with too many balls in the air. In 1948- 49, food production was low, so self-sufficiency in food grains was the highest priority. Significant expenditure was on refugee relief and rehabilitation. In 1949-50, the post-partition effect, floods in Bihar and cyclone in Bombay, and the famine on the western coast influenced the budget. 1950-53 saw the first budget after India adopted the constitution. It revolved around the public sector and finances and dealt with taxation, public savings, and inflation. Growth in the agriculture sector was the priority. 1955-60 saw a thrust on the education sector and industrial production, increasing the standard of living and reducing poverty. The 1960-65 budget had primary considerations for building the defence sector, and the agriculture output needed to match the investment due to an unfavourable climate. In 1965-70, there were significant concerns about price rises and scarcity of food supplies. The government promoted citizens’ considerable participation in industry growth. 1970-75 stressed employment opportunities, rural and urban development, and nationalising general insurance companies and coal mines. The priority in 1975-80 was agriculture, providing good quality seeds of high-yielding variety. 1980-85 prioritised improving the socio-economic condition of the scheduled castes, hills, and tribal areas as a significant element of development strategy. 1985-90 saw the rationalisation of various tax and duty structures like the introduction of MODVAT, Minimum Alternative Tax, and the intention to remove the license raj. 1991-2000 marked the post-liberalisation phase that exposed Indian industry to competition from abroad. India placed bets on growth through rapid technology development. Other highlights include bringing out black money through schemes like VDIS and widening the tax base. 2000-2011 was the exceptional growth of the IndiW BUDGET 2024: We Need a System Thinking Approach to Rescript the India Story Column By Asit K Barma & Mafruza Sultana Mafruza Sultana, Assistant Professor, BIM Trichy Asit K Barma, Director and Professor, BIM Trichy
06 April 2024 | BW BUSINESSWORLD | 75 ers constantly grappled with firefighting, wondering which priorities needed to be on steroids. At the same time, India’s federal structure witnessed many schemes rolled out disjointedly by state and union governments, often out of political compulsions, leaving little scope for consolidation of schemes or removing overlaps or study of impacts thereof. Focus Should Be On Critical Areas To achieve sustained economic development, India must focus on critical areas, which can be achieved through targeted budgetary measures that prioritise those key areas. The impact of all-around development has been taken care of for all the sectors in the interim budget 2024 while considering growth. The budget is focused on inclusive growth by allocating resources to uplift marginalised communities, reduce income inequality, and ensure equitable access to opportunities. While the critical development indexes will be addressed through various schemes at the central and state levels, the budget rightly identified the growth drivers. India’s tech sector will see a greater tailwind through the government’s sustained Digital India initiatives. Along with this is India’s long-tail consumption base (like India ranking number one globally in mobile phone subscriptions, followed by China and the USA). It is, therefore, no wonder global tech companies are seriously working on their India strategy, which is no longer a China-plus strategy; India has now built its strong pull factors. Techno-economic conditions like the global value chain and digital supply chain make India’s story even more compelling. The Finance Minister announced a Rs 1 trillion corpus to help finance technology research to boost this sector. She also hinted at a new scheme to strengthen deep tech technologies for defence and Atmanirbharta. Investors now watch companies engaged in cloud computing, e-commerce, AI, cybersecurity, and fintech. The FM pressed all the right buttons to pave the way for a system-thinking approach linking the key development indexes with various schemes to ensure growth and development, improve critical indexes, and work on the growth drivers. System thinking involves using diagnostic tools like causal loop diagrams and management simulators to realise and narrate systems. In this, we analyse the system’s components and how they may influence everyone in the workplace. The components in a system can encompass the citizens, government, technology, resources, and information. Systems thinking generally comprehends studying the liaisons within these components and how they can affect one another. A system-thinking approach in public policy can ensure convergences of schemes aligning with themes, removing overlaps and redundancies. The 2024 interim budget opens the possibility of a system thinking approach. We believe the blueprint for a new growth phase is here to turbocharge India’s transformation story. The interim budget 2024 focuses on inclusive growth by allocating resources to uplift marginalised communities and ensure equitable access to opportunities an IT industry fuelled by the tax holiday extended to the sector. The 2012 budget had a pro-poor agenda, providing access to credit for people experiencing poverty. The 2013 budget was around inclusivity and sustainable development. In the revised estimation, the agricultural budget was increased by 22 per cent. Still, there needed to be initiatives to elevate farmers from debt-ridden operations or provide a sustainable agrarian vision. Women and youth seemed to get priority. 2014 had thrust on the health sector, large solar power projects, and the Ganga conservation mission, leaving little for the farmers or the decentralised mini or micro solar power projects in the rural areas. From 2015 onwards, we saw successive budgets addressing issues like sanitation coverage of India, Digital India, increasing the income of farmers, huge infrastructure development, and the Make In India drive. ‘First Develop India’ In the 2024 interim budget, Finance Minister Nirmala Sitharaman defined the Gross Domestic Product (GDP) as ‘Governance, Development and Performance’ while presenting the interim budget for FY25. She also coined FDI as ‘First Develop India’ as an extension to the Make in India initiative. She pointed to a substantial FDI influx of $596 billion from 2014 to 2023, almost double that of $298 billion. So we notice the policymakPhotograph by Mauyom98
INNOVATORS DRIVING THE FUTURE OF MOBILITY Young innovators at the forefront of automotive excellence were honoured at the BW Auto World 40 Under 40 Summit & Awards 2024 ByUtkarsh Agarwal I n an era defined by rapid technological advancements and evolving consumer preferences, the automotive industry stands at the forefront of innovation. The second edition of the BW Auto World 40 Under 40 Summit & Awards 2024 served as a testament to the industry’s vibrant spirit, celebrating the young visionaries who are driving transformative change within the sector. The event brought together industry leaders, innovators, and enthusiasts alike to honour the exceptional achievements of individuals under the age of 40 who have made significant contributions to the automotive landscape. The Process and Methodology This year, BW Team reached out to over more than 1000 individuals in auto and connected industries and received more than 200 applications, out of which 80 unique nominations were shortlisted after a screening round by BW editorial leaders and 60 were presented to the jury to select the Top 40 people. Each jury member employed an independent scoring system. At the BW Auto World 40 Under 40 Awards 2024, nominees underwent a rigorous evaluation process that identified the most promising talents in the industry. Their performance and contributions were assessed, based on criteria such as innovation, impact, and leadership potential. Additionally, the jury examined the effective implementation of these innovations and their tangible impact on the automotive industry. Key contributions and any awards previously received by the participants were also taken into account. Whether through the implementation of innovative technologies, the launch of new initiatives, or the adoption of sustainable practices, these individuals have demonstrated a commitment to excellence and a passion for pushing the boundaries of what is possible in the world of auto. Esteemed Jury The jury for the awards included prominent personalities such as Jyoti Malhotra, Managing Director of Volvo Car India, who served as the Jury Chair; Sanjay Gopalakrishnan, Sr. Vice President - Electric Passenger Vehicle Business, BYD India; Vinkesh Gulati, Vice President, ASDC; Rashmi UrdhOverview Photograph by Naval Kishor 76 | BW BUSINESSWORLD | 06 April 2024 WORLD BW AUTO 40/40
1.AAKASH MINDA, Executive Director, Spark Minda 2 .ADITYA OZA, CMO & Co-founder, Emotorad 3. AJIT PATIL, Founder & CEO, Rivot Motors India 4.AKASH CHATURVEDI, CEO, Boys and Machines 5.ANANT NAHATA, Managing Director, Exicom 6 .ASHMITHA C GHODKEY, Software Architect, Bosch Global Software Technologies 7.AVINASH SHARMA, Co-founder & CEO, ElectricPE 8.DINKAR AGRAWAL, Founder & CTO, Oben Electric Vehicles 9 .Dr AANCHAL JAIN, CEO, PMI Electro Mobility Solutions 10.HARSH SARUPARIA, Co-founder & CTO, 1T9 Technology (OTO Capital) 11 .JATIN AHUJA, CEO, Big Boy Toyz 12.KARAN MAHESH KADABA, Director, 3eco Systems & 3ev Industries 13.KUNAL GUPTA,CEO & Co-founder, Emotorad 14.KUSH MEHROTRA, Vice President, C.E. Info Systems [MapmyIndia (MMI)] 15.MADHUMITA AGRAWAL, Founder & CEO, Oben Electric Vehicles 16. MAYANK SIKARIA, President & Cofounder, Sibros 17.MOHAMMED ZULFIQUAR KHANU, Digital Portfolio Lead – Service Exp, Mahindra & Mahindra 18.NAMAN JAIN, Director, NTF Group Holding 19.NIRMAL NR, CEO – 3 Wheeler Businesses, Greaves Electric Mobility 20.P S SATYANARAYANA, Staff Engineer Advance Engineering, John Deere India 21.PUNIT KHANDELWAL, CFO and Board of Director, PreBo Automotive 22 .RAJESH KUMAR, Managing Director and CEO – India, KORN Consult Group India 23.RAJIB GANGOPADHYAY, Founder and Director, Emotorad 24.RAJNEESH KUSHWAHA SINGH, Chief Marketing Officer, HOP Electric Mobility 25.RANDHEER SINGH, CEO, ForeSee Advisors 26.REETI NAGESHRI, Head of Product & Strategy – Electric SUVs, Mahindra & Mahindra 27.SANKALP SINHA, Business Development Executive – Automotive Industry, IBM 28.SHALABH CHATURVEDI, Managing Director, CASE Construction Equipment – India and SAARC, CASE Construction Equipment (India) 29.SHISHIR GANDHI, Co-founder, GarageWorks 30.SHREEDHAR F P, Founder & CEO, Serviceplug Technology 31.SHREYAS KRISHNA, Business Head, AUTOSherpa (A product of WyzMindz Solution) 32 .T P SIVASANKARI, Founder & MD, AR4 Tech 33.TARKESHWAR RAO, Director Customer Services & Digital Ecosystem, Quantron AG 34.VISHAL MURALIDHARAN, Head of Innovation and Adaptation, Motion Technologies and Services, Continental Automotive Components India 35.YUVRAJ SARDA, Business Development Head – eMobility Solutions, Volvo CE India THE WINNERS The Chief Guest Nitin Gadkari, Minister for Road Transport & Highways, Government of India graced the occasion as chief guest. During his address he remarked, India needs to understand the true meaning of Atmanirbhar Bharat to increase its exports and reduce its imports and propel itself towards a carbon-neutral future, and the contributions of these young innovators will play a crucial role in realising this vision. The Minister also declared that an electric cable highway is going to be built between Delhi and Jaipur which will reduce the time of travel between the two locations to just two hours. wareshe, Former President, SAE India (Society of Automotive Engineers India); Anil Srivastava, Professor of Practice, IIT Kanpur, Director, Epsilon Advanced Materials and Former Principal Advisor & Director General, NITI Aayog; Vikas Aggarwal, Founder & MD, IPower Batteries; Balaji Pandiaraj, Country Service Line Leader & Executive Director - Customer Experience, Ipsos India; Suhas Rajkumar, Founder & CEO, Simple Energy; Annurag Batra, Chairman & Editorin-Chief, BW Businessworld & Founder, exchange4media; Harbinder Narula, CEO - BW Healthcare World & BW Wellbeing World; and Noor Fathima Warsia, Group Editorial Director, BW Businessworld. 06 April 2024 | BW BUSINESSWORLD | 77
Profiles 78 | BW BUSINESSWORLD | 06 April 2024 WORLD BW AUTO 40/40 Aakash Minda is taking the lead in shaping the future of new-age mobility. He is dedicated to surpassing customer expectations through top-notch products and services with a sharp focus on organisational vision and business goals with agility. Minda firmly believes that the ongoing transition of the automotive sector towards sustainable mobility depends upon all the key players adapting to the change. He was instrumental in introducing several initiatives which contributed towards sustainable mobility and reduced carbon footprint. With the automotive sector transitioning towards Electric Vehicles (EVs), Spark Minda Green Mobility (SMGM), their wholly-owned subsidiary, focuses on products catering to the EV segment, along with high-tech offerings such as Telematics and Intelligent Transport Systems (ITS). Minda has also ensured that the stateof-the-art manufacturing facilities enable the team to meet the highest quality parameters. Under Minda’s guidance, the company is focusing on offering cutting-edge products such as DC Converters and battery chargers, perfectly customised for the EV segment. He has also led Spark Minda to focus on EV solutions such as battery management systems, power distribution units and electric motors. He is also spearheading premiumisation and advanced versions of companies’ legacy solutions for flagship products. His initiatives have resulted in faster turnaround times, reduced lead times, and improved delivery performance. TOWARDS NEW-AGE MOBILITY Aakash Minda Executive Director Spark Minda Age: 33 Born and raised in the bustling city of Indore, Madhya Pradesh, Aditya Oza’s ambitions always stretched far beyond the horizon of his hometown. He pursued his higher education in Gujarat, where he discovered a passion for business and marketing. Immersed in the vibrant academic environment, he picked up tricks of the trade by actually venturing on an entrepreneurial journey that went on to become huge in the startup world. Eventually, his journey led him to Dubai, where he had a high-paying tax-free job. He thought he had such great plans in place to make it big, but fate had something else in store. A call from Kunal Gupta (CEO of Emotorad) sparked a fire within him, igniting his desire to pursue a dream beyond the confines of corporate life. Fueled by unwavering belief and a thirst for challenge, he quit his high-paying job in Dubai and took the biggest challenge of his life to pursue entrepreneurship with Emotorad. Then, another challenge for him was to build Emotorad from the ground up. Alongside his co-founders, he was able to overcome the challenges and established Emotorad as a leading player in the electric vehicle industry. Additionally, securing funding was a constant uphill battle. Building a startup requires significant capital, and attracting investors is not easy. However, Oza, with his co-founders, was able to secure the funding needed to scale their business and achieve the goals by sharing their vision. ENTREPRENEURIAL MAVERICK Aditya Oza CMO & Co-founder Emotorad Age: 33 Photographs by Naval Kishor
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8006 April 2024 | BW BUSINESSWORLD | BW BUSINESSWORLD | 06 April 2024 | 80 Ajit Patil quit a seven-figure multi-national company job and relocated to his home town Belagavi, to set up Rivot Motors to give back to society. He was able to identify gaps in the market and build companies accordingly which have turned profitable in no time. With this, he generated more than 50 jobs for the people who would have otherwise migrated to other cities. Patil also set up FAAST, a speed fibre internet service when none was present in Belagavi. He also established Outofbox Cloud, a cloud service provider like AWS, Azure and GCP completely built and run from Belagavi city, which has already turned profitable. Currently, EMPHASIS ON RESEARCH AND DEVELOPMENT Akash Chaturvedi, the CEO of Boys and Machines, is a visionary entrepreneur dedicated to revolutionising the luxury used car industry in India. His commitment to customer satisfaction and business ethics sets him apart in the competitive market landscape. Under his leadership, Boys and Machines have successfully onboarded customers from tier-2 and tier-3 cities, demonstrating a remarkable 85 per cent customer retention rate and achieving 100 per cent customer satisfaction. Chaturvedi ensures that every customer receives personalised attention, making them feel at home even before any business transaction takes place. He goes INNOVATION IN LUXURY USED CARS Patil is busy building an electric scooter with the longest range due to indigenously developed recoEngine which captures most of the energy back which is generally wasted during braking. To date, there has been no external investment for any of the three companies. Patil also introduced methods of new product development which cost less and the turnaround time is one-third of the traditional methods. He is also instrumental in building an automotive engineering team of 15 in a tier-2 city, consisting of designers, sculptures, clay modellers, computer-aided design (CAD), computer-aided manufacturing (CAM) engineers, electronic system design and manufacturing (ESDM), Software and AI team. With a strong emphasis on R&D, the company and Patil are dedicated to designing and manufacturing state-of-the-art products. the extra mile by providing after-sales assistance nationwide and actively seeking individual feedback to continuously improve the customer experience. Chaturvedi’s employee motivation sessions, held weekly, instil a culture of accountability and goal achievement within his team. His strategic use of social media garners maximum attention for the company’s new stock additions, further enhancing its market presence. Beyond business, Chaturvedi is deeply committed to corporate social responsibility, exemplified by Boys and Machines’ initiatives to provide food and shelter to pets in the local community. Driven by a passion for growth, Chaturvedi stays abreast of industry developments. His exemplary leadership and commitment to excellence serve as an inspiration to young entrepreneurs, demonstrating the potential for significant growth and impact in the Indian market. Ajit Patil Founder & CEO Rivot Motors India Age: 39 Akash Chaturvedi CEO Boys and Machines Age: 31 WORLD BW AUTO 40/40
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Profiles 82 | BW BUSINESSWORLD | 06 April 2024 WORLD BW AUTO 40/40 I n order to create and implement a framework for managing software complexity (management of technical debt) across important client accounts, Ashmitha C Ghodkey, Software Architect, Bosch Global Software Technologies strategically oversaw a matrix project. Additionally, a project setup was created with the goal of developing and delivering process techniques and a tool landscape for future embedded control units that took into account evolving market demands and incoming state-of-the-art technology. “We moulded the industry standard software design techniques to fit into powertrain automotive embedded software domain and automated the monotonous patterns. This is a new perspective for model-based software engineering which is a competitive advantage as software changes can be made fast, with less effort and risk. This leads to an average gain of 20 per cent productivity improvement,” said Ghodkey. Based on a market survey, she developed a holistic strategy to enable a conducive development ecosystem to cater to the future needs of customers. Ghodkey believes considering the changing market and more diverse product needs, the company should not have one system solution/ architecture that fits all. Therefore, a paradigm shift to product development is introduced with architecture-driven engineering that provides product-specific architecture that is available at a very early phase, provides standardised definitions, supports information exchange with internal and external software suppliers and so on. A HOLISTIC STRATEGY Ashmitha C Ghodkey Software Architect Bosch Global Software Technologies Age: 37 Ananta Nahata is presently the Managing Director of Exicom, a leading global player in critical power solutions and the manufacturing of EV chargers. His journey with Exicom commenced in 2009, and over the years, he has played an instrumental role in expanding the company’s operations into Li-ion batteries and EV chargers. Exicom, once a Rs 60 crore company in 2010, evolved into a Rs 900 crore powerhouse by 2022, under his leadership. The journey has been marked by vertical integration across critical areas, including research and development, engineering, manufacturing, sales and service. They have also expanded their footprint beyond Indian borders, extending their presence into Southeast Asia, Europe and Africa. An especially pivotal experience for Nahata was observing his father’s remarkable journey in establishing Himachal Futuristic Communications (HFCL). Key lessons he learnt from his father include the importance of creating solutions that improve the lives of customers and the significance of staying relevant in a constantly evolving landscape. Apart from that, Nahata firmly believes that a company’s values should be shared by its employees. Therefore, he introduced a set of core values for his team, with the hope that each member would integrate these values into their daily work. Today, Exicom has not only become a leading provider of EV chargers but has also successfully filed for an IPO, marking the path for further expansion. EXPANDING FOOTPRINT BEYOND INDIA Anant Nahata Managing Director Exicom Age: 38
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8406 April 2024 | BW BUSINESSWORLD | BW BUSINESSWORLD | 06 April 2024 | 84 With a rich experience of over 14 years in tech-based startups, shared mobility, and Electric Vehicles (EVs), Avinash Sharma, Co-founder & CEO, ElectricPE founded the company with a vision to save the planet one kilometre at a time. To achieve this goal, he chose the route of building electric mobility for the world, starting in India. Sharma identified and began solving the largest roadblock to massive EV adoption - range anxiety. He took a bet, that if EV charging was made available at the click of a button, similar to booking a movie ticket on BookMyShow, it would remove range EV CHARGING AT THE CLICK OF A BUTTON Dinkar Agrawal is an innovator and inventor, holding several patents in the Electric Vehicles (EVs) domain. At Oben Electric, he brings with him more than 12 years of varied experience in R&D, along with a rich knowledge of more than seven years across EV value chain systems such as Battery, Motor, BMS, Charging Infrastructure, and EV Data Analytics. He spearheads R&D and Operations at Oben Electric, whilst leading new product development, advanced EV tech development and setting the technical vision for the company. In his previous entrepreneurial stint as a Founder & CEO, he built a bootstrapped profitable multi-million A VISIONARY TRAILBLAZER anxiety completely. Since then, Sharma has been stirring up a revolution in the EV industry in India. He was instrumental in establishing the largest and most dense charging network in Bangalore with 10,000 charge points on the ElectricPe platform in a span of seven months, whereas it took seven years for 8,000 charging points to be established across the country. With no funding to back him up and with only a vision, Sharma worked towards bringing in the best in the industry in order to make his dream a reality. For this, he approached multiple industry stalwarts and convinced experts who worked with big brands like Ola, Udaan and Black Buck to form the leadership team. Sharma believes building ElectricPe was not just about being relevant but also financially successful, contrary to the high level of uncertainty in the EV charging space. revenue-generating business in the niche field of technology consulting and R&D support. He has worked with GE’s Global R&D teams and holds patents in Advanced Technologies such as Contactless Power Transfer Systems. Agrawal holds a degree in Electronics & Telecommunications Engineering from Jiwaji University and holds an LLB from IIT Kharagpur. In his spare time, Agrawal enjoys reading about business, the latest technological advancements, and about novel gadgets. He has also been a national-level swimmer and enjoys swimming in his spare time. As a cofounder, he envisages a mission to be able to bridge a greater gap that exists in the industry today by developing/ manufacturing products that will help consumers in a seamless transition from ICE to EV, while giving them a similar riding experience. Avinash Sharma Co-founder & CEO ElectricPE Age: 37 Dinkar Agrawal Founder & CTO Oben Electric Vehicles Age: 38 WORLD BW AUTO 40/40
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Profiles 86 | BW BUSINESSWORLD | 06 April 2024 WORLD BW AUTO 40/40 With over ten years of expertise in the fields of product management, business intelligence/analytics, and data science, Harsh Saruparia, Co-founder and CTO, 1T9 Technology (OTO Capital) founded and built OTO, a l e a d i n g c o m m e r c e - e n a b l e d finance platform, revolutiona l i s i ng t wo -w he eler bu y i ng , owning and financing by providing a simplified experience for millions of Indians. He headed the development of creating a dedicated platform for Electric Vehicles (EVs) which has helped OTO to achieve 19 times growth in the sales of EVs for the last financial year, thereby helping OTO to emerge as an EV flag bearer in the Indian automobile market. Saruparia has previously worked for Fractal analytics, housing.com, CredR, and Flexi loans. He has proficiency in working with crossfunctional teams such as business, operations, marketing, and finance to build products and algorithms to integrate, optimise and streamline processes of different departments. He also has a track record of exceptional performance and successful project delivery. Saruparia actively looks out for the latest technologies and trends to adopt into the business in order to create a seamless experience for Indian two-wheeler customers. He launched the super Equated Monthly Installment (EMI) plan that provides 35 per cent lower EMI than any other lender and introduced the feature offering customer flexibility to upgrade or own the vehicle before the tenure ends. REVOLUTIONALISING TWO-WHEELER BUYING Harsh Saruparia Co-founder & CTO 1T9 Technology (OTO Capital) Age: 33 I n the bustling corridors of PMI Electro Mobility Solutions, Aanchal Jain’s footsteps echoed with purpose. As the CEO, her vision stretched beyond the confines of convention, propelling the global technology company, specialising in advanced electric bus manufacturing, into uncharted territories. Armed with a Ph.D. in Economics, her journey from academia to the helm of an electric bus manufacturer was marked by an insatiable hunger for knowledge and a relentless pursuit of impact. Apart from contributing as an economist at various BEYOND THE CONFINES OF CONVENTION Aanchal Jain CEO PMI Electro Mobility Solutions Age: 35 global organisations, Jain has also been a visiting scholar at Harvard University and visiting faculty at University of California, Berkeley. Her leadership prowess, honed through years of experience, proved instrumental in guiding PMI Electro Mobility Solutions through turbulent waters and towards unprecedented growth. Yet, Jain’s leadership transcended mere numbers and profits. It was rooted in a deepseated belief in collaboration and innovation. Within the walls of PMI Electro Mobility Solutions, she cultivated a culture of creativity, inspiring her team to push the boundaries of technological advancements while championing sustainability and corporate social responsibility. Under her dynamic leadership, PMI Electro Mobility Solutions isn’t just a company; it’s a beacon of change, driven by one woman’s unwavering resolve to leave a lasting impact on the world.
06 April 2024 | BW BUSINESSWORLD | 87 J atin Ahuja, a mechanical engineer turned entrepreneur, exemplifies the fusion of passion and perseverance in his journey with Big Boy Toyz. Starting with an investment of just Rs 70,000, he catapulted the company to a staggering annual revenue of Rs 600 crore, dominating India’s pre-owned luxury car market with a nationwide presence. But the road to success was not without challenges. Overcoming the stigma associated with pre-owned cars was paramount. He addressed this by prioritising quality and transparency, ensuring customers receive true luxury rather than just a pre-owned vehicle. Embracing FROM ENGINEER TO LUXURY CAR MOGUL Karan Mahesh Kadaba, Director, 3eco Systems & 3ev Industries brings over nine years of entrepreneurial experience in renewable energy projects in India and the Middle East. Also, he conceptualised the sale lease model at 3eco Systems & 3ev Industries, this involved innovative financial engineering for Asset Based Financing of EVs & Battery as a Service (Baas) in an industry where there was no prior track record for the same. Kadaba co-founded 3eco Systems & 3ev Industries with Peter Voelkner (a serial entrepreneur) in 2020 and scaled the startup through Covid-19 DEDICATED 3W EV SERVICE PROVIDER technology, implementing fixed pricing, and establishing pan-India experience centres further solidified Big Boy Toyz’s reputation. The brand is now further venturing into the volume luxury car segment, addressing the current gap in the automotive consumer market, capitalising on its digital presence and the trust built over the years. Beyond automotive excellence, Ahuja’s vision extends to the education sector, with plans to launch India’s first automotive-only university. The key achievements in his journey include the adoption of a fixed price policy, pioneering digitalisation in the industry, and fostering trust evidenced by 42 per cent of customers purchasing without prior inspection. Ahuja’s sights are set on reaching the coveted Rs 1000 crore revenue mark very soon. His love for luxury cars goes beyond mere admiration; it’s a deep-seated passion that fuels every decision and endeavour at Big Boy Toyz. to become India’s largest dedicated 3W EV service provider with a fleet of over 600 3W EVs, serving the biggest names in corporate India, such as Amazon, Big Basket, Flipkart, DHL, Decathlon, Dmart and Bisleri. Kadaba has demonstrated an ability to make decisions faster in a nascent industry like EVs where they don’t have all of the needed information, for example, specifications and design elements for EVs, charging infra rollout and most importantly choosing to provide a turnkey solution to large enterprises. “My professional involvement in the combined solar projects and EVs deployed to date have helped offset approximately 25,000 metric tonnes of carbon dioxide reduction or equivalent of 5 lakh trees being planted! My journey has just begun and with the recognition accorded by way of BW Auto World 40U40 awards, I shall pursue this cause with greater rigour,” said Kadaba. Jatin Ahuja CEO Big Boy Toyz Age: 34 Karan Mahesh Kadaba Director 3eco Systems & 3ev Industries Age: 33
Profiles 88 | BW BUSINESSWORLD | 06 April 2024 WORLD BW AUTO 40/40 Kunal Gupta’s journey from Nagpur to Pune and then to the zenith of India’s EV (Electric Vehicle) industry is a testament to his unwavering determination and strategic vision. Reflecting on his background, Gupta credits his entrepreneurial drive cultivated during his MBA days in Pune that laid the foundation of Emotorad, the E-cycle startup. Every move he made, fuelled by his entrepreneurial drive and strategic thinking, pushed Emotorad closer to becoming the powerhouse E-cycle startup it is today. Navigating the complexities of the Indian EV industry posed significant challenges for him. Trying to carve out a space for Emotorad in the midst of all that fierce competition was not a walk in the park for him. However, armed with strategic thinking honed during his MBA, he managed to push through with sheer determination and a clear vision. Every challenge that came his way became an opportunity to innovate and set himself apart from the pack. His commitment to eco-friendly transportation, rooted in Gupta’s Nagpur origins, became his guiding star. Reflecting on Emotorad’s journey, Gupta has achieved numerous milestones, but crossing the Rs 300 crore revenue mark within just three years of starting the venture, stands out. It’s a testament to his hard work, dedication, and belief in this venture. But beyond monetary success, Gupta values the transformative impact Emotorad has had on communities while pushing the boundaries of sustainable transportation. RIDING THE E-CYCLE TO SUCCESS Kunal Gupta CEO & Co-founder Emotorad Age: 32 Kush Mehrotra has had an illustrious career spanning over two decades, marked by significant achievements and milestones. Having held top management leadership positions in companies such as NIIT, Oracle, Pantel Technologies, Daphne Systems, Rosmerta Technologies, NKC Projects, Watsoo Express, IMZ Corporate, Mehrotra has honed his expertise in various domains including IoT, AIDC, RFID, tracking, tracing, and secure logistics. He is recognised for his ability to incorporate innovative management techniques, systems, processes, procedures to enhance business practices, increase productivity, boost revenues, have core talent for forging strong relationships with key decision-makers, other managers, and channel partners. Some of his accomplishments include BW 40 Under 40 @ 2024, TOI CEO Leaders @ 2023, CEO Insight @ Top 10 CEO Leaders @ 2023 & 2022, Business Touch Top 10 CEO Leaders @ 2022, to name a few. When it comes to academics, he holds many degrees, viz. M. Phil (CS), MCA, M.Sc. (IT), GNIIT, IPRs (IIT Delhi), CEM (IIT Delhi), BEC (University of Cambridge), Transport Management (GIMI, Israel). Currently, he has embarked on a new journey as Vice President at MapmyIndia (MMI). Under his leadership, IMZ has witnessed substantial growth, with a turnover of Rs 30 crore in the Financial Year 2022-2023, representing a compounded annual growth rate (CAGR) of 150 per cent. INNOVATIVE TECHNIQUES Kush Mehrotra Vice President C.E. Info Systems [MapmyIndia (MMI)] Age: 40
06 April 2024 | BW BUSINESSWORLD | 89 Madhumita Agrawal’s journey from a budding entrepreneur to the forefront of the electric vehicle (EV) revolution is nothing short of extraordinary. Armed with a diverse academic background and a wealth of experience, she emerged as a trailblazer in the EV domain. Her venture, Oben Electric, didn’t just spring into existence; it was born out of Agrawal’s relentless drive to innovate and revolutionise the automotive industry. With her astute sales and marketing skills, coupled with a deep understanding of the EV landscape, she propelled Oben Electric into the limelight. Today, as MAKING INDIA AN EV POWERHOUSE Mayank Sikaria presides as the President, Cofounder and Head of Technology at Sibros where his role includes overall product, business and customer strategy. Sikaria began his career in the semiconductor industry, before joining EV startup Faraday Future (FF) in 2016 as one of its first System Software Engineers and eventually moved to Manager of Battery Management Systems. While at Faraday Future, he and his team managed control electronics, firmware, integration, and validation, responsible for delivering one of the world’s highest energy density battery systems. In 2019, he moved to Sibros as Co-founder and CTO, where he led the product stratTECHNOLOGICAL STRIDES IN AUTO INDUSTRY the Founder & CEO, she stands as the first and only woman founder of an electric motorcycle company globally, which designs and develops entirely in-house and manufactures electric motorcycles for the world. Under Agrawal’s leadership, Oben Electric is soaring to unprecedented heights. Despite the challenges posed by the global pandemic, she navigated the company through turbulent waters, ensuring that the vision remained intact and the team stayed motivated. The company also raised the largest seed round of $2 million at the time by any electric two-wheeler startup in the country. As Oben Electric gears up to expand its footprint internationally, Agrawal’s dream of transforming the Indian EV market into a global powerhouse is well on its way to becoming a reality. egy and roadmap for the company’s award-winning automotive software and data management solution, the Deep Connected Platform (DCP). Sikaria is a globally recognised functional safety expert, with an International Organisation for Standardisation (ISO) 26262 certification. In 2022, he helped Sibros become one of the first ASIL-D certified automotive OTA solutions on the market. He has presented his work at international technical conferences. In under five years, Sikaria created over 100 new jobs around the world and raised over US$ 85 million in funding. Through his technological leadership, Sibros has created a robust automotive SaaS solution that has attracted more than 18 OEM customers and is on track to connect and manage all software and data for more than 100 million OEMs over the next five years. Madhumita Agrawal Founder & CEO Oben Electric Vehicles Age: 38 Mayank Sikaria President & Co-founder Sibros Age: 33
Profiles WORLD BW AUTO 40/40 Naman Jain serves as the Director at NTF Group Holding. He stresses that the auto industry has faced various challenges each year since 2019, such as regulatory issues, impact of Covid, semiconductor shortage and then global disruptions. The lockdown turned his focus to creating a business model and technology roadmap, which stays ahead of the market trends and is not impacted by the changing dynamics of the market. Jain with his team has managed to transform from a build-to-print supplier to a technology backed system supplier and got business for various value-added components. NTF Group Holding has signed three new technical agreements with companies from the USA, Europe and Japan. With the focus on new technology and innovation, Jain with his team has set up special schemes and incentives which have resulted in filing for more than 25 patents in the last one year. With the complexities of the automotive industry, Jain believes that the most vital role of a leader is to stay updated with technological advancements, have a strategic vision for growth and navigate through challenges such as market fluctuations and regulatory changes. These factors are essential for guiding organisations through uncertain times. Jain is actively trying to create a culture of smart innovation at NTF Group Holding . The company has set up research and development facilities to achieve this goal. The focus according to Jain is on lightweight composite material and the company is evolving to make it more cost-effective. THE ROAD TO SMART INNOVATION Naman Jain Director NTF Group Holding Age: 33 Age: 31 Mohammed Zulfiquar Khanu, a name resonating with dedication and innovation in the corridors of Mahindra & Mahindra, didn’t just happen by chance. His journey from the bustling IT hub of Bengaluru to the zenith of corporate excellence was a testament to grit, nurtured by humble beginnings and shaped by the values instilled by his family. University Visvesvaraya became the crucible where his talents were forged into weapons of professional prowess. With Toyota, Khanu embarked on his odyssey, navigating the complexities of production control with finesse. Transitioning to Mahindra & Mahindra in 2022 marked a new chapter in Khanu’s career. In line with his objectives, he not only undertook a diverse array of projects but also became the leadership’s favoured choice for pivotal initiatives within the team. But navigating the diverse spectrum of stakeholders, ranging from Toyota to Mahindra & Mahindra, presented a journey brimming with challenges. Prioritising mutual respect and openness, he placed a premium on transparent communication and goal alignment, resulting in enduring relationships and meaningful outcomes. His career highlights underscored his perseverance and problem-solving acumen. From steering the launch of innovative products to achieving significant cost savings through innovative solutions, Khanu’s contributions have been noteworthy. RISING FROM THE DEPTHS Mohammed Zulfiquar Khanu Digital Portfolio Lead – Service Exp Mahindra & Mahindra
06 April 2024 | BW BUSINESSWORLD | 91 Nirmal NR has had a diverse and impactful career spanning various industries and roles, shaping him into the dynamic leader he is today. He began his journey on the manufacturing shop floor as a GET at Ashok Leyland. Post which, he transitioned through different functions such as Marketing, Business Development, Operations and Strategy, working with companies like DuPont, OYO, and Zoomcar. That helped him understand issues holistically from all perspectives and marry problems of traditional industries like manufacturing with tech-enabled solutions. More importantly, he was able to understand the trade-offs that he would have to make to achieve the company’s goals. Nirmal’s career highlights include his DYNAMIC LEADERSHIP IN CHANGING TIMES PS Satyanarayana serves as Staff Engineer at John Deere India where he fuses his automotive prowess with agricultural innovation, conceptualising frugal technological solutions. Sathyanarayana describes himself as a curiously insightful engineer with 18 years of comprehensive expertise spanning IC engines, electric mobility and a profound background in agricultural machines. As an alumnus of IIT Madras, his academic credentials are complemented by a pioneering spirit, with more than 95 patents and two international journal publications. Passionate about driving advancements in both the automotive and agricultural domains, Sathyanarayana’s ELECTRIC MOBILITY REVOLUTION tenure at Zoomcar, where he served as the first non-founder CEO for India, leading the company through transformative growth. Under his leadership, Zoomcar evolved into a thriving car-sharing platform with significant scalability and profitability improvements. One of the significant challenge in his career was to steer Zoomcar through the unprecedented Covid-19 lockdowns in 2020. But Nirmal’s strategic acumen helped transform Zoomcar into a resilient car-sharing platform, emerging stronger post-pandemic. At Greaves Electric Mobility, Nirmal continues to drive success as CEO of 3 Wheeler Businesses. He has successfully integrated disparate 3W businesses, doubled the dealer network, and forged retail financing partnerships, leading to record revenue generation. journey reflects a commitment creating quantified business value and enhancing farmer comfort, convenience and productivity. He has led multidisciplinary teams, fostering an innovation culture that has resulted in over a dozen patented technology solutions for John Deere’s agricultural machines in 2022- 23. Leveraging the local electrification ecosystem in India, he integrated technology partners, contributing to the realisation of the company’s electrification objectives like developing the first frugal country-specific hybrid electric agricultural vehicle. Sathyanarayana has mentored young engineers in innovation methodologies, empowering six firsttime inventors to collectively advance success. According to him, a dedication to talent development is crucial for ensuring sustained growth and innovation in the auto sector. Nirmal NR CEO - 3 Wheeler Businesses Greaves Electric Mobility Age: 39 PS Satyanarayana Staff Engineer Advance Engineering John Deere India Age: 39
Profiles 92 | BW BUSINESSWORLD | 06 April 2024 WORLD BW AUTO 40/40 Hailing from the tranquil town of Mandi in Himachal Pradesh, Rajesh Kumar has embraced the simplicity and closeknit community of a small village throughout his upbringing. This foundation laid the groundwork for his transition into the fast-paced automotive industry, shaping him into a leader with a grounded perspective and a global outlook. Motivating individuals amidst adversity has been his biggest challenge, during his transition from a small town to the automotive industry. Facing situations where motivation was paramount, he drew upon his small-town values of community support and resilience. One of the defining moments in his career was starting his own consulting firm, Nordstern Pathways, which exemplified his commitment to excellence in the automotive sector and showcased his ability to motivate and lead teams effectively, even in challenging conditions. Kumar has also worked with BMW Group India as Head of Purchasing and Supply Chain for Plant India. Additionally, he takes immense pride in being the youngest MD & CEO of KORN Consult Group in worldwide locations, reflecting not only personal success but also emphasising the significance of uplifting and inspiring individuals within the industry. Having worked extensively in the automotive sector, he has developed a deep understanding of the industry, collaborated with diverse teams, and navigated challenges with ingenuity, fostering an environment for innovative solutions to thrive. THRIVING AMIDST ADVERSITY Rajesh Kumar Managing Director and CEO - India KORN Consult Group India Age: 36 Punit Khandelwal serves as the CFO and Director of PreBo Automotive. Hailing from the University of Rajasthan, where he completed his Bachelor of Commerce (B. Com), Accounting and Finance degree, he then joined the Institute of Chartered Accountants of India. Khandelwal asserts, “Empowerment, engagement, entrepreneurship and entertainment are my core leadership values. People, process, product and performance help me grow and steer the organisation in 360 degrees.” Starting with finance, Khandelwal is now handling sales, purchase, new project development, design and engineering, ADEPT AT STAKEHOLDER MANAGEMENT Punit Khandelwal CFO and Director PreBo Automotive global support organisation, HR admin along with finance at PreBo Automotive. Khandelwal believes that stakeholder management is his biggest leadership skill. PreBo Automotive is a joint venture of Bosch and Prettl, both companies having vastly different sizes and management styles. He reflects, “The most challenging obstacles are mainly the cultural issues of any organisation, different mindsets of the new generation vis-a-vis the old.” During his time at PreBo Automotive, he has played a major role in installing a second plant in Chennai within two years of the incorporation of the company. Prior to his time at PreBo Automotive, Khandelwal was Manager of Plant Controlling and Indirect Taxation at Bosch. For Khandelwal, “Every failure brings more learning and confidence to do the next project or make the next decision.” Age: 31