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Rural commerce startup VilCart says it expects Rs 1,250 Cr in turnover in the next financial year
Starting a rural trade which helps kirana village stores to easily procure inventory and manage logistics and supply chains, expects to reach Rs 250 crore turnover by the end of the current financial year, Co-founder and CEO Prasanna Kumar said Your story in conversation.
The Bengaluru-headquartered startup said it is targeting a turnover of Rs 1,250 crore next year, Rs 6,000 crore the year after that and Rs 12,000 crore in the next three years, according to conservative estimates.
For the current financial year, the startup expects to publish an an annual rate of 300 crore rupees.
Prasanna added that VilCart will soon reach profitability and is expected to turn a profit after that, thanks in large part to the tight leash it has on costs.
“Ours capital efficiency and return on invested capital are also much higher because we raised very little (from VC).”
Ashnier Grover scoffed at those who said he was “flamboyant”; Officials say he spent $130,000 on a dining table
That’s according to a new report founder Ashnier Grover, who recently left his position as managing director of the company under public scrutiny, who allegedly “bought a Porsche” and “told many people in the company that he spent $130,000 on a dining table.”
Grover’s wife Madhuri Jain Grover was sacked as head of control in February over issues surrounding her management of BharatPe funds, while Grover himself was under investigation for financial irregularities at the time of his departure.
Also, as reported yesterday, BharatPe is under investigation by the GST authorities for allegedly issuing fake invoices without providing services for the past four years.
Last week, after leaving BharatPe, Ashnier Grover published a post on LinkedIn mocking those who said he had a “posh” lifestyle. He said that even when he traveled to the US and the UK to raise a $370 million Series-E round for BharatPe, he would spend nights at friends’ houses, even “without qualms sleeping on the floor.” All this despite the fact that he was entitled to stay in a luxury hotel on the company’s dime.
Is moving to Bengaluru the new cool?
If tweets and Facebook posts about decent accommodation and brokers less leads for flats in Bengaluru were anything to go by, it seems there is a mass migration which is happening in the country where everyone seems to be moving – or wanting to move – to India’s main startup hub.
The past few days have seen a significant increase in the number of people taking to social media to announce they are moving to Bengaluru – and the numbers are so staggering that “moving to Bangalore” continues to trend up and down on Twitter India.
with opening of offices and some even oblige the employees to go back, in general there are many movements throughout the country, especially in the big cities. Bangalore stands out because all startups that have raised funds in the past two years are finally able to set up a physical workplace — a first for many, including companies founded after March 2020.
Twitter begins testing Shops feature to expand social commerce
Twitter has announced the launch of a beta experiment for Shop on Twitterfeature that allows sellers to manually select a collection of up to 50 products to present theirs Twitter accounts. The selection may contain up to 10,000 itemsand includes details including their names, descriptions, prices and other details.
The beta test for Twitter Shops will be available for “select merchants and managed partners” in the United States and will be visible to people using the Twitter iPhone app, the organization said.
The feature, which is free to use, allows people to browse items from their favorite brands’ profiles.
Unlike Instagramthese transactions do not take place on Twitter myself. If users are interested in an item or come across it in their graphics, they can also search for it on Twitter. To make a purchase, users will need to tap on their preferred product, which will open an in-app browser where they can view more details about the item and pay on the merchant’s site.
India’s health tech sector to grow 51% in 2021: Redseer report
India’s health technology sector is disrupting all spheres including fitness and nutrition, diagnostics, treatment and disease management. This remarkable rise in pharmaceuticals, diagnostics and consulting is broadly called eHealth by a consulting firm .
According to a report published by RedSeer, India’s eHealth sector saw a 47% increase in its Net Promoter Score (NPS), indicating that customers are more likely than ever to not only use eHealth platforms themselves, but also to recommend them to people they know.
Representative image
The report also notes that customer acquisition costs (CACs) have declined, meaning there is room for organic growth in the sector, with potential for profit. A key aspect in driving this segment was the concept of quick trade, i.e. same day delivery. Cross-selling has also helped eHealth take off.
WhatsApp launches browser extension for user safety
Meta-acquired instant messaging platform WhatsApp launched a browser extension called code check, which will notify users if WhatsApp Web the version they use is authenticated.
The Web extension robotic verify the authenticity of WhatsApp Web Code is served to users and confirms that their messaging expertise is protected and never altered, the Meta-owned company said.
The Code Inspection Extension was created jointly with Cloudflare, a web infrastructure and security company. It is available there as an open source venture to allow different organizations, groups and people to join the indistinguishable skill for their applications. Open source can help get contributions by builders around the world to upgrade the expansion over time.
CB Insights offers $100 million acquisition, co-founder Anand Sanwal declines
Anand Sanwal, co-founder and CEO of a research firm took to Twitter on Friday, March 11 to announce that he had turned down a $100 million takeover bid his company. The co-founder then shared with his followers screenshots of how this particular acquisition conversation between him and the interested party unfolded.
Anand Sanwal, Co-Founder and CEO of CB Insights
Anand added that this insight is “a great reminder to never check or reply to DMs on Twitter again.”
After Anand expressed his disinterest, the would-be acquirer of CB Insights became quite passive-aggressive and responded that Anand had “missed the opportunity of a lifetime” and that they would create and build a competitor.
On a related note, Anand also shared his earlier thread on Twitter about signs to look for that suggest a startup’s capital isn’t going to cost a dime.
A new report shows that 71 people would rather work from home than get a promotion!
A report on how the pandemic has affected people’s willingness to return to work revealed that a whopping 71 percent of respondents would rather work from home than get a promotion!
Prepared by software firm Ivanti, 42 percent of respondents to the report said they would be happy with a hybrid work model, 30 percent said they would like to work from home permanently, and only 13 percent said they wanted to return to the office full time.
“The pandemic is catalyzing a huge shift in where and how people work,” said Jeff Abbott, CEO of Ivanti.
The report found that 24 percent of those surveyed had left their job in the past year, while 28 percent were considering leaving in the next six months. The latter number jumps to 36 percent for 25-34 year olds!
Edtech major Unacademy launches first ‘store’ in offline push
Technology specialist based in Bengaluru launched its first experience center Unacademy Store in Delhi. This is the first of four stores to be launched in Kota, Jaipur and Lucknow apart from its current location.
Gaurav Munyal, Co-Founder and CEO, said the startup has a long-term vision of going public in the next five years and is aiming for profitability for its core business of entrance exam preparation.
Aimed at students who value online test preparation options, the store will serve as a counseling center for potential students, provide a meeting place to connect with faculty on the Unacademy platform, in addition to offering a library, classrooms and other infrastructure. These offline stores will offer counseling for nearly 50 entrance exams at one place.
“The offline distribution channel is strong and customer acquisition costs are likely to decrease as average order volume increases. We are undecided whether these stores will target non-metro only and depending on the performance of the stores we will take a call to add new ones,” Gaurav Munjal said during the launch.
He added that the stores will serve as a one-stop shop for potential students and parents who may want to speak with sales representatives before enrolling in a course online. Gaurav did not disclose the investment made by the startup to expand its offline network.
Unacademy will also continue to seek new distribution channels as hybrid learning gains momentum and will continue to invest in growing its Relevel hiring platform, he said.
Nazara commits $4 million to Griffin Gaming Partners Fund II
A gaming company The Dubai subsidiary will invest Rs 4 million (Rs 30 crore) in the Griffin Gaming Partners Fund IIas a limited partner, for the next three years.
Griffin Gaming Partners Fund II was founded by Peter Levin, Phil Sanderson and Nick Tuosto, with LionTree as the fund’s strategic partner. The firm prefers to invest in game platforms and infrastructure, game content and game studios.
Nazara will use the Griffin network for future mergers and acquisitions from the funds’ current portfolio and co-investment opportunities in highly sought-after companies, according to a press release from Nazara.
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