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Myntra.com Targets Rs 500 crores Revenue for the Next Fiscal

by Paul Joseph February 10, 2012 Featured

Myntra.com , one of the largest online retailers of fashion and lifestyle products in India, is aiming revenues of Rs 500 crores in the 2012-13 financial year. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a ten-fold growth in 2011 and is growing fast in the e-commerce space in India. Mukesh Bansal, Founder & CEO, Myntra said, “Myntra has undergone phenomenal growth in the last 12 months. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13, which will further strengthen Myntra’s position in the lifestyle category. This is an exciting category with the total market size projected to be over $100 billion in 5 years with mid single digit portion being online, making this, possibly the largest online category in India.” He further added, “We have built a large catalog in the fashion and lifestyle category with over 200 brands, have extensive supply-chain capabilities including world-class warehouses in multiple cities and our own logistics network in large cities. We will continue to invest aggressively in our technology platform, supply-chain and the Myntra brand to rapidly scale the business.” The e-commerce company has received overall funding of $40 million through top-tier VCs like Tiger Global, IndoUS, IDG and Accel Partners.

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Hacking for Social Good: Indian Engineers modify Microsoft Kinect to Help the Blind

by Paul Joseph February 9, 2012 Featured

3 engineers from India have modified Microsoft’s Kinect, a motion sensing input device to create ‘viSparsh’ to help the blind reports IBN . Jatin Sharma, Tushar Chugh and Rolly Seth are part of the Young India Fellowship. The Young India Fellowship has been designed and is delivered in collaboration with University of Pennsylvania (UPenn) through an MoU with the School of Engineering and Applied Science (Penn Engineering). The viSparsh belt senses any obstacles and vibrates to intimate the user. The first stage of development is already over, Jatin Sharma told IANS. “We’re now at stage two. We have proved the usability; now our focus is on minimising the weight of the system and enhancing the battery backup,” said Sharma. Below is a brief video describing the concept and working of viSparsh –

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Growth of E-commerce in the Indian Market

by Paul Joseph February 9, 2012 Featured

I experienced buying grocery online first time in year 2006 from Tesco Stores in UK and the idea hit me so much that I shopped online almost every week on eBay for next one quarter. Year 2006 was probably not too early to adopt shopping online, but I see people still thinking it safe to visit shops rather than buying from web portals. One of the recent surveys on adaptability of online shopping amongst Indians; confirms that 75% of online purchase happens in India on tour and travel related websites. I believe, credit goes to Indian Railways for making it so large for the travel industry. Buyers and Entrepreneurs have different queries and concerns when it comes to e-commerce. Some of those are valid and others are simply myths. Users’ queries and concerns about e-shopping Buyers think that shopping online is insecure because their card details may be saved by vendors on their portals and they may use that information later. This is a myth. Nothing of such sort happens. Transaction happens through secured payment gateways, which are kind of extended third party bank partners. Some of the well-established payment gateways in the Indian market are CCAvenue, BillDesk, PayU, ICICI Payment Gateway, HDFC Payment Gateway, etc. Another concern is that products delivered may not be of the quality promised by the portal. This may hold valid for perishable products, but it is very much safe if we buy packaged food online. I buy my monthly grocery online and I have never encountered such problems ever. Otherwise also, online vendors are vigilant enough to take such concerns on priority and they commit to replace such items with immediate effect. For any reason, if the transaction does not happen successfully, then there is a fear of losing the money paid. This is also a myth. The whole process is systematized. If transaction fails, in between, due to website failure or due to low internet speed or for any other reason and if amount gets debited from your account, intimation appears immediately and the money is reverted back to your bank account within 48 working hours. Though I would suggest saving the failure reference no, in such cases, for future communication with service providers or your bank. Clients like to shop from outlets, where they can shop on credit. This is relaxing on customers’ budgets. Same facility can be availed while shopping online too. Use your credit cards wisely for shopping online and you may avail credit period of maximum 50 days. Even on the payment due date, you can divide your payments in EMIs. Shoes, apparels or other such accessories shopped online may not fit in size or might carry some other similar concerns. This should not be a problem if the user is already using similar products of the same brand. In case user still faces such a problem, then vendors’ policies are lenient enough to change items. Benefits of shopping online To end user: No traveling, no parking struggles, saves fuel and parking money, no need to stand in queues for paying bills, healthier way to shop, can place orders while traveling using m-commerce. Better options and choices. There are portals which facilitate users to compare prices and discounts available at different vendors. To shop owner: No need to invest in real estate, reduces pain of maintaining huge inventories, easier accountancy, can collect orders 24/7/365 days, prevents stationary and staff expenses, can provide better customer service, can server bigger customer base and it allows them to receive payments faster. Social benefits: Prevents pollution and crowd on roads, saves energy (Fuel, Electricity and Manpower). Real problems in growth of Indian online market High installation and service charges of payment gateway companies: Currently installation charges of different PG companies range from INR-30000 to 40000 and on top of this based on different payment modes and plans, these companies charge 3% to 7% commission on every online transaction. Web developer also charges fee for integrating online payment facility on vendor’s portal. This whole investment is too high to convince a vendor to open his online shop for an experiment. Reduction in this investment cost is mandatory for online shopping success in India. Lower internet speed: Indians are still using low speed internet services for their home use because availing higher speed, needs costlier plans. This prevents people from opting online shopping. Red tapeism in providing credit cards to people: I am sure that not every household in Indian metro cities carries at least one credit card. I understand that banks have their own reasons to keep a check on distributing cards, but efforts to increase credit cards user base will obviously help in growth of Indian online market. Lack of knowledge about using the services: I know some friends who had bitter experience of using Credit Cards, because they missed paying their dues on time. Proper knowledge about how can users use credit cards for efficient shopping or how can they use debit cards or Netbanking for online shopping, if they do not like to use credit cards, will certainly encourage e-commerce in India. There is a long list of questions from entrepreneur too. I’ll talk about them in my next article on “e-commerce growth in Indian market – II” I am sure a time will come soon when physical shops shall be used only for displaying working demos of products and people will prefer buying everything online only.

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Indus Health Plus: Because Prevention is Anyday better than Cure!

by Paul Joseph February 9, 2012 Featured

Based in Pune,  Indus Health Plus  was primarily started to propagate the inherent benefits of preventive diagnostics. Their aim is to create awareness on how preventive health check-ups can reduce mortality and risks related with modern day diseases. The mission is to create a health revolution, safeguard health care and promote ethics and honesty in healthcare. In conversation with Abhilasha Dafria for Yourstory.in, founder Amol Naikawadi tells us more about how his venture aspires to focus on preventive healthcare and sell the concept of prevention to a-symptomatic Indians. Read more to know to ‘WAKE UP’ to the concept of preventive healthcare! Amol, please introduce yourself to our readers. Hailing from a small town, I did my schooling in a military school in Satara. I pursued higher education in Commerce from Pune, MMCA  and was keen to forge my own path ahead, confident that the opportunity would present itself in due course of time. Chartered Accountancy honed my skills and I immediately plunged into the world of business, never to look back. And now coming to Indus   Health Plus. Please tell us   about the innovative work that Indus Health Plus is doing in the healthcare sector. Pioneering in affordable, comprehensive and qualitative preventive health check-ups and diagnostics for a-symptomatic Indians, Indus Health Plus was established in the year 2000 by a team of like-minded professionals to provide affordable, comprehensive and qualitative preventive health check-ups and diagnostics for a-symptomatic Indians. These professionals took help from a group of renowned doctors and medical practitioners to design such services which would emphasize on how prevention can definitely save lives. Our research indicated that India was increasingly becoming the capital for various diseases like heart-attacks, cancer, and various other stress related diseases. Most of the unexpected expenses are medical expenses, which leave many a person bankrupt. We understand this need and hence we believe and advocate the concept of prevention, which is the mantra of the day. An ISO-9001-2008 certified company; it has alliances with well-equipped and renowned delivery partners across the country.Induscurrently operates in 18 cities across 42 centers of our delivery partners. If you were you to explain me your business model in a nutshell? Our product is essentially a basket of high-end comprehensive preventive health checkups. The few people who do undertake checkups typically pay Rs.1000 for an inadequate check up. The end results are misleading reports. It is much like giving your expensive car for service and getting it back with only your air pressure checked. It is incomplete. Therefore the key focus of our product is the check up of people above 20 years of age who are more prone to such diseases. Various tests are conducted to indicate possible blockages in the heart and alert one about a potential heart attack. Additionally other parameters are also checked. According to Time magazine, cardiac CT scan is the most comprehensive scan available for the heart. This scan involves a huge sum of money but Indusoffers this service along with a bouquet of other services at a very nominal rate. Indus believes in adding value to their services for their consumers, as they know that in Indiaalmost 80% healthcare expenses are paid out of pocket. A recent ICRA report emphasizes  on the role of prevention especially to battle chronic diseases rampant in India, and so there is immense scope for work here. Our products are- Preventive healthcare packages and Health friend card. What is your USP?  The USP is that all the medical tests under any package (that are undertaken at any of the delivery partners), are conducted in a SINGLE day followed by reports and counselling- All in ONE Day. So   what inspired your business idea of a health care venture? ‘Prevention is better than cure’, is something that we have all heard since our school days but seldom do we actually implement this principle. We forget to put it to practice and take chances with something that’s most precious- Our Health. The same person, who would spend money and time to get his vehicle quarterly serviced, will think it is a waste to go for his annual BP checkup! When a couple of our close family members were diagnosed with chronic ailments, we realized that we were too late in detecting the diseases. This coupled with self-realization emphasized  that, though prevention is a need, not much was being done in that area. Keeping this in mind, Indus Health Plus was established in the year 2000. What is your market size? Also what is your clientele like? If you could share with us some demographics. As preventive health care is a fairly new industry, it is difficult to ascertain our market share, but we do hold high brand awareness in the markets we exist in. For example in Pune, we would definitely be the leaders in this segment going by our sheer customer base. In Maharashtra andGoa, our market share is around 30%. A lot many diagnostic chains, stand-alone hospitals, regional and national healthcare chains are approaching us to offer their services and make Indus panIndia. With medical tourism being the most sought after inIndia,Indusis not far behind. Indus clientele includes many NRIs who purchase the packages for their parents or family inIndia. Foreigners are also a part of our ‘ever-growing’ family and they understand the benefits of our products and avail them whenever they are inIndia. Majority of our clientele is from an age group of 35 and above. We have been focusing a lot on interiors of the states we are active in. Though now, we are also gaining momentum in urban areas and metros. How does your revenue-model work? The revenue model followed by Indus Health Plus is that the clients purchase packages from us and pay us for the packages. We have negotiated a fixed rate which has been agreed upon by our service providers. We believe in maximizing the use of the unutilized machine time and though we work on small margins, we have been profitable since the year of inception. We also incur promotional and overhead costs, but since we do not need to invest in medical infrastructure, we canmaximize our profits. Our revenues for 2010-11 have been Rs. 75 crores. How is IHP funded? Do you plan to raise more funds? The initial capital (Rs. 50 lakhs) was contributed by family and friends, who were equally passionate about the cause, to start Indus Health Plus andIndia’s first company that dealt exclusively in Preventive Healthcare  Services. We are growing at the rate of 35% on an annual basis. The company expects to invest around Rs. 100 crores over a period of next 4 years. What challenges do you face in this space? In this domain, the biggest challenge is to spread awareness of what Indus Health Plus as a brand stands for and how our services can help the society. When we started in 2000, the awareness on preventive healthcare was very less. Specifically in the last 5 years, there has been a substantial growth in the levels of awareness amongst people. Indus Health Plus has been striving towards inculcating preventive health services as a lifestyle in the society, and as one could understand, trying to introduce & market a new lifestyle, that is maybe one of the single most challenging objectives to attain. How do you plan to cope with this? We have reached out close to 1 million families through our below-the-line activities and have woken them up to the concept of preventive healthcare. In healthcare, word of mouth plays a very important role. Through our marketing efforts, we have been able to reach a good portion of the markets where we exist, but this is an ongoing process as we aim to reach everyone to make this lifestyle change. Our regular seminars in housing societies or corporate institutes and various other above-the-line activities expose the society to this type of solution through a 360 degree approach which involves advertising, online, as well as non media events to reach out to them directly. We plan to invest heavily in these media and also concentrate on electronic medium to reach out to the masses in the next few months. What are your expansion plans? The next big step? Currently available across 42 delivery partners in 18 cities, our concentration is in Maharashtra and Goa, with a recent entry into Delhi, we aim to reach 50 centers by March 2012 and 100 centers till March 2014.Indusaims to achieve pan-India presence by concentrating on multiple location availability of their services for their clientele. Many regional and national healthcare chains are in talks with us. If these associations do materialize, we will achieve the numbers much before the targeted date. Also, we have new platforms opening up to us. We have recently launched our e-commerce website from which clients can buy health packages online. Also, our corporate healthcare team is also advancing, offering great health-packages to corporates which are good for the employees, and at the same time easy on company’s budget. With this, we will also like to touch medical tourism which is still in nascent stage in India.

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Travel Startup Inbed.me: Social Booking site for Hostels,Beds and Couches

by Paul Joseph February 9, 2012 Featured

Inbed.me brings together the social web and the travel booking market by allowing people to connect with fellow travellers before their trip even starts. “We strongly believe that travel is not about the places you visit but about the people you meet along the way” says the founder Diego Saez-Gil. Inbed.me was formed in early 2011 and officially launched during Startup Weekend New York. The founders met (yep you guessed it!) in a hostel in Brooklyn, NY. “The inspiration behind InBed.me’s idea came after I did a long trip as a backpacker in Europe that included more than 30 cities. I stayed in hostels in every place and there I met people from different countries travelling in the same way. I made amazing friends and out of these interactions with people with different backgrounds and different ideas I realized that travelling is not about the places, but about the people you meet along the way. Then I thought that with the growing power of online social networks there was an opportunity to build a tool that facilitates these serendipities and connections for travellers, while they are booking a place to stay” says Diego on how the idea came about. Inbed.me has established relationships with hostels, beds and couches in over 700 cities around the world. The success of such a platform depends on the traction and popularity of the platform. On the importance of a community around such a platform Diego adds “Our community is our biggest asset. The more users the platform has the more interesting it becomes. So far we have grown the community of users mainly out of word of mouth. We also have a launched a  referral program  in which users can make money if they invite friends (5% of their bookings for 3 years!)”. So far Inbed.me has focused on the European and American markets but are actively looking at Asia particularly at India as a growth market. “Yes, we are aware of the growth that the online travel industry is experiencing in Asia and India in particular, and we want to be part of it. On one hand we want to grow our inventory of accommodations in India and promote them to travellers in the US and Europe planning to go to India. On other hand we want to grow the community of travellers in India, allowing them to connect with travellers from all over the world” adds Diego on their plans for India.

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Did Apple take a bite off 2tion?

by Paul Joseph February 9, 2012 Featured

This has happened to each one of us. A great brainwave strikes, we put it down on paper, spread the word around and then sleep on it. But then we never get up from the slumber until someone else turns that dream into reality. All one can do now is sulk or maybe take solace in the fact that the idea had substance after all. 2tion.com, now Edserv.in, once envisioned the idea of online tuitions. The idea wasn’t exactly ahead of its times but after some initial hoopla, the project demised due to various reasons. But now, Edserv founder SujaiPillai, brings to our notice the similarity of 2tion to iBooks Author from Apple. Apple launched this e-book authoring software on the 19 th of January, 2012. 2tion’s plan (November 2008) 2tion proposed an online tuition and Ebook management system wherein tutors can publish the ebook and students can directly purchase it. “In this way, students can even have a direct interaction with the author of the book. It would also introduce a very high efficiency in the education system with reduced costs”, says Sujai. iBooks Author (January 2012) Apple describes the software as a tool for educators and smaller publishers to create their own books. Apple launched this at an educational event and hopes to turn authors into educators.  The proprietary software is available only for Mac OS X and is available free at Mac App Store. Corroboration for 2tion’s Idea Many of the ideas remain figments of imagination but with 2tion, the idea took flight but just couldn’t maintain the momentum. The project was submitted to LIBA-TiE Business competition in 2008. The project won many accolades and was mentioned in a report by the Hindu as well. Davison, an America based company which incubates ideas also gave positive feedback to 2tion and was willing to take the project forward but financial problems didn’t allow this partnership to manifest. The Learning I’ve always believed that an idea takes birth at multiple places at any given instant but enters into the world from a place (or two). The strongest ‘will’ usually gives life to the idea. So, if one sticks at it and runs that extra mile, it might make all the difference. All said and done, it requires a lot of guts to keep trudging ahead but eventually it pays off. 2tion did continue working for education and is now present in the market as Edserv . As an effort from our side, we’re supporting Education startups through our campaign,  Edustars , which we hope will recognize many such ideas and bring them to the fore.

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LinkedIn launches Hiring Solutions for India

by Paul Joseph February 9, 2012 Featured

India is fast becoming an important market for the professional networking giant, LinkedIn . Over 13 million Indians are now part of the total 135 million members on LinkedIn. This has prompted LinkedIn India to launch India-specific hiring solutions. So, services like LinkedIn Recruiter now have a localized version with Indian pricing. This will allow Indian recruiters to search for the right profiles.     Some of the other services LinkedIn is offering Indian recruiters are: Jobs Network Work with us advertisements Targeted recruitment ads Talent Direct This is the first time LinkedIn has launched country-specific solutions. The activity on the professional network over the last two years and feedback from Indian firms has led to this move. A number of recruiters approached LinkedIn with requests to have India-targeted talent acquisition campaigns. The pricing of these services are, in some cases, 30% to 40% lower than the global pricing. A service like Targeted Recruitment Advertising will make it possible for Indian recruiters to focus on candidates based on skill, location and experience. Some of the industry sectors that have expressed interest about such services are: IT Engineering Manufacturing The new of the launch of these services has come at the right time. The Indian economy is experiencing rapid growth and sourcing the right talent has become extremely crucial.

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YourStory.in Android app now available at the Android Martketplace through Pingaala’s Vyasa Mobile Publishing Platform

by Paul Joseph February 9, 2012 Featured

Pingaala announced the launch of an Android app, for its flagship Vyasa Mobile Publishing Platform, to the general public. The platform enables publishers to distribute their online & offline content into the hands of millions of users via mobile & tablet based connected devices through native custom-branded apps. The platform is available through subscription based app-as-a-service model. As part of the launch, the YourStory.in  Android app is available at the Android Marketplace. Now you can read the latest stories on YourStory on-the-go on your Android phone. You can favorite articles and even share the articles. The platform has several benefits such as offline content, streamlined optimized content for mobile reading, notifications for important events, fast search across all articles, rich multimedia support etc. It has in-built social integration to enable users to collaborate & share their thoughts, views & opinions to others. The app provides a seamless sharing experience and interactivity with social groups. In short it’s specifically optimized for consuming news on-the-go. The Android version supports native collaboration of tools & apps that have been installed on individual devices. The app comes with pre-loaded content so that it can be used the moment it is installed. Currently the app is supported on Froyo (v2.2), Gingerbread (v2.3) and on Ice Cream Sandwich (v4.0 – beta tested) as well. Commenting on the launch, Suresh & Pratik, Founders of Pingaala, said “We are excited to support the Android platform for Vyasa. Android is an important platform, especially in India, for wide adoption. The team has worked hard on this and we hope that users would love the Android version too.” You can download the YourStory Android app here . Read more about Pingaala here .

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