Presents (Edition - June, 2021)
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FROM THE EDITORS Dear Reader, It gives us pleasure to come up with the June 2021 issue of the Financial Bulletin successfully. In this issue, we aim to give you a brief description of startups and their growing importance in the economy. In this publication, we have discussed the startups which have created a prestigious name in the growing business domain. May this bulletin helps readers in understanding "The Startup Culture" in a constructive way. Happy Reading!
Isha Agarwal Rashmi Kumari Shravan Kumar Mehul Patwari Newsletter Coordinators
MENTOR SPEAKS What is a startup? A start-up or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable economic model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to become registered, start-ups refer to new businesses that intend to grow large beyond the solo founder. Start-ups face high uncertainty and have high rates of failure, but a minority of them
do
go
on
to
be
successful
and
influential. Start-ups typically begin with a founder (solo-founder) or co-founders who have a way to solve a problem. The founder of a start-up will begin market validation by problem interview, solution interview, and building a minimum viable product (MVP), i.e. a prototype, to develop and validate their business models. The start-up process can take a long period of time (by some estimates, three years or longer), and hence sustaining effort is required. Over the long term, sustaining effort is especially challenging because of the high failure rates and uncertain outcomes. The government of India has taken up the Startup India initiative. The campaign was first announced by Indian Prime Minister, Narendra Modi during his speech on 15 August 2015. A startup (for the purpose of Government Schemes only) means an entity: Incorporated or registered in India not prior to five years. With an annual turnover not exceeding INR 25 crore in any preceding financial year. Working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. The entity shall cease to be a startup if: It is formed by splitting up, or reconstruction, of a business already in existence. Its turnover for the previous financial years has exceeded INR 25 crore. It has completed 5 years from the date of incorporation/registration.
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MENTOR SPEAKS
Startup India: The government of India launched the ‘Startup India’ program on 16 January 2016 with a stated objective to build a strong ecosystem for nurturing innovation and startups in the country that would drive sustainable economic growth and generate large-scale employment opportunities. It is an initiative to build startups, nurture innovation and boost entrepreneurship. The Government’s Action Plan will help accelerate the growth of startups throughout India, across all important sectors – in Tier 1, 2 and 3 cities, including semi-urban and rural areas – and includes promoting entrepreneurship among SCs/STs and women communities. The 19-point Action Plan, organized by the Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry, focuses both on restricting hindrances and promoting faster growth by way of: 1. Simplification and Handholding 2. Funding Support and Incentives 3. Industry-Academia Partnership and Incubation
Key steps for promoting Startups: DPIIT has built India's largest online entrepreneurship platform that allows startups to network, access free tools & resources and participate in programs & challenges. The startups which are recognized by DPIIT are eligible for the benefits offered by the Government of India. The government of India has revamped the incorporation process in February 2020 wherein the number of procedures to incorporate a company in India has reduced to 3 as against 10 earlier. The time taken to incorporate a company has also been reduced to 4 days as against 18 days earlier for starting a business in India. Ministry of Corporate Affairs has notified startups as ‘fast track firms’ enabling them to wind up operations within 90 days vis-a-vis 180 days for other companies. Startups with simple debt structures or those meeting such criteria as may be specified may be wound up within a period of 90 days from making an application for winding up on a fast-track basis. In order to ease the burden of payment of taxes by the employees of the eligible start-ups or TDS by the start-up employer, TDS or tax payment has been deferred by five years or till the employee leaves the company or sells their shares, whichever is earliest. The recognized startups that are granted an Inter-Ministerial Board Certificate are exempted from income tax for a period of 3 consecutive years out of 10 years since incorporation. PAGE 2
MENTOR SPEAKS Startups incorporated on or after 1st April 2016 but before 1st April 2021 can apply for income tax exemption under Section 80-IAC of the Income Tax Act. To provide equity funding support for the development and growth of innovationdriven enterprises, the government has set aside a corpus fund of INR 10,000 crore managed by SIDBI. The fund is in the nature of Fund of Funds, which means that the government participates in the capital of SEBI registered Venture Funds, which invest twice the amount in startups.
Growth in Indian Startups: The Atma Nirbhar Bharat Abhiyan is a chance for Indian start-ups to take charge of the innovations for which we are usually dependent on global suppliers. They can lead the way by innovating and bringing to market products and services that are worldclass yet affordable. They are quick to spot opportunities in adversities and innovate in limited time and budget to make competitive products. Start-ups in sectors like automation, fin-tech, supply chain, logistics, healthcare, etc. would lead the charge in the mission. In the recent past, homegrown tech startups have started collaborating with Indian-origin tech companies, often choosing them over foreign counterparts. Start-ups are the new hope of India when it comes to employee generation, wealth creation and spurring innovation. If efforts are made to enable growth and mapped to varying needs of the segments, it can boost up the growth trajectory of India to become self-reliant. It is evident from the record funds pumped by risk investors into new-age emerging businesses in the country even as the overall macroeconomic activity has taken a hit amid a severe second wave of Covid-19. According to an US-based research firm PitchBook, Indian startups raised total investments of $7.8 billion in the first four months of this calendar year, which is almost 70% of the overall corpus of $12.1 billion raised in entire 2020 and more than 50% of $14.2 billion raised in 2019. This is one of the highest average deal sizes in the last five years. The pandemic has forced companies and institutions across the world to speed up digital adoption. The number of companies raising funds is increasing in the context of positive sentiments around the digital economy. Further, the increased global liquidity has accelerated the pace of investments. Since January 2021 India has seen around 13 companies attain unicorn status, that is, being a company with more than $1 billion in valuation. These include Digit Insurance, Innovaccer, Five Star Business Finance, Meesho, Infra. Market, CRED, Pharmeasy, Groww, Gupshup, ShareChat, Chargebee, Urban Company, and Moglix.
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INTRODUCTION A Startup is a company that is in its infantry stages, i.e, a company that is in its early stage of development. The purpose of establishing a startup is to provide a solution to any pre-existing problem. A Startup, through its ideas, will be able to provide a viable product to the customers. A Startup may be established as a small business in the starting stages, but it will no longer be a small business till its life as it focused on growth and development. A Startup is established to change the ways in which things are done traditionally and bringing in necessary steps to solve any problem. A Comprehensive Plan is required to establish a startup that encompasses its mission and vision, the market it wants to target, its product features, how does the product or service helps the consumers, financing requirements etc. Over the years, we have seen tremendous growth in the startup ecosystem. According to various news publications, startups alone contribute approximately $106 bn. to the economy and also provide job opportunities. There have been startups that have become successful and are sustaining to date in the market, but there are startups that have not been successful due to factors such as funding, business ideas, dynamic conditions etc. Before establishing a startup, the Entrepreneur or Entrepreneurs collectively have to decide about various aspects such as:
Location: Depending on the business idea, the Entrepreneurs have to decide as to whether there has to be an offline working office space or a virtual office. If they have opted for an offline workspace, the decision related to the area must be taken into consideration.
Legal Structure: The Entrepreneur has to decide whether to establish the startup as a sole proprietorship form of business or a partnership kind of business. A startup can be established as a Limited Liability Partnership for the reduction of personal liability.
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INTRODUCTION
Funding: This is the most important factor to be taken into consideration as, without the proper funding,
a
startup
will
not
be
able
to
function
as
a
whole.
The
Entrepreneur/Entrepreneurs need to decide about the ways in which they can raise funds for the business. They can invest their own savings, consult their family, relatives and friends, venture capitalists or angel investors for funding.
Intellectual Property: Entrepreneurs have to see that the product they are producing is protected by intellectual property to avoid duplication by their competitors. Over the years, startups have changed the lifestyles of the consumer. 10 years back no one would have thought of booking a cab through your smartphone but companies like Uber and Ola made it possible. No one would have imagined enjoying meals from their favorite restaurant but all thanks to Zomato and Swiggy which satisfies our late-night cravings for food. Another big change was seen in the education sector where the online learning-based model has changed the concept of studying. This pandemic has been very destructive but with every destruction, there is a new invention and it is totally visible among the students. Gen Z now prefers to learn things online rather than opting for physical interaction. Unacademy, Byjus, Vedantu and Upgrade are some of the top class ventures which have made their business successful during this bad time.
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TYPES OF STARTUPS For a young aspiring business person, it is very important to understand the type of market which he or she wants to enter, therefore knowing about different types of startups surely gives an edge while commencing with your business idea. These are some of the common types of startups which operate across the globe:1. Small Business Startup 2. Scalable Startup 3. Buyable Startup 4. Offshoot Startup 5. Social Startup 6. Lifestyle Startup
Small Business Startup: Small business startups are small companies classified by the number of people and by the amount of revenue they earn. These startups generally start with the founder or group of founders to solve one of their needs. Technology plays an important role to have specialized websites that have the ability to navigate, order, and track products/services. While these startups are interested in growth, they grow at their own pace. Small business startups are generally bootstrapped or self-funded hence they have less pressure to maintain the needs of investors.
Scalable Startup: Scalable startups are the ones that have the ability to increase their revenue constantly while maintaining their costs to the minimum. To be scalable is also about the potential of a newly set up company with a scalable business model to obtain financing from investors (angel investors, venture capitalists, business partners, friends, family) and keep growing in a global market. These startups are often grouped together in innovation clusters. They are also called by names like Silicon Valley or tech startups. These startups not only earn a living but also make a powerful difference in the world. Some of the prominent names in this space are Amazon, Flipkart, Uber, Paypal etc.
Buyable Startup: In this scenario, the company looks to sell their company at a rich valuation. The agenda is to build a company from level zero and then make it a billion-dollar company. These startups are generally associated with software and tech such as websites and PAGE 6
TYPES OF STARTUPS app developers. The founders start the business with little capital, develop them and later on sell them off to bigger companies. For example, Upstox, a wealth-tech brand was partially bought by the Tata group.
Offshoot Startup: These are the startups that branch off from large companies to become their own entities. The overall change in business environments such as a change in customers preferences and taste, technologies, competitors, legislation etc., can create pressure on companies to create entirely new products sold to new customers in new markets by more advanced innovations and techniques that help them to meet goals such as more profit and new revenues. The best example to define the same is how Android was built Google and now both the ecosystems have their own value and recognition.
Social Startup: Social startups are the ones with the main goal of making the world a better place. They create non-profit organizations and try to deal with the basic issues pertaining to the environment, education or sustainable development. They tend to get involve with philanthropists to fund their ideas and motives.
Lifestyle Startup: Lifestyle startups are those where the founder or a group of founders work on their real passion and create a business just for enjoying a particular lifestyle and having enough revenue to meet personal needs. They satisfy their needs by working on activities that are based on what they like without having to sacrifice personal life. These entrepreneurs are generally freelance programmers or web designers. This startup requires less investment than any other startup, and it is the one where owners generate profit from day one only and with overall less risk. Such startups are built with the intention of creating enterprise value. The above classification can give a very good sense of direction to a rookie who wants to be a part of this big world but it will only sort the issue regarding the nature of the Startup. To draw the attention and to come into the limelight the company will have to work in improving the valuation metrics of the company. It is only then when marquee investors show interest in your business and invite you to the major leagues.
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UNICORN STARTUPS Unicorn Startup refers to that startup that has a valuation of over $1 bn. The term was coined by Aileen Lee, who was the founder of Cowboy Ventures. The term was coined to lay emphasis on the rarity of startups. Since then, the number of Unicorn startups has increased over time. Only a Startup can get a Unicorn Status.
Features of Unicorn Startup: Each Unicorn Startup uses its resources in different ways to achieve its goals. But, there are certain common features of a unicorn startup which are listed below: High on Tech - One of the main reasons why a startup gets a unicorn status is because of the usage of advanced technology. Swiggy and Zomato developed an app for food delivery, through which people are comfortable ordering food in this pandemic. Privately Owned - Most of the Unicorn Startups are privately owned. If a bigger company invests in a unicorn startup, its valuation increases. Customer Focused - Most of the Unicorn Startups are focused on satisfying customers' needs. They come up with ways to make a customer’s life easier and more convenient. According to CB Insights, 361 private companies around the world are valued above $1 billion. Of these 361 companies, 16 companies are from India and these have a 4% share of the overall share. India is just below the UK, which has 19 unicorns with an overall share of 5%.
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CLASSIFICATION OF STARTUPS Startups during the Pandemic As the country had undergone a battle with the second wave of the pandemic, there were a considerable number of hospitals in various states who were facing a shortage of Oxygen Cylinders and beds. With few celebrities and sports personalities contributing money for the same, the startup ecosystem also joined to contribute their bit to fight against the pandemic. Delhivery Co-founder Sahil Barua had announced that their company will be making use of charter flights through its airline partners to distribute oxygen concentrators and build capacity in the country. Along with the oxygen concentrators, other essential services will also be provided by the startup. Payment Gateway startup Razorpay has announced that it will help the NGOs to accept funds through their online payment platform. They have also announced that they will be setting up a payment page for the NGOs for instant settlement of payments. Startups such as Designhill, Cuttlefish, Satvacart, TrulyMadly, Heart On My Sleeve, Crush Fitness India launched a fundraising campaign called “Mission Oxygen” to provide 3000 Oxygen Concentrators to 14 hospitals along with the Maharashtra and Delhi Government.
Different categories of the Startup based on valuation: Minicorn: Minicorn club is for the startups aiming to become Unicorns. These are the startups having a valuation of over $1 million and working for a position in the market, trying to get the right support, advice and exposure so that they can attract more investment and achieve scale. These are high-growth early-stage ventures and take the business to next level by scaling up for growth. For example Amuse, Meditopia, Bolt, Droom, Peppryfry.
Soonicorn: The Soonicorns, soon-to-be Unicorns, are the startups that have enough potential and are highly valued to enter the unicorn club. Soonicorn companies get their funding from venture capitalists or angel investors based on future forecasts and the valuation of the firm. Larger companies acquire these startups due to which real value exceeds the actual net worth. For example Capital float, Practo, ShareChat, Acko, Khatabook.
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CLASSIFICATION OF STARTUPS
Decacorn: Decacorn is a new business with a current valuation of more than $10 billion. As per CBInsights, there are as of now a sum of 18 decacorns on the planet, with 10 from the United States, battling over half of the aggregate. Be that as it may, Toutiao (Bytedance), a Chinese advanced/computerized reasoning media organization is being esteemed at the first spot on the list with as of now esteemed at $ 75 billion.
Hectocorn: These are companies worth more than $100 billion. Such companies are otherwise called “super unicorns”. Based on the public valuations, companies such as Apple, Google. Microsoft, Facebook, and Amazon come into these categories.
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FUNDING IN STARTUPS Before the funding exercise takes place, the startup is valued by analysts based on certain factors such as management, track record, market size, and risk. After considering these factors, the investors check as to whether to invest in a startup or not. The funding activity is done through the following stages:
Pre-seed Funding: In this stage, the Startup tries to get its operations running. The funders under this stage are the founders themselves, Close Friends and relatives of the founders, and Family. Depending on the cost of setting up the startup and the nature of its business, the funding may be generated in a short time or a longer time.
Seed Funding: This stage is the official equity funding stage for the startup. The funds raised in this stage will be useful for the startups for market research, deciding their target market, and how to develop a product with superior quality. The potential investors in this stage are venture capitalists, Angel Investors, incubators, etc.
Series A Funding: Once the startup has a good track record and is able to generate revenue through its product offerings, the startup will be looking for raising more funds to target different markets. The investors in this stage look to invest in those startups with a great idea as well as strategies to make it a successful venture in the long term. Venture Capitalists provide funds in this stage.
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FUNDING IN STARTUPS
Series B Funding: This funding is used to take the startups past the development stage. In order to build a profitable product, the startup may require funding to expand its team, employ more personnel, funds for sales, advertising, tech support, etc. Well Established startups raise funds in this stage.
Series C Funding: Investors under this stage fund those startups which are quite successful and are looking to expand their operations across markets. The funds raised in this stage are sometimes used by startups to acquire other companies to expand their reach. The investors under this stage are Hedge Funds, Investment Banks, Private Equity firms, large secondary market groups etc.
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CRED
Cred is a credit card bill payment platform that gives rewards to their customers after paying their credit card bills on time. They provide rewards and experiences through luxury brands. Cred was the sixth startup to enter the unicorn club after closing its Series D funding at $215 mn. After the funding, its valuation stands at $2.2 bn. The round was led by a new investor — Falcon Edge Capital — along with existing investor Coatue Management. Banks such as American Express, Standard Chartered, Citibank, HSBC, HDFC, ICICI, SBI, Axis, Kotak, and other top Indian banks are supported on the Cred app for credit card bill payment. Cred was founded by Kunal Shah in 2018. Kunal found that people were not adequately rewarded for paying their credit card bills on time. By providing rewards, the customers also had the advantage of enhancing their credit scores as well. Cred focused on those categories of people who pay their taxes while the government was focused more on the masses in general.
Business Model Its Business Model is primarily focused on three aspects namely: Cred App Offers and rewards provided to the customers Users who pay their credit card bills The app interface is designed in such a way that the customers can easily navigate through the app without hassle. The app rewards customers for paying their credit PAGE 13
CRED card bills on time. For this, the app has to tie up with other business enterprises. The reward can be in the form of gift cards, spa treatment, 100% cash-back during IPL 2021, etc. Through this, the other business enterprises benefit. Also, the app also collects customer’s financial information such as the bank of the customer, name, credit card details to provide better offers in the future.
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THE FUNDING TIMELINE
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PHARMEASY
Pharmeasy is an online pharmacy and medical care platform that sells and delivers medicines and other essential items through an online platform. It has a tie-up with retailers which makes it easier for them to provide doorstep delivery. The reason why people choose to order medicines on Pharmeasy is due to the easy accessibility and payment methods it offers. It also provides lucrative offers to its customers. Their objective is to provide a hassle-free experience for their customers while purchasing medicines and other items. Pharmeasy was founded in the year 2014 by Dharmil Sheth, Mikhil Innani, and Dhaval Shah as a subsidiary of Ascent Health.
Business Model Usually, consumers are not aware of how they get their medicines and for this reason, they do not trust e-pharmacy totally. In order to eradicate this problem, Pharmeasy provides a transparent platform and keeps its customers informed about the medicines so that they can provide the best possible service. Here is how Pharmeasy delivers their medicines: Once the customer uploads the order or the prescription on the app, they receive that order and verify it based on criteria. Once that is done, the order is sent to the medical shop in the pin code mentioned. Since Pharmeasy has tie-ups with retailers, it is easy for them to send the orders to the pharmaceutical store and this also helps the customers with the required information about the medicine.
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PHARMEASY once the order is completed by the pharmaceutical store, the delivery agent will pick up the order and will deliver it to the customer’s address. The delivery agent validates the order and ensures that the sale of medicine is in compliance with the laws mentioned.
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THE FUNDING TIMELINE
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GROWW
Groww app is an online investment platform that has been growing fast since its inception in 2016. Its headquarter is in Bangalore, Karnataka. Harsh Jain, Lalit Keshri, Ishan Bansal, and Neeraj Singh started Groww, they were former employees of Flipkart. It has raised over $140 million as of April 2021, at a valuation of $1 billion. It has more than 90 lakhs customers in India. Groww started as a mutual fund platform. The company started its operations through Whatsapp and social media platforms engaging with members on topics relating to wealth management and investment and currently allows investors to invest both in stocks and mutual funds, initial public offers, digital gold, and exchange-traded funds. It's a smartphone trading app that is available for free to its customers. It has a clean user interface and intuitive trading app which makes the overall trading experience a convenient and easy one. Groww app has a high level of encryption standard with 128bit SSL encryption, which makes it a safe and secured one.
Business Model Groww operates on a small fee but does not charge from clients instead they charge from mutual houses. Groww offers a direct investment opportunity to its users in which it provides its user's options to choose between mutual funds and stocks on a single platform. In order to fetch customers, Groww reaches its target audience by using technology which also helps to minimize its operating costs. By targeting the right audience they create a loyal customer base who are unlikely to switch. The transaction is done with just a tap. PAGE 19
THE FUNDING TIMELINE
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UNACADEMY
Unacademy is India's biggest learning online platform which provides expert educators for millions of students. It is owned and operated by Hat Technologies. It was founded in 2015. Initially, in 2010 it was introduced as a YouTube channel by Gaurav Manjal. It was initially registered as an education company in Bangalore. With its wide network of over 18000 registered educators and more than 13 million learners, it has revolutionized the nation's learning approach. Its platform consists of Unacademy, Unacademy Subscription, Wifistudy, Chamomile Tea with Toppers and Let's Crack it Brands. Unacademy has secured a series of investments from US private equity firm General Atlantic, Facebook, Nexus Ventures, Blume Ventures, and Flipkart. Until December 2020, the valuation of Unacademy was $2.0 billion.
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UNACADEMY
Business Model Embarking its journey from Youtube Channel free of cost, they gradually monetized their facilitated services. Unacademy operates on B2B and B2c business models. They have nearly 100000 subscribers, offering paid educational services. They offer two categories of learning resources, pre-recorded videos, and Live sessions. Both have separate fee structures. Paid Subscription being their main source of revenue. Unacademy’s Content package includes varied courses such as computer programming, spoken English, and a variety of practically applicable classes which attracts a lot of participants. The Premium version of Unacademy Plus app offers more tailored services as well as access to a various wide range of courses that are not available in the unpaid version. During the COVID-19 pandemic, Unacademy announced to offer 20000 free live classes to all its existing and new users.
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THE FUNDING TIMELINE
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FIRSTCRY
FirstCry is an online-cum-offline brand for baby products and toys started by Supam Maheshwari and Amitava Saha in 2010 with the purpose of providing baby care products to the masses from across the globe. The startup was born to have access to the best-branded baby care products at a reasonable price with a quality online shopping experience, fast and reliable delivery service, and customer care by parents for their offspring. They have more than 90000 items from around 1200 plus international and Indian brands such as Disney, Barbie, Gerber, Mee Mee, Funskool, Ben 10, and so on. It is one of the largest online shopping platforms for kids with more than 350 franchised brickand-mortar shops in more than 100 Indian cities. Firstcry also has two private labels called Babyhug ( apparel for babies and kids) and CuteWalk ( footwear brand).
Business Model Firstcry is an online cum offline brand as it is working on an integrated hybrid business model. Initially, Firstcry followed an inventory-based model in which it was shipping products across the country from its already established warehouses in Pune, Delhi, Bangalore, and Kolkata. Later Firstcry started involving retailers in its platform and also gave opportunities to local retailers to sell their products on its website. It runs an innovative and exciting program that helps the brand to reach over 70,000 parents each month by giving them ‘FirstCry Box’. This is to give free gift boxes to new parents as a token of congratulations. For executing this strategy try tied-up with 6000 hospitals.
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FIRSTCRY Initially, Firstcry adopted advertisement through word-of-mouth and online advertising media. Later it has endorsed Amitabh Bachchan as its brand ambassador. Firstcry also has an agreement with Max Life Insurance to provide guidance and the right insurance to parents.
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THE FUNDING TIMELINE
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CONCLUSION With the introduction of Atmanirbhar Bharat and with the vision of a $5 trillion economy, the Indian economy is ready to witness development in terms of growth in the companies and the commencement of new business. The pandemic had already helped in the exponential growth of the technology which will certainly be reflected in business operations. More and more tech-based startups are set to roll in coming years to cater to the needs of the consumers in our economy. The startups which have already made a name will now look forward to grabbing the opportunity to go Global and will try to transform themselves into an MNC. All in all the growth is all set to take place and traditional businesses will soon be replaced by the budding entrepreneurs of the country.
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