Amid an ongoing legal battle with WalkMe, the Whatfix founder and CEO, Khadim Batti, has told his employees that litigation was a common competitive tactic in international markets and that the Israeli SaaS major has a history of doing the same.

“We believe that our success in the marketplace has led to this litigation. This legal matter does not impact our day-to-day operations or our ability to serve our customers,” Batti said in an email to Whatfix’s employees, ET reported, citing the email.

“WalkMe has a history of resorting to legal action against competition,” Batti added. 

The email comes as Indian media widely reported the ongoing legal proceedings in the United States District Court for the Northern District of California in the US between the two SaaS companies.

The Bone Of Contention

WalkMe has levelled several allegations against the SoftBank Vision Fund and Peak XV Partners-backed startup, Whatfix. In a complaint filed on August 8, the Nasdaq-listed Israeli company alleged that Whatfix gained unauthorised access to its systems, sought to interfere with customer relationships, made misleading advertising claims about its products and used its design mark without permission.

According to the court documents accessed by Inc42, WalkMe alleged that Whatfix had interfered with multiple WalkMe customer relationships and induced those customers to breach their subscription agreements with WalkMe. 

The company added that those customers provided Whatfix employees with user accounts and log-in credentials. WalkMe further alleged that the Whatfix employees used their access to gain “unauthorised insight into and copy WalkMe’s system features, functionality, and data.”

The lawsuit against Whatfix comes as the startup reported a net loss of INR 328.33 Cr in the financial year 2022-23 (FY23), down 53% compared to a loss of INR 706.26 Cr in FY22. The SoftBank-backed startup’s operating revenue rose 65.14% to INR 284.74 Cr in FY23 from INR 172.42 Cr in FY22.

The legal tussle also comes as the Indian SaaS startup is looking to raise a new funding round and is in discussions with prospective investors. Whatfix has raised $140 Mn in funding so far from investors, including SoftBank, Peak XV, Eight Roads Venture, F-Prime Capital, Anupam Mittal, Cisco Investments and Helion Ventures.

The post WalkMe Uses Litigation To Suppress Competition: Whatfix CEO To Employees appeared first on Inc42 Media.

Bengaluru-based SaaS startup Whatfix has been dragged to court by its Israeli-origin and Nasdaq-listed rival WalkMe.

WalkMe has alleged that the SoftBank and Peak XV Partners-backed startup gained unauthorised access to its systems to interfere with customer relationships. Further, WalkMe alleged that Whatfix tried to make misleading advertising claims about its products and used its design mark without permission.

The listed Israeli entity filed the case on August 8 in the United States District Court for the Northern District of California. The last update on the matter dates back to October 23, when the court ordered WalkMe to amend its complaint after the Nasdaq-listed company sought a temporary restraining order against Whatfix.

According to court documents reviewed by Inc42, WalkMe might file its first amended complaint (FAC) or opposition to Whatfix’s motion to dismiss WalkMe’s complaint by November 22. 

In the original complaint, WalkMe accused Whatfix of interfering with its customer relationships and persuading those customers to violate their subscription agreements. The company added that those customers provided Whatfix employees with user accounts and log-in credentials.

Incidentally, the product head at Whatfix, Dipit Sharma, admitted in court to have attempted to access WalkMe’s system for ‘further competitive analysis’. According to Sharma’s testimony in the court, when he did access the WalkMe platform, he “made no attempt to access internal WalkMe systems or information [and] used the product in the same way any WalkMe customer would to observe its user interface.”

Further, WalkMe alleged that Apoorva Mittal, who is the director of customer success at the SoftBank-backed startup, used his credentials to “access and explore the following WalkMe services: WalkMe Menu Organizer, WalkMe ActionBot, WalkMe Users, WalkMe Workstation, WalkMe UI Intelligence, WalkMe Discovery, [and] WalkMe Organization.”

WalkMe alleged in its complaint that the Whatfix PL employees used their access to gain “unauthorised insight into and copy WalkMe’s system features, functionality, and data.”

The lawsuit against Whatfix comes as the startup reported a net loss of INR 328.33 Cr in the financial year 2022-23 (FY23), down 53% compared to a loss of INR 706.26 Cr in FY22. The SoftBank-backed startup’s operating revenue rose 65.14% to INR 284.74 Cr in FY23 from INR 172.42 Cr in FY22.

Founded in 2013 by Khadim Batti and Vara Kumar, Whatfix earns revenue by selling subscriptions and professional services to other businesses. The digital adoption platform offers solutions for onboarding new customers, effective training and better support to users through a contextual content display at the time of need.

Whatfix has raised a total funding of nearly $140 Mn to date. Besides SoftBank and Peak XV, the startup counts the likes of Eight Roads Venture, F-Prime Capital, Anupam Mittal, Cisco Investments, and Helion Ventures among its investors. It was last valued at $600 Mn.

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B2B SaaS startup Whatfix managed to cut its net loss by 53% in the financial year ended March 31, 2023 by bringing down its expenses. The startup posted a net loss of INR 328.33 Cr in the financial year 2022-23 (FY23) as against a loss of INR 706.26 Cr in FY22.

The Softbank-backed startup’s operating revenue rose 65.14% to INR 284.74 Cr in FY23 from INR 172.42 Cr in FY22.

Meanwhile, total income jumped 57.54% to INR 303.96 Cr from INR 192.94 Cr in FY22.

Founded in 2013 by Khadim Batti and Vara Kumar, Whatfix earns revenue by selling subscriptions and professional services to other businesses. The digital adoption platform offers solutions for onboarding new customers, effective training and better support to users through contextual content display at the time of need.

The startup claims to offer its solutions to several Fortune 500 companies.

The Expenditure Breakdown

The Bengaluru-based startup’s total expenses fell 29.65% to INR 631.31 Cr in FY23 from INR 897.39 Cr in the previous fiscal year.

Sharp Decline In Finance Costs: Whatfix reduced its finance costs by x% to INR 152.24 Cr in FY23 from INR 457.37 Cr in FY22. Total non-current financial liabilities declined to INR 32.40 Cr from INR 1,240.38 Cr at the end of FY22.

Employee Costs Shoot Up: Whatfix’s employee benefit expenses rose 41.26% to INR 416.07 Cr in FY23 from INR 294.53 Cr in the previous fiscal year.

Meanwhile, cash and cash equivalents declined 60.13% to INR 150.87 Cr at the end of FY23 from INR 378.45 Cr a year ago.

Whatfix has raised a total funding of nearly $140 Mn till date. Besides SoftBank, the startup counts the likes of Sequoia Capital, Eight Roads Venture, F-Prime Capital, Anupam Mittal, Cisco Investments, and Helion Ventures among its investors. It was last valued at $600 Mn.

The post SoftBank-Backed Whatfix’s FY23 Net Loss Halves To INR 328 Cr appeared first on Inc42 Media.

Media-focussed SaaS unicorn Amagi has signed a definitive agreement to acquire UK-based Tellyo’s business for an undisclosed amount. 

In a statement, Amagi said that the deal will bolster its offerings that cater to live sports and news broadcast segments. The acquisition of Tellyo, which offers remote production facilities, will enable Amagi to improve live video streaming and editing experience for customers globally. 

In addition, the strategic acquisition will also enable Amagi to expand its footprint in Europe and scale up investments in the eastern part of the continent. The media SaaS major also expects the pact to drive cloud innovation in the region in an accelerated manner. 

Tellyo has a research and development (R&D) centre in Poland, with offices in the UK and Finland. Amagi aims to leverage the startup’s knowledge base and team to further scale up its global ambitions. 

Commenting on the development, Amagi cofounder and chief executive officer (CEO) Baskar Subramanian said, “We are excited about the opportunities this acquisition presents for Amagi. Tellyo brings a wealth of expertise, a strong team, and innovative products that align perfectly with our strategic vision of being a frontrunner in the cloud-based live broadcast technology space.”

Subramanian also added that the acquisition will enrich Amagi’s product offerings, bring more investments in the Eastern European region and create new ‘possibilities’ for local talent.

“This move is a testament to our commitment in delivering outstanding value to our customers, employees and investors . We believe that joining forces with Amagi will provide us with the resources and scale to reach new heights. We are excited about the potential of what both our companies can offer,” added Tellyo chief executive officer (CEO) Richard Collins.

The acquisition will enable Amagi to further strengthen its footprint in the Eastern European region. Just last year, the SaaS major established its first development centre outside India in Croatia. 

Tellyo is Amagi’s second acquisition in the past year. In November 2022, the company also acquired US-based data platform for content distributors, Streamwise, for an undisclosed amount. 

The transactions have largely come on the back of a hefty $100 Mn funding raised by Amagi in November last year from PE firm General Atlantic. The capital infusion pushed the company into the league of Indian unicorns as Amagi’s valuation skyrocketed to $1.4 Bn.

Founded in 2008 by Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms. 

The SaaS unicorn claims to power more than 700 content brands and over 800 playout chains on its platform. Spanning 40 countries, Amagi has offices in global media hubs such as New York, London, Paris and Toronto. 

Amagi caters to some of the biggest names in the media world including names such as Warner Bros. Discovery, NBCUniversal, A+E Networks UK, Curiosity Stream, among others. 

The post Amagi Acquires Tellyo To Bolster Live Sports Offerings, Expand Footprint In Europe appeared first on Inc42 Media.

Bengaluru and San Francisco-based event management startup Hubilo’s net loss jumped 2.75X in the year ended March 31, 2023, as expenses shot up. The startup’s loss rose to INR 52.02 Cr in the financial year 2022-23 (FY23) from INR 18.93 Cr in the previous fiscal year.

Hubilo, founded in 2015 by Vaibhav Jain, Mayank Agarwal and John Peter, started as a virtual networking platform for attendees. However, gauging the preference for physical events, it started developing tools and executing and managing mid to large-sized events for enterprises.

The rise in virtual events during the COVID-19 restrictions saw the startup pivoting to online event management and offering a streaming platform for enterprises to cater to the needs of the industry at the time.

However, with daily life returning to normalcy after the pandemic, online events have gone down steadily and this seems to have affected Hubilo’s business.

Its revenue from operations rose marginally to INR 55.95 Cr in FY23 from INR 55.06 Cr in FY22. Including other income, total revenue stood at INR 56.68 Cr in FY23 as against INR 55.59 Cr in the previous fiscal year.

Zooming Into Hubilo’s Expenses

The startup’s total expenditure surged 1.46X to INR 108.70 Cr in FY23 from INR 74.54 Cr in FY22.

Employee Costs Surge: At INR 93.62 Cr, employee benefit expenses accounted for 86% of the total expenditure in FY23. Employee costs grew over 86% from INR 59.02 Cr in the previous fiscal year. The increase came despite the startup laying off around 160 employees across two rounds during the year.

Other Expenses: The startup categorised INR 14.07 Cr worth of expenditure under ‘Other Expenses’ in its filings, down slightly from the INR 14.77 Cr reported in FY22. Of this, consultancy charges stood at INR 3.10 Cr in FY23 as against INR 6.44 Cr in FY22. 

Advertising Costs Slide: Hubilo managed to drastically bring down its advertising spending, bringing to INR 14.30 Lakh in FY23 from INR 1.04 Cr in FY22.

On a unit economics level, Hubilo spent INR 1.94 to earn INR 1 from operations during FY23.

Hubilo has raised a funding of $153 Mn to date and counts the likes of Alkeon Capital, Lightspeed Venture Partners and Balderton Capital among its investors.

The post Hubilo’s FY23 Loss Surges 2.75X To INR 52 Cr As Expenses Mount appeared first on Inc42 Media.

Beerud Sheth, a technology major from MIT and IIT-Bombay, wore many hats. He had an extensive career as a financial industry professional and launched Elance, a services marketplace, before setting up Gupshup in 2004. It started as a conversational engagement platform to change the way brands communicate with people. In the following decades, Gupshup went full throttle, powering companies to manage customer lifecycles through conversations in critical areas like marketing, sales and support.

The platform uses a single API to automate business operations across 30+ channels, including WhatsApp, Instagram, Viber, Telegram, voice, SMS, web and app, among others. It has also launched ACE LLM, which uses generative AI (genAI) to transform customer experience.

Gupshup is now catering to more than 45K customers worldwide and expanding rapidly into various international markets such as the Middle East and the Asia-Pacific, Southeast Asia, Latin America, the EU, the US and Africa. The Mumbai- and San Francisco-based SaaS player entered the unicorn club in April 2021. 

In September 2021, the company forayed into the UAE market and later boosted its presence by acquiring Knowlarity Communications (the target company was operational there) in 2022, which provides cloud telephony, contact centre automation (AI-based voice assistants, chatbots and video solutions) and speech analytics. It served more than 6K customers in 65 countries at the time of acquisition. 

“India is our oldest market and 60% of Gupshup’s business still comes from there. However, the UAE market has contributed nearly 4-5% of our revenue in the past 18 months. Gupshup’s monthly recurring revenue (MRR) has tripled in the MENA region due to the rapid adoption of its products,” said Mukul Yadav, senior director and head of the MENA region. Inc42 had an exclusive conversation with him on the sidelines of this year’s GITEX Global held in Dubai.

According to Yadav, the Middle East is the third-largest market for Gupshup after India and LatAm. Apart from Dubai, where Gupshup has a strong presence, the SaaS provider also operates in the Kingdom of Saudi Arabia (KSA), the Kingdom of Bahrain, the State of Qatar and the State of Kuwait. 

Its most prominent clients in the region include Abu Dhabi Commercial Bank (ADCB), Emaar, Talabat, Bayut, Lulu Exchange, Apparel Group, Sharaf DG and Qatar Islamic Bank, among others. 

Gupshup also works closely with ‘big tech’ companies such as Meta and has set up a GPT-based chatbot for Dubai Electricity & Water Authority (DEWA). The bot helps DEWA customers with quick and intelligent responses to frequently asked questions like bill paying, address change and requirements for new connections. 

“The number of companies using our solutions has grown 3x in the MENA region,” said Yadav. “Our clients range from BFSI, telecom and retail to new-age tech industries like on-demand food delivery. Batelco (Bahrain Telecommunication Company) and Qatar’s Ooredoo, two leading telcos in the region, are our clients.”

The SaaS unicorn is looking to double its growth in the MENA region by FY24. 

Decoding Two Years Of Gupshup Growth In The MENA Region

Although Gupshup has not yet disclosed its consolidated FY23 results, Yadav said that at the group level, its consolidated revenue grew by 55% YoY in FY23 and now stands close to $300 Mn. Gupshup’s total revenue in FY22 (ended March 2022) reached INR 1,140.7 Cr, up 53% from INR 747.6 Cr in the previous fiscal. However, its consolidated net profit narrowed by 24% YoY to INR 39.9 Cr, from INR 52.5 Cr in FY21, due to an expenditure surge. 

Yadav emphasised that 2021 and 2022 (calendar years) were a period of aggressive growth for Gupshup. The company entered new markets like the UAE and invested in as many as five acquisitions – OneDirect, AskSid Technology Solutions, Active.ai, Knowlarity Communications and Dotgo – all of which were successfully integrated. 

Operating in the UAE has its challenges, though. Although earnings are higher in the MENA region, so are the costs, said Yadav. But compared to India, businesses are likely to see a decent hike in revenue.

“While India is a large volume market, the middle east is a high value market. The WhatsApp messaging cost (as offered by Meta) is higher for middle east in terms of dollar value,” he added.

Gupshup’s UAE team has now grown to 10 people and more people are getting hired in Saudi Arabia and other countries of the MENA region.

Strategies And Solutions That Strike Gold

The MENA region boasts a large number of ultra-high-net-worth individuals (UHNWI), family offices and global business groups like Emaar that look to benefit their close-knit communities in concrete, quantifiable ways. When Gupshup entered the market, it realised that other companies in the region were already offering similar solutions and most of them had long-term contracts with their existing customers. 

“Breaking into that community posed a major challenge, but we also realised something vital. We know by now that India is more price-sensitive, while the UAE is more product-sensitive,” said Yadav.

Besides, the Dubai government is eager to embrace the latest technology trends such as predictive and generative AI. (For context, ChatGPT is just one component of the humungous genAI ecosystem.) The authorities here have allocated funds and different departments are carrying out the implementation. Dubai has an AI minister, quite a rarity, and it is always planning five to 10 years in advance, he added. 

That the UAE is diving deep into innovation makeover was evident at Gitex Global 2023, where Inc42 interacted with H.E. Omar Sultan AlOlama, the UAE’s minister of state for AI, digital economy and remote work applications, and the chairman of Dubai Chamber of Digital Economy. AlOlama pointed out that the UAE and India have historical ties across different fields. Today, both countries are building many bridges on the AI front, and the Emirates can collaborate with India on critical AI fields. 

He also believes there are very few use cases which AI cannot solve today. However, the question here is how one can use AI responsibly.

Given these ground realities, the Gupshup team cracked the market dynamics before long and developed strategies that worked in its favour in the past 18 months. Here is a look at the company’s business principles:

Pushing the product, not the price: According to Yadav, when Gupshup started operating aggressively in the region, it never pushed the pricing or offered a basic product (to match customers’ pricing criteria). Instead, potential customers were asked to try its solutions first.

To add value to simple messaging solutions, Gupshup offered 20 additional features, such as AI chatbots and multiple journeys on WhatsApp chat. Plus, it kept pushing customised and innovative products to meet customer requirements across industries. Gupshup is also working with Meta on entirely new solutions and features, and Meta will soon launch these. 

Adopting a community-led approach: When in Rome, do as the Romans do. The company remembered the adage and adopted it to increase traction. When the team bagged more than 10 customers, it approached them to become Gupshup’s advocates, and soon, it managed to reach out to hundreds of companies in the MENA region. 

“That’s what is different from India. Sizewise, India is huge. So, it is difficult to leverage that community thing, which works in the UAE. We used that community to [kind of] push our products in the best way possible. That’s how everything changed in the past two years,” said Yadav.

Betting big on new-age tech solutions works: As the UAE and the entire MENA region are aggressively adopting new-age technology solutions, Gupshup’s WhatsApp and AI bet worked like a charm. For instance, its offerings around conversational marketing and conversational support are in great demand among ME customers. 

Companies primarily look for Gupshup’s services to build brand/product awareness, generate leads, engage with existing users, offer personalised deals and discounts, provide 24×7 support and streamline operations using AI.

Yadav mentioned an interesting use case for ticket booking on WhatsApp. Gupshup worked with a leading amusement park operator in Dubai to enable easy ticket booking for popular activities, thus ensuring greater visitor convenience.

“WhatsApp came to India first (2012), and we have been using it for almost a decade. But in the Middle East, especially in the UAE, the pick-up started only two and a half years ago. Now, people are quite tech-savvy and they want these solutions. They might have started late, but they are moving really fast,” he added.

The Growth Ahead

The company aims to accelerate its newfound growth trajectory across the MENA region in the near future. As Yadav emphasised, Dubai-based businesses are expanding their operations in Abu Dhabi, Qatar, Saudi Arabia and other countries, providing Gupshup an excellent opportunity to grow its global footprint further.

Besides, the UAE has a huge expat base, making it easier for companies to build an open culture. Having its solutions in more than 30 languages also adds to the many advantages Gupshup has in the region. 

The SaaS player also claims it has entered China as part of its ongoing effort to grow globally.

To sum up the growth potential, Yadav cited what Gupshup CEO Beerud Sheth said at a recent conference in Mumbai. 

“There is a difference between an autorickshaw and a car. An autorickshaw can get you from point A to point B, but when you get in the car, you can go on the highway, switch on the AC and drive in cruise mode. You can do so many extra things. People get excited about it. They want more. That’s the thing with this market. And that’s what Gupshup is offering them.”

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NASDAQ-listed Indian SaaS unicorn Freshworks has reported a revenue of $153.6 Mn, representing a growth of 19% compared to $128.7 Mn in the third quarter of 2022. The SaaS unicorn said that adjusting for constant currency, the revenue was up 18% YoY.

Interestingly, the company has posted a non-GAAP (Generally Acceptable Accounting Practices) profit of $17.4 Mn during the quarter, compared to non-GAAP (loss) from operations of $3.1 Mn in the third quarter of 2022.

The SaaS unicorn is now optimistic and has raised full-year 2023 financial outlook midpoint for non-GAAP operating profit to $40 Mn. Freshworks is also confident to achieve its goal of $1 Bn in revenue in the next three years.

The increase in revenues can be attributed to the rise in the number of customers contributing more than $5,000 in ARR to 19,551, a Y-o-Y increase of 17%. The company added to its community customers such as ASPCA, Cenveo, Giant Eagle Inc., Kelly Benefits, Qualfon, Salvation Army Australia and Tri Pointe Homes.

“Our continued traction with larger customers over $50,000 in ARR, and — combined with our expansion motion and large SMB opportunity, create a go-to-market motion unique to Freshworks. We believe it is this combination of growth levers that gives us confidence in our ability to reach our goal of $1 billion in revenue in the next three years,” said Dennis Woodside, President, Freshworks during the company’s third quarter 2023 earnings conference call held on October 31, 2023.

During the quarter under review, the SaaS unicorn also unveiled an AI-powered customer service suite which brings together self-service bots, agent-led conversational messaging, and automated ticketing management in an all-in-one solution by uniting Freshchat, Freshdesk, and the company’s generative artificial intelligence technology, Freddy AI.

Further, the company has further reported a GAAP (loss) from operations of $38.7 Mn in Q3 2023. This is 33.6% less compared to $58.3 Mn loss in the third quarter of 2022.

Freshworks registered that net cash provided by operating activities was $23.9 Mn, compared to net cash (used in) operating activities of $4.2 Mn in the third quarter of 2022. Free cash flow was reported as $22.1 Mn, compared to $7.2 Mn in Q3 2022.

“We delivered another solid quarter of execution as we outperformed our estimates across our key financial metrics and further improved our profitability. Our market traction is fueled by continued product innovation that brings generative AI and rapid time to value to companies of all sizes,” said Girish Mathrubootham, CEO and Founder of Freshworks.

Founded in 2010 by Girish Mathrubootham and Shanmugam Krishnasamy, Freshworks offers a suite of software for customer service and support, customer engagement and IT service management. The company went public in 2021, though its share price has been in freefall since hitting a peak of $50.25 in October 2021.

The SaaS unicorn’s share price stood at $17.94 during Tuesday’s (October 31) close, giving it a market cap of $5.27 Bn.

Freshworks competes with the likes of Zoho, Hubspot, Salesforce, Microsoft and many other Indian and international tech majors.

Earlier in November 2022, bootstrapped SaaS unicorn Zoho reported its annual revenue surge beyond $1 Bn mark in the calendar year 2021. It reported a net profit of INR 2,749 Cr in FY22, registering a 43% jump from INR 1,917 Cr in FY21. In September 2023, it also surpassed 100 Mn users across its various business applications and now serves over 700K businesses across 150 countries.

The post Freshworks’ Revenue Jumps 19% To $153 Mn In Q3, Sets Sight On $1 Bn Revenue By 2026 appeared first on Inc42 Media.

Tiger Global-backed professional networking platform Apna’s revenue from operations surged nearly 3X in the financial year ended March 31, 2023. The Bengaluru-based startup reported an operating revenue of INR 180.2 Cr in the financial year 2022-23 (FY23), an increase of 182% from INR 63.8 Cr in the previous fiscal year. 

Founded by Nirmit Parikh in 2019, Apna, which initially called itself the LinkedIn for blue- and grey-collar workforce, has now started posting job listings for white-collar workforce as well. 

The startup primarily earns revenue by providing recruitment solutions.  Including other income, the startup reported a total revenue of INR 188.1 Cr, an increase of 186% from INR 65.7 Cr it reported in the previous fiscal year. 

Despite the increase in operating revenue, Apna’s loss rose in FY23. The startup incurred a loss of INR 120.3 Cr in FY23, an increase of 7% from INR 112.5 Cr in FY22. 

Employee Benefit Costs Ballon

With the rise in revenue, Apna’s total expenses also rose, albeit at a much lower pace. The startup’s total expenditure grew 73% to INR 308.4 Cr in FY23 from INR 178.3 Cr in the previous fiscal year.

Employee Count Rises? Apna’s biggest expenditure during the year under review was employee costs. At INR 203.7 Cr, employee benefit expenses accounted for 66% of the total expenditure. This was also a rise of 162% from INR 77.8 Cr the company spent on employee benefits in FY22. The sharp increase indicates that the startup has increased its headcount. As per LinkedIn, Apna’s current employee headcount stands at 924. 

Advertising Expenses Decline: In what seems to be a bid to reduce cash burn, Apna cut down its advertising expenses by 28% to INR 62 Cr in FY23 from INR 86 Cr in the previous fiscal year.

Apna started its journey as a networking platform for carpenters, painters, field sales agents, beauticians. Now, it also offers its services to white-collar employees. The startup currently caters both to employers and job seekers. It now has job listings under categories such as work for home, part-time job, freshers job, and night shift job to cater to a wider audience.

Inc42 has learnt that the startup recently also forayed into the international market and now has job postings from countries like Singapore, the UAE and Poland.

Apna entered the unicorn club in 2021 after raising $100 Mn in a funding round. At that time, it was the fastest Indian startup to turn into a unicorn.

The startup is backed by marquee investors such as Peak XV Partners, Insights Partners, Lightspeed India, and Tiger Global. 

It competes against the likes of LinkedIn, Naukri.com, and Indeed. 

The post Tiger Global-Backed Apna’s FY23 Revenue Nearly Triples To INR 188 Cr appeared first on Inc42 Media.

Crafting a solid introduction is undeniably important for startups seeking success. However, in the ever-evolving business landscape, reaching the $5 Mn milestone is just the beginning. 

To achieve long-term success and surpass this benchmark, startups must have a well-defined plan for continuous expansion. It requires an aggressive and comprehensive approach that goes beyond initial growth strategies. 

Particularly in the context of the predicted software-as-a-service (SaaS) market growth by 2030, startups must be prepared to seize opportunities and outpace the competition. There are some necessary elements that can propel a SaaS startup beyond $5 Mn and pave the way for sustained success in the dynamic marketplace. 

By understanding the importance of continuous expansion and taking a proactive stance, startups can position themselves for future growth and thrive in the predicted SaaS market landscape.

Focusing On Growth-Oriented Leading Indicators

Focusing on growth-oriented leading indicators is crucial for startups to achieve sustainable expansion. By shifting the emphasis from lagging metrics to proactive measurements, businesses can identify opportunities, make data-driven decisions, and stay ahead of the competition. 

This involves analysing predictive analytics and forward-looking insights to capitalise on emerging trends and drive continuous growth.

Bookings To MRR (Monthly Recurring Revenue)

Also known as Monthly Recurring Revenue (MRR), this factor is vital for sustained growth. Startups should not solely focus on the number of bookings but also delve deeper into analysing trends over time and the factors that influence them. 

By optimising sales strategies, nurturing customer relationships, and maximizing revenue streams, businesses can achieve consistent and predictable MRR, fuelling their expansion efforts.

Bookings To Invoicing

Understanding the relationship between bookings and invoicing is critical for managing a startup’s financial health and forecasting future growth. Startups must closely examine these metrics to identify bottlenecks or inefficiencies in their sales processes. 

By streamlining operations, improving invoicing cycles, and ensuring timely payments, businesses can establish a healthy financial ecosystem that supports sustained expansion.

Invoicing To Cash

Effective cash flow management is essential for a startup’s survival and growth. Startups should closely monitor the gap between invoicing and actual cash collections, understanding the dynamics of revenue generation. 

By prioritising timely payments, optimising receivables management, and refining working capital strategies, businesses can maintain a healthy cash flow position, fuel growth initiatives, and seize new opportunities as they arise.

Pipeline Per $ By Channel

Strategic allocation of marketing resources is crucial for startups aiming to scale. Analysing the pipeline per dollar by channel helps identify the most effective channels for generating leads, conversions, and revenue. 

Continuous monitoring and analysis enable businesses to optimise their marketing strategies, make informed decisions, and achieve maximum returns on their marketing investments.

Win Rates By Geo, Use Case, Lead Source

Analysing win rates by geography, use case, and lead source provides valuable insights into sales performance. Startups can identify regions or customer segments that yield higher success rates and tailor their strategies accordingly. 

Prioritising real-time reporting and journey orchestration can enhance customer retention rates and unlock expansion opportunities within existing customer bases.

In Conclusion

To ensure long-term success and capitalise on the predicted growth of the SaaS market, startups must adopt an aggressive and comprehensive approach to continuous expansion. 

By focusing on growth-oriented leading indicators, startups can make informed decisions, optimise operations, and drive sustainable growth. Crafting a solid introduction may open the door, but it is the strategic execution of expansion plans that paves the path to success. 

By embracing these elements and fostering a culture of adaptability and innovation, startups can position themselves to not only surpass the $5 Mn milestone but also thrive in the competitive SaaS landscape.

The post Scaling From $1 Mn To $5 Mn And Upwards: What More Should You Be Doing? appeared first on Inc42 Media.

Pune-based drone startup DroneAcharya Aerial Innovations reported a profit after tax (PAT) of INR 3.97 Cr in the first half (H1) of the financial year 2023-24 (FY24), a massive increase from INR 13.09 Lakh (0.13 Cr) in the corresponding period of the previous fiscal year.

DroneAcharya released its financial numbers for the second time on Friday (October 27) after its public listing on the BSE SME exchange in December 2022. In FY23, the startup posted a PAT of INR 3.42 Cr.

DroneAcharya’s operating revenue shot up 998% to INR 20.89 Cr in H1 FY24 from INR 1.9 Cr in the year-ago period. The startup attributed this increase to the growth in its drones and defence technology business and its recent foray into the spacetech sector. 

In a statement, DroneAcharya said it is now aiming to become a platform agnostic deeptech data science company.

Including other income, the startup’s total revenue grew to INR 21.96 Cr in H1 FY24 from INR 1.90 Cr a year ago.

In line with the increase in revenue, expenses also surged over 9X to INR 16.62 Cr in H1 FY24 from INR 1.73 Cr in H1 FY23. 

Employee benefit expenses grew to INR 2.57 Cr during the period under review from INR 1.01 Cr a year ago. The company spent INR 12.13 Cr on other expenses in H1 FY24 as against INR 58.88 Lakh (0.58 Cr) in  H1 FY23.

Founded by Srivastava in 2017, DroneAcharya offers an array of drone solutions for multi-sensor drone surveys, pilot training, and data processing, among others. The startup forayed into drone manufacturing earlier this year. It partnered with Gujarat-based robotics company Gridbots Technologies for commercial production, assembly, and export of drones and associated products from July 2023.

“Through our franchises and partners, we are set to expand our reach and solutions not only across India but also globally. Our performance in terms of revenue marks a strong base for our team’s capabilities and bandwidth to take on more challenging projects in the years to come,” Prateek Srivastava, founder and managing director of DroneAcharya, said. 

It must be noted that DroneAcharya signed a franchise agreement with Wollstone Capital SA last month to open 30 remote pilot training organisations (RPTOs) across the country.

“We have a vision to become India’s first platform agnostic deeptech data science company. Achieving this, we will not be limited to only drones but will be able to provide data intelligence and services coming from various platforms positioned aerially, in space, underground and underwater,” Srivastava added.

In the spacetech space, DroneAcharya said it is all set to make a debut as a system integrator in CubeSat and NanoSat technologies.”These platforms enable localised capture and determining different orbital paths, making them more mobile and versatile as compared to the conventional large satellites, while at the same time being cost-effective and time efficient,” it said.

DroneAcharya got listed on the BSE SME platform last year at a 90% premium to its issue price of INR 54 apiece, despite the lull in the equity markets. 

Shares of the company ended Friday’s trading session 1.53% higher at INR 196.10.

The post DroneAcharya’s Profit Soars To INR 3.97 Cr In H1 FY24, Revenue Surges 998% appeared first on Inc42 Media.

Traveltech SaaS startup RateGain’s consolidated profit after tax more than doubled to INR 30.04 Cr in the second quarter (Q2) of the financial year 2023-24 (FY24) from INR 12.96 Cr in the same period last year due to strong travel demand, which led to growth across verticals.

On a quarter-on-quarter (QoQ) basis, the company’s profit after tax grew 21% from INR 24.9 Cr.

RateGain reported a 88.4% year-on-year (YoY) jump in operating revenue to INR 234.7 Cr in Q2 FY24, which also grew over 17% from INR 124.61 Cr in the preceding quarter.

EBITDA margin expanded to 19.8% from 14.1% in the corresponding quarter of last year, while EBITDA surged 163.9% YoY to INR 46.4 Cr.

“The company continues to drive growth and all-round operational performance through
expansion of relationships with its marquee enterprise global customer base across the travel &
hospitality space, addition of new clients and continued monetisation of key contracts wins in the past few quarters,” RateGain said in a statement.

With travel demand beyond 2019 levels, the traveltech industry is now investing into adopting new technologies including AI to improve customer experience, drive cost efficiencies and optimise revenue, the startup added.

“With the travel industry making AI a priority to create predictable revenue streams and drive cost efficiencies, RateGain is emerging as a natural choice for industry leaders to help them get access to accurate pricing and travel intent data, powered by a dependable digital infrastructure to improve conversions,” Bhanu Chopra, founder and chairman of RateGain Travel Technologies, said.

In terms of expenses, total expenditure rose 53% YoY and 6% QoQ to INR 199.1 Cr during the quarter under review.

The most substantial component of these expenses remained employee benefits. RateGain spent INR 94.3 Cr on employee benefits in Q2 FY24 as against INR 58 Cr in the year-ago quarter.

RateGain’s employee count rose 18.8% to 746 at the end of Q2 FY24.

Founded in 2004, RateGain is a global provider of SaaS solutions for travel and hospitality. It works with 3,000+ customers and 700+ partners in 100+ countries, helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.

Following the release of Q2 financials, shares of the company ended Friday’s session 3.8% higher at INR 624.80 on the BSE.

The post RateGain Q2 PAT Surges 132% YoY To INR 30 Cr On Strong Travel Demand appeared first on Inc42 Media.

New York-based AI intelligence unicorn Fractal turned profitable in the financial year ended March 31, 2023. The TPG-backed SaaS company reported a profit of INR 194.4 Cr in FY23 as against a loss of INR 148.4 Cr in the previous fiscal year. 

The company would have been in loss in FY23 if not for a gain of INR 494.9 Cr from an exceptional item. As per the financial statement, Fractal made the exceptional item gain from the loss of control of a subsidiary company. 

Inc42 has reached out to the company seeking further details on this one-time gain. The story would be updated on receiving a response.

Without the exceptional gain, Fractal, which reported a profit of INR 36 Cr in FY21, would have reported a loss of INR 181.5 Cr in FY23.

Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal, along with core team members – Nirmal Palaparthi, Pradeep Suryanarayan, and Ramakrishna Reddy, Fractal offers artificial intelligence and advanced analytics solutions to Fortune 500 companies.

Fractal took 21 years to enter the prestigious unicorn club when private equity firm TPG pumped in $360 Mn at a valuation of over $2 Bn. 

Fractal’s Cash Cow – The US 

Fractal’s operating revenue increased 53% to INR 1,985.4 Cr in FY23 from INR 1,295.3 Cr in the previous fiscal year. The startup primarily earns revenue by offering analytics solutions. 

• It generated INR 1,333.9 Cr from the US region, a jump of 56% from INR 852.9 Cr in FY22. 
• Fractal earned INR 346.7 Cr from the European region, an increase of 40% from INR 247.2 Cr in FY22.
• The APAC & others region, which includes India, too saw a robust growth in revenue. It made INR 304.8 Cr in revenue from this region, a jump of 56% from INR 195.2 Cr in FY22. 

Fractal, including other income, reported a total revenue of INR 2,043.7 Cr in FY23, a 55.5% increase from INR 1,314 Cr in the previous year. 

Where Did Fractal Spend?

Total expenditure surged 52% to INR 2,225.2 Cr in FY23 from INR 1,461.5 Cr in the previous fiscal year. 

Employee benefit expenses were the biggest contributor to the startup’s growing expenses. Fractal spent INR 1,767.2 Cr on employee benefit expenses in FY23, an increase of 59.5% from INR 1,107.9 Cr in the previous year. It spent INR 1,524.3 Cr on salaries in FY23 as against INR 1,030.8 Cr in FY22. As per LinkedIn, Fractal’s total employee count stands at above 4,500. 

Fractal also granted ESOPs worth INR 158.7 Cr in FY23 as compared to INR 21.9 Cr in the previous fiscal year. 

Fractal Analytics has raised a funding of around $680 Mn to date and counts TPG, Apax Partners, Khazanah Nasional among its investors. Its offerings include Qure.ai that assists radiologists, Crux Intelligence to assist CEOs and senior executives, Theremin.ai to improve investment decisions, among others. 

The post Exceptional Gain Helps SaaS Unicorn Fractal Post INR 194 Cr Profit In FY23 appeared first on Inc42 Media.

In recent years, industries across the spectrum have felt the transformative impact of artificial intelligence. The transportation sector, for instance, is on the brink of a monumental shift with autonomous vehicles anticipated to outclass human drivers. 

Similarly, the realm of legal documentation is poised for a game-changing revolution. In less than 18 months, we predict that every contract will be analyzed and reviewed by AI. Here’s why.

The Superiority Of AI In Document Review

A contract is more than a mere aggregation of terms; it represents the foundation of countless professional relationships, establishing mutual rights, and responsibilities. 

Similar to how autonomous vehicles combine sensors, data, and algorithms to navigate complex terrains, AI harnesses vast datasets and machine learning to dissect contractual terms with precision. This includes:

• Accuracy And Efficiency: Human error, biases, and oversight are inevitable in manual contract review. However, AI promises to eliminate these inaccuracies. It can scan through vast swathes of text, ensuring that the right clauses are used and the correct legal language is applied consistently.
• Strength Analysis Of Clauses: Beyond identifying and correcting, AI can assess the robustness of each clause. It uses deep learning algorithms to evaluate how enforceable and strong each term is in real-world scenarios, ensuring contracts are not just legally sound but practically enforceable.
• Litigation Predictions: AI isn’t limited to mere textual analysis. By referencing vast legal datasets, AI can offer predictive insights. If a contract’s terms were to lead to litigation, the system can forecast which party would likely have the upper hand, based on the strength and wording of the contract.
• Decision-Making Guidance: One of the most transformative features of AI in contract review will be its advisory capacity. It won’t just analyze contracts; it will guide stakeholders on the implications of terms and whether they should proceed with the agreement. This proactive guidance can prevent potential disputes and misunderstandings down the road.
• Benchmarking With Historical Data: Contracts don’t exist in a vacuum. With each litigation or dispute, a wealth of data gets generated. AI can reference this historical data, comparing the contract’s clauses against past litigations to provide insights on potential outcomes or risks.

The Ripple Effects: A New Era In Contract Management

The benefits of AI-powered contract reviews extend beyond efficiency and accuracy. By ensuring contracts are sound from the outset, businesses can minimise potential disputes, fostering smoother professional relationships. 

Moreover, by gaining insights into potential litigation outcomes, organisations can make more informed decisions, strategically navigating potential legal challenges.

Furthermore, as the business world becomes increasingly global, contracts often span multiple jurisdictions, each with its unique legal nuances. AI, with its data-driven capabilities, can ensure that contracts are compliant with the relevant local laws, mitigating cross-border legal risks.

The Future Of Legal Contracts: AI At The Helm

The trajectory is clear: AI’s role in contract review is not a mere augmentation but a paradigm shift. As the legal industry grapples with the increasing complexity and volume of contracts, the adoption of AI tools will soon become an imperative rather than an option.

Just as autonomous vehicles are set to redefine transportation, AI-driven contract review tools will reshape the legal landscape, offering unprecedented accuracy, efficiency, and foresight. 

And for those wondering where to begin this transformative journey, there are some platforms that are leading the charge, pioneering the integration of AI in the world of legal contracts. 

Offering not just AI-driven contract review but the ability to convert traditional contracts into smart contracts, platforms like these are the vanguard of the future of legal tech.

In conclusion, as we stand on the cusp of this new era, businesses and legal professionals must embrace AI-driven contract tools. The future of contracts is not just about legality but about leveraging technology to drive clarity, compliance, and strategic foresight.

The post Why AI Will Dominate Contract Reviews: The Next Paradigm Shift In Legaltech appeared first on Inc42 Media.

The global semiconductor landscape is undergoing a profound transformation, with countries like Taiwan (TSMC), South Korea (Samsung), and the United States (Intel, AMD) dominating the industry. 

However, the COVID-19 pandemic exposed vulnerabilities in this global supply chain. Shutdowns and disruptions reverberated across industries, making it clear that diversifying the sources of critical components is imperative. 

The pandemic underscored the importance of self-reliance, prompting countries to rethink their semiconductor strategies.

India’s Electronics Consumption Surge

India has witnessed a remarkable surge in electronics consumption in recent years. The Indian semiconductor industry is projected to achieve a market value of $55 Bn by 2026, driven primarily by the demand for semiconductors in smartphones and wearables, automotive parts, and computers and data storage, which together make up over 60% of the market. 

However, India’s dependency on imports for these crucial components has exposed its vulnerability to global supply chain disruptions, exemplified during the COVID-19 pandemic.

India’s heavy reliance on semiconductor imports, constituting 95% of its supply from countries like China, Taiwan, South Korea, and Singapore, exposed vulnerabilities during disruptions like the pandemic. 

The microchip shortage resulted from a surge in demand, driven by the digital shift caused by COVID-19, affecting consumer electronics and remote work requirements. Concurrently, production disruptions in key manufacturing nations due to lockdowns and labour shortages, especially in Taiwan, a major producer responsible for over 60% of global foundry revenue, severely impacted semiconductor availability. 

Additionally, as other industries dependent on microchips slowed production due to the pandemic, it exacerbated the gap between demand and supply. The imbalance led to a scramble among semiconductor producers and suppliers, triggering hoarding and worsening the supply crisis, ultimately impacting electronic production in India. 

The effect of semiconductor shortage was highlighted in the year 2022, witnessing a loss of about 170,000 units by Maruti Suzuki India. This crisis underscored the urgent need for India to establish domestic semiconductor production capabilities.

A Step Towards Self-Reliance: India’s $10 Bn Incentive Package

Recognising the need to reduce its dependence on imported semiconductors, the Ministry of Electronics and Information Technology (MeitY) has unveiled a $10 Bn commitment towards the India Semiconductor Mission (ISM). 

This move underscores the government’s ambition to establish a presence in the semiconductor sector. The investment encompasses funding, manufacturing incentives, and the Design Linked Incentive (DLI) program, designed to support emerging Fabless startups in creating products for both domestic and international markets.

For instance, Micron Technology has revealed plans to invest upwards of $800 Mn in the establishment of a fresh semiconductor assembly and testing facility in Gujarat, India. This move is poised to bring about a substantial transformation in India’s semiconductor sector, simultaneously leading to the generation of numerous high-tech and construction employment opportunities.

Persisting Challenges

Setting up semiconductor fabs is a daunting task, primarily due to their capital-intensive nature, as the costs involved are substantial, which may dissuade potential investors. However, it’s essential to recognise that these investments are not solely for the present; they serve as the seeds for a high-tech future. 

The significant funds channelled into these fabs today will ultimately yield cutting-edge technology and contribute to the emergence of a technologically empowered nation in the years to come.

Moreover, semiconductor fabs demand critical resources such as clean water, uninterrupted power, and specialised human expertise. 

These prerequisites are not mere immediate necessities but rather the foundational building blocks of a technologically advanced future. The infrastructure investments made today will continue to underpin India’s semiconductor industry for an extended period, ensuring its growth and sustainability.

Nonetheless, India faces tough competition from well-established global players in East Asia, who boast decades of experience and robust supply chains. Competing with these industry giants necessitates a long-term commitment rather than being a short-term challenge. 

To thrive in this competitive landscape, India must strategically invest in semiconductor R&D and manufacturing capabilities while nurturing a supportive ecosystem for innovation and growth.

India’s Collaborative Approach

India has taken significant steps to bolster its semiconductor industry by entering into Memorandums of Understanding (MoUs) with international consortia such as IGSS Ventures, ISMC, and Vedanta Foxconn. 

These agreements mark a pivotal move towards establishing semiconductor fabrication facilities (fabs) within the country. To further incentivise and facilitate this endeavour, the Indian government has committed to providing substantial fiscal support, covering up to 50% of the project costs for these fabs.

This strategic partnership with international consortia underscores India’s determination to develop a robust semiconductor manufacturing ecosystem. The government’s commitment to offering financial support demonstrates its recognition of the capital-intensive nature of semiconductor fabs and its dedication to creating an attractive investment landscape for this high-tech sector.

These developments are poised to play a pivotal role in India’s journey towards achieving self-sufficiency and competitiveness in the semiconductor industry, marking a significant milestone in the country’s technological advancement.

Building The Fab Niche

Several strategic locations have been earmarked for the establishment of chip fabrication units in India, with a particular focus on states like Karnataka, Tamil Nadu, Telangana, and Gujarat. These states have been selected for their advantageous attributes, which make them well-suited for semiconductor manufacturing.

These locations were chosen because of their existing infrastructure, which can expedite semiconductor fab setup and reduce initial costs. They also nurture thriving semiconductor ecosystems, encouraging collaboration and innovation. 

This ecosystem includes research institutions, educational centres, and specialised companies, which are crucial for long-term semiconductor manufacturing growth.

Furthermore, these regions offer an abundance of skilled talent, including engineers and researchers, essential for fab success. These sites aren’t just for current factories but are seen as seeds for future technological ecosystems, expected to attract more investments, talent, and research initiatives.

The Road Ahead: India’s Ambitious Goals

India’s foray into semiconductor manufacturing holds significant promise for various sectors, including automotive, telecom, and medical devices. While the initial focus is on meeting current demands, the broader objective is to prepare for the future. 

This ambitious vision not only aims to boost electronics manufacturing and employment but also aims to insulate India from global supply shocks, marking a pivotal step towards technological self-reliance.

Driving this transformative initiative is a coalition of key players, including the Ministry of Electronics and IT, India Semiconductor Mission, ISA, IGSS Ventures, and the Vedanta-Foxconn JV. The successful collaboration among these entities will play a decisive role in the execution of India’s semiconductor plans. 

Furthermore, talent development is a core focus area, with the government planning to train 85,000 engineers and skilled workers to support the semiconductor ecosystem. Programs like “Chips to Startup” facilitate technical education, emphasising that this investment in human capital is not merely for the present but lays the foundation for India’s technological future.

In parallel, India is fostering innovation and research through initiatives such as the Semiconductor Laboratory (SCL), Institute of Semiconductors Technology (IST), and Centers of Excellence. 

These efforts are not solely aimed at immediate outcomes; they are sowing the seeds for future breakthroughs. Additionally, strengthening the supply chain by domestically manufacturing semiconductor materials like silicon wafers, gases, and chemicals is enhancing self-reliance and securing the supply chain for India’s technological future. 

This comprehensive approach aligns with India’s broader vision of Make in India and Atmanirbhar Bharat), which has the potential to attract significant investments and drive economic growth. 

Furthermore, geopolitical tensions and China’s dominant position in the global electronics supply chain have spurred India’s strategic efforts to reduce its reliance on imports. Establishing semiconductor fabs within the country not only enhances India’s leverage and bargaining power in the supply chain but also bolsters national security by granting control over critical technology. 

The push for self-reliance in semiconductor production aligns with India’s broader economic and geopolitical objectives. India’s proactive approach to partnering with like-minded nations in initiatives like the Supply Chain Resilient Initiative (SCRI) and joining the Indo-Pacific Economic Framework (IPEF) underscores its commitment to diversify supply chains away from China. 

By making ‘chipmaking’ a national priority and collaborating with global players, India aims to position itself as a reliable and self-sufficient destination in semiconductor manufacturing, contributing to both economic growth and strategic autonomy.

To Conclude

Investing in India’s semiconductor fab plans isn’t merely a financial transaction. It’s a stake in India’s technological future. It’s a bet on a nation that is determined to rise as a semiconductor superpower. 

As India navigates the challenges and invests in the ecosystem, it’s building a foundation for a future where it’s not just a consumer of technology but a creator and innovator.

 The journey ahead is marked by challenges, but it’s also filled with immense opportunities. India’s path to semiconductor self-sufficiency is a testament to its unwavering commitment to technological empowerment, economic growth, and environmental sustainability.

The post Decoding India’s Ambitious Leap Into Semiconductor Manufacturing appeared first on Inc42 Media.

Conversational automation unicorn Uniphore’s net profit jumped over 4X in the financial year ended March 31, 2023. The California headquartered unicorn reported a profit of INR 142.7 Cr in FY23, a 327% increase over INR 33.4 Cr in FY22.

This is the second consecutive profitable year for the startup after it reported a net loss of INR 281.8 Cr in FY21. 

Founded by Ravi Saraogi and Umesh Sachdev in 2008, Uniphore is a SaaS startup that combines conversational AI, workflow automation, and RPA (Robotic Process Automation) in a single integrated platform to transform customer experience across industries.

The startup entered the unicorn club in 2022 after bagging $400 Mn in a funding round led by NEA at a valuation of $2.5 Bn. 

Though Uniphore widened its profit, it saw a noticeable dip in its operating revenue during the year under review. Revenue from operations dropped 28% to INR 488.4 Cr in FY23 from INR 674.6 Cr in the previous fiscal year.  

The startup earns revenue primarily from SaaS subscriptions and on-premises term software licences associated with maintenance. Apart from these, it offers services which help businesses with training and configuration. It also has managed services offerings for enterprises.

The startup seems to have shifted its focus from the US to India in the previous year.

• Revenue from India surged 272X to INR 215.9 Cr in FY23 from INR 79 Lakh in FY22.
• The US, which continues to be the biggest revenue contributor for Uniphore, saw a 58% decline in sales to INR 271.8 Cr in FY23 from INR 642.8 Cr in FY22.  
• The Singapore region saw the biggest dip in revenue, as it reported sales of a meagre INR 66.7 Lakh as against INR 30.9 Cr in FY22.

Expenses Decline

The startup’s expenditure declined in line with the dip in its revenue. Total expenses stood at INR 492.7 Cr during the year under review, a decline of 29% from INR 694.1 Cr in FY22. 

• Employee Benefit Expenses Dip: Employee costs stood at INR 143.9 Cr in FY23, a decline of 56% from INR 330.6 Cr in the previous year. The decrease came despite the unicorn seeing a 2% growth in employee count on an annual basis. As per LinkedIn, it currently has 880 employees.
• Legal Professional Charges Decline: Legal professional charges shrank 50% to INR 66.7 Cr in FY23 from INR 134.3 Cr in the previous year.
• Software Subscription Fees Drop: Software subscription fees fell to INR 46.9 Cr in FY23 from INR 57.6 Cr in FY22.

The only expense that increased was agency cost, which more than doubled to INR 114.9 Cr in FY23 from INR 54.9 Cr in the previous year.

Last year, Uniphore acquired Colabo, an AI-powered knowledge automation solution provider, for an undisclosed amount. 

Uniphore, which competes against the likes of Yellow. ai, Skit. ai, and Reliance-acquired Haptik, has raised $600 Mn in funding till date. It counts March Capital, Chiratae Ventures, and IIFL Finance among its investors. 

The post Uniphore’s FY23 Profit Quadruples To INR 143 Cr As Revenue From India Soars 272X appeared first on Inc42 Media.

Zoho CEO Sridhar Vembu has cautioned that the ongoing Israel-Palestine conflict has the potential to add to the woes of the global economy. 

Speaking during a press conference in Bengaluru, Vembu said the global economic growth had slowed down even before the beginning of the Israel-Palestine conflict and the future now remains uncertain till the ongoing crisis in the Middle East is not resolved. 

The Middle East is the fourth-largest market for Zoho and the company recently signed an economic cooperation agreement with the Israel-Asia Chamber of Commerce in June.

Responding to a question on how the conflict will affect the SaaS unicorn’s business, Vembu said, “In this kind of uncertainty, you should make no predictions, rather watch and absorb. We really hope it resolves soon.” 

It must be noted that Vembu last week cautioned that the global economy may be entering a difficult phase, with growth likely to slow down going ahead. 

“We saw a fairly pronounced slow down in growth in September across countries and across products. Given the geographically and product-wise diversified nature of our revenue streams, I suspect the global economy is taking a turn for the worse. Caution ahead,” Vembu said in a post on X.

The likes of the International Monetary Fund (IMF) and the World Bank have already warned of a slowdown in global growth due to high interest rates and other macroeconomic headwinds.

The IMF, in July, said the global growth is projected to decline to 3% in 2023 from an estimated 3.5% in 2022. Meanwhile, the World Bank predicted in June that the global growth will slow down to 2.1% in 2023 from 3.1% in 2022.

 Meanwhile, Vembu said that India is the fastest-growing market for the company amid the ongoing slowdown. 

The CEO said that Zoho’s India revenue grew 37% year-on-year in 2022. India, which is currently the third-largest market for the company, is likely to emerge as the second-largest market over the next 2-4 years, he added.

The post Israel-Palestine Conflict Further Complicates Global Economic Challenges: Zoho’s Sridhar Vembu appeared first on Inc42 Media.

Chennai-based SaaS unicorn Zoho saw a 37% year-on-year growth in its revenue from India in calendar year 2022, its cofounder and CEO Sridhar Vembu said.

Without giving the revenue number for India, Vembu, during a press conference in Bengaluru on Monday (October 9), said that the country has emerged as the fastest growing market for the SaaS giant.

India is currently the third-biggest market for Zoho, after the US and the EU. Vembu believes India can become the second-biggest market for the company in the next 2-4 years and has the potential to emerge as the biggest market over the next 10 years.

Earlier this month, Vembu warned about the health of the global economy citing the slow down in growth witnessed by Zoho in September, across countries and product offerings.

However, the Zoho CEO today said that India was the fastest growing market even amid this slow down in growth.

Some of Zoho’s growth drivers are products such as One, CRM, People, Books, and Workplace, while IT hardware, manufacturing, BFSI, retail and education sectors are currently big contributors to the company’s growth, Vembu said.

Meanwhile, Zoho is also bullish on its communication and collaboration platform Zoho Cliq. The company today launched Cliq Rooms, a smart conference rooms solution, and announced new updates to Zoho Cliq to further boost momentum. 

The entire functionality of the Zoho suite is increasingly available through Cliq, which allows employees across a large organisation to communicate and collaborate, provide data in real time to apps, and consume reports, across the desktop and mobile platforms, Vembu said.

Zoho Cliq is one of the most used apps in Zoho One, the company’s business management software. 

Zoho claimed Cliq has seen a 30% increase in user migration from Slack and Microsoft Teams in 2022. 

Founded in 1996 by Vembu and Tony Thomas, Zoho has more than 12,000 employees globally. The bootstrapped unicorn posted a net profit of INR 2,749 Cr in FY22, registering a 43% jump from INR 1,917 Cr in FY21.

Recently, Zoho surpassed 100 Mn users across its various business applications. The company now serves over 700K businesses across 150 countries.

Zoho competes with the likes of Freshworks, Hubspot, Salesforce, and Microsoft. 

The post SaaS Unicorn Zoho’s India Revenue Grew 37% In 2022: Sridhar Vembu appeared first on Inc42 Media.

Bengaluru-based HRtech platform BetterPlace has launched generative AI-powered unified tech brand goBetter to expand its presence in the global market.

goBetter integrates over eight tech modules into one platform. In a statement, BetterPlace said it is aiming to take the unified and optimised SaaS frontline workforce management platform to the global market. 

BetterPlace also said it plans to invest $35 Mn in research and development (R&D) to strengthen its tech stack.

Commenting on the launch of goBetter, BetterPlace cofounder and CEO Pravin Agarwala said, “With goBetter, we aim to capture the $300 Bn addressable market in India, Southeast Asia and GCC countries to become the go to solution for any enterprise which wants to focus on scaling its business while its workforce operations are optimised and automated.”

With the new platform, the startup is aiming to manage over 10 Mn workers in South East Asia (SEA) and the Gulf Cooperation Council (GCC) regions to unlock the true economic potential of frontline workers and the economies which employ them, he added.

BetterPlace said India, SEA and GCC countries make up for 50% of the world’s workforce but over 60% of this workforce is still informal. Besides, less than 15% of the enterprises globally have been able to digitise their workforce and operations. With the new product, BetterPlace is looking to fill in these gaps in the global workforce management systems.

Founded in 2015 by Pravin Agarwala and Saurabh Tandon, BetterPlace is a SaaS HRtech startup that offers frontline workforce management and covers the hire to retire needs of the employees.

Since its inception, the startup claims to have onboarded more than 30 Mn workers on their platform. BetterPlace said it clocked revenue of INR 275 Cr in FY22 and aims to become EBITDA profitable by September 2024.

Of late, the startup has been on an expansion spree in  the SEA region. This year, it has made two acquisitions – Indonesia-based blue-collar workforce management platform MyRobin and Malaysia-based recruitment and job placement startup TROOPERS. 

The acquisitions followed BetterPlace’s $40 Mn Series C funding round in December 2022.

The post BetterPlace Unveils goBetter — A GenAI-Powered SolutionTo Transform Frontline Workforce Management appeared first on Inc42 Media.

Caller identification app Truecaller has acquired the Bengaluru-based TrustCheckr, which helps businesses verify customer information and detects the risk of fraud based on phone numbers and digital signals.

This acquisition will serve to bolster Truecaller’s recently launched risk intelligence tool for enterprises, enhancing its capabilities and market presence, the company said in a statement.

“Truecaller is the number one solution for identifying spam as well as fraud attempts globally. While our main focus has been on CallerID and spam protection, fraud calls and messages are increasing at an unprecedented rate globally. Fraudsters operate in a different manner than spammers, so investing in elevating our fraud detection capabilities is a natural evolution for us,” said Nami Zarringhalam, cofounder, chairman and chief strategy officer of Truecaller.

This acquisition is expected to significantly enhance Truecaller’s service portfolio and capabilities, he said, adding that the deal will add value to both its user base, and current enterprise offerings.

“The combination of the skills that TrustChekr has in identifying fraudsters through external signals of fraud with Truecaller’s internal signals will be really powerful” Zarringhalam added.

Bengaluru-based TrustChekr was founded in 2017 by Adhip Ramesh and Shivraj Harsha. Last year, the fraud prevention platform raised $1 Mn in a Pre-Series A funding round from IIFL Securities and Rangsons (NR Group).

Truecaller said that this business decision will have a minor cash flow effect and is not expected to have a material impact on the financial results in 2023 as it was taken in the fourth quarter of 2023.

The acquisition announcement comes at a time when the Indian market has emerged as Truecaller’s strongest base, as the country accounted for more than 75% of its revenue in the first quarter (Q1) of 2023. The company also said that India’s demand for its B2B-focused Truecaller for Business (TfB) product was ‘very high’.

Earlier this year, Truecaller said it crossed the mark of 250 Mn active users in India. In March, the company opened an office in Bengaluru – its first outside Sweden.

Truecaller recently launched an artificial intelligence (AI)-based feature called Truecaller Assistant to help users answer calls. Currently, the assistant can converse in Hindi, English, and the Indianised ‘Hinglish’ languages in India.

The post Truecaller Bolsters Enterprise Offering With Acquisition Of Bengaluru Based TrustCheckr appeared first on Inc42 Media.

Speaking at the launch of Nokia’s 6G research facility in Bengaluru, Nokia President and CEO Pekka Lundmark lauded India’s impressive 5G deployment, noting that it boasts the world’s third-largest 5G network base.

Lundmark said that the company is satisfied with the work done so far. However, he highlighted that there is more to be done and that the company will continue to support the digital growth of India. 

He further added, “This has been one of the fastest telecom network roll-outs ever and means India is now among the top three countries in the world that have the largest 5G installed base, with 5G download speeds beating those found in many advanced markets.”

The 6G lab was virtually inaugurated by India’s telecom minister, Ashwini Vaishnaw. The project aims to develop fundamental technologies and innovative use cases of 6G technology to address the future needs of both the telecom industry and society.  

Nishant Batra, Chief Strategy and Technology Officer of Nokia said, “We look forward to collaborating with key stakeholders to help India become a major player in 6G technology development and adoption; and take its place in the global arena as a leading developer and supplier of advanced telecom technologies and solutions.”

Outfitted with advanced research infrastructure, the lab will delve into the ‘Network as a Sensor’ technology. 

This unique approach allows the network to detect objects, individuals, and motion without dedicated sensors. This sensing capability will be seamlessly incorporated into the wireless network, working in tandem with communication services.

Nokia said that this lab is aimed at supporting India’s ambition to make significant contributions to the global 6G rollout. “Further, it is in the process of building research collaborations with premier research institutes in India like IISc and IITs to further scale up the 6G research initiative in India,” the company said.

This comes after Prime Minister Narendra Modi’s speech on India’s 6G technology adoption on the occasion of Independence Day. “We rolled out 5G. My country is the fastest in the world to roll out 5G. We have reached more than 700 districts. And now we are already preparing for 6G,” Modi said. He further added that the country has already created a 6G task force to prepare for ambitious 6G goals of India. 

In March, the PM launched the country’s first 6G test bed and unveiled the ‘Bharat 6G Mission’ document. During the event, he said that the Indian youth from not just the big cities but also the smaller towns are working on developing apps, building solutions and designing technological devices that will propel India’s digital growth.

The post Nokia CEO Lauds India’s 5G Rollout, Launches 6G Lab In Bengaluru appeared first on Inc42 Media.

The global economy may be entering a difficult phase, with growth likely to slow down going ahead, according to SaaS unicorn Zoho’s cofounder and CEO Sridhar Vembu.

Vembu made the observation in a post on X (formerly Twitter) and cited the slowdown in Zoho’s growth, across countries and product offerings, in September as the reason behind his statement.

“We saw a fairly pronounced slow down in growth in September across countries and across products. Given the geographically and product-wise diversified nature of our revenue streams, I suspect the global economy is taking a turn for the worse. Caution ahead,” Vembu said in the post.

The statement comes at a time when the likes of the International Monetary Fund (IMF) and the World Bank have already warned of a slowdown in global growth due to high interest rates and other macroeconomic headwinds.

The IMF, in July, said the global growth is projected to decline to 3% in 2023 from an estimated 3.5% in 2022. Meanwhile, the World Bank predicted in June that the global growth will slow down to 2.1% in 2023 from 3.1% in 2022.

Amid all these, India’s gross domestic product (GDP) grew 7.8% in the June quarter of 2023-24. However, economists expect the growth rate to decline in the remaining quarters of the fiscal year.

Vembu’s statement holds importance as the SaaS firm has a global presence. Zoho surpassed 100 Mn users across its various business applications recently. The company now serves over 700K businesses across 150 countries.

Founded in 1996 by Vembu and Tony Thomas, Zoho has more than 12,000 employees globally. Despite a business slowdown, the bootstrapped unicorn posted a net profit of INR 2,749 Cr in FY22, registering a 43% jump from INR 1,917 Cr in FY21.

Some of Zoho’s customers include startups like BYJU’S, MakeMyTrip, BigBasket, Paper Boat, Zomato and brands like PUMA, Axis Finance, Samsonite, Tata Play Fiber, Star Health & Allied Insurance, Mercedes-Benz India, SpiceJet, IIFL Finance, Meril Life Sciences, Blue Star, Bosch.

Earlier in February, the Chennai-based company unveiled its unified communications platform, Trident, its first desktop native application that brings collaboration, productivity and communication experience in one place.

Zoho competes with the likes of Freshworks, Hubspot, Salesforce, Microsoft and many other Indian and international tech majors.

It must be noted that Nasdaq-listed Freshworks reportedly undertook a layoff exercise in the US in June, which impacted senior positions within the company’s product, engineering, and go-to-market (GTM) teams. The company fired employees in March 2023 and December 2022 as well.

The post Global Economy Taking A Turn For The Worse, Warns Zoho’s Sridhar Vembu appeared first on Inc42 Media.

We’ve all seen the gradual move from manual transmissions to automatic gear shifts. It’s intriguing to ponder whether a similar shift is occurring in the realm of India’s tech industry. Are we witnessing the manual operations of various sectors being seamlessly replaced by the digital prowess and interface of SaaS? 

Just as automatic transmissions made driving effortless and efficient, SaaS is simplifying and optimising business operations across the nation. In India, this shift is particularly fascinating, as it has propelled several industries toward becoming sunrise sectors in their own right.

In recent years, India’s SaaS industry has undergone a remarkable transformation, with annual recurring revenue (ARR) soaring to $12–$13 Bn in 2022, driven by a sixfold increase in investments over the past five years. 

This growth positions India as the second-largest SaaS ecosystem globally, trailing only the United States. With projections indicating ARR could reach $35 Bn by 2027, capturing 8 percent of the global SaaS market, it’s evident that SaaS is not just a ray of hope but a driving force propelling India’s tech industry forward.

Why SaaS, And Why Now?

Three strong macro forces are influencing the profound transformation of India’s SaaS sector. The emergence of digital rails, epitomised by groundbreaking innovations such as Aadhar and UPI, has streamlined operations across diverse industries, fostering interconnectedness and enabling software companies to swiftly craft tailored solutions for a range of enterprises. 

Concurrently, India’s smartphone revolution has placed over 1000 Mn devices into the hands of its populace, a trend reflected in workplaces where mobiles have become indispensable tools, giving rise to a new generation of cloud software designed for mobile productivity.

Additionally, the pandemic’s impact on global digitisation has altered the dynamics of software sales. Nearly all cloud software sales have migrated to virtual platforms like Zoom, redefining the way business is conducted and opening new doors for Indian SaaS companies to reach global customers without elaborate international setups. 

Renowned Indian SaaS leaders have thrived in this digital landscape, cementing India’s position on the global SaaS map.

As these dynamic macrotrends gather momentum, the Indian SaaS market not only reshapes the nation’s tech landscape but also garners significant attention from the venture ecosystem. This confluence of innovation positions India’s SaaS sector as a beacon of growth, promising a vibrant future for the country’s tech industry on the global stage.

Challenges That Confront The SaaS Run In India

While the Indian SaaS industry thrives and sets its sights on remarkable growth, it’s not without its share of challenges. The macro-economic outlook has cast shadows on sales cycles, causing cautious customer spending, which, in turn, puts pressure on start-ups’ cash flows. 

Additionally, unfunded startups face funding hurdles in these uncertain times, as investors exercise caution. To confront these challenges head-on, SaaS start-ups across various stages are doubling down on revenue growth strategies. They’re prioritizing enhancing customer experience, reducing churn, and boosting customer retention.

In the face of economic headwinds, a staggering 55% of founders surveyed plan to acquire new customers and expand their geographical footprint. Meanwhile, 20% are focusing on upselling and cross-selling to existing customers. This resilience in the face of adversity underscores the determination of Indian SaaS entrepreneurs to thrive in the current landscape.

In The Vast Ocean Of Opportunities, SaaS Sails Unfazed By Headwinds

Headwinds don’t scare the sails of the SaaS ship as it moves through the ocean of opportunities. The Indian SaaS industry stands as a testament to exceptional antifragility, emerging stronger in the face of funding constraints and economic downturns. 

With an anticipated surge to over $26 Bn in revenues by 2026, boasting an impressive 2.5X year-on-year growth, the Indian SaaS sector has proven itself as a robust and resilient investment arena. Even amidst global economic uncertainties, the industry has demonstrated remarkable stability. 

In 2022 alone, nearly 280 SaaS companies achieved revenues ranging from $1 Mn to $10 Mn, marking a significant milestone.

Moreover, despite fluctuations in global public valuation multiples, the Indian SaaS sector has exhibited notable resilience. Its median valuation multiple currently stands at 6.6X, a testament to its ability to weather macro-economic variability. 

In a year that saw its share of ups and downs, investments in Indian SaaS surged threefold compared to 2019, reaffirming the unwavering confidence of founders and investors in the sector’s growth trajectory. The figures unequivocally depict the Indian SaaS industry as a safe harbour, offering a sturdy foundation for investment amidst an ever-changing economic landscape.

The Final Destination: What’s Next For Indian SaaS? 

In the dynamic realm of Indian SaaS, optimism reigns supreme. A recent survey by industry insiders reveals that 93% of founders anticipate revenue growth within the next year, while 9 out of 10 investors firmly believe in the “India advantage” and continue to invest in both established and emerging SaaS domains. 

Notably, despite the global workforce downsizing in 2022 and the early months of 2023, an impressive 96% of Indian SaaS unicorns and potential unicorns have been actively expanding their teams, experiencing substantial workforce growth. 

This enthusiasm is further underscored by the remarkable surge in active funded SaaS start-ups, which reached between 1,650 to 1,750 in 2022, representing a remarkable twofold increase over the past four years. Among these burgeoning ventures, 84% are in the seed stage, 13% in the early stage, and the remaining in late-stage development, collectively shaping the future of India’s SaaS landscape.

The next phase of growth and innovation in the Indian SaaS sector will be driven by DevOps, Cybersecurity, and Vertical SaaS. India’s significant presence in global AI and Generative AI workforce, along with its growing prominence in Web 3, positions it as a key disruptor in these areas. 

As investors remain bullish on Vertical SaaS and its potential to tap into India’s vast SMB market, the future appears promising for the Indian SaaS ecosystem. Despite challenges, the industry’s focus on revenue growth and strong fundamentals solidify its position for sustained success.

The post Why SaaS Stands Out As A Ray Of Hope For India’s Tech Industry? appeared first on Inc42 Media.

The size of the global semiconductor industry is more than $600 Bn and is estimated to cross a trillion dollars within this decade, as per a McKinsey report. This includes almost everything around us – consumer electronics, automotive electronics, computing devices, communication devices, industrial electronics, servers, and more.

The semiconductor industry started in the USA in the 1950s, expanding to Japan in the 1970s and then to Europe, South Korea, Taiwan, China, and other Southeast Asian countries. It is interesting to note that every country has a slightly different position in the global semiconductor space. 

For example, Taiwan is home to TSMC’s mammoth fabs.  Japan and South Korea started with DRAM manufacturing and have moved up the ladder with Sony (Japan) and Samsung (South Korea) leading the innovation. The Netherlands is home to ASML, which makes machines for semiconductor fabs. Arm is based out of the UK. 

Currently, India is a minor player, but not insignificant. The government has made it a priority to change this via the India Semiconductor Mission – which is aimed at attracting semiconductor manufacturing to India. As of now, one of India’s strengths is its design talent. Every major semiconductor company has a design unit in India, including Texas Instruments, Intel and Samsung. 

The Case For Agile Chip Development

We make the case that India is excellently positioned to be a leader in the semiconductor design space by bringing agility to chip design. From the outside, agile semiconductor design sounds paradoxical, the semiconductor design process is linear, and a single mistake can cost millions of dollars, if not more. 

A new chip can take two to five years to bring from concept to production. Most practitioners would shudder at the thought of anything faster. 

However, today’s fast-paced market demands mean that it is necessary to speed up chip design by introducing agility into the process. While challenging, this requirement gives a country like India an exciting opportunity to exploit.

The Democratisation Of Usage

Over a hundred years back, Henry Ford thundered, “They can have the Model T in any colour they want as long as it’s black.” The market has moved forward significantly since then – products are used differently by diverse customers.

Imagine a simple physical product like a fingerprint scanner or a CCTV camera. In a country like India, customers come in all sizes. Some customers are savvy; others are new to tech. The conditions at the installation locations differ – hot/cold, humid/dry, clean/dirty, sunny/shady, etc. Some can afford more than others.

Yet, there are only a few models of scanners and cameras out there – with almost no customisation options. 

Suppose there were tens of models of each consumer electronic item, and then each industrial electronics item, and each computing item, and so on – that would create the kind of democratised usage that the market demands today. And it would mean thousands for different requirements for chips.

The Waterfall Model

Just as water finds it easy to flow downhill but can’t flow uphill, the waterfall model describes a development process where processes move forward and not backward (or iterative). 

Semiconductor design involves several stages:

1. High-level design
2. The “Netlist” – a translation of the high-level design into manufacturable devices
3. Layout of the Netlist on the silicon (“floor planning”)
4. Placing and routing wires
5. Final layout and signoff

Each step has to be done with extreme diligence and patience. Plus, it costs money and takes time – partly because of each step’s verification and validation processes. 

The problem with the waterfall process is that a backtrace is impossible – in case of an error and a change in requirement. More than that, the process forces a long development cycle, exploding the time to market to anywhere between two to five years. This makes innovation slow. 

If an engineer has a spark and comes up with a new way to do something, he/she has to wait for the next design cycle – which could take years. Further, when an updated product (or sub-product) finally hits the market, the customer’s needs might have changed! 

Compare this with software, where our products are continuously updated via the internet, and never the “older version.” For tools like Gmail or Google Photos, we don’t even ask, “Which version is this?” Old-timers will remember – it wasn’t always so. In the 1990s, we purchased Windows 95, 98, and other software on CDs. But that’s a thing of the past. 

The Agile Method

The agile method is a set of practices popularised in the last two decades, mostly in the software engineering universe. The Agile Manifesto, 2001, states four values as core to the agile method. They are: 

• Individuals and interactions over processes and tools
• Working software over comprehensive documentation
• Customer collaboration over contract negotiation
• Responding to change by following a plan

One of the main outcomes of this method is that a software product is designed in modules that can be improved upon individually. These individual improvements are continuously delivered to the customer. This allows the TAT (turnaround time) from customer feedback to new feature development (or bug fix) to be very low.

In chip-verse, agility means running all design stages in parallel, feeding each off from the other. This is definitely possible in modular design where each module can be developed independently. Some components may even follow a hardware-software co-design methodology, allowing continuous upgrades, for example, in the camera unit of a mobile phone.

One of the most significant differences between agile and waterfall is that at every stage of the agile lifecycle, there is a strong emphasis on the user – what are their requirements, and what is their experience in using the product? Is the design conforming or adding to the final experience and meeting the final expectation at every stage? We need many real users to test our assumptions for this user-focused approach to succeed.

The Indian Advantage 

Fortunately, we have a wide and diverse set of users. For semiconductor designers, the “users” are the engineers and programmers who buy chips and build devices for the “end-user”. And since there are infinite cohorts of end-users, thousands of engineering teams demand different kinds of chips in all kinds of sectors – defence, space, automobile, electronics, budget electronics, etc. 

Not only does our country generate thousands of use cases, but it also generates fabulous semiconductor talent. Some of the brightest, most experienced hardware engineers worldwide are Indian, and they studied in Indian schools and universities. 

Unfortunately, most of these engineers work in semiconductor services or as part of smaller teams in large MNCs. So, “product thinking” is low. But this is changing. 

In Conclusion

Given the benefit of a vast, diverse market that throws multiple requirements and a considerable talent pool, India is a great place to apply agile methods to chip design. This would enable us to leapfrog ahead in the chip-verse. 

Engineers would have to think differently to achieve this. Firstly, they have to design with the customer in mind. They need to study the customer’s needs in depth. Secondly, they must “own” the requirement/specification instead of bargaining with the customer or asking them to settle for a less optimal product.

Engineers also need to anticipate future requirements and the changing technology landscape. With all of this in mind, they need to design with a certain flexibility, i.e. agility.

The post How Can Agile Chip Development Put India Ahead In The Semiconductor Design Space? appeared first on Inc42 Media.

Fintech startup Cashfree Payments has partnered Canada-based ecommerce platform Shopify to provide onsite payments service with cards for the latter’s Indian merchants.

The feature will enable merchants to offer seamless and swift checkout experience to customers by directly collecting payment information on their website. This will eliminate the need to redirect customers to third party pages, reducing customer drop-offs, Cashfree said in a statement.

Onsite payments allow customers to complete their transactions directly on the merchant’s website, ensuring a quicker checkout process.

While the onsite payments feature on Shopify was earlier available only in the US, the partnership with Cashfree will allow Indian merchants to access the feature. Initially, customers will be able to transact using credit and debit cards, with more payment options to be added in the future.

Commenting on the partnership, Shopify cofounder Reeju Dutta said, “Our integration enables Shopify merchants to offer a seamless checkout experience to their customers, resulting in higher conversion rates and increased customer satisfaction. The partnership between Cashfree Payments and Shopify demonstrates our mutual dedication to empowering India’s burgeoning D2C and e-commerce ecosystem.”

Founded in 2006 by Daniel Weinand, Scott Lake and Tobias Lütke, Shopify offers ecommerce solutions to merchants in the form of tools to start, grow, market, and manage a retail business of any size. It caters to businesses in more than 175 countries and counts Netflix, YogaBar and Lenskart among its clients.

Meanwhile, Cashfree, launched in 2015 by Akash Sinha and Reeju Datta, offers full-stack digital payments solutions to enable businesses to collect payments and offers API banking solutions. The startup has raised a total funding of $40.9 Mn till date and counts the likes of Y Combinator, State Bank of India and Apis Partners among its investors. 

Cashfree competes with the likes of Razorpay, Bill Desk, and PayU. 

The announcement comes days after Cashfree announced the launch of ‘AutoPay on QR’ in partnership with the National Payments Corporation of India (NPCI). The feature, Cashfree said, would ease the challenges faced by subscription-based businesses by making the UPI payment process for subscription quicker.

Earlier this year, the fintech major also launched ‘BNPL Plus’ to enable businesses to boost visibility of affordable and flexible payment options to their customers. 

This year, after sacking about 80 employees to restructure, Cashfree acquired checkout platform Zecpe for $10 Mn – $12 Mn, according to Inc42’s sources. As a part of the deal, it also roped in Zecpe founder Hriday Agarwal as the head of ecommerce checkout.

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