It’s a niche sector that purrs robustly at $1.22 billion, with an annual growth of over 35 percent according to a recent media report. The India pet care industry has skyrocketed with its diverse products available for those furry animals that love lolling around your home.

The industry is expected to cross $2.7 billion by 2019, according to a research curated by Indian Pet Food Market Forecast and Opportunities. So, it’s apt for startup India to look towards this sector as more and more families are adopting a pet.

Also Read

One year after Sec 377 verdict: stirrings of change but a long way to go for true inclusivity

Today, pet parents have a plethora of products and services to choose from, be it pet food, grooming, health or other services. Some of the prominent startups catering to these needs are DogSpot, TailsLife, and Heads Up For Tails.

Here are more startups that help you do all the pampering for those furballs: 

DoggieTheApp

Mumbai-based DoggieTheApp offers several services and is not only an app-based startup. Registered as Chien Technologies, the startup’s “home-boarding” feature lets those who want a pet, experiment if they are capable of looking after one for a short period. It also connects pet service providers with pet parents.

"The biggest problem in today’s pet industry is the number of people who get a pet and then don’t know how to handle them,” says Amit.

The startup also provides a vet clinic management platform called VETolution.

With every prescription, a downloadable link to Doggietheapp is also sent, allowing pet parents to book appointments, view prescription, buy pet food, and avail other services through the platform.

Currently, it has a network of over 15 clinics in Mumbai. DoggieTheApp is also the official partner for Hollywood film A Dog’s Journey (2019) in India.  

Pet parents can also subscribe for pet food, home grooming, and vet chat. While home grooming services range between Rs 800 and Rs 3,000, vet chat costs between Rs 50 and Rs 500.

The startup is inspired by Spock, Founder Amit Verma’s cocker spaniel, though its services cater to all types of pets. Currently, it has over 7,000 pets on board and more than 350 pet parents are paying customers. 

Boneafite

Founders Yogendra Reddy and Govardhan Reddy noticed how popular social media platforms were filled with pictures and videos of dogs with many likes, yet there was no platform solely for mutts. In 2018, they came up with Boneafite, an all-inclusive social media app for dogs, dog lovers, and dog parents.

The Yoobikwiti-owned platform allows dog parents to post, compete, adopt and look up dog-related events and facts, with vendors offering dog-related services.

Also Read

Rise of the platform society: why public values matter even more in a techno-commercial world

For vendors and service providers, it helps in targeted marketing, and connects them directly to customers. Their sponsored posts are listed in a repository titled “pupository” through which vendors can give out coupons for the Boneafite virtual bones (rewards earned on the app).

Additionally, dog lovers can browse through pictures and learn about their pets, and there is an option to adopt here as well. Within five months of operation, the app has been downloaded over 12,000 times, the startup claims.

Woofilicious

Founded by Swaty Chandel in 2011, ecommerce platform Woofilicious came into being when Swaty wanted the best for her own pug Monk but found that lifestyle products and services for dogs were seriously lacking in India. 

The pet parent, who was pursuing a masters in engineering from the US, brought back the diverse pet products she had seen there, and started up. 

A look at the site is sure to surprise you as the range of products for pets is vast. Apart from regular products like collars, harnesses, and toys, it also has jackets, sweaters, and hoodies for winters, raincoats and booties for monsoon, mesh and cotton tees for summer, among other products.

While most products are imported, a few are locally produced and maintained by the vendor. Swaty is joined by social media marketer Swati Ramnath and Rohini Manyam in website management and everyday operations. Rohini had earlier worked for Precious Paws Foundation.

Fur Ball Story

Founded by Animesh Khatiyar, Shristi Sharma, and Arushi Dixit in 2016, the Gurugram-based startup Fur Ball Story provides pet therapy at educational institutes, corporate offices, hospitals, and even homes. Over the years, it has added to its list by providing services like home boarding and a dog’s café too.

Also Read

With a one-stop-shop for your pet’s needs, Shruthi Nithin is changing the game with For Love of...

The therapy is based on Animal Assisted Therapy (AAT) and Animal Assisted Activities (AAA) programmes where dogs or other animals are trained as therapist to help people cope with health problems. They faced challenges in finding professional trainers as there were only two to three in Delhi. The team also has to identify the right dog for therapy. 

"At least two-three generations of the dog’s parents must be champions of obedient training," the Founders said.

The idea occurred to Animesh and Shristi when their college once brought two dogs to the campus. The two mutts had a surprisingly positive impact – they reduced absenteeism and cured homesickness.

The startup has now collaborated with Mumbai International Airport to provide therapy sessions during weekends so that stressed travellers who need to rejuvenate can avail their sessions.

For Love of All Pets (FLOAP) 

The 27-year-old Shruthi Nithin founded FLOAP in 2018 to make pet parenting easier and build a community around pet parents. The platform connects pet parents and people who provide pet services and arranges a range of services through in-person visits and telephone calls.

Additionally, pet parents can attend “Pet Talks,” an awareness programme conducted by the startup where experts address topics such as animal therapy and nutrition. The Bengaluru-based startup has also partnered with Animal Angels Foundation, an NGO that focuses on Animal Assisted Therapy (AAT). Soon, FLOAP hopes to expand to Chennai, Delhi, Gurugram, and Mumbai.

(Edited by Suruchi Kapur Gomes)

Also Read

This mobile app connects animal lovers across India, provides real-time help to strays

Also Read

With 7K pets on its platform, Mumbai startup DoggieTheApp claims to be the Practo Ray for your ...

Here’s a question that has baffled philosophers for ages - when you face rejection, deceit and adversity, do they become your best teachers in life? Or do you learn more when you walk among rainbows and in the sunshine?

Author Ratna Vira, daughter of celebrated journalist Nalini Singh, believes that “hard times can become an emotional reservoir for inspiration” for an artist like her. She has just launched her new book, Why People Give: Interpreting Altruism, which she has co-authored with her daughter, Suhasini, but she can never forget how her first book, Daughter by Court Order, was rejected 15 times before it was noticed by a publisher.

Eventually, her first book made it to several bestseller lists and even got a special mention in The New York Times.

Don’t miss this exclusive interview with this inimitable author who believes that “coffins have no shelves and karma catches up with everyone”.

Does cellulite bother you? Are you perplexed that it has appeared on various parts of your body and accumulated at the speed of light? Don’t despair, says our expert nutritionist and Allied Functional Medicine Practitioner, as she explains how even the most athletic woman out there can have cellulite.

It is important, however, for everyone to check the causes for the development of cellulite, which can range from an imbalance in the adrenal hormones, thyroid levels, an overload of the lymphatic system, and so much more. Her next suggestion is to examine your diet closely.

If you are hoping to eliminate cellulite and feel fabulous over this season, check out this story on how to fight to stay fit.

Fancy a platter of alba truffles at $2,000 a plate? Or Yubari melons, grown exclusively in greenhouses on Hokkaido Island in Japan? Super-luxury foods are a rage among foodies across the globe. But what makes them so special? Our food columnist takes a look at these gourmet foods, and examines the ingredients that make these dishes so expensive.

Did you know, for instance, that the delicately flavoured white truffles from Alba in Italy are only available for a couple of months and are often foraged by special pigs? The challenge lies in grabbing the truffle before the pig gobbles it up so truffle hunters have to be smart and fast.

If you’ve always loved reading about superfoods with their sensational flavours, don’t miss this article.

The days of wearing whatever you can find in your wardrobe are coming to an end, says Manjula Tiwari, founder of Ancestry, a contemporary Indian lifestyle and fashion brand, which draws inspiration from India’s design heritage.

Many millennials and the Gen Z generation are very mindful of their clothes. They want to know where fabrics have been sourced, whether the designer follows the norms of ethical fashion, and whether the garment conforms to their Indian heritage.

Ancestry finds a solution to this problem with their garments that take people back to their roots, culture, crafts and traditions. They reinvent ancient traditions in contemporary styles for the younger generation.

Read all about this entrepreneur who has taken style to a new benchmark in the world of fashion.

Have you been sitting at your desk at work and dreaming of your next vacation? Don’t go by the photographs of your friend’s holiday on Facebook. It is time to plan a proper holiday, using modern techniques. Check out what our guest writer, the CEO and Co-founder of travel enterprise Ithaka, has to say.

According to him, with the rise in emerging technologies, several platforms are implementing artificial intelligence, machine learning algorithms, and assistance bots to help you plan a vacation.

The bots gauge traveller trends, needs, and expectations from the data of millions of individual tourists. You can choose to take the help of a bot or use a human touch by taking the advice of travel bloggers and vloggers.

Don’t miss this article on how to make vacations special in a new and modern way.

Do you love characters like Hercule Poirot, created by Agatha Christie, and Dirk Pitt, created by Clive Cussler? Are your favourite author Haruki Murakami and Ian Rankin?

If so, you would find a soulmate in Rushabh Parikh, who is Co-Founder and CEO of Black & Green, India's first ethically curated avocado oil company.

Read all about his admiration for Warren Buffet and his fascination with Iron Man.

His favourite occupation is his business, where he is working towards making a difference in the healthy cooking oil market in the country. Find out all about his greatest regrets, the loves of his life, his greatest extravagances and so much more in his responses to our Proust questionnaire.

As for his motto, ‘Keep one eye on the future and move forward but not at the expense of today’ is, according to him, the best way to enjoy this journey called life.

Also Read

From a baby model for Farex to playing the tough cop, the incredible journey of actor Aftab Shi...

Prime Minister Narendra Modi on Saturday asked ISRO scientists not to get disheartened by the hurdles in the moon mission Chandrayaan-2, and asserted there will be a "new dawn".

ISRO's plan to soft land Chandrayaan-2's Vikram module on the Lunar surface did not go as per script in the early hours of Saturday, with the lander losing communication with ground stations during its final descent.

Addressing the scientists hours after ISRO announced that it had lost communication with the lander, he also said that the country's determination to land on the moon has become even stronger.

"We came very close, but we need to cover more ground.... Learnings from today will make us stronger and better," he told the scientists, adding, "The best is yet to come in our space programme. India is with you."

Modi had earlier watched the proceedings as the lander began its descent towards the moon surface at the ISRO centre in Bengaluru.

Meanwhile,  the Congress party on Saturday said the country "stands by" ISRO after the space agency lost communication with its moon lander, and asserted that its effort was "not in vain" and laid the foundation for future missions.

As the powered descent of the lander began at around 1.38 am, scientists at ISRO Telemetry Tracking and Command Network (ISTRAC) here were glued to their terminals, anticipating the soft landing.

They clapped and cheered as the moon lander completed the rough braking phase before the fine braking phase started. It was then that the situation became tense and the scientists went into a huddle.

ISRO Chairman K Sivan announced, "The Vikram lander descent was as planned and normal performance was observed up to an altitude of 2.1 km. Subsequently, communication from lander to the ground stations was lost. Data is being analysed."

If the lander had pulled off the historic touchdown, the country could have joined the US, Russia and China in soft landing on the lunar surface.

Also Read

ISRO's Vikram Lander drops short by 2.1 km, but Orbiter keeps Chandrayaan2 alive

Also Read

ISRO sets eyes on Venus, plans 7 other interplanetary missions in next 10 years

“Only wealth, might, and legendary romances stir people’s curiosity.”

 — Orhan Pamuk (Turkish Nobel Laureate)

Lives of the rich and famous have always intrigued the common man. With multiple billionaire lists released intermittently round the year, you can almost rattle off net worth and valuation figures of the world’s richest.

But, no matter how wealthy these individuals are, none is insulated from global macroeconomic changes and larger market forces.

Because founders, CEOs, 'techpreneurs', and investors own giant stakes in their companies, even minor market fluctuations can erode billions of dollars off their wealth, in quick time.

The Bloomberg Billionaires List, a dynamic year-to-date ranking of the world’s top 500 billionaires, takes into account stock market changes, closing prices of publicly traded companies, and currency exchange rates. 

YourStory scanned through the top 200 to arrive at the biggest gainers and losers over the last one year. (September 6, 2018 to September 6, 2019)

Also Read

Most expensive divorce? Jeff Bezos may soon lose 'richest man' title as Bill Gates narrows gap

Top 5 Gainers

MacKenzie Bezos 

This year, her divorce from Amazon Founder Jeff Bezos made MacKenzie Bezos the world’s third-richest woman. She gained a fortune of $37.2 billion when a quarter of her ex-husband’s Amazon shares landed in her kitty. MacKenzie now holds 19.7 million shares in one of the world’s most valuable companies, and is worth $37 billion.

Bernard Arnault 

Bernard Arnault is worth $99.4 billion, trailing only Jeff Bezos and Bill Gates in valuation. The French tycoon, who owns the world's largest maker of luxury goods LVMH, gained $30.8 billion in this one-year period. In March 2019, he surpassed Warren Buffett to become the third-richest man. Arnault also happens to be the richest person in Europe.

Mark Zuckerberg 

After a tumultuous 2018 following the Cambridge Analytica scandal, Facebook seems to be slowly undoing the damage. This has led to an improvement in its stock prices, allowing CEO Mark Zuckerberg to add $22.3 billion to his fortune. ‘Zuck’ is now worth $74.3 billion and has climbed three places from last year to become the world’s fifth-richest man.

Bill Gates 

The Microsoft founder is the world’s second-richest man, but has significantly narrowed his gap with Jeff Bezos. Some market analysts reckon he will reclaim his #1 spot by the end of the year. Bill Gates has added $16.6 billion this year, and his wealth is now pegged at $107 billion. The software tycoon continues to gain as Microsoft races towards a $1-trillion valuation. 

Steve Ballmer 

The former Microsoft CEO is richer by $13.3 billion this year, worth $51.9 billion now. Interestingly, Steve Ballmer holds more shares in Microsoft than any other individual. (This is because owner Bill Gates has pledged most of his shares to charity.) Riding on the strong growth of the software giant’s commercial cloud business, Ballmer’s wealth continues to swell. 

Also Read

5 billionaires worst hit by the stock market crash

Top 5 Losers

Rupert Murdoch 

The media baron shed $10.8 billion in the last one year; his wealth now stands at $7.22 billion. The biggest share of Rupert Murdoch’s fortune came from his largest asset 21st Century Fox, which he sold to Disney in 2019. It resulted in a share-split between Disney and Murdoch, thus bringing his net worth down significantly. 

Jeff Bezos 

Possibly one of the most-reported business stories of 2019 has been Jeff Bezos’s divorce from MacKenzie Bezos, his wife of 25 years. The Amazon founder had to part with one-fourth of his fortune in what was touted as the “most expensive divorce settlement” in history. However, Bezos continues to be the world’s richest man at a $115-billion valuation, having suffered a drop of $10.4 billion.

Hui Ka Yan 

The Chinese real estate mogul lost $7.98 billion, and is worth $24.3 billion now. Hui Ka Yan is often known as the ‘King of Debt’ because his business empire, the Evergrande Group, is China’s most debt-ridden property developer. With Evergrande’s shares sliding on the Hong Kong Stock Exchange, Yan’s fortunes have suffered too.

Wang Jianlin 

Wanda Group’s Wang Jianlin, whose real estate conglomerate has been selling assets to cut debt, lost $10.8 billion in 2018, the most among Asians. The Chinese business tycoon continues to shed wealth in 2019, his valuation dropping by $3.46 billion. Jianlin is now worth $14.1 billion. 

Warren Buffett

The Berkshire Hathaway Chairman lost $3.3 billion in the last 12 months; his wealth now stands at $80.5 billion. Buffett’s fortunes took a hit as his company lost billions of dollars owing to a slowdown at Kraft Heinz (a packaged foods-maker it acquired in 2015). “I made a mistake in the Kraft purchase in terms of paying too much,” Buffett told CNBC in June. However, he is still the world’s fourth-richest man, and has pledged $3.6 billion to charity. 

Given the volatility in the global economy along with mounting bilateral trade tensions, the valuations of large companies and the fortunes of top billionaires could look vastly different by 2020!

(Edited by Saheli Sen Gupta)

Also Read

Jeff Bezos becomes the richest man in history as his net worth crosses $150 B

Traditional, bulge-bracket banks have for long eyed cryptocurrencies, tokens, and other forms of digital assets with healthy skepticism, tending to avoid offering them as an integrated banking solution. This has slowed the adoption of digital assets by institutional investors and made it difficult to empower everyone to have access to digital assets.

But blockchain-based digital assets firm Sygnum, which recently became the world’s first digital assets bank, is set to change that.

The digital asset technology group – which won a banking and securities dealer licence from Swiss regulator Swiss Financial Market Supervisory Authority – wants to empower companies and professional investors with direct access to digital asset banking solutions.

In becoming the world’s first blockchain technology-powered digital assets bank, the Switzerland and Singapore-based firm is poised to bring the financial industry a step closer to the integration of digital assets such as cryptocurrencies with traditional banking.

“To date, a lack of institutional-grade custody and a truly integrated banking solution has slowed the adoption of digital assets by institutional investors”, says Luka Müller-Studer, Co-founder and Chairman of Sygnum.

“The licence announcement is a game-changer. By methodologically incorporating digital assets into traditional banking, and injecting much needed distributor ledger technology (DLT)-driven agility, Sygnum is accelerating the development of an important new asset class,” he adds.

As the world’s first crypto bank, Sygnum will provide custody, deposits, capital issuance via tokenisation, credit and lending, and brokerage services of digital assets to institutional and professional investors. This includes providing trading and management services of cryptocurrencies like Ethereum and Bitcoin, and the conversion of fiat currencies such as Swiss francs into these two cryptocurrencies.

For its corporate clients, Sygnum also plans to enable them to raise new capital by producing asset tokens based on existing financial assets, thereby lowering capital raising costs and improving liquidity for issuers and investors.

In addition, Sygnum’s other offerings include a lombard loan facility that leverages fiat liquidity and cash flows through loans on digital assets as well as B2B banking services for existing financial institutions so they can provide regulated digital asset products and services to their own customers.

A bridge between the traditional and the new

To be sure, Sygnum’s co-founders -- Luka Müller-Studer, Mathias Imbach, Gerald Goh, and Manuel Krieger -- set out to bridge this very gap between the traditional banking industry and the digital asset economy when they first founded the global bank that is based on Singaporean and Swiss heritage.

Their aim was to enable the mainstream adoption of digital assets using a distributed ledger technology, which operates on the same consensus principle as that of blockchains, in a trusted, comprehensive, and regulatory compliant ecosystem.

“We (co-founders) came together in 2017 in Singapore and said, look, this is great technology but it’s detached from reality because it’s not linked to today’s financial system-based rules and regulatory frameworks. And so we said, we need to build this bridge and this is what Sygnum means,” says Mathias Imbach, Co-Founder and CEO, Sygnum Singapore.

One of the first things Sygnum founders set out to do was address the trust issues that existed in the financial industry for digital assets. To do this, they believed that the ‘bridge’ between the traditional banking industry and digital assets had to be created in major financial and banking hubs such as Switzerland and Singapore.

“We also knew we can't do this alone, particularly when it comes to the custody of these digital assets. So, we partnered with Swisscom, which is the largest IT company in Switzerland, and we built the solution together with them. So basically, if you save your digital assets with us, there's a big state-controlled company like Swisscom behind where your assets are held, which kind of gives the trust,” Mathias explains.

Also Read

Digital assets: a legal commodity or just another bubble?

In March, German stock exchange operator Deutsche Boerse entered into a strategic agreement to invest in Custodigit AG, a JV founded in 2018 by Swisscom and Sygnum that provides a technical solution for the custody of digital assets for regulated financial services institutions.

At the time, Swisscom said the aim of the partnership was to jointly build out and grow a trusted and regulatory compliant financial market infrastructure for digital assets. In other words, the partnership sought to build an integrated platform that allows bank customers to manage the entire life cycle of their digital assets.

“This will be an uphill battle politically and also with the regulators, but we have had the luck of convincing some renowned figures in the banking world. So we have the traditional world helping us. That, as well as the hard work by a very smart team has made this growth and banking license happen,” says Mathias.

To be clear, the 65-member-strong company Sygnum has some venerable names from the traditional banking world on their board, including Philip Hildebrand, Vice Chairman of BlackRock and former president of Swiss National Bank, and Peter Wuffli, former Group CEO of Swiss investment bank UBS, among others.

As a fully licensed bank in Switzerland, Sygnum, which has so far raised about 60 million Swiss francs, is now focusing its marketing efforts on its digital assets banking solutions in Switzerland and asset management solution in Singapore, where the company has currently for a capital markets services (CMS) licence.

The digital assets bank, which is carrying out pilot programmes this month and preboarding customers for when services go live, is seeing significant interest from around the world.

“We have requests from all over the world. We have a pilot phase where we're going to start very slow now with some friends and family just for this month. And then from October onwards, we will be more and more open,” Mathias adds.

Also Read

Govt panel examining pros, cons of official digital currency in India

Empowering a digital asset economy

Indeed, with the newly-acquired Swiss banking licence, Sygnum believes it is now poised to empower everyone everywhere with direct access to ownership and value, backed by its core principles of building trust in the digital asset economy, harnessing the benefits of distributed ledger technology, and collaborating, not competing, with major financial firms, Mathias says.

To be clear, tokenisation and trading of digital assets using DLT technology would allow for fast, efficient, and affordable solutions, without the need for intermediaries as in traditional banks.

“Today, transferring something that belongs to you always involves a lot of intermediaries and lots of hassle and costs. Also, many of your assets can't even be transferred,” Mathias says.

“However, by leveraging this DLT technology, we can give back some of the control of digital assets to individuals; some assets may still be deposited in the bank because you may not want to take care of all of this yourself, but to be able to enable our customers the ability to transfer anything of value in a more smoother, faster, efficient, and less costly manner is what drives me and the Sygnum team,” Mathias adds.

Also Read

What is blockchain technology? Is it only about cryptocurrency exchange?

Also Read

5 advantages of blockchain to enterprises past digital currency

Also Read

Blockchain technology – the ultimate solution for utmost cybersecurity

A coalition of US states announced on Friday an antitrust investigation of Facebook, in the first of what is expected to be a wave of action against dominant technology firms.

New York state Attorney General Letitia James released a statement announcing the action on behalf of seven other states and the District of Columbia to probe "whether Facebook has stifled competition and put users at risk." The move marks the first official US antitrust action against one of the so-called Big Tech companies -- although a landmark case had targeted Microsoft back in the 1990s.

"Even the largest social media platform in the world must follow the law and respect consumers," James said.

"We will use every investigative tool at our disposal to determine whether Facebook's actions may have endangered consumer data, reduced the quality of consumers' choices, or increased the price of advertising."

Joining the action were attorneys general of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, and Tennessee, said James.

Facebook did not immediately respond to an AFP query on the announcement.

Earlier this year the US Justice Department said it would launch a "review" of major online platforms to determine if they have stifled innovation or reduced competition.

It was not immediately clear if the states would be working in coordination with federal officials.

Facebook, by far the largest social network, in the past has claimed it is not a monopoly and that consumers have many choices for how to connect with people online.

The new probe "shows how unease with large tech companies is spreading beyond Congress and the federal government agencies to the states. With each passing day, there are greater fears about these companies controlling our online lives," said Michael Carrier, a professor antitrust law at Rutgers University.

The case may be the first in a series of antitrust actions against Big Tech firms and highlights growing "techlash," based on worries about dominant platforms which control the flow of information.

A separate coalition of states was set to launch an antitrust action, with Google reportedly a target.

The office of the Texas attorney general scheduled an event Monday in Washington with a "broad coalition of states" to unveil a multistate probe into "whether large tech companies have engaged in anti-competitive behaviour that stifled competition, restricted access, and harmed consumers."

Asked about the move, Google spokesman Jose Castaneda said: "Google's services help people every day, create more choice for consumers, and support thousands of jobs and small businesses across the country. We continue to work constructively with regulators, including attorneys general, in answering questions about our business and the dynamic technology sector."

Maurice Stucke, a University of Tennessee law professor, said he expects one of the areas being investigated will be online advertising markets, which are dominated by Google and Facebook.

"This is a great area to look at because the market has been criticized as being opaque," Stucke said.

But Stucke said the investigations may go further by looking at how tech platforms control data, potentially examining "the intersection between competition law and privacy." Amazon and Apple may also be in the crosshairs. Critics have complained that Amazon wields too much power in online retail, and that Apple may disadvantage rivals offering services in its app store.

In the European Union, Google has faced a series of antitrust actions and Amazon is now being targeted by enforcers.

Democratic presidential candidate Elizabeth Warren has made a breakup of the big tech firms a part of her campaign platform.

But some analysts say the case against the tech firms faces challenges because the companies have in many cases provided services for free and brought prices down, making it hard to prove they harmed "consumer welfare," the legal standard applied under judicial precedent.

Wedbush Securities analyst Daniel Ives said in a recent research note that "a broad movement to break up companies solely because they are large will fail without a change to existing antitrust laws," which he said is "exceedingly unlikely." But Stucke said it would be wrong to view antitrust law as solely focused on consumer prices, and that it may be applied to questions of competition and innovation.

The probes could end up with a variety of outcomes including fines, restrictions on conduct or a breakup, Stucke maintained.

"You'd have to show how the remedy would address the concerns," he said.

(Via Agence France Presse)

Also Read

419 mn phone numbers and IDs linked to Facebook compromised

Even if Loco Co-founder Sushil Kumar did not set out with the plan to become a coder, meeting the right people at the right time provided him with the inspiration to look into a future in coding. The rest, as they say, is history in this success story that holds a great lesson: it is never too late to stop what you are doing to explore a different path for yourself.

Despite pursuing a different stream in engineering, the 28-year-old has gone on to build Loco, which is, arguably, one of the largest interactive games in India.

The startup was acquired by digital entertainment platform and Sequoia-backed Pocket Aces. The platform is set to invest $3 million to $5 million in Loco over the next 12 to 18 months and expand the startup’s gaming genre.

Computer programmer Anto Binish Kaspar calls himself a "crazy cricket fan". He also counts over 13 years of experience in application programming, artificial intelligence (AI), and software development. In 2012, he merged both his interests and founded Roanuz, a sports tech startup that builds AI-based products.

When the Chennai-based company began operations, AI wasn’t much of the catchphrase it is today. Although cricket was enormously popular in the country, it — and Indian sports in general — was devoid of technological disruption.

 “Tech-wise, cricket was far from other global sports. There was no data at all. The market had great players like Cricinfo and Cricbuzz, but it was just proprietary data owned by them,” Anto tells YourStory.

This dearth of sports data became the foundation stone for Roanuz, read that full story for you dose of AI.

YourStory’s Mavericks series focusses on entrepreneurs who challenged existing norms and surpassed difficulties. A maverick is a person of incredible vision, someone who challenges the norm and forces people to think beyond the ordinary. YourStory is going behind the scenes to uncover the inspirations and secrets of the ultimate maverick in the business world: the entrepreneur.

Meet YourStory’s latest Maverick: Ashwini Asokan, Co-Founder and CEO of Mad Street Den. Read this story about how building a company is all about your love for computing.

Why does building a Unicorn take a decade? The Indian startup ecosystem has more than two dozen unicorns, with the ecosystem growing faster and faster every year. In fact, over half of these startups attained unicorn status in 2018 itself. In 2019, six startups achieved $1 billion valuation to enter the coveted the club - Dream11, Bigbasket, Ola Electric, Delhivery, Icertis, and Druva.

It took Druva 11 years to achieve this milestone. The B2B tech startup, which originated in India and is now headquartered in the US, entered the coveted club this June when it raised a Series G funding of $130 million.

Founded in 2008 by Jaspreet Singh and Milind Borate in Pune, the startup has come a long way from providing solutions for data protection and management for laptops. It is now a software-as-a-service (SaaS) company where it provides the same services - but on the cloud.

The term ‘formal shoes’ when literally translated into Hindi becomes ‘aupcharik joote’, but does it actually convey the essence to a native speaker of the language?

To ensure that nothing is lost in translation, homegrown ecommerce marketplace Flipkart has now created a Hindi language platform for the first time. The launch comes at a time when the ecommerce major is readying itself for its annual Big Billion Days sale in the upcoming festive season.

As internet penetration reaches Bharat, the challenge facing brands and companies is to effectively capture the Tier II, III, and IV markets and serve the next 200 million internet users in India. How so? Not just by English, definitely. Read this in-depth story by one of our senior editors.

Coworking spaces have become very popular and are seeing exponential growth across India. In fact, India is the second-largest market for flexible workspaces in APAC, second only to China.

Data suggests that over 13 million people are expected to work out of coworking centres by 2020. But there are several challenges players in this space face like maintenance and operational expenses. We take a deep dive look at how these companies are growing and thriving despite them.

(Edited by Saheli Sen Gupta)

Also Read

Through the Eyes of the Investor: Why Ideaspring Capital is backing this Bengaluru startup buil...

After a pep talk to scientists, Prime Minister Narendra Modi on Saturday gave a long and tight hug to an emotional ISRO chief K Sivan, who was in tears, unable to come to terms over lander Vikram's unsuccessful bid to soft-land on the moon.

Modi, in his address at the ISRO centre here, asked the scientists not to get disheartened by the hurdles in the lunar mission Chandrayaan-2 and asserted that there will be a "new dawn".

No sooner than the Prime Minister concluded his address, Sivan accompanied him to see him off.

At this juncture, the Prime Minister, who was on his way to get into his car, gave him a "reassuring" and tight hug, lending his shoulder to teary-eyed Sivan.

The Prime Minister embraced Sivan as he made no secret of his deep disappointment as the ambitious venture did not pan out as intended.

Modi also said in his address that the country's determination to land on the moon has become even stronger.

"We came very close, but we need to cover more ground.... Learnings from today will make us stronger and better," he told the scientists, adding, "The best is yet to come in our space programme. India is with you." 

Earlier, Sivan, who his colleagues say is a task-master but a simple and genial individual, announced -- his voice choking -- that the lander had lost communication with the ground stations, and the data is being analysed.

The Prime Minister was present at the ISRO centre to witness the touch-down early Saturday and returned less than six hours later to address scientists and the nation at 8 am.

The soft landing of lander Vikram did not go according to ISRO's plan as it lost contact with the ground station. ISRO Chairman K Sivan had announced, "The Vikram lander descent was as planned and normal performance was observed up to an altitude of 2.1 km. Subsequently, communication from lander to the ground stations was lost. Data is being analysed."

If the lander had pulled off the historic touchdown, the country could have joined the US, Russia, and China in soft landing on the lunar surface.

Also Read

There will be a new dawn: Modi on Chandrayaan-2

Also Read

ISRO's Vikram Lander drops short by 2.1 km, but Orbiter keeps Chandrayaan2 alive

The domestic market for computer services in India is forecast to grow faster than their exports, fuelled by the government's Digital India programme and the country's burgeoning startup environment, according to an UN report.

"The computer services industry in India is increasingly catering to the domestic market, leveraging expertise gained from exporting, while at the same time reducing an over-reliance on such exports," stated the report by the United Nations Conference on Trade and Development (UNCTAD).

Noting that India ranked fourth in terms of growth in the share of the ICT sector's value added in GDP between 2010 and 2017, the report said,

"The domestic market for computer services in the country is forecast to grow faster than their exports, fuelled by the government's Digital India programme, its burgeoning start-up and venture capital scene and increased computer use by the MSMEs (Micro, Small and Medium Enterprises)."

The first-ever Digital Economy Report said the size of the global digital economy ranges from 4.5 to 15.5 percent of world GDP.

Regarding value added in the information and communications technology (ICT) sector, the US and China together account for almost 40 percent of the world total.

In terms of value added, the US has the world's largest ICT sector at about a trillion dollars, almost twice the size of the second largest, China.

The report further said that within the ICT sector, computer services are the largest component, with a 40 percent share of total value added.

The global computer services industry is dominated by the US. Its share of the sector's value added is almost as big as that of the combined total of the next nine largest economies, the report said.

"India has the largest share among developing countries in this context," it said.

On an individual economy basis, some economies saw growth in the share of the ICT sector's value added in their GDP between 2010 and 2017. Taiwan ranked first, owing to growth in ICT manufacturing. India ranked fourth, with growth driven mainly by computer services.

Ireland tops the list of countries in terms of value added in computer services as a share of GDP by quite a significant margin, reflecting the strong presence of regional offices of US digital companies, followed by Sweden.

Unlike for other parts of the ICT sector for this indicator, only India among the developing countries features among the top 10.

India ranked ninth in ecommerce sales in 2017 with total sales of $400 billion or 15 percent as a share of GDP. Of the total sale, share of B2B was 91 percent at $369 billion.

The global employment in the ICT sector increased from 34 million in 2010 to 39 million in 2015, with computer services accounting for the largest share (38 percent).

Three developing and transition economies Brazil, India and Moldova employed over 50 percent of ICT sector employees in computer services.

Some countries have been successful at developing an export industry in ICT services.

Among the top exporters, the relative importance of ICT services in total services exports varies considerably.

In Finland, India, Ireland and Israel, this share is higher than 25 percent.

India, which ranked second, is the largest developing-country exporter of such services, almost a third of which are computer services. China and India are leading in the creation of startups, accounting for 58 percent of the total for the region.

The extent to which Internet users are concerned about their privacy online varied from country to country.

A 2019 survey on Internet security and trust conducted by the Centre for International Governance Innovation (CIGI) and Ipsos, in collaboration with UNCTAD and the Internet Society, found that 78 percent of Internet users in 25 economies were at least somewhat concerned about their privacy online.

Concerns were found to be the most widespread in Egypt, Hong Kong (China), India, Mexico and Nigeria, where that proportion was 90 per cent or higher. By contrast, the lowest level of concern was noted in Kenya, at 44 percent.

As per the study, wealth and power in the digital sphere are increasingly being held by a small number of so-called "super platforms", comprising the seven global brands Microsoft, Apple, Amazon, Google, Facebook, Tencent and Alibaba.

Between them, these companies account for two-thirds of the total market value of the top 70 platforms: in China, WeChat, owned by Tencent, and AliPay, an Alibaba company, have captured virtually the entire Chinese mobile payment market between them. Google accounts for some 90 percent of the global Internet search market, and Facebook is the top social media platform in more than 90 percent of countries.

The report shows these companies are competing aggressively to stay on top, acquiring competitors, expanding into new services, lobbying policy-makers, and establishing strategic partnerships with leading multinationals in traditional sectors.

The UNCTAD warned that the dominance of these platforms is leading to a concentration and consolidation of digital value, rather than reducing inequalities between and within countries, with developing countries at the bottom of the pile.

The report called for a rethink, that will bring about a fairer distribution of the gains from the digital economy.

Also Read

Why Alibaba-backed eWTP innovation fund is bullish on investing in Indian startups

Launched in 2014, PhotoSparks is a weekly feature from YourStory, with photographs that celebrate the spirit of creativity and innovation. In the earlier 375 posts, we featured an art festival, cartoon gallery. world music festival, telecom expo, millets fair, climate change expo, wildlife conference, startup festival, Diwali rangoli, and jazz festival.

Kunsthaus Zurich is one of Switzerland’s major art museums, and a new extension opening in 2021 is set to make it the country’s largest art museum, overtaking Basel. With its location between Italy, France, and Germany, Switzerland is well positioned as a regional arts hub. In this photo essay, we feature more of the artworks on display (see Part I and Part II of our coverage as well).

The lineup of artists, some of whom are featured here, includes Frantz Gertsch, Fernand Leger, Rudoph Koller, Albert Anker, Adriaen Coorte, Giovanni Paolo Panini, Bernardo Bellotto, and Urs Fischer. The curated exhibitions dig deep into trends and developments shaping art and society.

For example, during the recent 50th anniversary of the Moon landing, there was an exhibition on how artists respond to this momentous event, with 200 works from the Romantic era to the present day. They addressed themes like not just topography but even ailments associated with the Moon, and the Moon as mass media phenomenon.

Planet Earth looks small and vulnerable from outer space, in stark contrast to the opportunistic egos of its inhabitants, curator Cathérine Hug jokes. A catalogue was also published, with essays on the Moon and its ‘conquest’ from the perspectives of cultural studies, technology, ethnology, and art.

Panels were held on emerging topics like space law, with Kai-Uwe Schrogl, Head of the Strategy Department at the European Space Agency and Guido Schwarz, Founder of the Swiss Space Museum.

Kunsthaus has also cultivated an exceptional collection of French and Norwegian artworks as well. A research department ensures that the collections of paintings and sculptures can be scientifically appraised and the results published. For example, care has been taken to ensure that works which entered the collection between 1933 and 1950 were not looted art.

The Kunsthaus has a long tradition of setting up dialogues between drawing and painting, and between older and more modern art, explains curator Jonas Beyer. For example, its art collection of the master Henri Matisse includes lesser-known bronze sculptures. His paintings and drawings parallel his sculptures.

Sources of inspiration such as photographs are also included, as well as photographs showing the artist at work. There are similar collections of works on paper of other artists like Picasso, Gorky and Warhol, exploring the connections between drawings and sculptures.

Kunsthaus also has a foot in the digital era: it has digitised its collection of over 400 original pieces of Dada works, the art movement rooted in Zurich and which paved the way for the surrealists. The digital archives span paper, photographs, letters, books, magazines, flyers, and manuscripts.

They represent the works of Marcel Duchamp, Man Ray, Hans Arp, Tristan Tzara, Hugo Ball, André Breton, and others. Other exhibitions on The New Photography explore the commercial and artistic movements in the 1970s and 80s.

Now, what have you done today to pause in your busy schedule and see how you can bridge past and future trends?

Got a creative photograph to share? Email us at PhotoSparks@YourStory.com!

See also the YourStory pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups,’ accessible as apps for Apple and Android devices.

Also Read

India Foundation for the Arts has supported nearly 500 arts and culture projects over the past ...

Ratna Vira, daughter of celebrated journalist Nalini Singh, can never forget how her first book, Daughter by Court Order, was rejected 15 times before it was noticed by a publisher. Eventually, her first book made it to several bestseller lists and even got a special mention in The New York Times. With the official launch of the book happening on September 10, Ratna takes us behind the scenes. From researching the subject to the experience of co-authoring a book with her daughter, she reveals all in a candid chat with YS Weekender.

Ancestry draws inspiration from India’s design heritage

Future Style Lab’s fashion brand, Ancestry has expanded its retail presence by launching its first outlet in Bangalore. They have been on a mission to re-interpret Indian heritage to cater to the modern woman. Meet Manjula Tiwari, the entrepreneur behind the stylish brand.

How travel influencers can help you plan a holiday

As you sit at your desk at work dreaming about your next vacation that you are yearning to take, the only thing on your mind is that you just really want a change of scene and no plans in place. That’s how it usually starts. After all, the idea of a trip is something that excites us even before we decide on a destination!

Fight cellulite with diet and exercise

Women and cellulite seem to have been synonymous words for so long that we often joke about it, hate it, and just don’t know what to do about it. Does cellulite bother you? Do you try to get past it? Do you need to be worried if you have cellulite? When have you done enough to help yourself, should you just accept it and love your body as it is? 

Alba truffles or Yubari Melons? Are luxury foods worth the price?

What are the most luxurious foods in the world and are they all they are cracked up to be? Do they transport you to that state of sublime ecstasy where ‘every prospect pleases and only Man is vile’? Our food columnist takes a look at super gourmet foods that you could indulge in if you don’t mind spending vast sums of money to buy them...

Keep an eye on the future: Rushabh Parikh of Black & Green

Do you love characters like Hercule Poirot, created by Agatha Christie, and Dirk Pitt, created by Clive Cussler? Are your favourite author Haruki Murakami and Ian Rankin? If so, you would find a soulmate in Rushabh Parikh, who is Co-Founder and CEO of Black & Green, India's first ethically curated avocado oil company.

Now get the Daily Capsule in your inbox. Subscribe to our newsletter today! 

Furniture rental startup Furlenco was started to cater to the needs of urban Indian youth who not only believe in keeping up with the changing trends, but also move houses and cities for jobs and other reasons.

Back in 2011, Ajith Mohan Karimpana was working as a Vice President at Goldman Sachs in New York. After having spent more than five years in the company, he moved back to India to head one of the company’s verticals out of its Bengaluru office.

While Goldman Sachs offered Ajith with the option to help him with the relocation, Ajith went for the other option where the company provided him with the relocating money and he managed the rest himself.

“Personally, it was a bad decision,” Ajith regrets. He sold all his furniture for practically nothing. Having spent up to $6,000 to buy them, Ajith sold them off at dirt cheap price of less than $300.

Also Read

[The Turning Point] InMobi co-founder started Yulu to solve a personal pain point

Back to base

After returning to India in 2011, Ajith went ahead and bought whatever furniture was available at the local stores. “The online players were not available then, and I had no idea about the furniture market in India,” he says.

At the end of the first year itself, while moving to a new house, the furniture started breaking. The process of spending, buying, reselling, and buying again only to realise the poor quality of the furniture had to be taken care of.

“I wondered if we could have furniture as a product or service kind of philosophy and that was my eureka moment,” he adds.

Driven by his gumption and knowledge, Ajith quit his job at Goldman Sachs and founded Rent Ur Duniya in October 2011.

Building big

“Rent Ur Duniya didn’t sound like a billion-dollar company, and it was colloquial. And right from the beginning, I had global ambitions, and we did a rebranding exercise and launched Furlenco in 2012,” he says.

Starting up was also a life-changing experience for him. While he had people reporting to him at Goldman Sachs, three months later, in 2011, Ajith was at a customer’s house, fixing the legs of a sofa set.

“I was in a cushiony air-conditioned office in a leading role, and suddenly I was standing outside a customer’s house and fixing their sofa. That was the first awakening of sorts – I realised this was a long run from here on. It was humbling and I always enjoyed it for the level of satisfaction it brought with it,” he says.

Over the years, with equal number of highs – customers appreciating the service, to lows – getting caught on the road by a Sales Tax Officer for not having a proper invoice, Furlenco has come a long way.

Growing at a CAGR of 130 percent over the years, Furlenco is now set to cross the $300 million mark in net subscription revenue by 2023, from its current $25 million. It has so far served more than 80,000 customers across Delhi, Bengaluru, Gurugram, Chennai, Mumbai, Noida, Hyderabad and Pune.

When asked about the emotional and lineage connect that is associated with furniture being passed down generations, Ajith says he believes furniture is a liability and one shouldn’t invest much on it.

He says,“Why own a liability when you can pay a monthly fee and keep upgrading throughout your life?”

Also Read

[The Turning Point] The personal touches that make a house a home: story of Pepperfry

In a fast-paced and competitive world like ours, more is less. For anybody making a living out of the digital ecosystem, it can get a little overwhelming and tiring to manage a million things at once.

With only 24 hours in a day and so much more to accomplish always, it is only imperative that one finds the necessary space to breathe and the time to unwind at the end of the day.

However, today, many companies have come up with solutions to help individuals and teams work more efficiently. From enhancing productivity at work with video and screen-sharing options, to facilitating the free flow of communication between multiple teams, a myriad of productivity tools are now available in the market.

YourStory has curated a list of 5 productivity tools to make your workflow and workforce become more efficient.

Zoom

The importance of face-to-face (F2F) interaction is always understated, and who knows it better than entrepreneurs? Phone calls and emails take the real essence of a conversation away, and there has to be something more than a WhatsApp calling feature or Google Duo.

California-based startup Zoom Video Communications aims to offer the best solution for video, audio, and screen-sharing experiences.

If you have remote teams working in your organisation, Zoom comes in handy for multi-participant meetings. It allows up to 100 participants to work together online through cloud computing.

The tool is available across Windows, Mac, iOS, Android, Blackberry, and H.323/SIP room systems. Though it works on the same line as Skype, what sets Zoom apart is that it is built solely for productivity.

The free version of Zoom also allows one host and up to 100 participants. For small teams, upgradation is at $14.99, and for medium and large enterprises, the pricing is at $19.99.

Check here for pricing.

Slack

Slack is a chat app that facilitates the free flow of communication between multiple teams. Its smooth design allows one to create several channels to discuss different topics. Slack also lets you share files and easily find messages and notifications in your archives.

The search capabilities of Slack is also very powerful. The interface is appropriately tailor-made for organising all the files of the team at one place. The storage space is 5GB for the freemium, while the premium versions cost $2.67 and $5, which come along with storage space of 10GB per team member, and 20GB per team member, respectively.

Click here for pricing.

Google Keep

Google Keep is arguably one of the best tools for taking notes. From making to-do lists, digital sticky notes on your desktop, to reminders and even journaling on-the-go is all made possible with Keep.

Like every other Google product, Keep works in tandem with other tools on your cloud account, allowing easy integrations. While the Keep integration already exists for Gmail, it was recently introduced for Google Docs. You can even pull up notes from Keep on to Google Docs, where you can further improvise your notes.

Google Keep is free of cost, all you need is a Google account.

Also Read

[App Fridays] Can Google Live Transcribe actually solve your transcription woes? Yes and no

Canva

If you are a small-time entrepreneur looking to step up your social media presence, but can’t afford a graphic designer, Canva might be your go-to tool. This graphics engine is easy on the pocket and simple to use. Several graphic elements on the tool are free to use, which makes it the perfect choice for strapped business owners who want to create stunning graphics.

Canva also comes with two separate folders to organise your designs and graphics. The storage goes up to 1GB for all your assets, and you get access to more than 8,000 design templates.

For those who can’t afford to use an Adobe suite and its tools like Lightroom CC and Photoshop, then Canva might be the option, which can help you make simple designs and layouts.

Canva Pro will cost you $12.95 per month. Check here for pricing.

Otter.ai

To explain in one simple phrase, Otter.ai transcribes your meetings and conversations into text. We all have those meetings which yield valuable insights, but we tend to lose track of them afterwards.

On Otter.ai, all you need to do is record the conversation and the transcript gets generated automatically. The voice-to-text conversion cuts down on the listening time if you have to send voice notes to your teams via say, WhatsApp. The AI engine gets smarter and more efficient as you keep using the platform, as the training model is fitted within.

Otter is a free app available on Android and iOS. However, there is a paid premium version too. While the free version offers 600 minutes (10 hours) of transcription, if you upgrade the app, it comes with 6,000 minutes (100 hours) of recording time. There is a customised offering for enterprises as well.

(Edited by Megha Reddy)

Also Read

[App Fridays] Google’s data-friendly search app is a delight, records over 100M installs

Launched in 2014, PhotoSparks is a weekly feature from YourStory, with photographs that celebrate the spirit of creativity and innovation. In the earlier 375 posts, we featured an art festival, cartoon gallery, world music festival, telecom expo, millets fair, climate change expo, wildlife conference, startup festival, Diwali rangoli, and jazz festival.

Since 1931, Zurich has housed one of the largest international collections of water-storing plants called succulents, which includes cacti. Called Sukkulenten Sammlung (‘the succulent plant collection’), it features over 20,000 plants from 6,500 species. Located on the shores of scenic Zurich See (Lake Zurich), the seven greenhouses make for a fascinating visit, and attracted around 58,000 visitors in 2018.

Since 1996, an association called Förderverein der Sukkulenten-Sammlung Zürich has supported the collection’s educational projects and outreach. It hosts exhibitions such as the ongoing project called ‘Green on the building: How plants conquer space,’ on the crawling, climbing and even flying behaviours of plants and seeds.

The garden has its roots in the collection of cacti gardener Jakob Gasser a century ago; the collection was acquired by store owner Julius Brann Gassersche and gifted to the city of Zurich in 1929. Originally consisting of around 1,500 plants, the collection has grown considerably over the decades and is now one of the world's largest collections of succulent plants.

The arboretum was opened in 1931, and educates researchers and the public on the diversity of succulents and their adaptability to a range of habitats. It attracts scientists, nature lovers, tourists, educators, and children, and also has a specialised reading library of books and research publications.

"Experience, Discover, Understand" is the motto of the arboretum. “Go cactus crazy at the Succulent Plant Collection,” urges an article from Lonely Planet, praising the diversity of “shapes, spikes and stature” of the collection.

Plant seeds are sold as means of generating revenue, and there is also a paid membership plan for special previews, gifts of seeds, exclusive events, behind-the-scenes insights, and trips to other nature destinations.

These locations include the San Pancrazio island gardens on Lake Maggiore, between Switzerland and Italy. Members pay fees or contributions in different categories: individual members (CHF 50), collective members (CHF 200), and patronage contribution (CHF 500).

Special activities, such as ‘The tour with the gardener's daughter Sara Dorn,’ are aimed at children. An annual cactus market is also held, and international trips have been organised to study cacti in countries like Madagascar.

The Förderverein brings out a newsletter, an annual magazine, and a range of publications on the world of succulent plants, some of which are available as PDFs. Its partners include the Swiss Cactus Society, International Society of Notocactus Friends, and botanical gardens of cities ranging from Basel and Berne to Geneva and Lausanne.

There are around 78 families of succulent plants including cacti and thick-leaved plants from arid areas, such as aloes and agaves. They liven up urban habitats and also improve micro-climates, in addition to being a joy for hobbyists.

Research activities are supporting by the International Organisation for Succulent Plant Study (IOS), Latin American and Caribbean Society of Cactaceae and Other Succulents (SLCCS), and others. The first International Congress of Succulent Researchers was held in 1950.

Interestingly, Switzerland isn’t exactly an arid land, though this collection hosts plants from arid lands. But neither does it grow cocoa, and yet Switzerland is a major chocolate exporter. Which goes to show that geography need not limit imagination or creativity, but that’s another story altogether!

In our photo essay on this living museum, we showcase some of the amazing varieties of plants from the affectionately-named ‘Sukki’ collection. One gardener’s donated cactus collection has certainly come a long way!

Now, what have you done today to pause in your busy schedule and see how you can truly indulge in your hobby and take it to new frontiers?

Got a creative photograph to share? Email us at PhotoSparks@YourStory.com!

See also the YourStory pocketbook ‘Proverbs and Quotes for Entrepreneurs: A World of Inspiration for Startups,’ accessible as apps for Apple and Android devices.

Also Read

Hobby to profit: how these 5 entrepreneurs turned their passion into a business

Eminent jurist and former Union minister Ram Jethmalani, who fought some of the most difficult criminal cases and defended the accused in the Indira Gandhi and Rajiv Gandhi assassination cases, passed away on Sunday at the age of 95.

Jethmalani breathed his last at 7.45 am at his official residence in New Delhi. He was not keeping well for a few months, his son Mahesh Jethmalani told PTI.

He died a few days before his 96th birthday on September 14. Jethmalani's last rites will be performed around 4:30 pm on Sunday at the Lodhi Road crematorium here, his son said.

Also Read

Former Finance Minister Arun Jaitley passes away at 66

Besides Mahesh, the former Union minister is survived by his daughter based in the US. His other daughter Rani Jethmalani died in 2011 and another son Janak had also predeceased him.

Jethmalani served as the Union Law Minister and also as Urban Development Minister during the prime ministership of Atal Bihari Vajpayee, against whom he later contested the 2004 Lok Sabha polls from Lucknow seat. He also served as the Supreme Court Bar Association president in 2010.

Soon after the news of Jethmalani's death came, tributes started pouring in with President Ram Nath Kovind, Vice President M Venkaiah Naidu, Prime Minister Narendra Modi, Union Home Minister Amit Shah condoling his demise.

"Saddened by the passing of Shri Ram Jethmalani, former Union Minister and a veteran lawyer. He was known to express his views on public issues with his characteristic eloquence. The nation has lost a distinguished jurist, a person of great erudition and intellect," the President's Secretariat tweeted.

Naidu said Jethmalani was "one of the brilliant minds of Bharat" and the nation has lost "a distinguished jurist, a great intellectual and a patriot, who was active till his last breath".

Modi said Jethmalani was "witty, courageous and never shied away from boldly expressing himself on any subject".

"In the passing away of Shri Ram Jethmalani Ji, India has lost an exceptional lawyer and iconic public figure who made rich contributions both in the Court and Parliament," the prime minister tweeted.

Home Minister Amit Shah said he was "deeply pained" to know about Jethmalani's demise and described it as an "irreparable loss" to the entire legal community.

Attorney General K K Venugopal said the country has lost its "finest lawyer" who was bold and handled the most sensational criminal cases and constitutional matters.

Solicitor General Tushar Mehta hailed Jethmalani as a "giant of a man" who was a rare combination of constitutional expertise, razor-sharp understanding of criminal law, and a "roaring tiger" when it comes to defending his clients.

Congress President Sonia Gandhi extended her condolences on the demise of Jethmalani, to his family and friends. Former prime minister Manmohan Singh hailed him as "an able administrator and a seasoned parliamentarian".

The Congress, on its official Twitter handle, said: "We are saddened by the loss of former Union Minister and veteran lawyer Shri Ram Jethmalani. Our thoughts & prayers are with this family today." 

BJP working president J P Nadda called Jethmalani a "legend of Bar".

Jethmalani was elected as a member of Parliament in the sixth and seventh Lok Sabha on Janta party and BJP tickets, respectively from Mumbai in 1977 and 1980. He came back to the BJP in 2010 and was elected to Rajya Sabha on the party's ticket from Rajasthan.

In 2013, Jethmalani was expelled from the BJP's primary membership for six years for "breach of discipline" and "anti-party" statements. He later filed a suit against the BJP for expelling him and sought Rs 50 lakh in damage. The matter was amicably settled after Shah expressed "regret" over his expulsion.

Born in Shikarpur in Sindh province (now in Pakistan) in 1923, Jethmalani obtained a law degree at 17. As a lawyer, he rose to fame in 1959 when he was a prosecutor in the K M Nanavati vs State of Maharashtra case in which a Naval Commander was tried for the murder of his wife's lover.

His other high-profile cases included the Indira Gandhi assassination case in which he appeared for the accused. He defended Rajiv Gandhi's assassin in Madras High Court in 2011; Harshad Mehta and Ketan Parekh in stock market scam cases; Delhi University professor SAR Geelani in the Parliament attack case in 2001; and represented Manu Sharma, son of an influential Congress leader, in the Jessica Lal murder case.

Jethmalani was the lead petitioner in black money case during the previous UPA regime in the Supreme Court where he had argued for bringing back illegal money stashed in foreign banks.

He was L K Advani's defence lawyer in the hawala case, Shah's lawyer in the Sohrabuddin Sheikh encounter case, Jayalalithaa's defence lawyer in disproportionate assets case, Kanimozhi's defence in 2G scam trial, Lalu Prasad Yadav's defence in fodder scam case, B S Yeddyurappa's defence in mining scam case and argued for Sanjay Dutt's bail before the Supreme Court in the Mumbai blasts case.

Jethmalani had asked 10 questions per day to Rajiv Gandhi in the Bofors payoff case. He also defended the Hinduja brothers in the case in which the Delhi High Court had quashed all charges against them and others under the Prevention of Corruption Act.

He also represented Arvind Kejriwal in civil and criminal defamation cases filed by former finance minister Arun Jaitley against the chief minister in the Delhi High Court. He also appeared for Reliance Natural Resources Ltd in the dispute over gas supplies between the Ambani brothers.

Also Read

Remembering Arun Jaitley - the champion of Indian startup ecosystem

The Centre for Innovation and Entrepreneurship (CIE) cell of IIIT-Hyderabad has announced the success of the eighth cohort of Avishkar Deeptech and Medtech Accelerator Programme. Every year, the programme shortlists a few startups and offers them with mentorship and support. 

Founded in 2008, the CIE has supported over 200 startups and has funded 30 of them. The Avishkar Deeptech Accelerator has been in operation for two years now. 

Both the deeptech and medtech accelerators are intensive six-month mentor and research-led programmes. A total of Rs 10 lakh to Rs 25 lakh have been invested in these startups. 

Also Read

WATCH: This US-based accelerator is redefining ‘mentorship’ for Indian startups

Commenting on the success of the Avishkar and Ojas Programmes, Prof CV Jawahar, Dean R&D, IIITH said, “We, as an institute, are very keen on ensuring that our research helps startups solve real-world problems. Many of our startups have successfully leveraged on the research done here to build their products and solutions.”

From a learning app that helps students, to building products to detect lung disorders and infections, and smartphone-based retinal imaging to prevent blindness, many noteworthy startups successfully graduated this year.

There were startups like Hyderabad and US-based XMachines, who are currently building autonomous mobile robots for various applications in manufacturing and warehousing facilities, and in advanced academic robotics research. There is the enterprise AI-platform Mashinga, Indibots that develops robots for cleaning solar panels.

Subtl.ai, that is built a bot that can create expert knowledge bots on documents. Altor builds helmets that provide accident prevention. And Nexrea is an AI-enabled augmented reality video call platform for remotely repairing medical equipment.

YourStory takes a look at eight startups of these startups.

Scholr 

It is an AI-powered learning app to help students study more in less time. The app works as a personal learning assistant, which helps students solve their doubts during their study time.

Scholr doesn’t use any tutors and works purely on artificial intelligence. The Mumbai-based startup was started by a team of IIT alumni - Piyush Agarwal, Manil Gupta, and Himanshu Ninje.

The team claims to have a monthly active user base of 250,000, and over 750,000 app downloads. The team is looking to raise Rs 1.5 crore. 

Also Read

How Jay Robotix reached 2 lakh students, never lost a customer, and clocked $2M in revenue

Instoried 

Bengaluru-based Instoried is an augmented writing platform, which improves customer interest and engagement. Founded in 2018 by Sharmin Ali and Sutanshu Raj, Instoried has created a tool to help brands to strategise, execute, and deliver content using predictive analysis to increase customer engagement. 

The B2B SaaS-based startup helps brands to boost engagement and increase content productivity in real-time. The tool is currently available in English and Hindi, but will soon cover a larger set of regional languages in the future. 

The team claims to have eight paid customers, and is looking to raise $3 million. 

Paymatrix 

This Hyderabad-based startup is an analytics-driven interface that helps avail a short-term credit at a click by using an existing credit card. 

The platform currently helps enable timely rental payments and collections through the facilitation of credit for rent and rental deposits. In addition to the rental payments, it also facilitates digital rent documentation, tenant screening services, and the renter’s insurance, all of which enable hassle-free renting or leasing.

The startup was started in November 2016 by Mukesh Chandra Anchuri, Anusha Kurupathi Parambil, and Muralidhar Nayak. The team claims to have over 12,000 registered users and has transacted over Rs 37 crore. 

Also Read

WATCH: How this CA prep startup built a 75pc success rate for one of the toughest competitive e...

Indibots 

This Hyderabad-based startup was founded by Suraj Parthani in 2018. It develops robots for cleaning solar panels using dry technology.

The startup’s target customers are utility, operation, and maintenance companies of size greater than 1 MW.

Currently, the startup has paid pilots with over three large solar farms, and is looking to raise Rs 5.5 crore.

Onward Health 

A predictive healthcare analytics platform with a core focus on oncology, Onward Assist is building different automated diagnostic tools that serve as assistants to pathologists.

Founded in 2016 by Dinesh Koka, Hyderabad-based, Onward Health’s Onward Assist provides valuable insights on one’s health, which are passed on to oncologists. The team is also looking at risk scoring for patients. 

Docturnal 

With one-third of the world’s population infected with tuberculosis (TB), the disease is a leading cause of death today. Rahul Pathri founded Docturnal in 2016 to deal with the disease with its app TimBre. 

An individual is made to cough into a special microphone attached to a mobile device, which is connected to the TimBre app. The sound of the cough is recorded (using a microphone array) by a medical practitioner or a healthcare worker along with their demographic and clinical variables. 

The data is then processed in real time, leveraging machine learning/deep learning to detect if the patient is TB positive or negative. The team is also working on building products to detect other lung disorders and infections. The Hyderabad-based startup has so far raised a seed funding. 

Also Read

12 Hyderabad startups that are powering the future of healthcare in India

Rayd8 

Rayd8 was started with an aim to prevent blindness in low-income countries. Founded by Abhishek Kaushal, Puneet Raj, Dr Jaitra PG and Krishna Kalyan in 2018, the team realised the need for good quality retinal images for eye testing and in detecting blindness. 

Therefore, they brought to life research work on smartphone-based retinal imaging. It is currently beta-testing with over 25 specialists. 

(Edited by Megha Reddy)

Also Read

YS Exclusive: After redBus, Phanindra Sama on a journey to build the new India story in Telanga...

The Chandrayaan 2's Vikram module has been located on the Lunar surface and it must have been a hard-landing, ISRO chairman K Sivan said on Sunday, in an admission that the planned soft-landing wasn't successful.

"Yes, we have located the lander on the lunar surface. It must have been a hard-landing," Sivan told PTI.

He said the lander rover Pragyan is housed inside it was located by on-board cameras of the Chandrayaan-2 orbiter.

Asked if the lander was damaged during the hard-landing, he said, "That we do not know." Sivan said efforts to establish contact with the lander were continuing.

India's mission to soft-land on moon suffered a setback during the wee hours on Saturday, with 'Vikram' module losing communication with ground stations, just 2.1 km from the lunar surface during its final descent.

Considered as the most complex stage of the country's second expedition to the moon, the Lander was on a powered descent for a soft-landing when it lost the communication.

Also Read

ISRO's Vikram Lander drops short by 2.1 km, but Orbiter keeps Chandrayaan2 alive

"Vikram Lander descent was as planned and normal performance was observed up to an altitude of 2.1 km. Subsequently, communication from the lander to ground stations was lost," Sivan had said.

"The data is being analysed," he had added at the Mission Operations Complex at ISRO Telemetry, Tracking and Command Network (ISTRAC) here.

The successful landing would have made India the fourth country after erstwhile USSR, the US and China to achieve a soft-landing on the moon, also the first to launch a mission to the unexplored south pole of the Moon.

The Chandrayaan 2 orbiter is healthy and safe in the Lunar orbit, an ISRO official said after the lander lost contact with ground stations minutes before the touchdown on Moon's surface.

"The orbiter is healthy, intact, functioning normally and safely in the Lunar orbit," the official told PTI.

The mission life of the 2,379 kg orbiter is one year. The orbiter payloads would conduct remote-sensing observations from a 100-km orbit.

Chandrayaan 2, a follow-on mission to the Chandrayaan 1 mission undertaken more than a decade ago, comprises an orbiter, lander (Vikram) and rover (Pragyan).

The orbiter carries eight scientific payloads for mapping the lunar surface and study the exosphere (outer atmosphere) of the Moon.

ISRO on September 2 successfully carried out the separation of lander Vikram (with rover Pragyan housed inside) from the Chandrayaan-2 orbiter.

The Vikram module, which was supposed to carry out various tests on the lunar soil, had completed the rough braking phase as planned and entered the phase of fine braking at an altitude of 2.1 km when it lost communication.

'Vikram', named after Dr Vikram A Sarabhai, the father of the Indian Space Programme, was designed to execute a soft-landing on the lunar surface, and to function for one lunar day, which is equivalent to about 14 earth days.

The rover was to roll down from the lander explore the surrounding lunar terrain, a few hours after the planned soft-landing.

The Chandrayaan 2 mission cost Rs 978 crore (satellite cost Rs 603 crore, GSLV MK III cost Rs 375 crore). India's Geosynchronous Satellite Launch Vehicle, GSLV Mk III-M1 successfully launched the 3,840-kg Chandrayaan-2 spacecraft into the Earth's orbit on July 22.

The spacecraft began its journey towards the moon leaving the earth's orbit in the dark hours on August 14, after a crucial manoeuver called Trans Lunar Insertion that was carried out by ISRO to place the spacecraft on "Lunar Transfer Trajectory."

The spacecraft successfully entered the lunar orbit on August 20 by performing Lunar Orbit Insertion (LOI) manoeuver.

On September 2, 'Vikram' successfully separated from the orbiter, following which two de-orbiting manoeuvres were performed to bring the lander closer to the Moon.

(Edited by Saheli Sen Gupta)

Also Read

Moon lander Vikram successfully detaches from the Chandrayaan 2 orbiter

Today, online gaming has become one of the most profitable entertainment industries across the world. The rise of mobile technology has also made it easier and more convenient for sports fans to consume their favourite sport anytime, anywhere. And the love for sports has led to the rise of many online fantasy leagues in the country.

To help people test their betting strategies in sports, 28-year-old Shubham Bindlish founded Predict22 in 2016 in Bengaluru.

The startup makes use of artificial intelligence (AI) and analytics to provide sports fans with interesting insights and predictions.

“I have always been fascinated with algorithms and how they can be deployed when there is data available. Sport has so much data that it is never available to the public to crunch, and is owned by broadcasters, betting companies, and strategy game companies,” says Shubham.

The startup claims its almost 100 percent accurate with its predictions.

How it started?

A computer science graduate from BITS Pilani, Shubham joined Goldman Sachs as a developer. But he was interested in sports and how sports data was being used. After three years of work experience, he put his savings of Rs 15 lakh to start the company in 2016.

Initially, Shubham started exploring his models in cricket, and their first bet was the 2016 T20 World Cup, followed by the IPL and Champions Trophy. Later, he tried the model with other sports, namely basketball and football. The algorithms, claims the founder, have been accurate 95 percent of the time.

Shubham also spent more time training his algorithm to understand player consistency, performance over time, and relationship while playing against certain bowlers and teams.

“I wanted to equip people with the ability to make good decisions and not just go blindly put their money," says the founder.

After two years of extensive training of the algorithm, he began testing it in a closed beta. He says, his algorithm began to beat every NBA prediction, which gave Shubham the confidence to open up the website for individuals to come and test their strategies.

Also Read

How Dino Morea-backed fantasy sports startup LivePools grew 4X in 7 months

How it works?

The website has the schedule of all games. Individuals can go and register on the website and then start selecting their favourite players. They can predict game results based on the team they pick.

Since algorithms are the key here, Shubham uses machine learning algorithms like logistic regression, Markov Chains, neural networks, and random forest. These techniques not just look at the time series of data, but also the classification of the data, which ultimately leads to someone winning or losing the game.

One can login and start predicting the outcome of games. Once you get the predictions right, users can then apply the same strategies on betting sites as well. At the moment, the selection is for free, and the website does not charge its users. Eventually, the company hopes to start asking people to pay for testing their strategies.

“You learn to get better at gaming sports platforms,” says Shubham.

For Predict22, scaling up by signing up with all the tournaments as strategic analytics partners, and making people use the site at the lowest customer acquisition cost was a challenge.

Business model

Despite being a good software expert and data scientist, Shubham had to come up with a business model that could help him scale, since it is a B2C business.

When asked about their business model, the founder said he does not want to reveal the pricing of the business as he is currently acquiring customers. The company also did not reveal details about the total number of users and its revenues.

Also Read

WATCH: Bengaluru startup Autovert helps you lease an EV with just a click

The market and future

According to the new market research report Sports Technology Market by Technology, Sports and Geography - Global Forecast to 2024, published by MarketsandMarkets, the Sports Technology Market was valued at $8.9 billion in 2018, and is projected to reach $31.1 billion by 2024. It is expected to grow at a CAGR of 20.63 percent during the forecast period.

While the market opportunity is huge, Predict22 just has to predict its way to success by getting consumers to pay for the product, and ensuring consumers will money on betting platforms.

The spending on sports-based AI is also big in the US. Hudl, Synergy, Duul are some of the companies going after this market. In India, there is Dream 11, which is the poster child of India’s fantasy gaming ecosystem. It allows users to create imaginary teams and earn cash based on selected players’ actual match performance.

Each good move gets gamers cash rewards as well. And then, there is also Edisn.AI, which is in the business of analytics and visualisation.

In the next 18 months, Predict22 wants to increase its user base to a million users, and also plans to raise money from angel investors.

(Edited by Megha Reddy)

Also Read

How sports fantasy platform Dream11 won over 50M users

In a world that rewards adults for paying credit card bills, staying in hotels, flying, and shopping, can’t children be rewarded for doing their primary job? Gurugram-based Extraclass aims to motivate students with rewards for studying by measuring the effort, not the outcome. 

Launched in 2017 by Persainjit Singh, Prakash Gupta, and Swati Gupta, the social online learning platform curates services for students, parents, and teachers to thrive. 

“The basic problem majority of parents struggle with is the lack of motivation and interest in kids towards studying. We have tried to solve this problem by creating a gamified reward system-based learning application that links students' efforts to emoluments,” says Persainjit Singh, CEO and Co-founder.

The startup is designed to meet the individual needs of a diverse student audience and bridge the gap between learning and mastering concepts by understanding a student’s capabilities and interests.

The Extraclass app, presently available for Android, helps students prepare for school, college, and competitive entrance exams, including engineering, medical, foreign university admission, management entrance, and government jobs. 

The platform also empowers parents with necessary information to guide children, and enable them to measure effort and not just outcomes.

Also Read

This market research firm is using technology to help startups validate their business plans

The Extraclass USP

“Do you remember your parents telling you that if you score higher in exams we will get you a cricket bat or a doll set etc.? Extraclass does that in a structured manner to recognise efforts and reward hard work,” Persainjit tells YourStory.

The startup provides free learning content to anyone between the ages of 5 and 25 years. With the app, students can start studying for free using the animated videos and infographic study material, which aims to make learning more thought-provoking, accessible and enjoyable. It offers video lectures, practice question banks, and adaptive assessment and test series. The company aims to make education more accessible, free, and promote self-study.

Students can collect coins for every minute they spend studying, and ultimately use them for snacks, accessories, movie tickets, etc. Could a child need any more motivation?

Extraclass, which claims to have 3,000 teachers on its platform, charges for services like home tuition, counselling, admission guidance, etc. 

“We embrace the power of technology to plug gaps in the traditional learning structure, ensuring that all students get a chance to succeed,” Persainjit adds.

The dream team

Persainjit and Prakash, the COO, graduated from IIT-Bombay in 2006 with a BTech degree in civil engineering. 

Persainjit worked at Schlumberger oil services for more than one year and then moved to AT Kearney where he worked as a management consultant till 2017. Persainjit invested in Plaksa coaching institute, founded by Prakash Gupta in 2008, and that led to the idea of Extraclass.

Prakash, on the other hand, after his graduation pursued his passion for teaching mathematics to students aspiring for JEE exams. For a couple of years, Prakash taught math at Bansal Classes and Resonance, both in Kota, and then moved on to become the founding director and HOD mathematics at Motion Institute. In the last 12 years, Prakash has helped more than 10,000 students in chasing their dream of getting into IIT.

Swati, who graduated from Delhi University in 2011, is a serial entrepreneur. She runs an event management company and has invested in beauty startup Vanity Cube, which was acquired by VLCC. She leverages her experience in managing Extraclass’ customer relations and supporting business development efforts.

Extraclass has a dedicated team of more than 25 employees at present.

Focus on educational content

Persainjit says: “Our measure of success has always been the time spent by students studying on our platform. Therefore, our constant focus is on improving the educational content and providing the best resources and support to students.” 

He adds that educating parents to increase the adoption of technology to aid learning outcomes is another issue close to their heart. 

According to Persainjit, India’s education market is projected to be $101 billion in 2020 with approximately 550 million Indians below the age of 25.

Rising aspirations and failing quality of mainstream education have resulted in 71 million out of 315 million school-going students opting for tuition classes. India’s private tuition market is slated to grow from $16 billion in 2017 to $25 billion in 2020. Indian parents spend 11-12 percent of their family income towards tuition fees, he says. 

“Our product is getting positive feedback and acceptability from both B2B (school/institute) and B2C (students). We have signed up more than 25 coaching institutes across India along with Andhra Pradesh government schools. Our revenues have grown by more than 100 percent in the first quarter of FY20,” Persainjit states.

In FY19, Extraclass claims to have generated more than Rs 75 lakh in revenues with over 1.5 lakh subscribers. 

The market and the future

Extraclass competes with the likes of Ratan Tata-backed Khan Academy, Unacademy, Toppr, Byju's Learning, Meritnation and NeoStencil among others. 

But the startup is unfazed. In the next five years, the team aims to become a household name for every student studying and preparing for any exam. It hopes to cater to two million students every year.

“We will continue our efforts to build engaging content, which will not only increase our addressable market size but will also enable our services team in improving the conversion percentage of free users into paid subscribers,” Persainjit says.

The edtech startup, which has secured close to Rs 3 crore from various angel investors, aims to raise capital of $2 million from institutional investors to fuel its scale-up plans.

The company’s goal for 2019 is to experiment and validate various service models in Delhi-NCR, which can then be rolled out to other cities. 

“In the next couple of years, we plan to be in 12 metro centres,” Persainjit says.

(Edited by Teja Lele Desai)

Also Read

Here’s how this personal wearable air purifier lets you deal with the pervasive pollution probl...

In February 2019, Prime Minister Narendra Modi launched the India-Korea startup hub in Seoul. The one-stop platform aims to bring the Indian and Korean startup ecosystems closer and facilitate joint innovation between the two economies. Since then, Korean investors have shown keen interest in the Indian startup ecosystem.

Chief among them is Smilegate Investment, a venture capital and private equity firm that invests heavily in companies that show potential. 

Founded in 1999 as MVP Capital, Smilegate Investment invested in Bengaluru-based payments company Cashfree in April this year. The startup raised $5.5 million funding led by Smilegate Investment, the Korean firm’s first investment in India. 

“We invest and support outstanding companies to become great companies in the global market. Big growth potential, big markets, and sustainable growth are the criteria for becoming the great companies of the future we are looking for,” says Jungin Park, Director, Smilegate Investment. 

The Korean firm has invested in about 200 companies and managed more than 30 investment funds. Its current AUM is about $1 billion. The investment firm’s parent company, Smilegate, develops and publishes mobile/desktop video games, and generates $700 million in annual sales.

In 2018, South Korea, which stands 12th on the Global Innovation Index, drew investment of over $3.3 billion in over 1,400 startups. On the other hand, Indian startups raised $12.68 billion in equity funding, plus $1.14 billion in debt funding in 2018, across a total of 864 deals. There clearly is an increase in the number of investments and deals in India as compared with Korea. Reason enough for Korean firms to eye Indian startups?

The first investment in India

The company’s investment in Indian fintech startup Cashfree was its first in the country. On this, Jungin Park says: “We conducted industry analysis in the Indian market and chose digital payment industry as our first investment target. We used the top-down method to analyse hundreds of companies, excluded saturated sectors, and listed companies with high growth potential. Among them, we discovered Cashfree.”

He adds that Cashfree understood the pain point of the market, discovered business opportunities, and leveraged their strength in technology. As a result, the company is growing rapidly.

Smilegate is now planning to expand its investments in India. The team believes that Series A-B companies are a priority and they have plans to continue to invest in follow-on rounds as they grow.

Also Read

K-Startup Grand Challenge 2019: Meet the 4 startups from India that are all set to fly to Seoul

What about India stands out?

Speaking on why they are looking at India at large, Minjung Kim, Director, Smilegate, says India is a market of opportunities where prospects for innovation in the traditional legacy realm can emerge in many different forms of business.

“There are some business models that are not feasible in Korea but possible in India. This means there are more possibilities that creative and diverse business models with great potential can emerge from India,” Kim says. 

Kim adds that startup founders in India are younger, more aggressive, and have extrovert personalities. “Also, the proportion of founders with tech-related majors is higher than in Korea.” 

Speaking about Korea and China, Jungin says that in those countries the government plays an important role in the startup ecosystem and even in funding. He adds that in India, too, many policies related to startups and industrial innovation led by India's Modi government have led to a huge impact on the development of the Indian startup ecosystem. The open and friendly policies on foreign capital are also attractive. 

“We look at the largest market and markets with the greatest opportunities for innovation as highest priority. We are interested in fintech, healthcare, commerce, and education,” Jungin says. 

Also Read

'Innovation powerhouse' Korea is looking for startups ready to expand across Asia via Korea: K-...

The growing interest in India 

While last year marked the year of Japanese and Chinese investors looking closely at Indian startups, Korean investors have slowly started making their presence felt in India.

According to YourStory data, 10 startups raised $125.80 million in funding from Korean investors in 2018. This year, already eight startups have raised $453.07 million in funding.

While Korean investors have been investing in India since 2016, there has been a more significant push since late last year and continuing into this year. This is primarily due to increased internet penetration propelled by Reliance Jio. 

This has made going online cheaper and easier, and an additional 320 million users are likely to take to the internet by 2023. Already, RedSeer estimates that there are over 230 million internet users who shop, eat, and entertain themselves online, and have an annual spending power of $300 billion.

Also, when we look at the Indian startup ecosystem as a whole, since last November, the clear trend has been of investors placing big bets on late-stage companies: startups that have survived the initial test and have a demonstrated ability to grow. 

Investment data also showed an increase in the risk appetite of investors, with a significant jump in the pace and number of deals in 2018.

This shift, in turn, has led to South Korean investors like Smilegate setting their sights on India.

Jungin explains, “We have met more than 10 startups related to market place, fintech, healthcare, and education, including Swiggy, Synapsica, and NIRA, and have continued to contact various companies in Korea. It is impressive that most companies have basic IT capabilities, regardless of the industry. We plan to keep in touch with some companies to explore potential investment possibilities.” 

What does Smilegate Investments look for? 

Jungin says, “We value entrepreneurial spirit that thrives on sustainable growth, managements’ morality, and strong teamwork that allow a company to overcome challenges. Founders with the above criteria have potential to grow companies into greater ones.” 

The team also looks closely at the credibility of the CEO and the team. “The CEO’s humbleness and killer instinct are important factors as they have a significant impact on the company’s sustainable growth. In order to identify these criteria, we try to understand the CEO’s past history and experiences,” Kim says. 

Factors like lack of reliability in CEO or disclosed information or when DD contents does not qualify as a part of investment criteria. Also, the team is wary to invest when company’s growth become stagnant during the review period. 

Also, rather than the number of founders, Smilegate prefers a balanced mix of founders with different roles and a structure in which one of them can represent the company by holding majority of stake.

So, how do founders get in touch with Smilegate? The duo says, “Cold mail is the most common method; however, references from reliable sources are preferred. When approaching investors via cold mail, it's a good idea to provide a brief introduction of your company.” 

(Edited by Teja Lele Desai)

Also Read

South Korea is making its mark in global startup ecosystem, one strategy at a time