The accelerator programme in partnership with US Consulate General, Hyderabad; Department of Science and Technology, Government of India and BASIX Sub-K, seeks to support ten growth stage start-ups providing lending, payment and insurance solutions with focus on agriculture, healthcare and energy sectors.
The unique offerings of this accelerator are access to research and insightful data at ISB and an opportunity to co-innovate with established ventures and organizations. The Knowledge and Investor Partners will come together to support the selected startups to identify their challenges and provide complementary strengths to scale operations.
ISB is inviting applications from startups to pitch their ventures in the following categories
Scale – Early stage startups with solutions in lending, payment and insurance, seeking to accelerate/scale their solution/product to the next level.
Co-Innovate – Startups willing to expand or pivot their agritech, healthcare, fintech or energy solution to provide alternate banking solutions by partnering with a well-established organization.
The selected startups will be provided with mentorship, advisory and networking opportunities to meet each of their respective business goals through February 2019 to June 2019.
Interested start-ups can apply at envision.isb.edu. Last date for application – December 15, 2018. For more details about the Envision programme and selection criteria, you can email the team at envision@isb.edu or call (040) 23187032
About DLabs
DLabs is the incubation and acceleration arm of Indian School of Business set up in collaboration with the Department of Science and Technology, Government of India. It aims to support the creation of a vibrant and high impact entrepreneurial ecosystem focused on innovation in key sectors including technology commercialization. DLabs leverages the vast resources, expertise and networks of the Centre for Innovation and Entrepreneurship at ISB through mentorship, education and investor connect.
ACT Fibernet [Atria Convergence Technologies Ltd.] India’s largest fiber-focused wired broadband ISP (Source: India Broadband Market Overview – 2017 dated February 19, 2018, prepared by Media Partners Asia) has entered into an agreement with the Government of Karnataka to provide the startups registered with the start-up cell with high speed broadband connectivity.
ACT Fibernet, a home-grown start-up of Bengaluru, which has now grown into India’s largest Fiber broadband ISP, deeply understands the support and enablement startups need during their early growth phase. As a step to boost their growth and to support Karnataka government’s startup initiative, ACT Fibernet will extend its best fiber optic technology to all the registered startups of the government’s startup cell. Further, ACT Fibernet will provide complimentary broadband connectivity to government incubation center and GIGA speed [1000 Mbps] connections at a 60% discounted rate to all the registered startups.
Speaking on the partnership, K. J. George, Hon’ble Minister for IT and BT, Science and Technology, Govt. Of Karnataka added
Bengaluru is the startup capital of India, and we have been strongly nurturing the startup ecosystem with policies and initiatives to help entrepreneurs and established industries flourish. I am extremely pleased that ACT Fibernet has come forward to extend their support and connect our startups with high speed broadband connectivity. This move will certainly help us build a more conducive environment for our startups to grow.
As a Bengaluru based company it is a moment of pride for us to collaborate with the Government of Karnataka. This is a one of a kind opportunity and we will work in conjunction with the government towards building and strengthening the start-up ecosystem in the city. It is our commitment to provide the best internet services to the startups and incubators and help them stay connected seamlessly.
Mr. Gaurav Gupta, Principal Secretary, IT, BT and S&T – Govt. of Karnataka, said
When we speak about startups, Bengaluru holds the top position in the country, and to retain this momentum we make continuous effort to introduce policies and programs suiting their requirements. Our partnership with ACT Fibernet is yet another step to empower the startups and help them grow in our state.
About ACT Fibernet
ACT Fibernet, India’s largest fiber-focused wired broadband ISP as on September 30, 2017 (in terms of number of fiber broadband internet subscribers from residential homes) (Source: India Broadband Market Overview – 2017 dated February 19, 2018, prepared by Media Partners Asia). Headquartered in Bangalore, ACT Fibernet has operations in 15 Indian cities as on December 31, 2017 with approximately 1.3 million customers.
Ebix, Inc., a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, announced that one of its India-based EbixCash subsidiaries has acquired a 67 percent stake in Routier, a Delhi-based B2B Marketplace for Trucking Logistics. Routier is pioneering a cloud based technology to change the way people move and receive inland goods in India.
Founded by First generation entrepreneurs and operating team senior Executives Ankur Dahiya and Adwait Vikram Singh from the Indian Institute of Management [IIM] and Harvard Law School, respectively, Routier seeks to revolutionize trucking logistics in the same way taxi logistics have been transformed by Uber, Ola and others. Routier aims to drive efficiency for all marketplace stakeholders, using an innovative blend of data analytics, artificial intelligence and end-to-end streamlined functionality available over the cloud.
With clients like Coca Cola, Asian Paints, and Samsung; Routier’s marketplace is already proving its ability to add efficiency to freight movement. The EbixCash investment was driven by Routier’s desire for a strategic investor who could provide added technology expertise, financial strength and brand recognition to accelerate its penetration of major trucking logistics. Routier is the first start-up where Ebix has made a strategic investment.
With a market opportunity expected to reach $300 billion by 2020, Routier looks to drive productivity and transparency through a transportation sector long considered one of the most inefficient. Routier’s online cloud based logistics marketplace connects companies that require their goods to be delivered [Shippers], typically with small trucking companies who account for 75% of the freight transportation business [Carriers]; allowing the Carriers the ability to win a Shipper’s business by bidding from any smartphone, hand-held device or computer. From bidding through final delivery, the Routier platform delivers a seamless efficient, end-to-end online B2B logistics marketplace, that:
Connects Shippers and Carriers across the nation on a single platform.
Empowers even a single truck owner to work with India’s largest shippers.
Assures Carriers of a continued supply of business through Routier’s contracts with large Shippers seeking delivery of goods across the country from each of their factories every day.
Assures Shippers of Carrier background checks, insurance, GPS tracking and real-time reporting from pickup through delivery
All stakeholders win when a supply chain is efficient, so Routier Marketplace is built from the ground up to help Shippers reduce costs, save time, and make informed decisions that increase profitability. At the same time, Carriers benefit from instantaneous nationwide access to recurring business through a blend of technology, transparency, ease of use and other features that directly benefit their bottom line.
Exchanges and marketplaces are meant to provide a network effect that drives efficiency for all concerned and are best targeted at industries that are highly inefficient and lack technology savvy. India’s trucking industry is a perfect example of such an opportunity to deliver tremendous value and efficiency, and thus we are quite excited to be partnering with Routier in its mission to redefine the trucking logistics industry.
Routier recently secured multi-million dollar commitments from a few large multinational corporations, and thus needed the backing of Ebix in terms of technology expertise, manpower and working capital to implement and scale these and other opportunities. We are excited to invest in this pioneering effort at an opportune time, and look forward to building what could be a large marketplace for the trucking industry.
Routier Founder Ankur Dahiya said
Technology can serve as key disruptive force in the logistics sector. Routier aims to use Data Science as a key enabler to organize the fragmented market. By match-making supply and demand, even if we can use 30% of unutilized capacity, we can cause a major positive impact in the Industry in terms of productivity and profitability both.
Routier Co-Founder Adwait Vikram Singh said
Routier has the potential to rationalize the Logistics sector not only in India but also for the global markets. Currently, Routier operates only in inland logistics but eventually aims to become a key player in streamlining cross border freight movement on a single enterprise marketplace platform. Routier has the vision to become an End-to-End supply chain network, that can handle freight movement to last mile delivery, for transportation across country borders.
About Ebix and EbixCash
With 50+ offices across 5 continents, Ebix, Inc., endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service (“SaaS”) enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administrative and risk compliance, across the world. For further details, please visit EbixCash
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents.
Technology is having a far-fetched effect on every aspect of our lives, whether it is shopping, communication, transport, banking & finance, manufacturing, etc. Every sector is positively impacted with the advancements of technology including the ‘Education’ sector. When we talk about Education, the thing that comes to mind is school, books, rote learning, assignments, etc. but gradually schools are also embracing technology in order bring a fun & interactive flavor to the traditional learning approach.
Before mobiles, computers, tablets, etc. became mainstream, students were primarily judged by their marks, but that could have also been achieved by doing rote learning. But now, kids have access to many more avenues from where they can acquire knowledge due to which the traditional learning approach has shifted from ‘Rote Learning‘ to ‘Application based (practical) learning‘. Traditional schools are definitely not going away, but the key-stakeholders in the education eco-system namely, students, teachers, parents, have come to realize that ‘The best learning can often be self-taught‘.
In the next 30 years, according to UNESCO more people worldwide will be graduating than since the beginning of history. Adding to this effect of technology on work, demography & explosion of population is changing the employment picture drastically.
To succeed in this new information-based and highly technological society, students need to develop their capabilities in STEM to levels much beyond what was considered acceptable in the past.
With fast changing times, STEM education & DIY based learning approach is gaining more popularity in the educational space. STEM stands for Science, Technology, Engineering and Mathematics. STEM education is gaining more popularity with each passing day and the specialty about STEM education is that these subjects are taught as cohesive subjects instead of independent ones. Unlike the traditional class-room approach, where the flow of information is mainly one-way [from teacher to students], the STEM based approach follows hands-on and project-based approach. In a traditional learning approach, students compete with each other to get better grades which is a ‘competition based methodology’, whereas STEM follows ‘an amalgamation of competition-collaborative approach’.
It is more experimental, fosters learning, creativity as well as team-work. Since it is experimental, kids also get a chance to experience ‘failure’ which is an important step in the journey to success. Just like the industry is slowly shifting its direction to more DIY [Do It Yourself] and MOOC [Massive Open Online Courses] in order to ensure that working class employees are updated with the current trends, the STEM style of education also ensures that students get a chance to work on things that they like and collectively learn via the DIY method.
Western countries have acknowledged the importance of STEM education and have taken significant steps towards inclusion of STEM in their education system. At India level, ‘Atal Tinkering Lab‘ [ATL] program by Government of India is the first significant step in the direction of STEM education in India. Parents are also recognizing the need and engaging their child into various STEM programs such as robotics, electronics making etc.
As per a report by Indeed.com, India’s STEM talent sees shortage despite maximum graduates. The average level of shortage of skilled talent in India has risen from 6 per cent in January, 2014 to 12 per cent in January, 2018 in the STEM sector. Shift towards higher education will not only give a boost to STEM sector, but also help expand India’s contribution to the global talent pool.
Indeed’s data also indicates that job seekers in the age group of 21~25 show 12 per cent more interest in STEM jobs than in any other sector.
To summarize, whether STEM education can be integrated as a part of the main curriculum is a point of discussion, STEM definitely helps in nurturing our kids for the future & in the process make them employable[and not just educated] for jobs of the future. It also helps in creating talented innovators, scientists, engineers, etc. which is the need of the hour for a rapidly-developing country like India.
STEM Education – Challenges and Road Ahead
While STEM is important, schools or parents face number of challenges while implementing STEM via electronics, robotics and automation.
Just to name a few, need of skilled teacher/mentor, availability of right electronic components, risk posed by activities such as soldering, wiring etc. This could hinder limit school activates in STEM area. Add to that compatibility of component and availability add to the difficulty.
Due to these factors, the Edtech sector has been grabbing attention from entrepreneurs as well as investors. Whether it is about online tutoring, MOOC, skill development, differentiated learning, test preparation, etc. ed-tech still provides a huge opportunity [Source]. MakerInMe Technologies, a Bengaluru based startup aims to create a dent in the STEM education market with it’s modularized electronic kits, also called as Cretile.
Cretile is a kit of modular Electronics, Robotic & IoT modular building block. Cretiles are like ‘LEGO’ of electronics/robotics world making an excellent tool for STEM Education. With its super-easy patent pending technology, one doesn’t need any wiring, soldering. To begin with, you do not need programming skills. You can connect Cretiles to each other like building blocks and they start to work.
Cretile has an exhaustive set of building blocks. With its 35+ building blocks You can create virtually unlimited combinations. Typically any kit claims a certain number of projects that can be done using it. With Cretile, you can build any number of projects. Your creativity shall decide what Cretile can do for you.
To help you get started, Cretiles has its own YouTube channel where a large number of projects are showcased. As a next step, Cretile also enables you to learn programming very easily. It comes with Arduino® based programmable block called ProLogic. To program this block, it provides an easy to use drag-n-drop programming environment. With it, child can easily learn to code without having to worry about syntax of a programming language.
Cretile projects need not restricted to the boundary of the box. It offers SmartSwitch with which you can control your home appliances too. e.g. If you want to switch ON a table lamp as soon as you enter the room, Cretile Motion sensor and SmartSwitch can do the job for you.
Some of the sample projects are listed below
Automatic Motion sensor based light control
Automatic night lamp using light sensor
Burglar Alarm
Switch ON/OFF appliance automatically after a certain time
Open the door and switch ON the light
Moisture sensor based irrigation system
Programmed irrigation
Operate any appliance e.g. Table Lamp with a TV Remote
Clap and operate an appliance
For college going students, Cretile is an excellent rapid IoT prototyping tool. Cretile is also being integrated to Android Development platforms.
Cretile APIs are integrated with MIT’s App Inventor. With App Inventor you can build Android Apps easily and quickly and control Cretile via these applications.
Summary
Cretile is an excellent STEM education tool that should be in the hands of every child. It offers numerous benefits over traditional making.
With Cretile, you get the following benefits-
Learner gets early results. This keeps the learner highly motivated.
Highly Reusable.
No hazard risk associated with soldering or wiring.
Programming skills are not essential.
Start with fun project and use it all the way for serious engineering projects.
With Cretile, we can Engage students in STEM education early in the cycle. With it, we can align their skills to industry step by step over the course of education.
Cretile addresses needs of all the age groups – the exact same product can be used right from middle-school students all the way up to engineers.
During Doodhwala app’s inception in 2015, micro-delivery was still a virgin segment with a few budding startups. Today, players like Big Basket, Swiggy are scrambling for a lion’s share in this segment. What has changed?
Doodhwala app, specializing in early-morning delivery of farm fresh milk and groceries started in 2015 when there was an app for everything – dating, laundry, grocery – but not a single app for milk delivery. From a modest start of a five person team operating from a room, the company currently has 300 employees with operations across Bengaluru, Pune, and Hyderabad.
Doodhwala alone has over 25,000 customers, and supplies over 30,000 liters of milk a day in just two years. Other micro-delivery players like Daily Ninja, Milk Basket, and recently acquired Rain Can by Bigbasket have demonstrated a fair share of growth in this sector. And this is only scratching the surface. It’s still unclear what a uniquely Indian retailing model potentially serving 100 million+ households will look like.
So what caused the hyper-local delivery segment to boom?
The dis-organised and fragmented milk and daily needs delivery market had always attracted attention from investors, but they was little know-how on how to scale efficiently. Three years ago, companies were not able to demonstrate margins with scale, and as they expanded margins dropped to 3 to 4 percent. Today, however, companies like Doodhwala have understood the nuances of this sector and have a grip on the new consumer consumption patterns.
Ebrahim Akbari, Doodhwala’s Co-Founder, explains that there is only one real grocery problem in India – delivery of fresh milk. Anyone else in the e-grocery space is not solving a core problem, but rather just providing an alternate portal for a customer. Fresh milk is the most perishable item, and the largest single item to be consumed in a person’s grocery list, at around 20 percent of the total spend.
The convenience of ordering milk and daily essentials on a one touch order experiences that apps like Doodhwala provide guarantee stickiness and reduces customer acquisition costs.
With everyone shouting ‘Me, Me, Me’ what lies ahead?
The $300-billion food and grocery segment in India is expected to grow to $1 trillion by 2030. About 98 percent of the consumer market is serviced by an estimated 11 million kirana stores in India. Sounds like a crowded market? Its not.
The largest e-grocer in India has a customer out-reach of 50,000 deliveries across 25 cities, whereas Doodhwala, has a customer outreach of 19,000 deliveries in over just two years. These numbers are reveal an ocean of a lucrative, ready to be tapped market despite the presence of local kirana stores.
Milk brands as well are catching up with the consumer changing preferences and are evolving by introducing new varieties such as lactose free fresh milk introduced by Akshaklapya, other several players have emerged in the A2 and organic milk category, as well as we see a new interest in goat milk and camel milk. The future holds promising developments with other entrants vying for consumer attention. What can be assured today is that the consumer seems to the winner here more choices, shopping ease, and affordability.
Smule, the leading social network for music, announced a strategic investment from Times Bridge, the global investments and partnerships arm of The Times Group, India’s oldest and largest media company. This long-term partnership with Times Bridge will give Smule a strategic edge as it scales up operations in India, its second-largest international market.
With 50 million monthly active users, Smule is playing a pivotal role in transforming the music landscape from one of passive listening to collaborative creation and expressive sharing. On Smule, users are able to collaborate with and listen to all types of music, with anyone from anywhere in the world. To support this vision, Times Bridge has entered into a strategic partnership with Smule and concluded an investment worth over $20 million in the company. This is Times Bridge’s third investment this year, after investing in MUBI and Houzz, in their bid to expand their existing investment portfolio of innovative consumer tech companies.
Times Bridge will also guide Smule in engaging India’s multi-lingual music culture. Leveraging its vast network of media assets, Times Bridge will partner on varied aspects such as community building, collaborations with top artists, targeted regional programs and advertising. Smule is the first social music platform to partner with Times Bridge in India.
India has a long and rich history of music. Its varied culture and shared passion for music makes it a priority market for Smule. With this investment, Smule plans to increase its exposure in the Indian digital music market and grow the market organically. Smule is keen to tap into India’s flourishing diverse music culture and is pioneering a unique way for people to create and engage with music. In May 2017, Smule raised $54 million in a financing round led by Chinese technology giant Tencent Holdings Ltd.
Indian audiences are passionate about connecting through music. We want to enhance those connections in an authentic way and we are thrilled to partner with Times Bridge to marshal the best of The Times Group on Smule’s behalf. Smule is about empowering our community to do more of what they love – from singing with their favourite celebrities to collaborating with friends to discovering new music. We’re thrilled to find a partner that both shares our vision and has the cultural insights and market reach to deliver it.
Times Bridge’s mission is to bring the world’s best ideas to India and share India’s best insights with the world. Smule is a deeply original, bold idea with a mission of changing the way the world experiences music. Our investment will advance Smule’s music mission across the Indian subcontinent and unlock the creativity of many millions along the way. We are delighted to be working with a partner who approaches India with the empathy, conviction and optimism that the Indian market warrants.
About Smule
Smule is the leading social network for music, connecting the world through a global community of 50 million monthly active users. Smule’s flagship app lets people sing and make music with friends and major artists around the globe—helping to bring music back to its roots of creation and participation. Smule is available on iOSand Android.
Moving to a new city, a new house or a new office always seems exciting; but it comes a whole new set of unanswered questions. Though you might try your level best to select the best packers & movers for the relocation job, there is a chance that you choose price over quality. Another problem that consumers face is there is no way to track their belongings in real-time. ShiftKarado was founded with an aim to eliminate these challenges and offer a stress-free and transparent shifting experience by introducing a technology-enabled platform. Created by the promoters of Star Worldwide, the leaders in international relocations, ShiftKarado seeks to create a disruption through its transparent and real-time solutions for the domestic packing and moving industry.
ShiftKarado is focused on providing superlative, reliable, time-effective and simplified solutions to consumers looking to relocate a home, an office or a vehicle. With its services launched in late 2016, ShiftKarado was rolled out to plug the gap in the highly fragmented and unorganized Indian relocation segment which often leaves consumers stressed and perplexed about process and charges. The promoters of Star Worldwide observed that the pricing and relocating process was opaque, time-consuming and challenging due to the lack of reliable movers and packers in the city at affordable rates.
Catering primarily to B2C – House & vehicle relocation and B2B – office relocation, ShiftKarado crafts customized packaging options from start to finish without customers worrying about anything. Today we have a chat with Sahil Mithal and Mrs. Aulina Mithal Sood, Co-founders of ShiftKarado about the business, technology behind the offerings, competition, etc. & much more. So let’s get started with the Q&A….
Can you please walk us through on how did you come up with the idea of ShiftKarado and details about the core team behind the startup?
Our Founder, Mr. Atul Mithal saw a huge gap amongst the demand and supply of efficient packers and movers in the Indian market as compared to the international standards. He witnessed the problems of lack of rules and regulations, costly and poorly managed services and least to no security of cargo prevailing in the nation. It was then he started working on the idea and was later joined in by the company’s co-founders Sahil Mithal, Aulina Mithal Sood and Ashish Mullick.
While Sahil helped in technological aspects of the company, Aulina’s role is more customer-centric and training, while Ashish helped the organization in setting up of its initial structure, administrative and operation aspect. Then the employees kept coming on board and from being a newbie, the company has now become one of the crucial players in the industry leading in the race with its technological aspects.
Does ShiftKarado cater to the B2C segment only or it also caters to the B2B segment ?
ShiftKarado is not restricted to the B2C segment; it caters to businesses and institutions also and has a good clientele base in the B2B domain. Companies like Dainik Bhaskar, Prop Tiger, and CIANS & OYO frequently hire ShiftKarado for transporting and relocating services.
Movers & Packers [in general the relocation market] is highly unorganized, how does ShiftKarado brings in more transparency and makes the sector more organized [than earlier] ?
In 2015, when ShiftKarado stepped into the packers and movers industry of India it was cluttered by companies that were providing unreliable services and ambiguous costs. An estimate for a move typically involved 2-3 days with the packers and movers wanting to first perform a home visit to conduct a Survey of the Items to be moved.
ShiftKarado simplified the entire process with its years of experience in international moving & a well-organized management system. The ShiftKarado Android App and Web Application were launched in August 2016 to provide a standard and simple interface for instant pricing, trouble-free bookings, and secure payments. This was a first one of a kind application in India and ShiftKarado had to rethink the pricing model that existed for decades to create an algorithm that would deliver prices to the customer in seconds not days.
The company makes use of the latest technology and analytic data to tailor their packing and moving services as per the customers’ requirements and engages with its customers in an interactive way with quick information and updates. With a full-fledged team of analysts, ShiftKarado works on a data-driven algorithm to calculate the distance between the two relocation sites, the volume of goods to be shipped and the time required for packing.
There are many startups in the logistics sector [either catering to pure B2B/B2C/only e-commerce shipments] that are also solving the similar problem, what are some of the core USP’s of ShiftKarado over these companies [in terms of technology, pricing, customer support, etc.] ?
It’s the technological aspects of our company along with our understanding of the international standards that primarily set us apart and give an edge over the competitors. Other than that, we also offer our clients, be it households or corporate with the instant booking, instant quotation, urban mobility, security, as well as transparency in our services.
ShiftKarado is currently operational in how many cities in India ?
The company is headquartered in Gurugram and has branches in New Delhi, Bangalore, Hyderabad, Chennai, Chandigarh, Mohali, Gurgaon, Greater Noida, Faridabad, Ghaziabad, Pune, Navi Mumbai, Jaipur, and Kolkata. ShiftKarado has also joined hands with OYO rooms for the Pan India relocation of their employees.
Does ShiftKarado work in the marketplace model or it has its own team of Movers & Packers ?
Being part of the Star Group Company, ShiftKarado is utilizing a mix of fleets, their own in-house fleet services and outsourced. Depending on the peak season & availability, they either use their own in-house fleets or outsource it from the third party in case of high demand, but always ensure quality is maintained throughout the move process.
How does ShiftKarado leverage technologies like Machine Learning, Deep Learning, AI and other emerging technologies, in order to provide deeper tracking of client’s belongings [thereby ensuring that there are fewer customer complaints] ?
With a mobile app and website integrated with Artificial Intelligence (AI), ShiftKarado keeps the entire relocation process transparent and instantaneous. ShiftKarado’s mobile app will have a live feature very soon which will enable the clients to track the status of their consignment. When the goods are packed, loaded, shipped, unloaded, and delivered, clients will get timely updates. Currently, ShiftKarado uses AI and data-driven technology to give out the exact quote for relocating any volume of goods between any two locations instantly. This includes parameters like destination, route map, nature of goods being transported, and the volume of the goods, as well as the floor on which the drop-off is to be made and whether or not a lift is available for higher floors. The initial quote, therefore, remains the final amount to be paid. ShiftKarado also has a feature of providing insurance protection which enables the customers to reduce the shipping stress while their office or household goods are in transit.
In the past, estimating the value for the potential insurance claim was manually done by the customers according to their estimate. This process was too inaccurate and time-consuming. However, development in the field of analytics has helped the industry to opt for insurance quickly and in the most efficient way. The data-driven suggestive pricing offered by relocation service providers nowadays helps in calculating the value of goods, which makes the whole insurance process smarter, more personalized, and much simpler.
What are some of the unique challenges that your team faced while servicing the B2B customers [either for complete office relocation/employee relocation, etc.] since B2B segment is very different from the B2C segment ?
True that serving B2B customers is different from B2C customers because the material handling, logistics and audit requirements is more challenging for the former. When it comes to office relocation the equipment is often large in number and specialized. In the early stages of our venture, we had to take extra measures in packing and moving the equipment such as desktops, servers, furniture, heaps of necessary papers and documents etc., for relocations.
However, we focused on designing an effective office relocation plan with new packing and moving methodology tailored to the requirements of the various departments. We also have a Records Management company within our group which partners with us when managing large volumes of documents. As far as the employee relocations are concerned we closely work with the HR and Admin departments to manage the relocation budgets yet ensure the employee of the company is not burdened by the relocation process.
Being an offering from the promoters of Stars Worldwide, how those learning’s were helpful in scaling ShiftKarado ?
Star Worldwide Group has been a leader in International Relocations, Fine Art Handling and Records and Information Management Services, for over 30 years. They have been serving top MNC’s, embassies and other international organizations for decades. Star is also an ISO 9001, 14001 and 18001 certified company. Our Head office, along with branches in Mumbai and Bangalore are verified by FAIM auditors, Ernst and Young, to ensure compliance with the rigorous FIDI-FAIM quality standards. The standards cover the end-to-end moving process including, but not limited to, packing material, trucks, warehouse, and safety and are bench marked against global best practices.
Star Worldwide is also one of the most reputed names, globally, in fine arts packing and transportation. Due to its reputation, the company is the only one in India to be accredited by both, ARTIM and ICEFAT, which set the highest standards in fine art shipping. The standards involved are very scientific and the greatest of care is taken to ensure the movement of priceless and rare artifacts. This work culture and attention to detail is also carried into ShiftKarado. Star Worldwide guidance helps us ensure that our clients get the best learning and experience accumulated and refined over decades, built into our systems.
Thus, ShiftKarado, apart from the benefits of the vast Group infrastructure, also have the privilege to learn and incorporate the same highest standards of professionalism, client servicing, seamless work processes, and safety measures, as followed by Star Worldwide.
One of the major issues in relocation is parcels getting missed/material being damaged in transit, etc., how does ShiftKarado ensure that there are zero such issues for its customers and does it also provide any transit insurance ?
For each relocation consignment, we have project coordinators along with the full-fledged team of packers and movers who keep a complete check on what goods has been packed and loaded and what is unloaded and relocated. Before packing the goods, we develop plans in which the location of all office equipment, household furniture, telephones, computers, crockery, machines and everything else is charted out as a checklist. A packing inventory is shared with the client that contains the details of the goods to be moved.
Our operations mobile application and internal dashboards also help us track the activity, duration and the team members involved and take stock of the packages during its movement. To prevent the goods from any damage, high-quality packing material such as cartons, corrugated sheets, and bubble wrap etc., are used for packing. Our crew and partners are trained to handle packages during the packing, transportation and loading/unloading as per their handling labels.
Though security and safety of the goods and materials are paramount in our services, however, we do offer risk cover to the clients. We have partnered with top reputed insurance company and offer ITC A and ITC B risk covers. You may get more information about risk cover and insurance here. Yes, we have our own customer support team which remains active in responding to the customers’ requests and queries.
Since ShiftKarado does not have its own fleet for relocation, please name some of the prominent partners of ShiftKarado and how does ShiftKarado ensure that there is a fair-pricing policy with its partners.
Being part of the Star Group Company, ShiftKarado is utilizing a mix of fleets, their own in-house fleet services and outsourced. Depending on the peak season & availability, they either use their own in-house fleets or outsource it from the third party in case of high demand. We only deal with trusted partners that have been associated with us for a number of years or have gone through our audit process. All prices are benchmarked with our existing providers within our application
We should have asked this question earlier, how did you come up with the name ShiftKarado [since it does not have a mass appeal due to the usage of a Hindi word] and what were some of the other names that had popped up during the discussion ?
Though the name ShiftKarado does not have a mass recognition as of now, it does trigger a sense of Indian-ness in the minds of first-time customers. When we were brainstorming for a name for this new venture, we did research on what kind of queries and responses the relocation service providers encounter.
As we are focused on the Indian market, we had to build a brand that is easy for Indian people to emotionally connect with and simple to memorize. The questions such as “Hume apna ghar shift karana hai!” helped us coming up to a conclusion that ShiftKarado would be a right choice to name our brand because “Hum Shifting karatey hain.”
Please walk us through the funding of ShiftKarado and whether you are open to external funding ?
ShiftKarado is a completely a bootstrapped company since its inception. We have the benefit of the strong financials of our Group.
Technology has been rapidly evolving at a rapid pace [with the advent of wearables, smart connectivity, IoT,etc.], where do you see the entire ‘Logistics sector’ evolve with the fast-paced technological changes ?
Versatile customer expectations, the burgeoning of relocation service providers, and technological advances will disrupt the industry as innovative ways to outrank the competitors would be brought up. But, digital technology is one of the major challenges that the transportation and logistics sector must deal with. Though many logistics companies are planning to invest at least 5~6% of their annual revenue in the blooming digital culture, those who do not adapt themselves until 2020 are vulnerable to business failure.
Also, Machine learning and Artificial intelligence integrated with data analytics help greatly in scaling the dynamic routing. Even the package delivery culture is being digitally transformed through the autonomous vehicles and drones which result in quick delivery and a reduced workforce. Augmented Reality (AR) may also make the drivers more efficient by giving them complete and detailed information about the environment, climate change, route planning etc. Using the Internet of Things (IoT), the inventory and warehouses can be safeguarded well. Safety alarms and sensors which use IoT can help detect and neutralize hazards remotely and/or automatically.
Can you share some tips for building an effective team for startups [especially the initial core team] ?
Startups success depends on the strength and commitment of its team and failure on the founder’s negligence and unawareness of his people. In any startup organization, a solid team calls for expert industry professionals who are not only best at their work, but also competent in self-governance and self-motivation. The initial core team should be built, not simply to fill the empty seats in the office, but to expand the office through the means of hard work and commitment to only one vision—the company growth. For this, individuals should focus on getting expertise, experience, and exposure corresponding to the requirement of the startup firm.
Entrepreneurs must create a productive work environment where each team member realizes his job role & the contribution expected. The team should be continually motivated by appreciating their small efforts and guiding them to rectify their blunders. Members should be given the liberty to take the road less travelled by; the approach never before is taken, to challenge their own capabilities. It’s also important not to slide into a comfort-zone within the first few months. Start-ups need to keep exploring, tweaking and questioning their game plan as often as weekly to ensure greater chances of success.
2017 was a tough year for startups [especially from a funding point of view], how according to you should entrepreneurs deal with such adverse situations ?
Entrepreneurs can seek expert advice from financial advisors who have a sound knowledge of startup culture, their needs, and functional dynamics. Will crowdfunding be the right choice or bootstrapping, the financial advisor can rightly assist the entrepreneurs in having a backup plan in case of hard times.
Situational analysis and short-term strategic planning should be given prominence so as to be prepared for the challenges which startups usually face in the inception stage.
How important is it for early-stage startups to pivot their business model [in case things are not working out as per their plan] or when is the right time to pivot ?
Pivoting in start-ups is key to survival. Entrepreneurs who are initially enthusiastic about their Plan A, may need to pivot to Plan B or C within a year, when the results are underachieved, or the market has greater potential. Switching to Plan B or C may open new revenue stream and growth opportunities, to push through giving 100% efforts, dedicated time, and right resources to Plan A is often a smart choice.
Pivoting involves group discussions, analyzing failure, looking at competition, redefining certain key positions, incorporating new ideas, and challenging your initial idea.
As per your entrepreneurial experience, when should an entrepreneur look out for external funding?
External funding definitely gives you a large canvas to work on and a lot more flexibility. When the startup has proven customer traction and now needs to expand its reach and double its sales exponentially, tying up with the giant investors for external funding can be a profitable deal. However, entrepreneurs should avoid investors when a strong and large base of customers is already funding the company’s growth.
Some books that you highly recommend for entrepreneurs ?
I enjoy reading books that tell a story of struggle and hardship. The ones that left me feeling motivated are ‘Zen Garden‘ by Subroto Bagchi, ‘The Buck Stops Here‘ by Ashutosh Garg and ‘Losing my Virginity‘ Autobiography of Richard Branson. There is no success story without failure and there is a need for successful business to use their means and participate in building society and work towards greater well-being of all.
Some closing thoughts for our readers!
Don’t over think, don’t over plan! There is no such thing as a perfect moment. Most of us miss the train waiting for the perfect moment. Believe in yourself, don’t doubt your capabilities and imagine yourself achieving success… Your thoughts will turn into action and action speaks louder!
We thank the co-founders for their time and sharing valuable insights with our readers! If you have any questions for the team at ShiftKarado about the company, starting up, scaling up, etc., please email them to himanshu.sheth@gmail.com or leave your question in the comments section.
Elbrit Life Sciences has announced that it is expanding its footprint in the domestic pharmaceutical industry. The fast growing domestic pharmaceutical company is presently in advanced talks with its parent investment firm Capital Investments and a Qatar based investment firm to raise 3 million USD. This major investment is aimed at expanding the company’s domestic footprint in branded formulation business. Elbrit Life Sciences started its operations in 2014 and has since witnessed an impressive growth rate of more than 100% per annum.
The official spokesperson of Elbrit Life Sciences, while talking about the expansion plans said
We are planning to use the additional funds to expand geographical footprint and to focus on nephrology, urology, gynecology and oncology therapy segments. The company majorly operates in South India and has sales force strength of 200 front line sales representatives. It has 45 brands and 150 SKUs. The company is currently not looking at any acquisitions and instead prefers to take the organic route to fuel further growth
In addition, Elbrit Life Sciences is aggressively focusing on cardio-vascular, diabetes, neurology and nutraceuticals market in the country. Operating in a country with a population exceeding 1.3 billion, Elbrit Life Sciences has a dedicated WHO-GMP manufacturing facility. Moreover, the pharma company is in the process of upgrading its facilities to foray into export markets.
The company is expecting that this deal may close before the second week of October and once the deal is closed, the company expects to pursue growth opportunities. Furthermore, Elbrit Life Sciences also aims to be amongst the Top 150 pharmaceutical companies by the year 2020. According to the company spokesperson, Elbrit Life Sciences plans to go for an IPO somewhere around the year 2022.
About Elbrit Life Sciences
Elbrit Life Sciences is a pharmaceutical company established with a vision of ‘Making Lives Better’ by providing quality healthcare to patients. Established in 2014, with headquarters in Mumbai, the company aspires to be one of the leading pharmaceutical companies in the country and across the globe.
