The world in which we live in, changes and transformation are the only constants. With globalization and liberalization setting in with the full flow, the competition has become cutthroat and fierce. In order to help our new generation, become ready for this transformation, Eat My News has come up with a disruptive solution. It provides a platform where people can upskill themselves with skill development workshops, attend youth leadership conferences and moreover, learn from the industry experts and develop skill sets that can make them industry ready.
Despite of economic falls Indian startups raised a record $2.5 billion in capital in the third quarter of calendar year 2019, the highest in any quarter this year, as a number of new investors have increased deal-making and exits have provided liquidity to investors.
Nowadays, the traditional measure of success which was owning an apartment or a car but now that is out of date. An increasing number of young people around the world don’t want to buy them now.
Research shows that the so-called millennial generation, who are now 30-35 years old, rarely buy houses and even more rarely — cars. In fact, they don’t buy super expensive things at all.
What are the reasons of this psychological change?
Some sociologists say it’s because modern youngsters suffer from financial crises. That’s why people are afraid of ’serious’ loans.
But it’s not the most important reason. The thing is, the current generation of young people differs from their parents’ generation. They have other values.
The youth today has reconsidered the concept of success, which means:
- Successful people don’t buy property — they rent.
- If you want to be considered successful, invest in experiences: travel, do extreme sports, build start-ups.
So, in this edition of start-up Sunday, we the entrepreneurship cell of IMI present you PumPumPum a start-up founded by Mr Tarun Lawadia which is working towards providing affordable car rental services to the people of Delhi NCR and also focussing on expanding to other cities as well.
Mr Tarun Lawadia started PumPumPum in 2018 with the aim of providing affordable car rental services to the people so that they can move around the places without the need of worrying about whether the public transport to that place would be available or not.
Q) What is PumPumPum all about?
A) Car subscription is the new way to have access to a car of your choice, where you don’t have to worry about a down payment, bank liability, registration of a vehicle, insurance, service, and maintenance. All these things are bundled up and presented to you as a wholesome package. It’s the new way of thinking where you use a car smartly and don’t have to stick with the same car for a long duration of time. You can always switch or upgrade to another car. At PumPumPum we ensure providing the best in class services to our customers.
Q) What was the eureka moment that encouraged you?
A) With the tremendous rise in the prices of automobiles, be it related to increasing cost, increasing insurance charges it was becoming extremely difficult for a common man to own a car. Also, due to the paucity of public transport at
the places, it became extremely difficult to commute from one place to another. Moreover, the luxury that one enjoys while having their vehicles makes them feel more independent and them to more productive. By leasing the vehicles, one would be free of the worries of maintaining a vehicle, paying the large EMI’s and at the same time enjoy all the benefits of having a personal vehicle.
Q) What is your revenue model?
A) You first have to pay a one-month advance subscription fee and a refundable security deposit which is also equivalent to your monthly subscription payment.
Your monthly fee will be billed at the start of every month. You can make the payment through a credit/debit card, net banking, auto-debit set up on your credit/debit card, or through an electronic clearing arrangement with your bank.
Q) Is PumPumPum a rental lease or a purchase?
A) PumPumPum provides an operational lease of certified old cars for a shorter period of time, where individuals pay only for the predefined period for which he is going to use the vehicle.
Q) Within which cities is PumPumPum subscription available?
A) The subscription of PumPumPum cars is available in Delhi NCR at present but we also plan to expand to other major metropolitan cities within the next few years as the demand the for-car subscription has been increasing and the positive response coming from people has now allowed to expand in Bangalore also. We would be catering to Bangalore from September 2019 onward.
Q) For how long can one subscribe to a car from PumPumPum?
A) You can subscribe to a car for 6, 12, 18 and 24 months depending on your needs. The longer you subscribe, the lesser is your monthly Subscription Fee.
Q) Is there a monthly limit on how many kilometers a person can drive?
A) Yes, there is a monthly limit of 1500 Kms for a full month subscription. You can still drive beyond the kilometer limit, but the additional kilo-meter clocked will attract an additional charge. The Kms will accumulate, on a pro-rata basis, for the period of your subscription (e.g. if you subscribe for 6 months, you will be entitled to 9,000 Kms, beyond which there will be an additional charge per km).
What do sharks do? They rule the oceans and swallow up every little fish. No matter what kind, if the fish is small or still growing, it’s the prey. The big Indian industrial shark, Reliance, is no different as it plans to enter the e-commerce domain after embezzling all the telecom fishes with Reliance JIO. With the same ideology, Reliance Retail is currently testing its food and grocery app with its employees before its commercial launch.
Reliance has presence in entertainment and media, healthcare, education, agriculture and telecom so, why is it planning to venture into grocery and food e-commerce? The answer is the untapped market. The e-commerce venture is in line with Reliance’s agenda to gather most of its revenue from consumer businesses. The two major e-commerce giants in India are Amazon and Walmart owned Flipkart, which still haven’t been able to capture the grocery consumer market which is a major consumption market, accounting for 2/3rd of India’s purchase.
What is different in Reliance Retail’s approach which Amazon and Flipkart couldn’t come up with? O2O model! Reliance wishes to emulate the O2O model (Online to offline) of Alibaba. In O2O model a consumer searches for the product online and buys it offline. The company wishes to achieve this via tie-ups with local kirana stores and its already existing 3837 Reliance Retail outlets. Reliance’s plan is to consolidate merchants under an e-commerce platform. The merchants, in turn, will cater to the demand. This will help the company save costs and enter areas currently outside the traditional purview of e-commerce companies. Further, Amazon and Flipkart might look like marketplaces but are actually running as inventory-led models, where they can standardize the products and keep prices under their control, a feature that marketplace lacks which leads to bad customer experience.
How is Reliance planning to play the JIO numbers to its advantage?
Mukesh Ambani tends to leverage its Jio customers into this venture in a smart way. The majority of Jio customers are low ARPU rurban (rural+urban) users and are a largely untapped market for many e-commerce players. If it manages to make the last-mile delivery to the customer smooth, it will be able to build their trust and grab a share of the e-commerce space.
Earlier this year, the company had announced the acquisition of a logistics company called Grab-a-Grub and is likely to make a few more. Reliance Retail, with a revenue of more than ₹100,000 crore, is likely to optimize the company-owned supermarkets, hypermarkets, and wholesale and kirana stores to make a significant mark in the e-commerce space that is likely to touch $84 billion by 2021. The company is already piloting its B2B e-commerce venture for sellers in Telangana.
Reliance has an advantage over incumbent players because of its huge offline presence. The vast store network of around 10000 all over India provides Reliance with an opportunity to put its omnichannel venture into action. Moreover, Reliance is on an acquisition spree to ensure no hiccups hinder the services. It plans to buy the Mumbai-based hyperlocal delivery company Grab a Grub Services for Rs146 crore. It has acquired C-Square Info Solutions, a company that provides software solutions for distributors and retailers, for about Rs82 crore. Certainly, no stone is being left unturned to make this e-commerce venture as huge a success as JIO. Clearly, the Ambanis do not know how to not play large.
The launch of the grocery app for its employees is also Reliance’s first effort to combine the strengths of Jio numbers and retail’s cash-and-carry model. Mukesh Ambani announced that Gujarat would be the first state to get it.
The young do not know enough to be prudent, and therefore they attempt the impossible – and achieve it, generation after generation. – Pearl S. Buck
“India has become the second-largest start-up hub”, said finance minister Mr. Piyush Goyal while delivering his budget speech in the parliament. With a median age of 29 years, India is one of the youngest countries in the world. We are home currently to 26 unicorns (start-ups valued over $1B) with 5 new unicorns joining the club in 2018 (the most on record for a single year in India). Today finding a conventional 9 to 5 job isn’t the most sought-after option for the youth since more and more young entrepreneurs are testing the boundaries of their imagination with their enthusiasm, focus, and zeal.
“Change won’t come from the government but from the young Entrepreneurs, that’re making a difference on the ground” – CM Vashundhara Raje
8.3 billion metric tonnes of plastic has been produced since the 1950s. 91% percent of it has not been recycled and contribute to landfills and ocean debris. Plastic packaging constitutes about 47% of plastic waste. With less than ten years till the doomsday, organisations all around the world are looking for disruptive innovation which solves the plastic problem at its roots. NOTPLA is one such company.
NOTPLA : We make packaging disappear Continue reading “Startup Sunday || Season 4 Episode 10|| NOTPLA”
India as a country has always stood up for the betterment of its people. We are heading towards a better tomorrow with each passing day. The forces behind such constructive changes are countless but even a small endeavor in the direction of a better and safe environment in terms of health and hygiene counts!
This Startup Sunday features a startup powered by Enactus which aims to make the “Days for Girls” a little bit better in the rural areas with the help of the rural community itself making them Self Dependent. This being a classic example of Social Entrepreneurship, has a lot to learn for the readers in its kitty.
Startup-Sunday proudly introduces you to this Start-up which breaks the menstrual taboo and generates employment for many by being “for the women, by the women”.
“Anyone who stops learning is old, whether at twenty or eighty” – Henry Ford
What is ‘Skill Prodigy’?
Many students and professionals despite their academic brilliance miss out on bagging their dream jobs. Almost every time the reason is an interview gone wrong. Skill prodigy bridges the gap between knowledge and presentation. Skill prodigy is an app with a user-friendly interface that helps you prepare for interviews. Videos and other tools are applied to give the user a realistic experience. It is backed by dedicated mentors, and it employs the practice of peer reviews.
What is the story behind the inception of ‘Skill Prodigy’?
As mentioned earlier, the reason behind a failed interview was known. But the students didn’t have any proper means to rectify. A problem presented itself and we had the solution, we simply realized it.
What business model does ‘Skill Prodigy’ employ?
- B2C – Students and professionals with less than three of experience
- B2B – Universities, corporates, and technical training providing institutes
- Customized in-app training for interviews, group discussion, CV analysis along with personal mentorship
- Specialized offline training like accent training
- In-app purchases
- Workshops in universities
- Partnership with other technical training providers
- A licensed model with universities and corporates is in the pipeline
What were the challenges faced during the launch?
- Finding qualified mentors who believed in our cause. They are the cornerstone of the company, without whom it would be a business with hollow values.
- The product was bootstrapped by the co-founders. This placed a few restricted on the capital expenditure, forcing us to focus on high valued investments while having a frugal investment strategy.
- Access to decision-makers in universities was minimal in the beginning
How is your company causing ripples in the e-learning market?
It is a bloodbath with multiple players aiming for the same consumer segment. Creating strong brand awareness in this crowded market is challenging. Having a strong value proposition is what differentiates us. Customer retention is key.
Why ‘Skill Prodigy’ and not other apps?
‘Skill Prodigy’ is a one shop stop. Even though the medium is an app, our human element is our strongest element owing to our dedicated mentors. Its ease of use and economic feasibility make it a true digital pocket partner. It focuses only on communication and covers all aspects of it.
What are your plans for the ‘e’ part of the ‘e-learning’?
At present, the app is available for Android OS. We will soon be launching it for iOS.
Explain to us the expansion and scaling plans set in store?
- Short term plan: Work on brand awareness. We want our presence in tier two and tier three cities pan India.
- Later build on brand presence with the help of an extensive user base.
- Make ‘Skill Prodigy’ a global brand
One of the biggest hurdles for a start-up is funding. What about ‘Skill Prodigy’?
Co-founders have been bootstrapping it until now. We are focusing on friends and angel investors who are interested in small-ticket items. Since the company is only five months old, we are not approaching venture capitalists and other big fishes as of now.
Since the company is in its initial stages, it is turbulence max now. How are you managing it?
It is not a cakewalk, situations are very volatile. Our goal ‘To make every individual in India a great communicator’ is what drives us.
What are the main factors to be kept in mind while building a start-up?
- Rock-solid team – Start-up is a pipe dream without it. Each member’s drive and effort is the pillar of a start-up.
- Execution plan. Even the most brilliant ideas are meaningless without a proper plan to realize it.
- Your gut is seldom wrong. But at the same time consensus is important.
- Try to build symbiotic relationships.
- Nothing can replace research.
- Start small. Test your market and then improvise.
- Reach out to your gurus for guidance.
“You need three things to have a successful startup: to start with good people, to make something customers actually want, and to spend as little money as possible.”
Owning a team jersey with one’s name, number and logo is a matter of pride for every sports enthusiast. So, here’s where your dreams come true and ‘Hyve Sports’ steps in. Continue reading “Startup Sunday || Season 4 Episode 6 || HYVE Sports”