Indian startups give salary hike of 8-12% in FY23, favour ESOPs: Study

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August 10, 2023

Indian startups gave employees salary increments ranging from 8 to 12 percent on average in the financial year 2022-23 (FY23), according to a report released on Thursday.

According to Elevation Capital’s ‘Startup PayPulse Report 2023,’ performance accounted for 50% of the weightage in salary increments, with additional responsibilities and receiving a promotion accounting for about 20%.

Employee stock options (ESOPs) remain a key component in increments for senior leadership roles. Given the muted cash increments in the previous financial year, 50% of startups considered offering additional equity grants to leaders.

“In the face of macro challenges, Indian startups are showcasing adaptability by offering inflation-led salary increments to attract and retain talent. However, the variation is significant, with technology professionals in small to mid-size startups seeing moderate increments,” said Kallan H, VP — talent, Elevation Capital.

“We are observing a cultural shift in how ESOPs are viewed by employees and startups, with higher buy-in at the leadership level. We anticipate demand for AI (artificial) talent to stay elevated going forward, followed by product, engineering, and other functions,” he said.

ESOP allocation typically accounts for 10 to 50% of the cash component offered to candidates for entry-level to mid-level roles in the startup. Those in leadership positions receive ESOPs ranging from 0.2% to 1.5% of a company’s equity.

“Given the muted cash increments observed in the last financial year, 50 percent of companies have explored offering additional equity grants to leaders,” said the report.

“The shift in the market situation has led to a correction in salaries, though largely at the leadership level. Interestingly, job seekers are willing to wait longer for the right job opportunity than settle for less-than-ideal pay,” said Dipesh Jain, AVP — talent, Elevation Capital.

Bangalore and Hyderabad ranked first and second in technology talent availability in India, with a combined share of 72%.

Some critical roles filled among the first few hires at early-stage companies include chief of staff/founders’ office, growth, and finance.

The number of startups in India increased from 350 in 2014 to more than 90,000 by 2023. There are over 100 unicorns (privately held startups valued at over $1 billion).

This report included data from over 200 startups and over 1,000 candidates, and it was reaffirmed by recruitment consulting partners FIDIUS Advisory and Transearch.

Kairali Ayurvedic Group opens new centre at Pune

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August 10, 2023

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Kairali Ayurvedic Group, a leading provider of Kerala Ayurvedic-based healthcare services, has announced opening a new centre in Pune, Maharashtra.

The new Centre is the latest addition to the Kairali Ayurvedic Group’s network of centres across India, marking their eighth centre in India and 14th worldwide, and it solidifies the Group’s commitment to bringing the benefits of Ayurveda to more people across the country. The Centre will provide a variety of Ayurvedic treatments and therapies, such as Panchakarma, Ayurvedic massages, and herbal remedies.

Abhishek K Ramesh, director, Kairali Ayurvedic Group, said, “People the world over have woken up to wellness and Ayurveda post the pandemic. This has not only helped us expedite the reopening of older centres across the globe but also open new ones. Generally speaking, people in Pune have accepted the transformative power of Ayurveda, and we are committed to making it more accessible to people here.”

A team of highly qualified and experienced Ayurvedic doctors and therapists will work closely with each patient to develop a personalized treatment plan based on their needs and health goals. The facilities at the centre are designed to provide a relaxing and rejuvenating environment for patients to immerse themselves in the healing power of Ayurveda fully.

For over 100 years, Kairali Ayurvedic Group has been at the forefront of Ayurvedic healthcare services, earning a reputation for excellence in the industry. The Group’s centres are known for their commitment to providing high-quality, authentic Ayurvedic treatments customized to each patient’s specific needs.

CapitaLand Investment launches new business park development fund in India

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August 10, 2023

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CapitaLand Investment (CLI) has launched CapitaLand India Growth Fund 2 (CIGF2), a business park development fund with a target fund size of Singapore $525 million to invest in Grade A business parks across India.

CLI has secured S$263 million (Rs 16.3 billion) in funding from a global institution for a 50% stake in the fund’s first closing. CLI plans to keep a 20% sponsor stake in the fund.

The total equity commitment for the first closing is S$368 million (Rs 22.9 billion), including CLI’s equity contribution for the 20% stake. This is expected to increase CLI’s funds under management (FUM) by approximately S$700 million.

Simon Treacy, CEO, (Private Equity Real Estate), CLI, said, “Besides business parks, we see opportunities to invest in new economy assets such as data centres, logistics, and industrial properties in India through our private funds.”

As its seed asset, CIGF2 acquired a 70% equity stake in International Tech Park Chennai, Radial Road (ITPC-Radial Road) from CLI for S$95 million (Rs 5.9 billion).

CLI will continue to manage the ITPC-Radial Road asset after its divestment. The 2.6 million-sq ft IT park features two blocks of Grade A office space and is being built in two phases, with Phase 1 set to open in the third quarter of 2023.

Digital-first brand What’s Up Wellness bags Rs 14-Cr in seed funding

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August 9, 2023

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Digital-first wellness brand What’s Up Wellness has raised Rs 14.40 crore in a seed funding round led by Unilever Ventures, the venture capital arm of FMCG giant Unilever.

This is Unilever Ventures’ first investment in India’s health and wellness sector. The move aligns with a rise in pharmaceutical stocks on the Indian stock exchange.

What’s Up Wellness, known for its diverse range of gummy supplements designed to make wellness simple and enjoyable, has served over 2.5 lakh users and sold over 4 lakh packs of gummies in India.

The Gurugram-based firm has expanded more than 12-fold in the past year and now has an annual recurring revenue (ARR) of Rs 30 crore, with a 40% repeat customer rate.

It has also targeted becoming a Rs 100-crore brand within the next two years. During that time, it also intends to launch 12 new products addressing various wellness-related needs for its users.

In 2022, the company received angel funding from investors, including cofounders of consumer brands like Sirona Hygiene and Clovia. Following that, What’s Up Wellness appeared on the business reality television show Shark Tank India Season 2, securing total funding of Rs 60 lakhs from three of the show’s “sharks” – Aman Gupta of BoAt, Vineeta Singh of Sugar Cosmetics, and Anupam Mittal of Shaadi.com.

In the future, the company plans to keep scaling and fast-tracking its growth while “continuing to maintain a tight grip on our bottom line and introducing more highly relevant products,” cofounders Sayantani Mandal and Vaibhav Makhija said in a statement.

Unilever Ventures stated that its investment in What’s Up Wellness is consistent with its strategy of supporting and investing in “promising indie brands in the health and wellness domain.”

“India presents a substantial opportunity in the wellness sector, and What’s Up Wellness, with its innovative and contemporary formats, aims to seize this rapidly evolving market. We are excited to be early supporters of What’s Up Wellness in their next growth phase,” said Pawan Chaturvedi, Partner-Asia at Unilever Ventures.

Debt collections SaaS platform Credgenics raises $50M in Series B funding

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August 9, 2023

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Credgenics, a debt collection SaaS platform, has raised $50 million in a Series B round led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund, and other strategic investors.

The company raised the fresh round at a $340 million valuation. It plans to use the funds for product development and international expansion, as well as to expand into other BFSI (banking, financial services, and insurance) markets.

“With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections,” said Rishabh Goel, Co-founder and CEO, Credgenics.

The SaaS platform, which was launched in 2019, digitises the loan collection process while also offering services such as analytics, litigation management, agent performance management, a field collection mobile app, and an AI-driven payments platform.

Over 100 private banks, NBFCs, fintech firms, and asset reconstruction companies use the company’s services, including IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.

Credgenics claims to have grown seven times since its last fundraise in 2021 at a valuation of $100 million. In FY23, it handled 11 million retail loan accounts and sent 60 million digital communications per month, for an overall loan book of $60 billion.

“With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%,” said the company.

Credgenics, which has offices in Jakarta, Singapore, and Vietnam, said it turned operationally profitable in FY23 and reported revenue of Rs 100 crores.

“We are in a prime growth phase where we plan to introduce more innovative solutions and expand our footprint in other countries as well as invest in product development,” said Anand Agrawal, Co-founder and Chief Product and Technology Officer, Credgenics.

Ashneer Grover (Third Unicorn), Abhimanyu Munjal (Hero Fincorp Group), Karthik Bhat (Force Ventures), Kushal Nahata and Gautam Kumar (Fareye) had placed their bets in the startup during the Series A round.

Virtual reality startup Immersed to go public via SPAC deal

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August 9, 2023

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Immersed Inc, a maker of software used in augmented and virtual reality (AR/VR) technology for remote working, has agreed to go public through a merger with a blank-check acquisition firm, according to people familiar with the matter.

According to the sources, Immersed will merge with Maquia Capital Acquisition Corp, a special purpose acquisition company (SPAC), in a deal that will value the Austin, Texas-based company at around $150 million.

Immersed is raising bridge financing through convertible notes from investors, including Intel Corp CEO Pat Gelsinger, former football player Tim Tebow, and All Blue Capital as part of the deal.

According to the sources, the deal value does not include the proceeds of $160 million raised by Maquia Capital Acquisition in May 2021. Immersed is in talks to raise additional financing through private investment in public equity (PIPE).

The sources added that Immersed expects access to the SPAC’s proceeds, barring redemptions. According to the sources, the transaction will be announced as early as Wednesday.

SPACs, or blank-check firms, are shell companies that raise funds in an IPO and place it in a trust to merge with a private company and go public.

Dealmaking involving such investment vehicles peaked in 2021 before falling out of favour with investors, who were left with massive losses in most of these deals.

Immersed, founded in 2017 by software engineer Renji Bijoy, develops spatial computing software that allows employees to work remotely.

It is developing new software and hardware tools for enterprise customers, including an artificial intelligence-powered assistant. According to the sources, Immersed will be listed on the Nasdaq under the ticker “AIMR” after the deal closes.

Mudrex and Urban Vault launches financial health camps in Bengaluru

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August 8, 2023

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Mudrex, a Bengaluru and San Francisco-based Y-Combinator-backed global crypto investing platform, proudly announces the launch of its innovative financial health camps in collaboration with Urban Vault, which will be held across four prime locations in Bengaluru until September. The camps will serve over 100 startups in and around HSR Layout, Koramangala, Indiranagar, Marathahalli, and MG Road.

The key objective of these camps is to provide participants with the knowledge and tools they need to make informed financial decisions. Participants in financial health camps will learn the fundamentals of investing, how to set appropriate financial goals to build a strong portfolio, manage risk, and discover strategies to maximize returns on their investments, among other things.

Mudrex aims to empower individuals by providing personalized one-on-one consultations, actionable insights, and comprehensive financial health reports to help them reach their financial goals. The participants will gain valuable insights into optimizing their investments for long-term wealth creation while effectively managing risk versus reward by focusing on investor personas, investment strategies, and modern portfolio theory.

Commenting on this, Mr Edul Patel, CEO and Co-founder of Mudrex, said, “We are excited to unveil our financial health camps as part of our educational initiatives. Our goal is to empower individuals with essential financial knowledge and tools to make informed decisions. We plan to scale this up across PAN India in the upcoming year, aiming to reach and empower a broader audience”.

Commenting on the same, Mr Amal Mishra, CEO and Co-founder of Urban Vault, said, “Knowing how money works is essential for everyone. It’s especially important for young startups at Urban Vault. These financial awareness sessions will be incredibly helpful for them. Urban Vault always aims to add value to their clients, and these sessions will definitely lead to fruitful outcomes for everyone involved.”

Edtech startup Learnbay sees 300% growth in 2023

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August 8, 2023

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Learnbay, a prominent professional upskilling ed-tech startup, reports a 300% growth in online education between 2022 and 2023. Learnbay has emerged as a preferred destination for professionals seeking to enhance their expertise and stay ahead in the fast-paced digital landscape due to its innovative approach to skill development and comprehensive courses.

Learnbay’s commitment to changing how people learn and acquire valuable skills has yielded impressive results. The startup has a database of over 350 recruitment partners, demonstrating its strong industry connections and market recognition. Recent statistics show that Learnbay students are successful, with notable placements in leading companies.

Learnbay’s impressive growth goes beyond financial metrics. The company is expanding its workforce by hiring 100 sales, marketing, and development people. This initiative enhances Learnbay’s presence and helps to create job opportunities in the education sector. The startup keeps innovating by releasing new tools and courses centered on Chat GPT and Generative AI, which have been integrated into its comprehensive curriculum, providing students with cutting-edge skills and knowledge.

Concerning the current growth trajectory, Mr. Krishna Kumar, CEO, Learnbay, says, “We are extremely proud of Learnbay’s rapid growth and success in the professional upskilling landscape. Our strong partnerships demonstrate the value and trust placed in our programs. The recent recruitment figures highlight the demand for sector-specific skills and validate our commitment to delivering industry-aligned courses. We are excited to continue expanding our offerings, launching new domain-specific courses, and equipping professionals with the skills needed to thrive in today’s evolving job market.”

Learnbay has seen recruitment demand vary among sector-specific disciplines, highlighting the demand for sector-specific disciplines. The BFSI industry accounts for 25% of student placements, demonstrating the industry’s growing demand for skilled professionals. Healthcare is close behind at 14%, highlighting the importance of expertise in this critical sector. It stands at 11%, while Sales, Marketing, Logistics, and Supply Chain secure 8% and 4%, respectively. E-commerce holds a 2% placement rate, while 36% of students find opportunities in other sectors.

Learnbay has launched new domain-specific courses in HR and marketing as part of its continuous commitment to providing relevant and industry-aligned courses. Learnbay aims to address specific skill gaps in these sectors by focusing on vertical stories and highlighting the value of these new programs, giving professionals a competitive edge.

Learnbay’s rapid growth, impressive recruitment figures, and commitment to innovation solidify its position as a leading professional upskilling ed-tech startup. Learnbay is focused on empowering professionals and driving the future of online education, with a wide range of courses, strong industry connections, and a track record of success.

Stable Money bags $5mn funding from Matrix, Lightspeed, and others

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August 8, 2023

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Stable Money, a Bengaluru-based wealthtech startup, has raised $5 million in its first equity round. Matrix Partners and Lightspeed Venture Partners led the round, including Titan Capital, Mar Shot Ventures, and prominent angel investors.

Snapdeal cofounders Kunal Bahl and Rohit Bansal, M2P Fintech cofounder Madhusudanan, and Swiggy cofounder Sriharsha Majety are the prominent angel investors who participated in the round.

“We are creating a platform for fixed-return investment options for Indians. We are starting with fixed deposits but will expand into corporate bonds, sovereign gold bonds (SGBs), and government bonds,” said Saurabh Jain, cofounder, Stable Money.

Jain previously served as the CEO of Navi Mutual Fund and Swiggy before that. His cofounder, Harish Reddy, worked for the brokerage firm Estee.

Even though many fintechs are building products for the equity markets and mutual funds, Jain believes India still understands fixed-return products. Given the lack of innovation in this sector, Jain wishes to concentrate exclusively on it.

Fixed deposits, SGBs, and other products are available from players such as Groww, Zerodha, and others, but only as part of a package with other wealthtech offerings. Jain plans to focus Stable Money only on fixed-return products.

Currently, the startup has formed partnerships with a few banks and NBFCs. It offers fixed deposits on behalf of these financial institutions through its app. By the end of the current fiscal year, the goal is to integrate with 25 banks.

“Currently, we are relying on the commissions that we get from our banking partners for sourcing customers; eventually, we will start getting better margins as we get larger volumes of customers,” Jain added.

Unlike a traditional banking app, Jain states that Stable Money allows customers to compare FD rates across institutions. They can invest and withdraw money digitally. They can also open FDs without opening a bank account with these lenders.

“You can create an FD for as low as Rs 1,000, which is a unique feature on Stable Money,” he said.

While the company will have to source customers from the open market through digital channels, Jain wants to focus on organic traffic through social media and groups of investment enthusiasts in the first few months.

Sarovar Hotels & Resorts opens Presidium Sarovar Portico, Dalhousie

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August 7, 2023

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Sarovar Hotels & Resorts has announced the opening of Presidium Sarovar Portico, Dalhousie, the newest luxury boutique hotel in Mouza Moti Tibba, in the Chamba district of Himachal Pradesh. The hotel’s opening marks an important milestone in the Sarovar Group’s growing portfolio of leisure hotels.

The hotel is Sarovar’s 4th hotel in Himachal and 9th hotel in the Himalayan region. Nestled among breathtaking natural landscapes, the hotel is a sanctuary of peace and offers an unparalleled retreat experience for families, holidaymakers, and adventure seekers. The hotel is also ideal for corporate retreats, wellness workshops, and destination weddings.

Set in an attractive location, the hotel offers 50 rooms and suites with panoramic views of the picturesque Pir Panjal range. The elegantly designed rooms embrace an ambiance of premium amenities and personalized services. Every detail, from plush bedding to private balconies with breathtaking views, has been meticulously crafted to ensure guest comfort.

Speaking on the launch, A K Bakaya, managing director, Sarovar Hotels & Resorts, said, “Presidium Sarovar Portico is a proud addition to our leisure hotel portfolio. A rare match of an ace location, colonial architecture, and spectacular views, the hotel is geared to redefine hospitality standards in Dalhousie. We are delighted to partner with Presidium Hotels to manage a hotel of such impeccable credentials.”

Further commenting on the launch, Vikram Seth, managing director, Presidium Hotels, said, “The launch of Presidium Sarovar Portico is testament of our intent to elevate the hospitality experience in Dalhousie. Our singular focus is to offer superlative experience than what has been experienced in this tourist destination. We are very fortunate to have Sarovar Group as a partner that shares our vision and passion and is committed to bring a statement product to this beautiful hill station.”

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