Koo provides free lifetime verification for notable personalities

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March 31, 2023

Indian microblogging app Koo will offer free lifetime verification to all notable personalities who qualify. This announcement aligns with changes to Twitter’s verification policies, following which users should expect to see a verified check mark on their profile.

The company announced the update in a press release: “Koo is committed to building a safe and inclusive platform that provides users equal opportunities to express themselves and be heard.”

“The free lifetime verification will be available to all notable personalities and creators across the world; enabling them to build trust with followers, protect their reputation and avoid impersonation on the platform,” it added.

When a user profile meets the requirements specified on its website, Koo awards a user with a Yellow Tick.

“At Koo, we care about being inclusive in thought and action. We provide free lifetime verification for all notable personalities that qualify as a mark of recognition and protect them from impersonators so that they can share their authentic voice with their followers. We are a merit-based platform and take pride in our platform’s transparent methodology that recognizes and celebrates eminence without a price tag. The Koo Eminence Tick is a prestigious symbol that cannot be bought and we are committed to safeguarding this digital right for all notable personalities,” said Mayank Bidawatka, Co-founder of Koo.

“We have concentrated our efforts for the last 3 years to create a microblogging 2.0 experience and have become the second largest microblog with over 60 million downloads from 100+ countries. Every stakeholder gains from being on Koo. We will never charge for a feature that the internet was supposed to provide for free. Platforms need to enable. Not extract.”

Koo offers several features with Yellow Tick that are all free of cost, including free edit functionality, a longer 500-character post, longer videos, the ability to post in 20+ global languages in one go, ChatGPT prompt, scheduling posts, creating drafts, monetization tools for creators, a loyalty programme for users, and proactive content moderation that is best in class among all social media platforms.

Koo users can apply for the verification check mark via the Koo website, follow the verification process, or directly write to eminence.verification@kooapp.com.

Amazon leases over 6 lakh sq ft of office space in Bengaluru

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BRL Editor

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March 31, 2023

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Amazon Development Centre has leased 650,000 sq ft of space in Bengaluru in one of the most recent office transactions. The web commerce company registered a 60-year lease in February and will pay ₹62 per sq ft as rent, according to the lease record shared by Propstack.

The new building will rise in a constellation business park on the Outer Ring Road owned by Bagmane Development and is a hub of large technology companies.

The deal follows two large transactions Amazon recently completed, acquiring more than 800,000 sq ft of space in Gurgaon and Hyderabad for web services, development centres, seller services, and transportation services.

The deal provides commercial real estate much-needed relief when many firms hold off on significant transactions because of global uncertainties. Google, JP Morgan, and Deloitte are a few companies with substantial leases that have recently closed.

Despite the global headwinds and other externalities, Colliers predicts that the office market will recover quickly in 2023. In the year’s second half, leasing activity will likely increase.

TapOnn Launches “Don’t try So Hard to Network; Just TapOnn” Campaign to Revolutionize Smart Networking

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BRL Editor

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March 31, 2023

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Their first brand campaign initiative aims to revolutionize the use of digital smart cards to Network Smartly.

New Delhi, 30th March 2023 – TapOnn, a brand dedicated to revolutionizing smart networking, is excited to announce the launch of its first brand campaign, “Don’t Try So Hard to Network; Just TapOnn”. The campaign aims to create brand awareness and introduce TapOnn as the future of networking. With this campaign, TapOnn aims to expand its reach to digital audiences. The brand’s dedication to using technology to make networking simple, efficient, and effective has made it a go-to choice for individuals and businesses.

The campaign focuses on how traditional paper business cards are irrelevant in today’s digital era and are not adding value to our smart working professionals. If we are in the digital era, we should be out business cards – smart, instant and eco-conscious that add more value to you and enable you to create a great first impression.

The video features renowned actor and model Rohit Mehta to add star power to the launch. With massive followers on social media, Rohit Mehta has been featured in the movie ‘Veer Gomtesha’ and various brand ads.

Today networking has become a crucial part of personal and professional growth. TapOnn recognizes this and has developed a smart product system to simplify networking. With TapOnn, users can create a digital smart card to share their information with anyone, anywhere, anytime, and they don’t need to carry hundreds of useless paper cards. Just one TapOnn is enough. With the smart card, you can share all relevant contact information, social media links, website, portfolio payment gateway and more, making it easy to network, stay connected and convert your leads.

“We’re thrilled to launch the ‘Don’t try So Hard to Network; Just TapOnn’ campaign and introduce the world to the future of networking. At TapOnn, we believe that networking should be easy. We’re excited to empower professionals to achieve their brand and business goals by converting their next network into a plausible lead,” said Dhruv Jolly, Founder & MD, TapOnn.

“We are confident that the campaign will be a massive success and look forward to connecting with a wider audience meaningfully,” Dhruv added.

About TapOnn Digital

TapOnn is one of India’s leading networking platforms. It serves as a one-stop solution that enables users to share their personal and professional information with a single tap. The TapOnn app is instantaneous, innovative, and simple to use. It is revolutionizing the networking and socializing sector through its smart and intelligent business cards, rapidly replacing paper visiting cards.

For more information about TapOnn, visit their website: https://taponn.digital/

EazyDiner bags Rs 40-Cr to expand in India, Middle East

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BRL Editor

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March 30, 2023

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EazyDiner, an Indian restaurant table reservation, food discovery, and payment platform, raised Rs 40 crore from DMI Alternative Investment Fund, The Sparkle Fund. The funds will be used to expand and grow in India and the Middle East.

EazyDiner, a company founded in 2014 by Kapil Chopra, has partnered with over 12,000 restaurants in India, Dubai, and Abu Dhabi and 15 leading banks like Axis Bank, ICICI Bank, and Kotak Mahindra Bank.

“With the latest funding round, EazyDiner is well-positioned to grow exponentially and add new features to make it even more rewarding for consumers and restaurant partners to encourage eating out at great restaurants,” added Chopra.

The company claimed it has about 3 million users and powers reservations in over 700 restaurants across Dubai and Abu Dhabi. It recently launched “PayEazy,” a payment product in the Middle East. DSG Consumer Partners, Denlow Investment Trust, Saama Capital, and Beenext are the investors of EazyDiner.

ITC Hotels, Radisson Hotels JW Marriott, Four Seasons, St. Regis, Trident, Indian Accent, Olive, Mamagoto, and Barbeque Nation, are some of the hotel chains that have associated with EazyDiner.

In 2022, EazyDiner and IndusInd Bank joined in introducing a co-branded dining credit card. One benefit of the card is a free EazyDiner Prime membership, which guarantees savings of at least 25% and as much as 50% at over 2,000 restaurants. Another feature is an additional 25% discount of up to Rs 1,000 every time a customer uses PayEazy, making it possible to redeem reward points instantly.

“We are excited to partner with the EazyDiner team as they scale their business pan India and internationally. The Sparkle Fund is always on the lookout for companies that have the vision to innovate in the financial services ecosystem, and with EazyDiner, the future of eating out looks promising,” says Shivashish Chatterjee, co-founder of DMI Finance.

EazyDiner also said that its ESOP plan applies to all employees as stakeholders in the business.

“This current funding round has propelled the team, right from the CEO to the office upkeep and maintenance staff, to significant financial ownership in the business,” it said in the statement.

Australian Startup Canva’s Growth Accelerating During Downturn

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BRL Editor

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March 30, 2023

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Canva Pty. Ltd., an Australian design software startup, said that its growth has surged despite macro headwinds affecting other tech companies.

According to co-founder Cliff Obrecht, with global inflation still increasing, enterprise customers have turned to Canva as a less expensive solution that enables task consolidation on a single platform.

Over 30 days through the middle of March, Canva added 10 million new active users to its website, bringing its total to 125 million.

“A lot of organizations are like, ‘hey, I don’t need to be paying these four subscriptions.’ To enable all their knowledge workers to scale on-brand designs, they look at the figures, and it’s just a no-brainer,” Mr. Obrecht said in an interview with The Wall Street Journal.

Several users were from enterprise markets, which Canva targeted with the launch of a product suite in September 2022 that included website design and presentation tools. It introduced AI-powered tools across its suite this month.

Canva customers include HubSpot Inc. and Zoom Video Communications Inc.

Canva was established in 2012, but it took five years to get its first 10 million users.

According to co-founder Melanie Perkins, Canva has been profitable since 2017 and generates $1.4 billion in annualized revenue.

Major investor Blackbird Ventures estimated its value at $26 billion last year.

Canva has increased its workforce by more than 50% to over 3,500 over the last year, while startups and tech giants alike have been cutting costs and jobs to satisfy investors’ rediscovered love of profits.

“Often these companies grew too fast, and they’re right-sizing, so there’s a lot of great talent on the market, and we’re certainly welcoming them in with open arms,” Mr. Obrecht added.

Online will account for 25% of sales in major retail categories: Redseer Report

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March 30, 2023

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Online sales will make up more than 25% of all major retail categories, except groceries, in the $163 billion ecommerce market by 2026, according to consulting firm RedSeer Consulting.

The firm came up with a list of 75 companies that account for approximately $15 billion in online sales, making them category leaders, for its recent report titled “Digital Disruptors.” The metrics used to determine the rankings were growth and performance on the e-commerce platforms, the percentage of sales generated by e-commerce, and the online market share of the brands in their category.

BoAt, a digital-first company, topped the electronics and appliances category list. BBK, which owns smartphone brands like OnePlus, Oppo, and Vivo, came in second place, closely followed by Asus, a computer and phone hardware manufacturer.

“In the case of BBK, Oppo, and Vivo have largely been offline brands. Asus is more of a youth-centric gaming laptop brand, and hence its focus on online channels is higher,” said Mohit Rana, Partner at Redseer, during the report launch.

He added that selling white goods, such as refrigerators and other appliances, was still higher through offline channels, explaining why Samsung India trailed at position 10. Due to the product’s high value, Apple India, which ranked 24th, appears to prioritize offline franchisee sales over online sales intentionally.

Aditya Birla Fashion and Retail took the top position in the home and fashion category, followed by the sports and casual wear company Puma India and the mattress brand Wakefit in third place. Large FMCG firms dominated the grocery and personal care sectors. At the top of the list were Hindustan Unilever and L’Oreal India, with the direct-to-consumer meat brand Licious coming in second.

The list was compiled by tracking the performances of over 1000 businesses and 2000 brands across 50 sectors.

“With digital-first brands accounting for ~25% of online sales and expanding their footprint in the offline market, traditional brands have newer challenges to conquer. Legacy companies need to focus on building digital capabilities and adopt an omnichannel approach to stay relevant in the digital age,” said Anil Kumar, CEO and Founder of Redseer, in a statement issued by the company.

The report categorized the companies into four quadrants based on their adoption of digital strategy, with Tigers being the early movers, legacy players, and dominant offline players being clubbed into Elephants. The other two categories included digital-first companies under the Rabbits list leveraging ecommerce channels, while Turtles included offline brands with slow adoption of online sales.

IHG strengthens its presence in Punjab

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BRL Editor

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March 29, 2023

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IHG Hotels & Resorts, one of the world’s leading hotel companies has signed a management agreement with Amritsar Golden Hospitality LLP to develop the new Holiday Inn Amritsar Golden Temple in Punjab. The new hotel, expected to open in Q22027, will add to IHG’s expanding portfolio with 215 new keys.

With the Holiday Inn Amritsar Ranjit Avenue and Holiday Inn Express Amritsar Golden Temple, which are expected to open in 2025, this will be IHG’s third hotel in the city. Holiday Inn Amritsar Golden Temple will benefit from excellent visibility and accessibility due to its convenient location in the city centre, only a short walk from the famous spiritual site of the Golden Temple.

The new hotel will have state-of-the-art facilities like 24-hour dining, a lobby lounge, a swimming pool, a gymnasium, and well-appointed, modern rooms. Along with offering a comfortable stay enhanced by the brand’s outstanding hospitality, it will also feature a 2,000 sq ft meeting room to cater to the growing demand from MICE and social events.

Commenting on the announcement, Sudeep Jain, Managing Director, South West Asia, IHG, said, “The introduction of Holiday Inn Amritsar Golden Temple at a sought-after location would be an excellent addition to the IHG portfolio in the region.”

Tejinder Singh, Managing Partner at Amritsar Golden Hospitality LLP, added, “We are thrilled to partner with an internationally and locally trusted hospitality brand like IHG to venture into our first branded hotel project. With a combination of an excellent location and IHG’s strength and scale of global systems, technology, and loyalty programme, we are confident that the new hotel will be a popular choice when it opens its door to guests.”

Digital lending platform LoanTap acquires Unofin

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BRL Editor

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March 29, 2023

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Digital lending platform LoanTap has acquired Unofin, a healthcare-focused fintech startup, to expand its footprint in the healthcare finance space in India.

With the help of Unofin’s relationships with leading hospitals, clinics, and medical equipment suppliers, LoanTap will be better equipped to understand the sector and provide customized financing solutions.

With a gross loan disbursal of Rs 120 crore, Unofin has served over 12,000 customers. It has partnerships with 1,600 healthcare service providers in seven cities.

Healthcare professionals and institutions will soon have access to various LoanTap products, including term loans, working capital loans, and equipment financing.

“We believe that healthcare financing is a niche segment with tremendous growth potential. Unofin’s deep understanding of the industry will help us create innovative solutions that cater to the unique needs of healthcare professionals and institutions,” said Satyam Kumar, Co-founder and CEO of LoanTap.

The healthcare sector in India is estimated at around $130 billion – $140 billion, with the in-patient market accounting for more than $64 billion, according to LoanTap. Since most of the remaining 30%-35% are underinsured, 65-70% of the middle class in India lacks health insurance.

“We are confident that being a part of LoanTap will create a powerful synergy of technology platform and domain expertise in healthcare financing,” said Tushar Aggarwal, Co-founder and CEO of Unofin.

“Together, we will be able to offer customized financial solutions to healthcare professionals and institutions that will help them to grow and expand their operations,” he added.

The Souled Store bags $16mn from Xponentia Capital & others

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BRL Editor

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March 29, 2023

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The Souled Store, a lifestyle brand, has raised Rs 135 crore (~$16 million) in a funding round led by Xponentia Capital, along with the participation of Elevation Capital and RPSG Capital.

The company plans to use the latest funding to launch more than 100 stores across India in the next two years and expand into new categories. A buyback of 100% of vested employee options will also be made possible by the investment, which will benefit about 30 employees of the Souled Store.

The Souled Store has raised over $85 million and has an annualized revenue of more than 450 crores GMV.

The Souled Store began as a fan merchandise company, but roughly half of its sales today come from non-fan merchandise. Vedang Patel, Aditya Sharma, Rohin Samtaney, and Harsh Lal launched the company in 2013. Their app/website generates 70% of their revenue, 15% from offline stores, and 15% from online marketplaces. The new offline outlets are expected to strengthen the brand’s presence in tier 2 and tier 3 cities, where 60% of revenue comes from.

According to data platform Tracxn, as of May last year, the company had allocated 3.7% of its shares to its ESOP plan for an unrealized value of Rs 29.7 crore.

It presently has 12 stores across five cities, and in addition to fan merchandise apparel for the target group of 18–32-year-olds, it has already begun to offer sneakers and kidswear.

Commenting on the development, Vedang Patel, CEO, said, “Our design first thinking, high product quality, and deep understanding of the youth has helped us become a truly distinguished brand, and we plan to capitalize our high brand equity to grow current categories & foray into other lifestyle products. We are also expanding our offline presence & intend to create destination stores that would excite our customers. The Souled Store further aims to reach ₹1500 crore in revenue over the next three years and then go public.”

Adding to this, PR Srinivasan, Managing Partner, Xponentia Capital Partners, said, “Xponentia seeks to work with entrepreneurial teams that are setting new standards to disrupt their markets & create high growth business models. The Souled Store has established a distinctive brand and is in the process of creating a large community that identifies & relates with its casual wear products. We look forward to supporting Vedang & his team as The Souled Store continues to innovate and delight its customers.”

Payments checkout startup Nimbbl raises $3.5mn from Groww, Sequoia, others

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March 28, 2023

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Mumbai-headquartered payment checkout solutions startup Nimbbl said it closed a combined seed and a pre-Series A funding round of $3.5 million from financial service platform Groww, Sequoia Capital India, and Global Founders Capital (GFC).

Palo Alto-based angel collective Amara VC, along with angel investors like Kunal Shah (CRED), Amrish Rau (Pine Labs), Jitendra Gupta (Jupiter), Prajit Nanu (Nium), and former senior Mswipe executive Srinivas Rao, also participated in the rounds.

Amit Bansal and Anurag Pandey, former executives of Citrus Pay and PayU, founded Nimbbl in 2020. Nimbbl offers retailers a one-click checkout solution for multiple payment methods, including UPI apps, Buy Now Pay Later (BNPL), net banking, wallets, and EMI.

The startup teamed with Lazypay, Pay with CRED, Ola Postpaid, and Pay Later by ICICI for BNPL.

Nimbbl, which has teams in Bengaluru, New Delhi, and Mumbai, plans to use the latest funding to expand its product and go-to-market capabilities and improve its value proposition of facilitating commerce.

Merchants can manage their payment operations, such as refunds, settlements, and more, through a dashboard and integrate with other gateways, including Cashfree, PayU, and Razorpay.

The idea is to reduce payment failures, checkout abandonment, and subsequent fall in costs for merchants.

“Our technology enables merchants to personalise the checkout experience for their consumers resulting in 40% higher payment initiations. This translates to over 6-8% increase in revenues. With the new raise, we aim to increase this number as it gives us the ability to go deeper into problems we have already identified,” Anurag Pandey, Co-founder of Nimbbl, said.

The Mumbai-based startup claims to have processed payments totaling more than Rs 2,000 crore in FY22 from over 4,000 online merchants in sectors like direct-to-consumer (D2C), airlines, and utilities since the launch of its product in September 2021.

Merchants are required to pay a minimal monthly fee and a charge per transaction.

Amit Bansal, Co-founder at Nimbbl, added, “With us, merchants of all sizes get an ecosystem to manage payments, offers, payment aggregators, and settlements through one dashboard. They instantly get the payment operations capabilities that typically only a few enterprise merchants could afford in the past. Our offering allows them to get a ready-to-use robust payment system taking away the pain of searching, choosing, and integrating from the multiple options available.”

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