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Interesting perspective on e-commerce in India
net effect lacazine 17 AUGUST 26-SEPTEMBER 01, 2018
Caveats
India's internet size and
growth are undeniably
impressive. But using that
as a way to approximate
the business opportunity
online is a fatal error
父
net effect lacazine 17
AUGUST 26-SEPTEMBER 01, 2018
Caveats
India's internet size and
growth are undeniably
impressive. But using that
as a way to approximate
the business opportunity
online is a fatal error
父
Private equity in India
India's private equity industry is having quite a moment: big
returns, high-profile
departures, regulatory
tailwinds and new money
: Suman Layak & Baiju Kalesh
ne ofthe chiefadvantages ofhaving lots
of money is that you have access to op-
ping levels of risk-taking and high
stakes decision-making
Oi
that money at a rate This particular slice of rarefied high
that lesser mortals can only dream of.
Private equity funds are among such
instruments. They pool money from
wealthy individuals and entities (big
global funds typically won't take less
than $50 million) and invest in aggres-
sive and unconventional ways. Some of
their bets fail but the others make spec
tacular returns, When things go well,
investors end up with a rate of return
that makes them very, very happy
finance is having quite the moment in
India.The year 2017 was its biggest yet,
and 2018 is already looking like it's go-
ing to be bigger. The industry is also
witnessing a stream of exits by high-
profile fund managers, who are setting
up their own funds. More than 100
funds are looking to raise $15 billion in
India right now.Andwhileglobal giants
such as Blackstone, Carlyle, KKR and
TPG have thus far dominated the busi-
ness, Indian business families are get
ting serious about PE investing, and
that could change the game in signifi
cant ways
It's a bare knuckled, high-adrena-
line business at heart, involving buy-
ing companies and making tough de-
cisions to turn them around or take
them apart to unlock the value in their
parts. Talented fund managers are
coveted, and can make multi-million
dollar commissions in the deals they
engineer. It also involves heart-stop-
In 2017, funds operating in India set
new records, with investments in ex-
cess of $26 billion and exits from invest
ments at $16 billion. The exits were
aided by a booming IPO market. More
than $5 billion worth of India-
focused funds were raised
globally, with a simila
amount raised fron
within the cour
Inflection Point
s26.4bn worth
investment seen in
2017, the highest ever
2018 investments
slowed to
$9.1bn in
bn worth
Age profile India vs China in 2022
India's 20 somethings are a big part of the population by 2020. This is good news for the economy Building business everyday is the defining moment not raising capital
presents I believe that a 'down round' is
meaningless because the even-
tual outcome is how big a busi-
ness one can build. In that
process, if the valuation goes
THEBNMICTÄ°ME
matter Whant muattersist heend
AWARDS
matter What matters is the end
result
In our case, when we switched
from express delivery to next of doing right by the business
day delivery, it changed the en then accepting a low valuation
tire business model of the com- will be an automatic call if the
pany And once the new busi- business needs capital.
ness model started growing, So, I don't think there is even
weknew we had a product-mar a question of biting the bullet.
ket fit. We knew the direction If you have to do it, you have to
we were heading into and just
needed more capital to
scale and grow
do it because negotiat-
ing over a 5-10%
dilution will not
So, weraised capital at
12% lower valuation
when compared to the
previous round. We
just looked at what our
business needed for
the next 12-18 months
and went ahead with it. I
believe valuation and
capital raising are not the
defining moments for a
company, but the
building of busi-
ness every day
is. If you don't
have a solid
business, you
anyway will
not be able to
raise capital.
If one follows
the thumbrule
matter if you
don't have a
company left
in the end.
(As told to
Varsha
Bansal)
GROFERS
Support crm ticketing software players
The Big Players Salesforce
A global cloud-based software best
known for its customer relationship
management (CRM) product which
is used by sales and marketing divi-
force's is listed on the NYSE with a
market capitalisation of over $102
billion. It reported revenues of $8.4
billion in the last financial year
up
sions of various companies. Sales
al-
ServiceNow
is a cloud-based platform that helps
automate and predict business pro-
cesses and tasks across departments
like IT, customer services, security
operations and human resources.
The company is listed on NYSE with
a market capitalisation of over $30
billion. It reported revenues of $1.93
billion in the last financial year
at Zendesk
One of Freshworks' bigger com-
petitors, the company was started
in 2007. It offers a suite of CRM
products designed for ticketing
systems, customer interactions and
analytics among other functions. Ze-
ndesk is also a NYSE listed company
and expects to clock in revenue of
$584 million in 2018, as per a recent
investor report. It has a market cap
of around $6 billion.
Zoho
The company offers cloud-based
applications across sales & market-
ing, finance, IT and human resources
functions. Launched a year ago,
as a consolidated cloud product to
rival other SaaS players offering
specialised services, the company's
Zoho One' offers a suite with over
40 business applications.
Average age of successful startup founders is 45
Recent research also reveals just how important it is to wait until
you have enough experience be-
fore building a company. An MIT
study found the average age of a
successful startup founder is 45.
The study authors found that work
experience explains much of
the age advantage. They
write in the Harvard
Business Review
"Relative to founders
with no relevant expe-
rience, those with at
least three years ofpri-
or work experience in
the samenarrow indus-
try as their startup were
85 per cent more likely to
launch ahighly successful
startup."
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