🛒 Flipkart's secret weapon for growth; Ronnie Screwvala talks rebuilding edtech’s credibility

The most interesting news selected specially for you! 24 March 2024 [View in Browser]( POWERED BY Hello, Now, startups and enterprises can enhance their brand engagement by partnering with YourStory and advertising on our YS Buzz and Weekly Wrap newsletters. [Click here]( to know more. In today's newsletter, we will talk about: - Kalyan Krishnamurthy's vision for Flipkart - Ronnie Screwvala talks rebuilding edtech’s credibility - The women entrepreneurs of Meghalaya - EV ride-hailing service in Kolkata - Helping women get back to work Here’s your trivia for today: Which F1 Grand Prix course is the shortest on the calendar? --------------------------------------------------------------- Interview Kalyan Krishnamurthy's vision for Flipkart Krishnamurthy wants Flipkart to be the platform of choice for everyone, be it a senior citizen from Bihar or a Gen Z customer from Mumbai. Its secret weapon? A customer-first approach to enable its ~600 million users to transact more on the platform—by communicating with a customer care representative via phone or chat. "Flipkart is the only app with all these features because we want it to be user-friendly across all age groups, locations, and demographics,” the CEO of Flipkart Group tells YourStory Founder and CEO Shradha Sharma. All about Flipkart: - Payments form a high-volume, repeat transaction category. Just a few weeks ago, Flipkart launched its UPI services in partnership with Axis Bank but Kalyan says it won't become a payments company. - The company will leverage AI to personalise services for users, help sellers reduce costs, and handle logistics effectively. - “It is harsh to call every startup a fraud and every entrepreneur dishonest. Yes, there is a definite correction happening in [governance]( because probably it was less of a priority in the past,” he notes. [Read More]( --------------------------------------------------------------- From the CapTable Ronnie Screwvala on rebuilding edtech's credibility post Byju's, upGrad’s enterprise plans, and more It’s a balmy afternoon in March when we meet Ronnie Screwvala at his South Bombay office. News is just trickling in that [Byju’s has relinquished all its office space]( and asked employees to work from home until further notice. Screwvala, who’s been extraordinarily candid about his views on the embattled edtech thus far, takes a sip off his coffee, smirks briefly, and remarks, “When people don’t have a plan, it seems like they themselves are in kindergarten—the segment they serve. These K-12 guys effed up the market by overspending on cricket and whatever else. They need to grow up.” As a serial entrepreneur, philanthropist, “accidental” investor, author, and film producer, Screwvala has traversed a spectrum of sectors—successfully and influentially—over the last four decades. In his current avatar, he runs upGrad, an edtech unicorn in the upskilling and workforce development space. But it’s not just upGrad’s fortunes that Screwvala delves into over the next hour. There’s a lot on the 67-year-old multihyphenate’s mind, from “rebuilding credibility” in the edtech sector and staying away from “delusional investors” to making a philanthropic impact at scale—all the while “telling a few stories” through a film studio. All this and more in today’s CapTable Conversations. [Continue Reading]( --------------------------------------------------------------- Entrepreneurship The women entrepreneurs of Meghalaya The zeal for entrepreneurship is high in Meghalaya, with women making up 60% of the state’s business owners. And, thanks to the Promotion and Incubation of Market Driven Enterprises (PRIME) incubation programme, women are exploring diverse forms of entrepreneurship, including making shoes, candles, turmeric, and silk, to even launching digital marketing businesses. Success story: - Launched in 2019, PRIME offers entrepreneurs comprehensive programmes in incubation, mentorship, training, funding access, and networking. - Aditya Sen, Project Head of PRIME, attributes the rise in women entrepreneurs to their hard work and other socio-cultural factors, such as Meghalaya being a matrilineal society. - To illustrate the programme’s success, Chief Minister Conrad Sangma talks about Laskein Block in Jaintia Hills, where 15 women’s SHGs have received funding for solar-powered turmeric processing units. [Read More]( --------------------------------------------------------------- Startup EV ride-hailing service in Kolkata in August 2022, Snap-E Cabs is an on-demand, electric ride-hailing platform with a fleet of over 600 Tata Tigors. It aims to become the first unicorn from Kolkata. The bootstrapped company generates over Rs 2 crore in revenue each month. It plans to close FY24 with an annual recurring revenue (ARR) of Rs 35 crore. Fleet services: - Snap-E Cabs has hired the vehicles on lease with the help of Mufin Green Finance, Mahindra & Mahindra Finance, ICICI Bank, and HDFC Bank. - At present, the company completes nearly 2,500 rides per day and clocks an average revenue per car of Rs 70,000 per month. - The startup has also partnered with various MNCs in Kolkata to transport employees, ensuring the cabs are not idle. This strategy has helped the company maximise the revenue generated per car. [Read More]( --------------------------------------------------------------- Women entrepreneurs Helping women get back to work Sudhar started Overqualified Housewives in August 2022 as a platform to provide job opportunities and upskilling initiatives to women who are willing to join the workforce after a career break. "If companies are ready to offer the flexibility of time and place, we can connect them with skilled women ready to commit to the opportunity," says Sudhar. Financial freedom: - Over 26,000 women have registered on the platform and it connects them with 600 companies, mostly startups and SMEs. - Started with roles like content writing, graphic designing, social media management, digital marketing, customer service roles, and admin operations, the platform now offers jobs in business development, testing, project management, and others. - Overqualified Housewives organises regular sessions with experts from different fields to help women gain new knowledge and skills to navigate the workforce after a break. [Read More]( --------------------------------------------------------------- News & Updates - [Resignation:]( Hertz, one of the four largest car rental companies in the world, is replacing its CEO after the company reversed its bet on EV rentals over increasing costs. Stephen Scherr will step down as Hertz Global Holdings’s CEO and member of the company’s Board of Directors effective March 31. - [Shutting down:]( UBS Group AG is planning to shut smaller-value Credit Suisse accounts numbering in the low thousands at its Asia Pacific wealth management arm to exit relationships with poor returns. The lender is reviewing the accounts with a balance of around $2 million or less. - [Fees:]( Meta Platforms offered to almost halve its monthly subscription fee for Facebook and Instagram to 5.99 euros from 9.99 euros. The price cut follows mounting criticism from privacy activists and consumer groups about Meta's no-ads subscription service in Europe, which critics say requires users to pay a fee to ensure their privacy. Did you know? Which F1 Grand Prix course is the shortest on the calendar? Answer: Monaco Grand Prix. Also known as the Circuit de Monaco, the track has a length of 3.337 km. We would love to hear from you! 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