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Faasos : The Biggest Cloud Kitchen Restaurant Company in India

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Most of the times, the low phases of a person’s life help him/her discover the right path for their future. But what if you are already on the right path, but this very path does not interest you anymore? Same happened with two friends, Jaydeep Barman and Kallol Banerjee, from Kolkata, India, who though were working with one of the finest companies, but still, something they always felt was missing. So what one should do in such a situation? Discover the right thing to do, and that is what they did, they founded Faasos.

Faasos is an online restaurant service, biggest in the world, that provides its customers with on-demand food delivery services. Seems similar? But it is not, the business model of Faasos is way different from Grubhub, Uber Eats and Zomato.

The Founders

Jaydeep Barman and Kallol Banerjee, both belong to Kolkata and have been friends for over two decades. The two, after completing an MBA course, started working for different firms. Meanwhile, one evening sitting at their Pune apartment, the two decided to launch a restaurant as a part-time business. But the uniqueness of the restaurant has to be Indian cuisine and no foreign brand food. So in 2004, the two started Faasos, a restaurant with the touch of Kolkata’s taste in Pune.

Faasos Founders
Image Source: inc42.com

The restaurant was running side by side, and the two started another management course at INSEAD. After they completed the course, Barman joined the consulting team at Mckinsey London, and Banerjee moved to Singapore to work for Bosch.

Alongside their job, they anyhow managed to open five more Faasos restaurants in Pune. While working with the two leading MNCs, they had to live separate from their family. Wives of both friends worked in different countries. It was quite hectic for the two to manage their job and family, all together. So one fine day, they decided to leave their jobs and come back to India to expand their restaurant business.

Making Passion the Career

After realising their passion after seven years, they had to come up with an idea that would help support their decision financially. So they thought of an on-demand food delivery model for their business. So they took the responsibility of all the three processes that are the part of an online-food-delivery service, i.e. taking the orders, food preparation and delivering quality food.

The idea was different, and they pitched it in front of Sequoia capital and raised $5 million in November 2011. The main idea that attracted the Sequoias was keeping the fixed prices low.

The Challenge

Soon, the chain had 16 restaurants in Pune and Mumbai. The customers could order from the telephone as well as the Faasos website. But it became quite challenging for them to run their business in Mumbai, as the rents were high in Mumbai, and they did not have any references for suppliers there. The biggest mistake they did was to hire veterans to run their restaurant and the warehouse.

The two concluded that they should hire freshers, who want to succeed in life. So they introduced the FER (Faasos Entrepreneurs-in-Residence) programme. The unique thing they did was posted the job in a blogpost and had asked the aspirants not to send CVs, as everyone glorifies themselves in a CV.

The post went viral, and they received over 1,000 applications. After fifty telephonic and ten personal interviews, they had hired a good team of eight. The team took all the responsibility from running operations to managing the supply chain, etc.

Rise of the Company

The company launched its mobile app in March 2014. The app launch increased the number of orders, and 80 per cent of the orders were coming from the app only. The app was easy to use, and thus, the owners decided to turn their service into app-only service. The app processes over 30,000 orders every month.

In February, the company raised another $20 million in the second round of funding, and in the next funding round, the company raise $30 million, in December 2015.

Faasos as of 2017, was operating in 150 locations in 20 major cities of India, including Mumbai, Pune, Bangalore, Surat, Kolkata, Chennai, Coimbatore, Hyderabad, Nagpur, Gurgaon, Ahmedabad, Vadodara, Indore, etc.

In July 2019, the company received $125 million investment from Go-Jek, Coatue Management, and Goldman Sachs, and now, operates 235 kitchens across 20 Indian cities.

Revolut

Nikolay Storonsky : Founder of Revolut, the Amazon of Banking

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No one better than a traveller would know the worth of every single cent as he/she has to pay an extra fee on the exchange of currency when crossing borders. This is not only the problem of a traveller but many others, who need to get their currencies exchanged, and that too, over different exchange fees. Would it not be better if we get a personalised and accurate platform that would help us with the foreign spendings and the currency exchanges, so that the whole process remains transparent, and we always pay the right amount?

Nikolay Storonsky, a British-Russian entrepreneur, went through the same problem, every time he planned vacations out of the country. But, in the end, he came up with Revolut. Revolut is a banking app that helps you with your finances and spendings across the globe.

Early Life

Nikolay Storonsky was born on 21 July 1984 in Moscow, USSR, to Nikolay Mironovich Storonsky. His father is the Deputy General Director of Science for Gazprom Promgaz, Russia.

Nikolay Storonsky
Image SOurce: vixc.com

Storonsky, after completing his school education from a public school, joined the Moscow Institute of Physics and Technology, where he completed a master’s degree in Physics. During his time at the university, he also participated in various swimming competitions and became a state-level swimming champion. Later, he went to the New Economic School in Moscow, where he completed another master’s degree in economics.

Storonsky started his career as a trader and worked for Credit Suisse and Lehman Brothers.

Founding Revolut

Storonsky loved travelling and even went abroad for small trips. But every time he went out of the country, he faced issues with the currency exchange and their hiked fees. This annoyed Storonsky a lot and wanted to find a better solution for the same.

After a lot of searching and brainstorming, Storonsky reached to a conclusion that he should develop a system that could help people with their finances. So, along with Vlad Yatsenko, and with the help of former Credit Suisse and Deutsche Bank developer, he started working on Revolut.

In the beginning, he raised a $3.5 million for the startup and launched Revolut as an exchange platform on 1 July 2015. The new and convenient concept of Revolut helped it reach more people and make other investors interested in it. In the next two years, the company raised $71 and valued at $350 million. The company also added some other financial services to the platform like cryptocurrency exchange, peer-to-peer payments and pre-paid debit card, etc.

In 2018, the Revolut raised a $250 million in another round of funding, led by Hong Kong-based DST Global. The company became a unicorn and valued $1.7 billion after the round of funding. The same year, the company was able to get the Specialised Bank licence from European Central Bank and an Electronic Money Institution licence, both facilitated by the Bank of Lithuania.

This way, the company is allowed to accept deposits from the consumers and offer them credits. But since it has the Specialised License, it cannot process the investments from the consumers.

Further Expansion

Revolut is one of the fastest-growing fintech, and as of February 2019, it has earned over 4 million users out of which half of them uses the Revolut debit card. The Revolut app offers withdrawal of around 120 currencies through ATMs, and around 29 currencies can be sent to people directly using the app. The app also supports the exchange of cryptocurrency with 20 different fiat currencies. The cryptocurrencies that the app support includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and XRP, etc. The app has its own wallet that can be used to make online payments.

The app had been developed to help people cut the extra fees they pay on exchanges, so the app provides a minimal or no fee for all of its services.

The company headquarters is based in London, United Kingdom, and Nikolay Storonsky is serving the company as the CEO. Currently, 600+ people are working for Revolut. The net worth of Storonsky is estimated to be $510 million.

Awards and Recognition

Revolut has been ranked number three in the LinkedIn Top Companies (UK Startups) list in 2018. It has been also awarded the Top 10 Employed Brand (UK) by Hired in the same year. Revolut won the award of Hottest Fintech Startup 2018 by Europa Awards and Innovator of the Year 2018 by Amazon Growing Business Awards. It was also named the Fintech Company of the Year 2018 by CityAM Awards.

For now, Storonsky is working hard and wants to extend the scope of Revolut services to other countries as well.

N26

N26 : Transforming the Financial-services Industry in Europe and Beyond

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There is no denial in the fact that technology has taken a huge leap in the past few years and has introduced us with many useful inventions. Whether it is booking a hotel online, getting food delivered at your doorstep, or making big financial decisions on a mobile app, everything is possible now. In simpler words, technology has made our life easier. One such convenient result driven by the use of technology is N26, a Berlin-based fin-tech mobile bank, that has changed the way people of Europe do banking.

N26 is a banking startup that was founded by Valentin Stalf and Maximilian Tayenthal in 2013. Stalf and Tayenthal both are natives of Vienna Austria. Stalf has got a master’s degree in accounting and finance from St. Gallen University in Switzerland, whereas Tayenthal is a Master’s degree holder in Law from the Vienna University.

After completing his education, Stalf started working with an investment bank. But soon, he moved to Berlin and joined a tech incubator called Rocket Internet, where he worked on fin-tech-related projects. The work he was doing here was quite different from what actually was done in the finance domain of the country. Here, he learned more about how technology can be mixed with finance. He realised that traditional banking is way more complicated, and technology can easily transform the outline of banking operations.

N26 Founders
Image Source: businessinsider.com

Stalf left his job in 2013 to found N26, and the together with Tayenthal, launched the first product of the company in 2015. Founding a fin-tech company in a city like Berlin, where people clearly avoid visiting a bank and does not even use credit or debit cards was not an easy task.

When the two were working on the startup, like every other newbie, they were looking for investors. According to the co-founder and CFO N26, Tayenthal, “They did not take us seriously. If we called ten banks while looking for a partner, about eight of them did not pick up the phone.”

It took them 12 months to launch their first product, and as soon it was launched, it was a huge success. The company gained over 80,000 users just in one year, and the next year, the number was doubled. According to the two co-founders, they never intended to build an online bank, but “Spotify” banking. Stalf calls Uber and Spotify the inspiration behind N26.

The N26 mobile app started with a collaboration with a local bank, and now, it has major names as its partners, like Mastercard, Clark, TransferWise and Auxmoney. Prominent investors, like the Chinese tech giant Tencent, German insurer Allianz, and Peter Thiel’s (PayPal co-founder) venture arm Valar Ventures, are backing the company.

The company does not have any physical bank branches, and there are no ATM machines have been installed in the cities. But the users can use other bank’s ATMs for the withdrawals, and the N26 credit/debit cards are accepted at over 7,000 affiliated retailers, without any extra usage fee. In fact, the users can open a bank account on the N26 app in just eight minutes.

N26 was named as one of the hottest fin-tech startups in 2016. In 2017, the company started its efforts to expand in the US and the UK. In 2018, Stalf received the ‘Founder of the Year’ award from the University of St.Gallen.

The basis of the success of this very app was the user-friendliness it provided to its users. According to the CEO, Stalf, they wanted to create an app that people would love to use, as most of the banking apps are complicated, and the users are bound to use these apps.

In January 2019, the company raised a good amount of $300 million from investors in a round of funding, and ultimately, valued at $2.7 billion, becoming the first fin-tech Unicorn in Europe. The company is currently operating in 24 European countries, including Germany, Austria, France, Spain, and Italy. It is providing its services to over 2 million users signed up to the app and is attracting 2000 users a day.

Since its inception, the company has raised more than $500 million, and over 1000 employees are, currently, working full-time for the company. The company is continuously working to maintain the security of the app and improving its service.

N26 co-founders count their startup among the breed of digital banking challengers, like Revolut, Monzo, Starling and Atom, who are on the mission of replacing the traditional way of banking.

habito

Daniel Hegarty : The Founder of Habito, UK’s Digital Mortgage Broker

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Getting a lovely and comfortable house to live is still a dream for many, and it will continue to be one of the most required things for every person living. First, finding a house that goes with one’s requirements, and then buying that specific house is a quite a complicated task, as it takes a lot of efforts from finding the house, meeting the broker, finalising the price, and not to forget the tedious paperwork that everyone has to go through. To solve this very problem, a UK based musician, Daniel Hegarty, founded Habito- an online mortgage broker service.

Hegarty is a native of London, who left school at the age of sixteen to join a rock band as a guitarist. Though he was working locally with the band and was attending school alongside, after he became more involved in music, he got suspended by the school authorities for low attendance. His band name was Serum, and while touring with the band, he started earning good money. The band got signed by a record label, and his weekly earning reached £100.

Hegarty moved to LA, where he started playing with live bands. After working for over ten years with different artists, he started losing interest in the same kind of job. He returned to the UK in 2007 and started looking for a job other than in the music industry. He asked one of his friends about jobs in the UK, and she introduced him to the team of Wonga, an online loans lenders.

Habito Founder Daniel Hegarty-1
Image Source: businessinsider.in

The company was small and had been the centre of criticism for many reasons. But Hegarty liked his job, as he was in the designing, and the marketing team, at the company. In fact, while working with Wongo, he found out that there was something other than music that he could do well. To know the financial field, and also get better in web designing, he started taking online courses from Standford University and involved himself in mathematics. Hegarty continued to work with the firm for five years, and despite a lot of criticism, in 2013, the company had over 1000 employees.

After finding the job, it was the time to get that dream house that Hegarty and his wife always wanted. After looking for a few properties, the two finalised a house. But then, buying the house has never been so easy. The two had to go through a lot of paperwork filled with complex jargons. The legal work was going all wrong as the broker made the mistake with Hegarty’s wife’s name twice in the papers. The mistake by their broker lead them losing the house, and the couple was on the roads.

The thought of losing a house because of the mistake of the broker disgusted him, and he wanted to find out a better way to buy a house. This time, he was not ready to contact with a careless broker and lose the deal again.

So Hegarty decided to try his own hands in the same field. He started studying more about the mortgage and home loans. He even met many brokers and found out that these brokers always neglected the buyers. The only thing mattered to them was money. People had to waste a lot of their time and money to get a house for them. Buying even a small was like a nightmare for every person.

Hegarty finally founded Habito in January 2015 as a fee-free online mortgage broker with the help of investors Toby Coppel and Meyer Malka. In a year of its launch, the company was analysing over 60 applicants in seconds. The company launched a mortgage search and comparison service in April 2016 adjoining with over 70 mortgage lenders.

By September 2017, the company had lent £250m to 50,000 borrowers, and by November 2018, over 150,000 people had used the company’s website to get mortgage advice and applications. Since the inception of Habito, it has been growing with a rate of 20 per cent every year. Today, the number of employees at Habito has raised from 4 people to 160 people.

The company has created the world’s first artificially intelligent Digital Mortgage Adviser (DMA) for regulated mortgage advice. That means the users get their advice from the bots and unless necessary, there no human interaction with the user. Though every employee of the company plays the role of customer support every in every two weeks to provide personalised solutions to the customers.

Due to the robot-assistance, the company has faced a lot of criticism, but the ability to provide a customer with a solution within 8-10 days has made it the most efficient mortgage advice platform, whereas with the normal brokers the application process takes minimum 20 days.

The unusual idea of online mortgage advice and application processing has helped the company raise a total of £8.2 million in capital money from investors, like TransferWise CEO Taavet Hinrikus, Funding Circle CEO Samir Desai, and Yuri Milner of DST Global, etc., in just four years.

The most basic reason for the success of the Habito is that the people in the UK wanted a service that could help them with the difficult process of finding the right house at the right price, without wasting much time, and without the risk of losing the deal. And, this is what Habito is providing to them.

Inshorts : An App that Brings to You Crisped News from Around the World

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Most of us, especially, the working class of our society, hardly get any time to go through the newspaper every morning. Reading each and every news in details and catching the office bus on time is next to impossible. But, it is like one of the fundamentals of our life to stay updated and follow up with the current news. Majority of the population rely on Google for that, just reading the headlines every day. But, India has brought something better for you.

An Indian company, Inshorts, has created a mobile app that summarizes the news for you in less than sixty words, covering all important highlights of the news. The app includes global news on business, education, politics, sports, technology, and everything you need to know about. The application is available for both Android and iOS.

Inshorts founders
Image Source: financialexpress.com

Inshorts was founded in 2013, and within a span of six years, the app received more than 6 million users. The company was founded by Azhar Iqubal, Deepit Purkayastha and Anunay Arunav. All of them dropped out from Indian Institute of Technology to start a business of their own. Azhar Iqubal and his friend, Anunay Arunav, were from IIT Delhi, whereas Purkayastha was from IIT Kharagpur. These three young potential entrepreneurs were pursuing computer science.

History

All of it started with creating a Facebook page on 23rd March 2013. Iqubal created the page to deliver summarized news for the readers. This caught the attention of many social media users, as it helped them stay updated about the whereabouts, without spending too much time in reading the entire stories.

The company, first, released its application in 2013 for Android, and for iOS, in 2015. After Inshorts started gaining popularity, it was admitted to the TLabs startup accelerator (it helps new startups to reach their full potential by proving them with capital and proper mentor). Soon, the company was shortlisted as one of the Nasscom’s 10,100 startups, and by December 2014, the company’s app had 1 lakh subscribers. In the same year, the company received funding from Sachin and Binny Bansal, co-founders of Flipkart. Other early investors, include Gaurav Bhatnagar, Manish Dhingra, Ankush Nijhawan and Times Internet.

In February 2015, the company received funding from Tiger Global, Rebright Partners and raised $4 million in Series A funding, which was followed by raising another $20 million in Series B funding by the Bansal brothers and existing investor Tiger Global. In one of the interviews, Takeshi Ebihara, founder of Rebright Partners, said that Inshorts has a very bright and enthusiastic founding team, which is a pre-requisite for any startups at the initial stage. In the same year, the company was rebranded as Inshorts from its previous name News in Shorts.

The company announced that it intended to hire over a hundred content writers, by the end of 2015. In October 2015, Inshorts acquired a Bangalore-based company, Betaglide, the originator of Retention.ai. Retention.ai is, basically, a technology that helps to track the number of users uninstalling the app, the reason behind it and reducing the maintaining cost for the user. So, this was incorporated in the app of Inshorts to track the number of uninstallation, and thus, make strategies to perk up user retention.

By the end of 2015, the company already started adding images and videos along with the news, and also, added links which directed the user to the entire news if somebody wished to read it. Thus, the company collaborated with many news websites to ensure better news reporting. Though the company raised an appreciable amount of fund and reputation within a couple of years, there was a lot of criticism labelling Inshorts as a startup without a firm strategy. Iqubal, in response to these disparagements, said that they are looking forward to experimenting with the revenue models, and it might take another couple of year for the company to settle with one.

In 2016, the three co-founders got featured in Forbes magazine’s ’30 under 30′ list. They also received the award for ‘Best Innovation App’ by the Internet and Mobile Association of India.

Understanding that India has stepped into the digital era, wrapping it within the cloak of advertisement, it can bring massive profit to the company. So, in July 2016, the company launched the first ad on the platform, which ultimately ended up having more than a hundred advertising partner on board till 2018.

Future Plan of Inshorts

Since digitalized advertisement has become a key to make more profit, the company looks forward to luring more advertisers and increase the net revenue rate by four times. Also, the purchases through the app have increased significantly, and hence it plans to direct the readers to sites, like BookMyShow, MakeMyTrip, etc. The company also aims to incorporate more video contents, even for the ads, and put more emphasis on the regional languages. They are planning to curate more Hindi content as a major part of India’s population is still not comfortable with English. So, focusing on languages, apart from English, has produced more room for growth.

ByteDance the TikTok Owner Company Working to Bring its Series of Smartphones

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The smartphone market is full of tech companies, that are constantly working to bring better options for their users. With the rise of various Chinese smartphone manufacturing companies, including Vivo, Oppo, Xiomi, the competition has also become tougher. Meanwhile, another Chinese tech giant, and the parent company of the famous video sharing app TikTok, ByteDance, is also planning to try its hands in smartphone manufacturing.

ByteDance smartphone
Image Source: rollingstone.com

ByteDance is one of the most successful Internet technology company from China, founded in 2012 by tech entrepreneur Zhang Yiming. The company gets credit for many famous apps, including TikTok, Musical.ly, TopBuzz, Toutiao, etc.

There has been the latest trend for app makers to manufacture smartphones having in-built famous apps, the partnership of Meitu and Xiomi being the biggest example. This way, it becomes easy for the app makers to attract their app audience towards buying their home production smartphones. In a similar way, ByteDance may also bring a new smartphone that might have all its famous apps, including TikTok and even its unreleased music streaming app.

The news was first reported by Financial Times, citing two unnamed sources, but the company has still not given any comments on the news. In the January month this year, ByteDance joined hands with the smartphone manufacturing company Smartisan, which confirms it all. In fact, the company acquired a patent portfolio and even hired a few employees to work with from Smartisan. While after the deal, ByteDance said that the deal was to “explore the education business”, there are no chances that any of the two companies have ever worked in the field of education.

According to the news, it was a long time dream for Zhang Yiming to build a smartphone preloaded with ByteDance apps, but since we have already seen the cases with tech giants like Facebook and Amazon, it is difficult to say that this is a good idea for ByteDance. Though ByteDance’s apps are popular, people are already using apps by downloading them through app stores. The report from FT does not give any indication on the price, design or release date of the smartphone.

Additionally, ByteDance has been facing issues with the operations of its TikTok app, as it had faced a temporary ban in India. Also in the U.S., the Chinese companies are already struggling for their position. So, being a Chinese company, it may be difficult for ByteCode to expand its smartphone service in the U.S. too.