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grab

Grab : One of the Biggest Startups in South-east Asia

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“The youth of today is the future of tomorrow”, probably one of the famous quotes, you will find written almost everywhere. It is expected of the young generation to build a better tomorrow by eradicating today’s problem, be it a social, or an economical cause. The success of Grab narrates the story of a start-up based in Malaysia, which improved both the social environment of the city and made taxi booking much economical plus convenient.

The community of taxi drivers in Malaysia didn’t have a good reputation, as at times the customers were overcharged, the security of women was a big question, and the economic condition of the drivers was unsatisfactory. Anthony took the crisis of his city into a note and together, with Hooi Ling, started a business plan to launch a ride service.

Both the founders of Grab, Anthony Tan and Hooi Ling Tan graduated from Harvard Business School, and that is how they met each other. Grab was founded as GrabTaxi in June 2012, and after a couple of years, the headquarters shifted from Malaysia to Singapore. Today, Grab provides more than just a taxi service and has customers around eight countries.

Anthony Tan

Grab founders
Image Source: yourstory.com

Anthony pursued his Bachelor’s degree in economics followed by completing his MBA from Harvard Business School. Anthony belonged to a financially dominant family of Malaysia. His father ran a family an automobile business named Tan Chang Motors. After coming back from Harvard, Anthony joined his family business as head of marketing. But, after being a spectator of the degrading condition of transportation companies in Malaysia, he came up with the idea of opening his own start-up like the ones dominating in the U.S. Especially, when he found his friends and family complaining about it, he decided that he had to do something. He contacted Hooi Ling Tan, his classmate from Harvard, who chalked down a business plan.

Hooi Ling Tan

Unlike Anthony, who after Harvard joined his family business straightway, Hooi Ling had a better taste of the corporate world. Since she was a mechanical engineer graduate, she worked as an equipment engineer in Eli Lilly before going to Harvard. She was also a business analyst at McKinsey and Company and worked there for a couple of years.

After graduating from Harvard, Hooi Ling again joined McKinsey and Company as an associate and later, switched to salesforce.com as a senior director of pricing intelligence and monetization. She worked there till 2015, a couple of years even after co-founding Grab.

The Hurdles

Initially, when both Anthony and Hooi Ling stepped into the outer world and started pursuing the taxi companies, they received several rejections. The concept was new to them, and nobody was really that enthusiastic. So, they needed to approach drivers, and the common crowd, individually, to make them understand how they could be benefited. Both of them also took feedback from the citizens of Malaysia if they would like to bring a change to networking.

Finally, after several rejections, one taxi company with thirty taxis was willing to give it a shot. They even received a sum of $25,000 from Harvard Business School to start the business and the mobile app. Finally, the company was launched in 2012, and in the first couple of years, Anthony learned a lot from his mistakes and implemented better strategies.

The Flaws

In the beginning, the capital for Grab was funded by the Tan family, and it continued for quite a long time until chaos was created. After the funding round in April 2014, the company was confused about the total fundraised, which created a lot of fuss followed by some unnecessary expenditure. Things turned upside down, resulting in no salary for the drivers for one month.

Anthony realized it was high time to buckle up and manage the finance. He brought some discipline to the company by bringing some professional investors in the house and not relying fully on the Tan family.

The Right Decisions

Since Anthony focused on the betterment of social relations between a driver and the customer, especially, on the security of the women, every driver was interviewed personally. He said that though this process was time-consuming, he couldn’t compromise with it.

Today, Grab serves customers in more than 168 cities, across 8 countries. Apart from GrabTaxi, services, like GrabFood, GrabPay, GrabBike, has also been released. By 2017, the company completed one billion rides and 68 million downloads.

The company also started investing in R&D, as he is focused more on hiring smart people who can contribute more to the business than spending millions on advertising. Anthony truly is a person to admire with great passion to ameliorate the condition of our society.

inDriver

inDriver : Saying No to the Dictatorship of the Centralised Taxi Service

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How many times the petrol or diesel price hiked, and your cab driver charged you twice the money? How many times were you forced to pay almost triple the money to a taxi driver due to an unstoppable rain? At these moments, we don’t really feel like living in a free world anymore, do we? Drivers manipulating us in the situations when our hands are tied up, and we possibly cannot do anything but pay, as we cannot pause our daily lives because prices are hiked.

But, what if anyone creates an entirely new system for us, through which we would pay the optimal price to the driver? Well, to be frank, that needs a lot of thinking and desk work. But, can you imagine a start-up based on this idea coming out from one of the coldest parts of the world, which is often considered as a drawback and not an advantage?

inDriver, a private company for transportation emerged out from Siberia, one of the coldest parts of the world seven years ago. The start-up was created as the need of the hour, which now serves 32 million customers over 26 different countries.

inDriver
Image Source: mashable.com

How inDriver started?

Yakutsk is one of the coldest city of Eastern Siberia, having records for unimaginable low temperature during the winter season. And, in 2012’s New Year’s Eve, the temperature in Yakutsk dropped to -45 degrees. Taking advantage of the situation, the local taxi drivers started charging double the price to go anywhere around the city. But we all know desperate time calls for desperate measures.

In response to this acute crisis, the people of Yakutsk made a group of social networks, called “independent drivers”. The customers were supposed to post where they wanted to go, along with the fare they are willing to give, and they were contacted by the drivers. This received a huge response, and in just six months, 50,000 customers joined the group.

After a year, inDriver application was founded by Arsen Tomsky based on the group’s free peer-to-peer model. It was launched on 24th June 2013, with establishing the headquarters in Siberia, which now has been shifted to New York. Tomsky studied programming (Riga Aviation Institute) and applied mathematics (Yakutsk State University) and founded three more start-ups other than inDriver. Undoubtedly, Tomsky’s programming skill led to the development of this application, but had it not been for the people of Yakutsk, inDriver wouldn’t have even existed.

Why inDriver is better?

The unique strategy of inDriver is that there is no fixed rate for a fixed tour. Unlike other driver apps around the world, inDriver doesn’t fix the rate for your tour. Isn’t that phenomenal? I mean, how many apps do you find that let you suggest a price for yourself. The commission rate for the drivers of inDriver is also comparatively lower to Uber and Lyft. One might think the app is not quite beneficial for the service providers, which is absolutely a wrong idea, because the price isn’t forced on any local drivers. Once the customer suggests a price, it is shared with the nearby drivers, and it is up to them to accept or deny it.

Since the business is based on a P2P model, decentralization plays a very important part of its success. The popularity of inDriver has spread in huge cities as well as small towns.

Growth of the company

Only after a year of inDriver’s launch, it made its first entry on the foreign lands of Astana, Kazakhstan in December 2014. Initially, when the app started functioning, it only dealt with intracity tours. But from July 2014, intercity tours were also available on the same application itself.

In February 2017, the app completed its 100 million rides while the number of registered users hiked to 5 million. The funding of $5 million that inDriver received in 2017 from LETA Capital followed by $10 million from the same in 2018 was invested to expand the business USA and Canada. In the financial year of 2017-2018, the total turnover of the company exceeded $300 million followed by the launch of the application in the markets of Central and South America.

Recently, inDriver expanded its service to South Africa, Indonesia, Costa Rica, Bolivia and even India. Currently, there are 32 million registered users of the app that have crossed 300 million rides so far.

xerox

Joseph C. Wilson : The Founder of Xerox Who Brought an Innovation in the Printing Industry

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The great inventions in the sector of printing and photocopy have made our lives much easier. Think about a world where we needed to pay a few dollars just for one colour print, absolutely not affordable right? Given that photocopy is essential in every sector starting from an educational institution to a corporate company and even a hospital, it had to be made pocket-friendly. And, with the inventions made by Xerox Corporation, especially Joseph C. Wilson the industry of photocopying will not be dealt with casualties at least for the next century.

Xerox Corporation, a multinational conglomerate pioneering in the world of the printing industry was founded more than a century ago in 1906. The company then was established as The Haloid Photographic Company, and the three masterminds behind this mammoth transforming setup were Joseph C. Wilson, Chester Carlson, and Jeff Leonard. Let’s have a detailed look into the life of Wilson, and his inventions, and how it led to founding Xerox.

Life of Wilson

Born in 1909 to J.R. Wilson and Kate Wilson, Wilson spent his childhood in Rochester. During his early childhood, Wilson grew a love for literature in his heart. He completed his high school from West High School, Rochester and pursued economics in the University of Rochester. Later, he went to Harvard to complete his MBA. After getting his business degree, he joined Haloid and became the head of the company.

History of Xerox Corporation

Xerox founder
Image Source: Xerox Twitter

Xerox was founded on 18 April 1906 as Haloid. During this time, Carlson worked independently on his innovation that revolved around printing images. He was a very promising physicist, and Wilson after taking over the company from his father showed keen interest to work with Carlson’s product. And all of these happened during the time of the Second World War, which added up mostly to the sale of photographic papers for government work. Though the photographic papers were in demand, Wilson had strong competitors, too. So, he needed to come up with an excellent idea at the earliest hour to save Haloid from dissolving.

Wilson wanted to launch a new product called Xerox 914, which had Carlson’s technology incorporated in it. It took Carlson almost two decades to perfect the technology, and finally, it was released in 1959. The product brought a revolution in the industry, resulting in $60 million revenue of Xerox at the end of 1961, which escalated to $500 million by 1965. The technology that was used in the product was Electro-photography, and Wilson gave it a new term called “xerography’.

That is how Haloid came into the spotlight, and its most important goal was to make photocopying easier and cheaper for the world.

Wilson’s Idea Flooded the Company with Profits

A year after the launch of 914, Wilson Center for Research and Technology was established in Webster, New York, and the following years, the company was enlisted on the New York Stock Exchange as Xerox (XRX). In this year, the company’s earnings grew to 151%.

In 1969, another invention followed. It was a laser printer, Xerox 9700 and brought billions of dollars of business to the company. Once the company settled on firm grounds, it made multiple acquisitions, including University Microfilms International, Scientific Data Systems, Electro-Optical Systems, etc. Even after Wilson’s death in the early 1970s, the company is still embarking with new technologies, acquiring gigantic businesses and making great innovations. In 1970, Xerox Palo Alto Research Center was developed, and it started developing modern technologies like graphical user interface and laser printing.

With the advent of a new decade, a new century and a millennium, Xerox started the year 2000 with a big acquisition of Tektronix colour printing for $925 million. This was followed by further acquisitions of companies like XMPie (software provider) and Newfield IT.

Currently, Xerox Corporation is a major part of the IT industry with its headquarters based in Norwalk, Connecticut, New York. The products of Xerox include printers, scanners, projectors and other office equipment. With John Visentin as the Vice Chairman and the 10th CEO of the company, around 35,000 people are working together to find more efficient equipment for the near future. Today, Xerox has become a significant brand name both in research and development and marketing.

meesho

Meesho : India’s First Facebook-Backed Startup Emerged out of a Failed Business

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The world has already created a rough background framework in the mind of every young entrepreneur out there. If you are a good programmer and a tech guy, you are surely a potential entrepreneur, or that is what everyone thinks. But, there is always this one person who burst our bubbles and brings us back to the real world. Sanjeev Barnwal, the co-founder of Meesho, an online e-commerce platform created for the resellers in 2015, believes that it is always not coding that opens the scope of doing good business. One of the most important criteria for fueling a business is to know your clients. So, meeting the clients in real life, interacting with them contributes to one’s successful business as well. Let us know more about this platform, and its founders, Sanjeev Barnwal and Vidit Aatrey.

Sanjeev Barnwal

Belonging to a middle-class family from Ranchi, Barnwal was always influenced to do well in his academic life. In his 10+2, he opted for computer science only to get rid of biology. Since, he chose to study pure science, like most of the students these days, he also wanted to pursue engineering, and not to mention from the best institution of India, i.e., IIT. After passing his twelfth standard, he went straight to Kota to prepare for the entrance exam, and next year, he made it to IIT Delhi, Department of Electrical Engineering. After getting into college, Barnwal realized the power technology and coding is acquiring in our lives.

During his days in the IIT, he met Vidit Aatrey, his classmate. But these four years were absolutely not the time when they sat together and planned their own start-up. After completing his BTech, Barnwal moved to Tokyo, Japan and started working for Sony Corporation. After working there for a couple of years, Barnwal was really inspired by the start-up community growth in India and wanted to join in. So, he called up Aatrey, his IIT Delhi batch mate, to ask if there is any start-up which he could possibly join. But, Aatrey was very much interested to create a start-up of his own, rather joining one. And this is how it all began.

Meesho founders
Image Source: angel.co

Vidit Aatrey

With an AIR of 182, Aatrey was admitted to the Electrical Engineering department of IIT Delhi in 2008. After graduating, while Barnwal moved to Tokyo, Aatrey joined ITC as Supply Chain Manager and worked there for a couple of years. He switched to InMobi in 2014 and moved to Bangalore. He was doing really well in this company, until one fine day he received a phone call from his old batchmate, Sanjeev from IIT Delhi. Over a single conversation, both of them decided to quit their jobs for something which was as uncertain as an exit poll in India.

Anyway, both of them resigned, and Barnwal returned to India in June 2015 to start his new venture with Aatrey.

And, the End Result was Meesho!

At first, both of them decided to open a fashion-based online marketplace that would remap all the shops for customers, and through the app, the user could actually try the product before buying it. They named their start-up FashNear and launched it in mid-2015, but unfortunately the idea back-fired.

So, they came up with another idea of a start-up and created a platform where offline retailers could take their business online, and sell through different social platforms like Instagram, Whatsapp, Facebook etc. After they came up with the idea of this new business, they worked day and night to create this online premise. Their office was their 2-BHK apartment in Bangalore and weekends meant nothing to them except coding more and more. After a long month, they finally set up the company and launched Meesho in December 2015. This is how Meesho was born, from a failed business to the first Indian start-up Facebook invested in. The co-founders performed diligently and made their comeback in the same year.

Where Meesho Stands Today?

Meesho has received a robust response from the customers of India as it has turned the table for many young businessmen/businesswomen of India who basically gave their business a face due to this entire online social media marketing.

Meesho raised good funding in these few years as well as many prestigious awards. After a year of its launch, Meesho was selected by the Y-Combinator and earned $120,000 from there. The latest investment by Facebook was in June 2019, and the last month Meesho raised $125 million from series D funding.

Today, Meesho has over 500 members inspiring every commoner of India with a passion to create something of his or her own.

copia

Copia : Founder Komal Ahmad Solving Hunger with Technology

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Two people sitting inside a restaurant orders the food of four, but can’t finish it. They pay for the food and leave the left-over on the table. What will happen to the left food? Obviously, the restaurant will throw it in the garbage. But is it right to do so? Komal Ahmad, the CEO of Copia, does not agree with that too. Throwing the food away is not the solution when many people out there are homeless and cannot afford a one time meal. But how to reach out to these people? Of course, there are many charitable organisations that partners with restaurants and other firms, to get the food, but these organisations have also rules about the food they accept.

While studying international health and global development at the University of California, Berkeley, Ahmad found it disgusting how the management used to throw the leftovers near the mess. Meanwhile, she met a former army man, who had just come back from Iraq, begging for food on the streets. He was waiting for his finances to come but had no money to buy food. Ahmad took the man for lunch, but a one-time meal could not fix the whole problem of wastage of food and poverty.

She thought of taking the leftover food from the mess to such needy people, but the process had many management rules to follow. This way, not even the home-less could have that food nor the charitable organisations would accept it. But Ahmad was too determined to solve this problem and with her college management produced new ways to donate the food to the needy. But this was not it. She knew that the problem is even bigger, and they need to manage all the food in the world. But there is a lot of difference in thinking and doing.

Komal Ahmad Copia
Image Source: generalassemb.ly

After digging deep, Ahmad decided to mix the technology with her food management plan. She was aware that there are many online car rental and food delivery services. So her idea was to get a similar app for picking up the wasted food and deliver it to the person in need.

She has mentioned a few times in her interviews that she finds the food-wastage problem as “literally the world’s dumbest problem.” Since she wanted to expand the idea of saving the food from wasting, she hired a development team, to develop a similar app, like Uber and other delivery services, where the working of the app was a bit different. Through the app, the corporate cafeterias, hospitals, universities, hotels, restaurants, and other businesses would book a pickup for the wasted food, and a delivery guy would pick it up and deliver it at a place where it is needed the most.

Finally, in 2016, Ahamd founded Copia, a non-profit company at the beginning, and an app for accessing the service. She put all her life-savings into the startup and with her team participated in the Y-Combinator accelerator program, where she learnt how to manage a business. Along with that Copia received a $120,000 in exchange for 7% of the company from Y-Combinator.

Since she was not from a business background, Ahmad had to learn a lot. She had devoted all her time to her startup, so she had to make the company a for-profit firm by charging a small fee from the restaurant or others who wanted to donate their food. In fact, the donors get the enhanced tax deduction of up to 15% of its fair market value. So they are also a profit. At the delivery, the donor gets full receipt and pictures as proof. The app includes a testimonial from the receivers like non-profits, as well as data analytics service too.

The delivery guys on Copia are mostly homeless people. There are eight permanent employees at the company, and around 200 people have been delivering the food as a part-time delivery person. The platform is responsible for recovering 900,000 pounds of food and feeding up to 2 million people a year. During the Superbowl event in San Francisco in 2016, the company fed 24000 people in two days.

In 2016, at the Women in the World Salon in Los Angeles, Toyota named Ahamd one of the company’s “Mothers of Invention” and awarded her a $50,000 grant to fuel the startup.

Komal Ahmad is happy how the company has grown in the past three years and want to include clothing, medicine and blanket supply into the service shortly. She also wants to expand the service in major cities of the U.S., and later, to the other parts of the world. According to some reports, the German and Austrian governments also contacted Ahmad in the same regard.

The inspiring startup story of Ahmad gives us hope for humanity and another example of how technology can help one change things in a better way.

rivian

Robert RJ Scaringe : The Founder of Rivian; The Tesla of Trucks

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It has been said tons of times that one must follow their passion to be successful in life. But if the passion has bad effects on the environment, would you still follow it? Maybe not. Or maybe you will figure out another way to pursue your passion. Robert RJ Scaringe had fallen in love with the process of car manufacturing, but when he realised that vehicles are the most responsible for the environmental pollution, he had to look for some other way to follow his dream. And, the electric vehicle was the only answer to it; better and energy-efficient. This way, he founded Rivian, an automaker and automotive technology company.

The idea behind the company is not only to protect the environment but is also to release people from car-ownership. Scaringe wants that nobody should own a car, but must have access to automotive vehicles through the press of a button, and whenever or wherever they need the vehicle, they get it.

RJ Scaringe was a little kid when he was introduced to a Porsche 356. One of his neighbours in Melbourne, Florida, was working on reinventing his Porsche and Scaringe got the chance to look at the process closely. This ignited an interest in mechanics for him. He became so interested in car manufacturing that he decided that he will be starting up a car manufacturing business when he was still in school. This led him to get a graduate and postgraduate degree in Mechanical Engineering, followed by a PhD in the same from MIT’s prestigious Sloan Automotive Lab.

rj scaringe
Image Source: bnnbloomberg.ca

This was the same time, when he encountered problems with normal motor vehicles, as these were one of the causes of pollution and other environmental issues. So instead of fuel engine vehicles, he started researching about the environmentally-friendly electric vehicles.

After receiving a PhD from MIT, RJ Scaringe started working in an MNC, where was learning on how to improve the efficiency of the motor vehicles. His jobs at various MNCs gave him enough exposure, and since Scaringe was always aware of his passion for entrepreneurship, he was also ready with a sorted plan.

In April 2009, he started Avera Automotive (later renamed Rivian Automotive in 2011), all by himself. Initially, RJ Scaringe hired 20 people as his first employees, holding the position of the CEO. He took things slow and focussed on more research. In 2011, the company shifted its focus from general electric vehicles to autonomous electric vehicles and started working on luxury utility vehicles. His idea also drove the attention of a few major investors, like the Saudi Arabia-based investment group Abdul Latif Jameel, Sumitomo Corp forms Japan and Standard Chartered Bank from London.

With time, the company also hired engineers like Mark Vinnels (as the Rivian’s executive director of engineering) and Jeff Hammoud (as the vice president of design). In 2015, the company opened its research facility in Michigan and set up the company headquarters in Livonia, Michigan. At the same time, the company also started working on ride-sharing vehicles and driverless vehicles.

In 2017, the company acquired the Mitsubishi Motors’ Normal, Illinois plant for $16 million, which became the Rivian’s primary North American manufacturing facility. The company also received a $1 million grant and a five-year tax abatement from Normal contingent as well as $49.5 million in tax credits from the state government, on its strategical money investment over a certain period and for meeting the employment targets.

By the end of 2016, 100 employees were working for Rivian, and Today, over 1000 people are working in Rivian at its different branches, including Michigan, Illinois, California and the United Kingdom. Through the company was growing rapidly, in 7-8 years of its inception, there was no product of its own. It had been working on different parts and technologies for its new car models, which it had planned to assemble at the end.

By December 2017, the company started testing the alpha prototypes of its first vehicle and announced its first two products, i.e., an electric five-seater pickup truck (A1T) as well as an electric seven-seater SUV (A1S). The company took it to the LA Auto Show in November 2018, to launch the two vehicles. Both the cars are semi-autonomous, and the production will start anytime soon in 2020.

With a $200 million in debt financing from Standard Chartered Bank, till 2018, Rivian raised around $450 million. In 2019, the company received a $700 million in a round of funding led by Amazon, and the same year, it also received another $500 million from Ford Motor Company.

Cox Automotive also made a $350 million investment into Rivian. In September 2019, Amazon made an order of 100,000 electric delivery vans from Rivian.

The potential of RJ Scaringe’s idea behind Rivian can be estimated through the fact that no Rivian cars are currently running on the road. Despite that, the company has raised about 1.5 billion in funds in past ten years. The company is not only planning to contribute to the environment but has also helped America to raise employment and offer better money to people.