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News Startup

Know The Reasons Why These Indian Startups Got Shut Down In 2022

The Indian startup environment has undoubtedly grown tremendously over the past five years, becoming the third-largest startup ecosystem globally after the US and China. The record-breaking financial inflow into India in 2021 contributed to the enthusiasm of Indian entrepreneurs. Then 2022 arrived, a year that will be recalled in the future for all the opposite reasons.

Due to a lack of funding, eight Indian firms had to close their doors in 2022. Five of the eight startups that closed their doors were in the Edtech industry. In addition to shutting down, many large software firms and unicorns had to close their cash-draining sectors to combat the mounting costs. For instance, Ola liquidated Ola Dash, Ola Foods, and Ola Play, three of its verticals.

The following is a list of the Indian startups that shut their shop this year

Lido

The abrupt closure of Lido Learning’s services on February 4, 2022, left 150 of the company’s employees with serious doubts about their futures. Some of the well-known angel investors supported the EdTech business. Vijay Shekhar Sharma, Mukesh Bansal, Anupam Mittal (founder of Shaadi.com and Shark Tank India judge), Ananth Narayanan (founder of MedLife), and Ronnie Screwvala (founder of UpGrad) were the ones supporting this firm.

ShopX

ShopX, a B2B e-commerce startup supported by Nandan Nilekani, ceased operations because it was unable to produce enough working capital and is in default on various loans it obtained from its backers, namely Infosys co-founder Nilekani and Singapore-based FSX PTE LTD. To assure that there are no additional recurrent payment obligations, ShopX significantly cut its personnel strength, as stated in the company’s bankruptcy case.

Udayy

After the opening of schools offline, the Edtech startup Udayy laid off 100–120 staff and shut down as a result of a slowdown in sales. The Gurugram-based firm, which was established in 2019 by Karan Varshney, Mahak Garg, and Saumya Yadav, provided learning and education services for children of kindergarten to eighth grade and was serving about 5,000 students each month.

Crejo

According to some reports, the cofounders of the Edtech business for extracurricular activities told the staff at a town hall about their plan to cease operations. Ankit Agarwal and Vikas Bansal, the company’s co-founders, explained to workers why they decided to wind down operations: a lack of finance and the reopening of schools.

Super Learn

The startup’s operations were suspended earlier this year as a result of a lack of funding, waning investor interest, the reopening of schools, and other factors, according to SuperLearn co-founder Kunal Bhatia, who made this statement on LinkedIn. SuperLearn shut down early this year intending to pay back its investors. It was obvious that the fiesta was approaching its conclusion since no one appeared to be believing the Edtech narrative any longer.

GoNuts

GoNuts’ founder decided to stop business operations in October of this year since the startup’s target market was not expanding. From investors including former Zomato cofounder Pankaj Chaddah, Ramakant Sharma, and LetsVenture, among others, the business had raised more than INR 7 Cr.

Qin1

The latest Edtech start-up to surrender to the ongoing financial freeze and suspend operations was the Noida-based Edtech platform Qin1, which discontinued operations due to a lack of readily available capital.

The creators of the firm, who had been providing live online lessons on coding and the English language to youngsters and teenagers between the ages of 6 and 18, were unable to secure a new round of funding, which led the company to halt operations a few months back.

Protonn

Protonn, a startup providing digital solutions, closed its doors in less than a year after receiving $9 million in venture funding. Anil Goteti and Mausam Bhatt, two former Flipkart executives, founded Proton in 2020 to help independent experts like attorneys, graphic designers, and nutritionists start their own businesses online, produce videos, have teaching sessions, generate payment connections, and monitor their results.

These were some major startups that sadly had to close their doors in 2022. The recession-related global funding crisis, which caused many valuations to be revised went downward, and this has contributed significantly to this decline. This year saw patchy startup growth, which was followed by a large number of firms ceasing operations in India.

The coming year has a lot of challenges for the Indian Startup arena, we can only hope that the new-age companies will counter every challenge and emerge victorious in the end.

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News

Top Executives who made High-Profile Exits from big companies in 2022

After the much-needed boom post-covid in the year 2021, 2022 proved to be a challenging year for the corporate environment globally. In reaction to the changing commercial landscape, many entrepreneurs started afresh, while others decided to restructure their organizations this year. As a result of the economic crunch and the increasing attention on the economy, layoffs intensified throughout the year.

All of these led to changes in numerous firms’ top-level leadership, resulting in many of the companies seeing the departure of their founders. Along with the founders, a lot of CEOs left the companies too.

Let’s look at the leading exits from the corporate ecosystem as they happened in 2022.

1. Ashneer Grover, Co-Founder, BharatPe

The co-founder of the fintech startup BharatPe was fired from all of his posts on March 2 after the company accused his family of misusing the company’s funds in a significant way.

Grover left the company soon after learning that the Board of the company would receive these results. The Grover family allegedly used fictitious vendors to steal money from the business’s expense budget to support their extravagant lives.

2. Parag Agarwal, CEO, Twitter

The major social media platform’s new owner, Elon Musk, fired top executives for deceiving him and offering no detail on how they would carry out the ambitious goals he has set for the platform.

According to reports, Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of law and policy Vijaya Gadde. He had claimed that they had misled him and Twitter’s investors over the prevalence of fictitious accounts on the social networking site.

3. Sheryl Sandberg, COO, Meta

Sheryl Sandberg, the chief operating officer of Meta Platforms Inc, left the firm after 14 years. Her tight relationship with chief executive officer Mark Zuckerberg fueled the expansion of the largest social network in the world.

On June 1 it was announced that Sandberg, who had held the role for more than 14 years, would be leaving. Javier Olivan, the chief growth officer, took over. Moving forward, Sandberg continues to work with Meta but she will only be a board member.

4. Bob Chapek, CEO, Walt Disney

Bob Iger returned to his role as the CEO of the Walt Disney Company after less than a year in retirement. The board of the corporation announced that Bob Iger is returning and that Bob Chapek, who was recently given the position, is leaving. Iger started serving as CEO for a second time for the following two years after handing the reins to Chapek in February 2020, an unprecedented move at the time. Iger then served as executive chairman till the end of 2021.

5. Laxman Narasimhan, CEO, Reckitt Benckiser

The producer of Dettol and Lysol cleaning products, Reckitt Benckiser claimed that Narasimhan left for personal reasons and moved back to the US and that he has been contacted about a new opportunity. The company made no additional comments. While stating that the company examines and picks the future leadership, Laxman was replaced by their senior board member Nicandro Durante.

6. Kasper Rorsted, CEO, Adidas

Surprisingly, Adidas announced that its CEO Kasper Rorsted would step down from his position in 2023 before his contract was set to expire and that it had already begun looking for a replacement. The CEO’s transition to a new role during 2023 was mutually agreed upon by Rorsted and the company’s board of supervisors.

However, he will continue to serve until a replacement has been named.

7. Ben Van Beurden, CEO, Shell

After nine years in command, Shell CEO Ben van Beurden stepped down from the top position of this energy giant. This change came as oil and gas corporations are facing pressure to move away from burning fossil fuels even as they enjoy booming profits from energy prices boosted by Russia’s conflict in Ukraine. The largest energy business in Europe will be led by Wael Sawan from the new year. Sawan has spent the majority of his career working for Shell’s oil and gas division before recently transitioning to its oil and natural gas and renewable power division.

8. Sonia Syngal, CEO, Gap Inc.

Syngal, who was appointed the CEO of Gap Inc just two years back, quit the company only a few months after it lowered its prediction for yearly earnings as a result of pressure from the sluggish market in the face of decades-high inflation. Gap did not explain her abrupt departure. Executive Chairman Bob Martin stepped in as interim CEO.

9. Amit Burman, Chairman, Dabur India

Amit Burman resigned as the company chairman of the fast-moving consumer products company Dabur India Ltd. effective from August 10, 2022. However, Burman continues to serve as a non-executive director. The non-executive chairman position has been taken over by Mohit Burman. In 2019, Amit Burman was appointed chairman of Dabur India. He assumed leadership of Dabur Foods in 1999 and left the position in 2007 when the business was combined with Dabur India Ltd.

10. Ashish Kumar Chauhan, CEO, BombayStock Exchange

Ashishkumar Chauhan left his positions as managing director and CEO of the BSE and was released from his duties at the exchange to join the NSE again after 20 years. Chauhan became the Managing Director and CEO of the competing firm National Stock Exchange (NSE). He was a member of the NSE founding team but departed in 2000 to take up several positions with Reliance Industries. He later returned to the stock market as the deputy CEO of the BSE in 2009 and became the company’s CEO in 2012.

The upcoming year of 2023 won’t likely have a significant impact on the success of the startup ecosystem. Due to the difficult global financial backdrop, the startup ecosystem is also set to face challenges in the future year. More restructuring and attrition at the executive level in organizations are probably to follow from this. Additionally, mergers and acquisitions cannot be completely ruled out and may result in additional CEO and founder exits.


You can submit your comment regarding the article by commenting in the comment section. Apart from this, if you are a businessman and you are facing difficulties in your business and you want to get good advice from a personal business coach to move your startup business forward, you must choose the Super Sales Secrets webinar. You can get a good grip in business and grow your business four times. To be part of the program, you can register from this link- https://www.badabusiness.com/webinar/ibc/weekly_event?ref_code=dmtvbswebinar

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Motivational

9 Leadership Lessons from World Champion Leader Lionel Messi

Lionel Messi is more than a great athlete; he is an inspirational leader and a role model for many. “Success Takes Time“, is one of Messi’s favorite quotes.

Lionel Messi’s extraordinary success, like that of most extraordinary people, did not happen by chance. He worked tirelessly and trained nearly every single day to grow into the athlete he is today. He is now a world champion leader with the recently concluded FIFA World Cup 2022 he is the one who deserved it more than anyone else because of his sheer dedication and commitment towards his goal.

Each individual can learn a lot from this football legend. Here are nine of Lionel Messi’s success tips that will be useful for every leader..

Lead by example:

Messi always sets a high bar for both himself and his teammates. He is renowned for his intense work ethic and commitment to developing his abilities. Messi encourages people to emulate his dedication to perfection by setting a good example for them. Work as a team whether in business or a sport.

Focus more on the goals of your team than on your own personal quest. Your team can develop and advance in this way.

Effective communication:

Messi is famous for his superb on-field communication abilities, both in terms of his gestures and words. He is able to communicate his goals and objectives to his teammates clearly, which promotes trust and a productive team environment.

In life, effective communication can do wonders for anyone and one should learn this skill from this football legend.

Encourage cooperation:

Messi’s achievement is the result of his capacity for effective teamwork and making the most of his teammates’ advantages. He is excellent at bringing out the finest in his teammates and motivating them to collaborate to achieve a common objective. You will need the support of your friends, family, and colleagues to move forward in life. You can take motivation from Messi’s deeds in that case.

Adaptability:

Messi’s ability to adapt to shifting circumstances and difficulties on the field is an important leadership trait. He can change his tactics and strategies in real-time to capitalize on chances and overcome any obstacles. Messi joining PSG in the summer of 2021 is perhaps the most high-profile transfer of modern times. He played for Barcelona for a long period and adapting to a new team would not have been possible without this skill. Everyone needs to adapt to different situations and Messi can be a role model for each one of them.

Confidence:

Messi shows passion for his own and his teammates’ abilities. This contributes to the development of an optimistic and self-assured group scenario, which is necessary for success. The way Messi has stood confident in the last few years shows a lot about his character. Every leader should stand tall like Messi and stay confident in whatever skill they possess. In a sudden turn of events, seven-time Ballon d’Or winner Lionel Messi was left out of the final 30-man list of nominees earlier this year. But he didn’t lose the confidence he carried in himself and has emerged as the world champion now.

Creativity:

Messi inspires his colleagues to go outside the box and attempt new things because of his creative and original approach to the game. This encourages a culture of invention and experimentation, which results in better performance. If you want to be a leader, learn the art of creativity from the football maestro himself.

Establish precise goals:

Messi helps his team in establishing specific goals because he is motivated and laser-focused. By setting up specific goals, he contributes to keeping his team inspired to stay on task. Messi has done this and now he is the world champion. You will be on the path toward glory if you learn this skill too.

Related: How To Achieve & Set S.M.A.R.T Goals?

Encourage expansion:

Messi constantly strives to develop as a player, and he inspires his teammates to follow the same. He contributes to the creation of a culture of ongoing learning and development by offering chances for both personal and professional improvement. Whether it is any business or life, you too need to expand from wherever you are.

Resilience:

Throughout his career, Messi has encountered numerous difficulties and failures, but he has always recovered and persisted. He serves as an example of resilience and tenacity, and he motivates his teammates to maintain their concentration and stay focused on pursuing their objectives.

These are Lionel Messi’s greatest leadership lessons, which motivate people around to advance in life. You can achieve your goals by incorporating each one of them into your daily schedule.

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Motivational

8 Golden Rules For Living A Successful Life

To live a rich life, one does not necessarily need to be affluent; even a tiny portion of a wonderful life is worthwhile. However, the things that will allow you to live lavishly and make more money are habits, behaviors, and ultimately “rules“. It requires time to be completed. This requires time but before that, there needs to be a quick way to do it.

Often in life, you fail, but if you keep trying, and keep getting better, eventually you will succeed. However, if you believe that you will never be successful, you will never become capable of doing so. Here are 8 golden rules that will help you in living a successful life if you embrace them in your daily life:

1. Invest in your future

Investing in oneself is the most beneficial investment you can make. Always strive for listening and learning. Engage in the activities you enjoy. Making time for oneself is essential. We, humans, are more productive when we are internally happy. Whether it’s spending time with your loved ones or your dog, pampering yourself at the spa, reading a book, playing sports, napping, or simply enjoying music; it’s all part of your “me time”.

2. Never Compare Yourself to Anyone

Never compare your targets, growth, and outcomes to those of others. Instead, distinguish yourself from your former self. Ask yourself if you’re doing better today than you were the previous day. Even if you are only 1% better than what you were yesterday, you are progressing significantly.

3. Embrace Positivity

You’ll be happier and have access to a lot more opportunities if you adopt a positive outlook. By seizing the possibilities that come your way, you can enable yourself to be on the path that leads toward success. You can know the ways of building positive energy by watching below video by the best motivational speaker Dr. Vivek Bindra.

4. Recognize Your Worth

Do not accept something less than what you are worth. When you understand your worth, don’t be hesitant to ask for what you can claim. Never do anything for free if you are extremely good at it. Once you understand your worth and even what you are bringing to the table, don’t be intimidated to ask for anything, and always try to go above and beyond what you deserve.

5. Stop Living in the Past

Nothing but your prior experiences makes you smarter and stronger. Move ahead of past mistakes, make corrections, take things as they are, and learn from them. Only if you get beyond your past mistakes, they will guide you to make sound choices; else, you’ll just keep making the same ones.

6. Build a Solid and Supportive Network

A person is supposedly recognized by the association they maintain. Have a solid, upbeat group of friends who discuss personal development, objectives, and thoughts and not other individuals. Be surrounded by good friends, colleagues, advisors, and colleagues who can assist you in achieving your objectives.

7. Enjoy the little things

 Never stop appreciating the little things in life, despite how much farther you have moved ahead in life. Always be appreciative, modest, and grateful for everything you have. Your current circumstance might not last forever.

8. Track Your Personal Growth

Don’t stop improving yourself; reinvest in yourself. Continue to learn and develop yourself by observing. Learn something new from each person you meet and each new challenge you have. By establishing personal objectives, seeking out new possibilities, and picking up new abilities, concentrate on growing yourself.

Rather than chasing bad things, you should allow good things to grab you to live a rich and happy life. These 8-pointers will work well for the cause surely.

Categories
Business motivation

Elon Musk’s Top Seven Suggestions for Increasing Business Productivity

Elon Musk is always in the buzz for the things he does and the suggestions he offers. When Elon Musk isn’t rambling on about Mars exploration or the planet’s dwindling population, he has some unexpectedly applicable business advice not only for his employees but for every young individual out there. Whether you want to be an inventive business owner or a productive employee, you will learn a lot from the richest man on the planet. You can also consult a business trainer for the best outcomes on the same.

However, here are Elon Musk’s top 7 productivity tips:

1. Simply stop lengthy group meetings

“Too many meetings are a burden on large corporations that frequently worsen over time,” Musk said. He suggests canceling all long meetings unless you are certain they will benefit the entire company. Even if you’re sure they’ll be of interest to some of the employees, he suggests keeping them brief.

2. Meetings should be held less frequently

As per the Tesla co-founder, company meetings are frequently too lengthy, but also too frequent. That’s why, except if the matter is “critical,” you also must avoid holding frequent interactions. “Again when the urgent issue is resolved, the frequency of board meetings should decrease significantly,” he says.

3. Avoid meetings where you aren’t contributing anything

While quickly quitting a meeting could be seen as unfriendly in many cultures, Musk argues that staying would be more impolite.

Musk advises that one should leave a meeting or end a conversation as soon as it is clear that you are not contributing. He says It is impolite to have somebody stay and waste their time and not disrespectful to leave.

4. Whenever possible, omit the “chain of command”

Musk argues that honoring the line of command isn’t necessarily the greatest point of contact when talking about something, despite the worries of many people about disrespecting or terminating ties.

According to Musk, communication should take the quickest route possible to complete the task at hand rather than going through the “chain of command.” The phrase “Any boss who tries to enforce chain of command communication will quickly find themselves working somewhere” is used.

5. Get rid of any jargon or phrases that are confusing

Musk’s suggestions can be implemented in your business even though they are made for his own companies.

At his company Tesla, he advises not using meaningless terms or acronyms to describe items, software, or procedures. He says, “Communication is generally hampered by anything that needs an explanation. Nobody should need to know a dictionary to work at Tesla.” You can apply this to your business and get easy at communicating.

6. Promote cross-departmental communication

Poor departmental communication is one of the key causes of major problems, claims Musk.

He says that enabling open communication of any information between all levels will solve this problem. Super dumb things can happen if a single employee has to go to their supervisor, who goes to a manager, who speaks to a vice president, who talks to another senior VP, who talks to then talks to someone from a higher authority just to acquire something done across departments.

7. First and foremost, use your common sense

According to Musk, a “business rule” should be changed if sticking to it is simply silly in a specific instance. He says that in general, one should always follow common sense first and then the rules.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

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Business motivation

These 5 Smart Ways Will Settle Your Business Debts Quickly

Though most entrepreneurs begin their start-up by arranging funds through debt funding, equity funding, loans, or through other less formal sources like friends & family the experience of being in debt can be scary as well as overwhelming.

If managed smartly, borrowing funds can help you accomplish your goals, if mismatched it will affect your financial wellbeing and can also cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

There are many government loan schemes launched by the Indian government to offer relief to MSMEs in the form of subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can work with a business mentor who can help you to manage funds more efficiently. Also, if you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others.

Here is how you can chart your way out of debt:

  1. Reorganize your DebtsThe first step that will take you closer to managing your debt is to organize all the details of exactly what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest debts.
  2. Pay Urgent & Costliest Debts First!After sorting out your debts, pick the costliest one! Costly debts, if not paid on time, will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis. Take help from the business coach for strategies that will help you to settle your debts.
  3. Make Monthly Budget
    One of the most vital debt management techniques is to have a monthly budget, planned! Make a list of your income & expenses while deciding on your monthly budget. This will give you a window to think about ways to reduce your daily expenditure. Having details of monthly cash flow can help you save money that you can use to clear your debt.
  4. Consolidate LoansSometimes keeping a track of all the loans can be difficult. If you have too many loans, consolidating them into one can be a good idea. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track.
  5. Protect yourself Against Economic ShocksThe future is uncertain and it is wise to protect yourself from uncertainties that you might be exposed to. For E.g. a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also a financial obligation. With smart and effective debt management strategies, you too can get your business out of debt.

Learn how to manage your debt with the top-industry leaders from our problem solving course.

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Finance Strategy

5 Vital Tips For Beginners In Stock Market

The uncertainty and unpredictability of the market can be frustrating for a first-time investor. However, having adequate knowledge and the required analysis of the stock market can help you receive long-term returns. You can also hire the best business coach in India to get information about stocks, equity, and the share market.

In the beginning, the fear of putting your money in the market might make you change your mind, but keeping yourself patient and calm can help you focus on long-term returns on your investment.

So what are those 5 things that every new investor should keep in mind before putting their money in the market? Let’s find out:

1. Stick to Single Strategy

If you Google for investment strategies, you will be presented with tens of thousands of results. However, it can be overwhelming and create confusion for someone who is exploring the world of the stock market for the first time. Hence, the best way is to focus on a single strategy and become proficient at it. Eventually, you will start to make money over time.

2. Buy only when you understand it!

In 2017, Bitcoin was the hottest thing to put money on- and more often than not, there will be a particular investment that gets a lot of attention. However, you must invest money in it only if you understand the nitty-gritty of it.

New investors often have this idea of “get rich quick” and end up losing more money. Staying away from that mind set will help you save your money. Buy a stock only if you know the product or service. Otherwise, you can also put your money in a low expense stock, or a mutual fund can be a good start.

3. Diverse Portfolio

Investing is not just about putting your money in the stock market. Trying to get heavy returns by putting all your money into a few hot stocks will fail in the long run. Despite all the hype that is being created around stock picking, the path to long-term wealth creation is asset allocation by building a diverse portfolio. A portfolio with diverse allocation includes stocks, bonds, and a range of other asset classes.

4. Develop Long-term Thinking

The world of the share market often sells fear or greed. But, it is essential to keep in mind that when it comes to the stock market or trading, the short-term approach does not give fruitful results. Hence, always think “long-term” when it comes to the trading world. Why? It is like a roller-coaster ride of a lifetime that has the potential for outstanding long-term personal benefit.

Do not get sold for the idea of “get rich quick” or the day-to-day emotions. Set a clear goal, and let the stock market do what it is meant to do.

5. Invest in Balanced Funds Systematically

Ask anyone who has been trading in the stock market and they will tell you how a balanced approach over time will always provide growth. This has made so many people`s retirement extremely comfortable.

However, you will not find many takers of this golden approach. The major reason behind it is the overheard stock tip. It may yield fascinating results on rare occasions, but more often than not the money is lost quickly. To avoid risk, it is highly recommended to put your money in balance funds systematically over time.

So take your time and learn from them as it will help you make an informed decision.

Stocks move up and down, way too quickly. You might feel your heart skipping a beat with every high and low of the stock you have put your money on. However, do not panic and sell everything, if you see a 2% drop in your portfolio. Constant buying and selling will lower your returns in the long run.

Always choose stocks that you truly believe in by analyzing their past performance. Buy and hold them. It will yield long-term returns.

Are you new to the world of the share and stock market? Then you can take our business coaching programs where you will gain in-depth knowledge about share and the stock market in a very engaging and easy-to-understand format.

For more information, visit www.badabusiness.com.