In a recent company statement, Amazon claims to to be the largest marketplace in India in terms of products on offer. Amazon adds 50,000 products on the website everyday, the statement says. While the corresponding numbers for Flipkart and Snapdeal are unknown, it’s hard to say with authority if Amazon is indeed the biggest marketplace.
While advertising through billboards, hoardings and usually any offline methods is considerably more expensive ( read: up to a million bucks for a months’ spot on a prime location billboard) than online advertising, flush with VC funding, most of the hot startups wouldn’t mind shelling out the dough to stand out from the clutter. And just as well. It makes perfect sense to not only capture the ready online audience, but also onboard and engage a potentially huge and captive offline audience on your platform.
Venture Capital isn’t always the easiest form of investment. You take a bet on a small company with uncertain prospects. The company usually operates in a field that hasn’t been ventured into before, and there are few markers to tell you if it’ll succeed. And most don’t. Nearly 90% of startups fail, and Venture Capital firms are never able to recover their investments. But every once in a while, a startup succeeds. And when it does, the results can be astonishing.
Rahul Yadav’s much vaunted startup is finally beginning to take shape. After being fired from the Housing CEO post, Yadav had taken to social media and announced that his startup would be “10x more than all Indian internet companies put together”. He’d then gone on to tantalizingly reveal bits and pieces about the details of his new venture. It had emerged then that the company would be in the data analytics space and would be called Intellignent Interfaces.
Flipkart CEO tweeted in defence of Snapdeal, saying that Snapdeal wasn’t responsible for Khan’s comments, and shouldn’t have had to face the backlash it did. Users had submitted hundreds of 1-star reviews on Snapdeal’s app on the Google Playstore, demanding that Khan be fired as Brand Ambassador following his comments about rising intolerance levels in the country.