WeWork Expands to India

Miguel McKelvey, co-founder and chief creative officer of the $20 billion New York-based collaborative workspace startup WeWork, discussed his business in India with Forbes’ India staff Anshul Dhamija.

McKelvey said that in India WeWork had entered into a partnership with the Embassy Group. They launched operations in the beginning of this year and had close to 350,000 square feet of shared workspaces in Bangalore and Mumbai. “India’s probably the biggest market for us,” says McKelvey.

The concept of sharing a workspace with diverse set of professionals and enterprises is new in India and is catching on. WeWork gives access to discounted health care services, payment processing for their companies, IT support, education and training, to all its members.

When asked to comment on what opportunities India offers, McKelvey said: When we first came here, or thought about coming here, it certainly felt a bit overwhelming because it’s such a huge place and the culture is so diverse, varying from city to city and state to state. So having a partner is essential in understanding the local culture and also gives us credibility in the market. India’s probably the biggest market for us. While we are super excited to be in Japan, Australia and Europe, we are talking about hundreds of millions of people here in India. I think this is a place that, in the upcoming years, will play a major part in the way the world economy develops. For us to be here now is an incredible opportunity.

Inside an Office

October 29, 2017   No Comments

Nielsen Partners India’s SnapBizz for Data on Retail Analytics

New York-based global marketing research firm Nielsen Corporation announced a strategic partnership with retail technology start-up SnapBizz, headquartered in Bangalore, India, to provide real-time, actionable insights on products and services for retailers and companies in traditional trade.

Traditional trade stores account for nearly 90 percent of the fast-moving consumer goods sector in India. However, unlike in organized retail, very limited data and insights are available in this sector. The Nielsen-SnapBizz partnership brings together the latter’s point-of-sale technology architecture, which is used in 2,500 kirana (mom and pop) stores, and Nielsen’s expertise in the retail data analytics space. The data captured will provide store-level consumer buying insights on real-time promotions, launches, performance, price efficiency, displays and assortment based on consumer buying patterns, reports BrandEquity.

Kirana Shop in India

“The partnership will enable unorganized kirana store owners to drive business decisions based on data. Traditional trade will continue to play a very significant role for the country’s retail landscape,” SnapBizz chief executive and founder Prem Kumar said.

 

 

October 15, 2017   No Comments

India Growing Robustly Says World Bank’s Kim

Predicting a strong global growth this year, World Bank president Jim Yong Kim said India has been growing “pretty robustly”.

Speaking at the Bloomberg Global Business Forum meeting in New York, Kim said, “A country like India is growing, has been growing pretty robustly. We think, Japan is growing. Europe is growing in a much more healthy way. The United States continues to grow. There is a leveling-out in developing countries.” In June, the World Bank predicted a 7.2% growth rate for India this year against 6.8% growth in 2016.

Economy chart

“Dormant capital will earn a higher return, where developing countries will have access to much more capital for the infrastructure needs, even for investing in health and education, investing in resilience to climate change and other factors,” he added.

He said in terms of indebtedness, the bank was watching very carefully the debt-to-GDP ratios of every single country, reports the Hindustan Times.

October 2, 2017   No Comments

India is now IBM’s largest Center for Employment

IBM‘s biggest pool of employees is in India where it employs 130,000 people, or one-third of its total workforce, which is more than the number of people it employs in the U.S., per a report in The New York Times.

IBM LogoBoth low-level and high-level jobs are assigned to India. Core operations, as well as a major part of IBM’s research is also carried out in the country. Watson AI technology that was developed in India last year, currently helps fashion designers roll out unique clothes, reports Money Control. IBM partners with Manipal Hospitals in Bangalore where treatment for cancer is done using Watson. Doctors from New York’s Memorial Sloan Kettering Cancer Center offer recommendations for the best treatment.

The company is now searching for the next crucial market in the country: the lower-income segment in India who have largely been overlooked by the tech revolution.

 

September 30, 2017   No Comments

U.S. Invests the Most in India’s Startups

According to New York-based CB Insights, U.S.-based investors are the most active foreign participants in India’s start-up ecosystem over the past five years, making over 800 equity deals during the period.

In the list of top five foreign investors in India’s technology ecosystem, U.K., with 1% of deals stood at 5th place; Japan at 4th with 2% of deals; Hong Kong at 3rd with 3% of deals; Singapore at 2nd with 5% of deals; while the U.S. topped with four times the number of deals than investors from Singapore.

Planning in a startup

Business Standard reports: Of the U.S.-based investors, New York-based Tiger Global has been the most active, backing some of India’s largest start-ups, including Flipkart, Ola, and ShopClues, while also making numerous other investments in smaller companies. Hong Kong-based Saif Partners, has backed firms such as Paytm and Urban Ladder. California’s Accel Partners, which has an India unit, made its largest investment in Flipkart through its overseas unit rather than the local one.

Both Tiger Global and Japan-based Softbank have pumped billions of dollars in India’s startup ecosystem in the past few years.

August 31, 2017   No Comments