Startup Scoop - Edition 12

About E-Cell MIT??

?? Welcome to the Entrepreneurship Cell of MIT Manipal! ??

We’re here to spark innovation and nurture the entrepreneurial spirit within our students. Our goal is to provide you with the tools, resources, and support needed to turn your bright ideas into successful businesses.?

Let's embark on this exciting journey together and make your dreams a reality!

Budget 2024-25: A Mixed Bag, or Something More? ??

So, what's the buzz? ??

This year's budget had a few things to make people happy.

The middle class got some love with changes in tax slabs. More money in your pocket? Sounds good, right? Plus, there was a lot of focus on infrastructure– roads, railways, airports – which is great for the economy and creating jobs.??

But, hold your horses! Not everyone's thrilled. The tax changes, while good for some, have also raised eyebrows.

FM Nirmala Sitharaman has been facing a bit of a backlash over this. Some people feel the changes could have been better thought out. It’s like ordering a pizza and getting extra cheese, but then realizing the base is a bit thin. You know?

The Good, the Bad, and the Ugly ??

Let's break it down:

• The Good: More money for infrastructure, which could lead to better jobs and economic growth. Tax relief for the middle class is always a crowd-pleaser.??

• The Bad: Some people feel the tax changes could have been handled better. There are concerns about how it will impact different income groups.??

• The Ugly: The political drama around the budget. You know how it goes – everyone's got an opinion! ??

So, what do you think?

Do you think the budget is a step in the right direction? Are you happy with the tax changes??

It is essential to analyze the budget's long-term implications and its ability to address the country's pressing challenges. Only time will tell whether the budget will deliver on its promises.?

Your Crypto, Their Playground: How WazirX let hackers steal $230 Million??

Can you believe it? WazirX just got robbed blind!?

Hackers made off with a staggering $230 million worth of crypto?? and they're already using it for shady deals. Everyone's wondering how on earth this happened.

Let’s imagine you trusted WazirX with your crypto assets without knowing the ABCs of dependent and independent Blockchain.

(What do these two terms mean actually you ask? We’ll tell you later on in this article)

So, your crypto was locked in a high-security vault. This digital safe needed three keys held by WazirX, plus a final green light from Liminal, their security partners.

Now Imagine your bank slip being secretly changed right before your eyes. That's exactly what happened here. Hackers snuck in and altered the transaction details, like the amount or recipient, to steal your money. This sneaky move is called "Transaction Manipulation Attack."

And guess who could commit this malicious crime??

North Korea's digital heist squad, Lazarus! Experts say they're behind the latest crypto theft. These cybercriminals, backed by the North Korean government, steal digital cash to fund the country's nuclear program. It's their way around crippling economic sanctions!

Now let's answer your questions asked previously!

Imagine two blockchain networks:

Blockchain Network One: This is analogous to an independent blockchain. It operates autonomously, establishing its own consensus mechanism, native currency, and governance protocols. It functions as a self-sufficient ecosystem, setting its own rules and not relying on any external blockchain for validation or security.

Blockchain Network Two: This represents a dependent or layer-2 blockchain. Built atop a main (layer-1) blockchain, it adheres to the primary blockchain’s consensus and security frameworks while providing enhanced functionalities such as increased transaction throughput and lower fees. It relies on the underlying layer-1 blockchain for security and consensus but operates with its own governance and protocols.

Soothe Healthcare's Strategic Shift Propels Growth: From Physical Retail to Omnichannel Success??????

Soothe Healthcare has stood out in India's direct-to-consumer (D2C) sector by focusing on physical retail first, rather than the more common online-first strategy. D2C brands sell directly to consumers via online platforms, bypassing traditional retailers.

Sahil Dharia founded Soothe in 2013, and it has grown to become a major INR 100 crore+ company, catering mostly to semi-urban and rural areas with its flagship product, Paree sanitary pads. Competing with industry titans such as P&G's Whisper and J&J's Stayfree, Paree's market share climbed from 3% in 2022 to over 7%, with over 55 lakh clients served monthly.?

In FY23, Soothe's revenue increased by 25% to INR 172 crore from the previous year. Despite a modest revenue increase of INR 180 crore in FY24, the company reached EBITDA profitability in the second half of the fiscal year. Soothe plans for INR 260 crore in revenue during FY25, with a strategic transition to omnichannel distribution in 2023 that includes both online and offline sales channels. FY26 expects net profitability.

Soothe's in-house manufacturing capability, which produces 1 billion sanitary pads annually, supports its innovation and cost-effectiveness. The company intends to grow its offline footprint to 5 lakh outlets, increase internet sales, and explore international markets such as Nepal, Bangladesh, and Africa. To compete with new-age D2C firms, Soothe will grow its social media presence to engage GenZ and millennials.

Book Recommendation: "Zero to One" by Peter Thiel is a thought-provoking guide that challenges conventional startup wisdom, urging innovators to create unique, groundbreaking businesses rather than merely competing in existing markets.

Why is google willing to spend 30 billion on a company you haven’t heard of?

谷歌 once used to be the king of acquisitions, buying popular products like YouTube and Android. But in the past two decades, the company has slowed down on acquisitions, for contrast 微软 has spent over $100 billion in the same period. However recently Google made an attempt to acquire HubSpot, an enterprise software firm for 33 billion dollars.

Google has once again revamped its acquisition spree and the reason is GROWTH. Google's most popular products have reached market saturation, with some losing market share. Android has lost 8% of its market share to iOS, and Bing and Edge are eating into Chrome's share.

Additionally, new products have failed to make an impact in the market from google+ , to the google pixel which failed to capture any market share and of course Google's AI launch fail with Bard and Gemini.

Big tech companies are built on the idea of hyper-growth, causing massive pressure from investors to keep the graph going up to justify high valuations.?

Branching out into different markets marks a trend where companies like Microsoft, Amazon, and now Google are shifting from a customer-first to an enterprise-first business. Another major contributor to this shift is Google Cloud, which has seen its revenue increase eightfold to $30 billion annually.

The HubSpot integration would have improved the user experience allowing Google cloud to improve its market position while creating a new source of income and announcing itself in a new field, thus keeping their shareholders happy.

Billionaire Chronicles

Deepinder Goyal has become a billionaire after a record rally in Zomato shares since last year. The stock has jumped over 300 percent since the low of July 2023. Deepinder Singh currently serves as Zomato's Founder & CEO.

Goyal, 41, has become India’s richest professional manager with his net worth surging past Rs 8,300 crore. Currently, Goyal has 36.95 crore shares or 4.24 percent stake in the company.

He is an alumnus of the prestigious Indian Institute of Technology (IIT) Delhi, embarked on his entrepreneurial journey in 2008.

The spark came when he noticed his colleagues struggling to find restaurant menus online. This simple observation led to the creation of Foodiebay, which soon rebranded to Zomato. With relentless innovation and a keen focus on user experience, Goyal transformed Zomato into a global food-tech powerhouse.

Today, Zomato is synonymous with restaurant reviews, online ordering, hyperlocal delivery, and table reservations. Goyal’s visionary leadership and dedication have made Zomato a household name, revolutionizing how millions of people dine and discover food, while continuously setting new standards in the food service industry.

Elon Musk Moves SpaceX and X Corp. Headquarters Out of California Amid Controversial Law

California state, under governor Gavin Newsom recently passed a law preventing school staff from informing a child's parents about their gender identity. Backlash was received from Elon Musk who took to X to announce that two of his major companies, SpaceX and X Corp. will be shifting their headquarters out of California. SpaceX will now be headquartered in Starbase, Texas and X Corp. to move to Austin, Texas.

After the bill was signed, Musk posted on X saying, “The governor of California just signed a bill causing massive destruction of parental rights and putting children at risk of permanent damage.”

The governor's office further clarifies the bill by saying that this in no way allows minors to make legal decisions without parental consent.

How will this affect the state of California and Texas?

- This is a huge blow for Southern California as SpaceX has helped anchor a budding space economy.

- The government of Texas praises this move as it now has a strong leadership for space exploration.

- Musk's move underscores a symbolic shift from California, where SpaceX initially grew and flourished.

- Among all Elon Musk startups now, only Neuralink and XAI venture remain headquartered in California.

And that's a wrap, folks! ????

But fear not, the entrepreneurial journey never truly ends—it evolves! Keep your eyes peeled for more electrifying updates and insights. ???

Stay wired for the latest tips, resources, and innovation straight from E-Cell MIT to keep you riding the startup wave.???? ????

Fuel your hunger, fuel your productivity! ???? Until our next rendezvous, sending you all the entrepreneurial vibes and love from E-Cell, MIT. ??? Keep pioneering!

With love from Vansh, Varshney, Vivek, Bhavesh, Shrihar, Preyanshi, Prakhar and Sneha.

Have a good day!??