Amplifi Asia:
Founded in 2015, headquartered in Mumbai, it is reportedly the country’s first and only B2B SaaS accelerator, with a six-month-long programme (virtual or in-person).

It is a structured, custom-designed, super-intense accelerator program aimed at helping early-stage enterprise SaaS startup founders to scale their ventures, globally.

It offers infrastructure, mentoring, shared resources, access to corporates, angel investors and VCs plus credits from partners and service providers, for the entrepreneurs selected through this programme. To join the programme, startups should be incorporated as a Private Limited Company and must be in pre-revenue or pre-product market fit or pre-prototype stage of product development.

The selected startups work out of the XIME campus in Bengaluru.

The initiative aims to prepare each startup with a focused business pitch and a working or refined prototype. Amplifi’s program is available currently in Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Delhi NCR and Kolkata and has been recently launched in Hong Kong.

The first cohort which concluded in July 2016 included 6 startups viz. InsightNxt, Travdots, Pyplyn, Varsito, Tellofy, and Trilyo. In October 2016, Amplifi announced its second cohort with 10 startups Health-n-Me, Till PoS, SuperWise, Krackzee, Keito, Bestosys, Virtual Spaces, Sociograph Solutions, Cumulus Technologies, and BricApp. Now it is currently working with FansWifi and RGuardian.

Topic: Capitalization Table (Cap Table)

An introduction to the Cap Table
Capitalization Table also known as “Cap Table” is a list of company’s securities (i.e. stocks, options, warrants etc.).
It indicates the ownership of these securities. Cap tables can either be brief or detailed, for instance in case of a brief cap table all shareholders of a company can be grouped into simplified buckets such as “founders” and “investors” ; on the other hand a detailed cap table may provide granular details on each type of security. As such there are no standard formats prescribed for a cap table.

When is a cap table required
A company’s cap table clearly lays out all the equity and debt ownership and liquidation rankings of the various investors or lenders invested in a business.

Here is an example of cap table:

On scrutinizing the above table following points can be noted:

• Securities are listed down in the order of repayment
• Fully diluted ownership of the company for currently outstanding shares is shown separately
• Contractual obligations to issue future shares, like the potential convertible notes conversion and the future employee stock options reserve are shown separately

Here are few things that future investors will be looking out for in your cap table, before making an investment into your business:

• Where will the new investor sit in the liquidity ranking–most new investors wants to sit on top of the pile, so that they are paid back before others
• How many investors are involved–they prefer tightly held businesses without too many investors for easier communications and vote collecting
• What impact will their investment/valuation have on the other investors–if they are investing in a down-round (lower valuation) than previous investors, the other investors will be disgruntled out of the gate and new investors will want to avoid any potentially litigious situations
• Are there other professional investors involved–depending on stage, some investors want professional money involved with a business, and others prefer having other institutions involved
• Who are the other investors–they want synergistic and “friendly” investors around the board of directors table
• Is management properly incentivized–do the employees have a big enough stake to stick with the business
• Are the founders’ equity stakes tied to a vesting schedule which they earn over time–investors don’t want founders walking away with a big equity stake if they quit

As we mentioned above, there is no one right format for a cap table. It all depends on what questions you are trying to answer. The right cap table for a CEO might look different than the right cap table for a CFO. And the right cap table for a company that is trying to analyze multiple VC term sheets might look different than the right cap table for a company that just closed its Series A financing. Even though the form of cap table may change depending on the use case, the underlying data should remain constant.

 

a. Keep it simple and organized
Your cap table should at least include the following:

• Stockholder name as it appears on the security instrument (e.g., stock certificate, promissory note)
• Date of issuance
• Number of shares or units issued
• Date of disposition if the security is no longer outstanding
• Concise and consistently-worded commentary (be careful to avoid commentary that clutters or distracts from the ledger)

 
b. Tailor Your Cap Table to Your Corporate Documents

• If your company is venture backed, then you are almost definitely governed by “protective provisions” that require you to obtain various approvals prior to taking certain actions. For example, let’s say that in order to approve a new financing, your charter requires you to obtain separate consents from (i) a majority of the Series A and B shares together and (ii) a majority of the Series C shares. In this case, your cap table should include columns that separately show you (a) the percentage of Series A and B shares (together) held by each holder and (b) the percentage of Series C shares held by each holder. This will allow you to quickly tell who you’ll need to collect consents from in connection with your new financing. You shouldn’t have to do these calculations from scratch each time you open your cap table.

c. Maintain Stockholder and Optionee data

• While most of the data from a cap table stems from security-specific items that come from a stock certificate or option grant agreement, there are some items that are stockholder-specific. In particular, having holders’ physical and email addresses can come in very handy when preparing notice mailings. If a physical address is too cumbersome to input, at a minimum the state of residence will be necessary for security law compliance at a state level. And be sure to obtain a non-work email address; employees may leave the company, but their equity follows them.

In short capitalization table (or cap table) is a table providing an analysis of a company’s percentages of ownership, equity dilution, and value of equity in each round of investment by founders, investors, and other owners. It is an essential document to be prepared by every company, especially those companies like startups who want to pitch in for investments.

Startup Name		Industry / Vertical	Investment Type	Amount (In USD)
CleverTap	https://clevertap.com/	Technology	Angel / Seed Funding	N/A
EarlySalary	http://earlysalary.com/	Finance	Private	15,700,000
WOTU	http://wotu.in/	E-commerce	Angel / Seed Funding	N/A
DAAKI	http://www.daaki.com/	E-commerce	Angel / Seed Funding	N/A
Lendingkart	https://www.lendingkart.com/	Finance	Debt Funding	4,700,000
Kinsane Entertainment Inc	https://www.kinsane.com/	Entertainment	Seed/Angel Funding	2,500,000
Tapzo	https://www.tapzo.com/	Technology	Private Equity	1,930,000
Appario Retail Pvt Ltd.	-	E-commerce	Private Equity	18,840,000
Samunnati	http://samfin.in/	Finance	Private Equity	23,500,000
Sahajanand Medical Technologies	http://smtpl.com/	Technology	Private Equity	36230000
Kuants	http://kuants.in/	Technology	Angel / Seed Funding	80000
Razorpay	https://razorpay.com/	Technology	Private Equity	20000000
Streak	https://www.streak.com/	Technology	Angel / Seed Funding	354600
pi Ventures	http://www.piventures.in/	Finance	Private Equity	25000000
Newgen Software	http://www.newgensoft.com/	Technology	Private Equity	20000000
Rubix	http://www.rubix108.com/	Technology	Private Equity	1000000
ShareChat	https://www.sharechat.com/	Technology	Private Equity	18200000
Paperflite	-	Technology	Angel / Seed Funding	400000
HungerBox	http://hungerbox.com/	Consumer Internet	Private Equity	2500000
Skillate	https://www.skillate.com/	Technology	Private Equity	N/A
OptaCredit	https://www.optacredit.com/	Finance	Private Equity	4000000
AEON Learning	http://www.aeonlearning.net	Technology	Private Equity	3200000
Milkbasket	http://milkbasket.com/	E-commerce	Private Equity	3000000
NeoGrowth Credit	https://www.neogrowth.in/	Finance	Private Equity	47000000

Feb 07	Feb 10	Feb 15	Feb 20	Feb 21
TDS/TCS Challan	PT Payment	PF Payment	GSTR- 3B (Jan)	ESI Payment
	GSTR-1 (Dec) - for registerd persons with aggregate turnover more than 1.5 crores	GSTR -1 (Oct to Dec) - for registered persons with aggrgate turnover upto INR 1.5 cr.

1. February 10^th,2018: Startup Buddy Conclave

The Startup Buddy Conclave 2018 (SBC18) is organized with an objective of providing a platform to the growing startup eco-system of Delhi NCR to collaborate and share knowledge with their counterparts.

The Startup Buddy Conclave 2018 is a unique opportunity for startups, individuals, venture capitalists, accelerators, Incubators, angel investors and service providers to come and be part of a large mix to celebrate entrepreneurs and entrepreneurship with opportunity to interact and network with people of direct interest in each other.

The initiative is first of many conclaves that will travel across the country to discuss issues pertaining to startups and businesses in the country to help decipher the growth potential and economic scalability along with opportunities of innovation among the young of the nation.

Timings: 9.00 am to 5.30 pm

Venue: THE GRAND NEW DELHI, POCKET 4, SECTOR C, VASANT KUNJ, NEW DELHI.

 

2. February 10^th ,2018: PitchBiz-Investors Meet Founders

PitchBiz- Investors meet founders is an initiative taken by CIED, Entrepreneurship Cell in association with IEN in order to provide the platform to Startups and aspiring student entrepreneurs for mentoring and funding opportunities. The top 10 shortlisted startups will get an opportunity to participate in live pitching scheduled on 10th February 2018.

TIME: 9:30 AM- 5:30 PM

VENUE: ACROPOLIS INSTITUTE OF TECHNOLOGY AND RESEARCH, MALWA COUNTY, MANGLIYA, INDORE

 

3. February 19^th -21^st,2018: Nasscom India Leadership forum: The Tech Mecca of the East

The India Leadership Forum is NASSCOM’s flagship platform which is a melting pot for ideas, innovation, strategy, business and the future.

3 days of talks, showcase, networking, connects create an immersive experience for delegate that combines Business + Technology + Leadership. The 26th edition of ILF in 2018 is a limited edition and will host the WCIT 2018, creating an unparalleled experience for the delegates. The Government of Telangana is the state partner for both the events.

Timings: 8.00 AM to 6.00 PM

Venue: Hyderabad International Convention Centre, Novotel & HICC Complex (Near HITEC City)

 

4. February 21^st – 22^nd ,2018 : TiE Global Summit II:

TiE Global Summit is the largest Global Entrepreneurial Leadership Summit that takes place once a year across the Globe. This Summit, in partnership with the leading agencies of the Government of India, 20+ TiE chapters from India, USA, Canada, Singapore, Hong Kong, Australia and Dubai, and global venture capital funds is a culmination of Global Wealth Creators with Global Innovators.

TiE Global Summit is looking forward to see participation from successful entrepreneurs, industry leaders, leading investors (VCs, PE, Angels& Banks), senior corporate professionals and academia.

Venue: JW MARRIOTT MUMBAI SAHAR, NAVPADA, CHHATRAPATI SHIVAJI INTERNATIONAL AIRPORT AREA, VILE PARLE, MUMBAI, INDIA

 

5. February 22^nd – 24^th ,2018: Aeonian 2017:

The Aeonian 2017 in asscoiation with #startupindia, Ministry of MSME, Digital India, Deloitte, 100 Open Startups and NDTV, is a premier annual startup summit that recognizes and rewards the startup community in India. The AEONIAN 2017 will be a 3 day event aiming at bringing all stakeholders of the startup ecosystem, under one roof. From investors to companies, from seed funded to IPO startups, from students to startup founders, they will all be present across the 4 categories of events –

• Expo & Spotlight
• Pitch
• Conference & Networking
• Awards

Venue: WORLD TRADE CENTRE, GANESH MURTI NAGAR, MUMBAI, INDIA

For more details, visit www.theaeonian.in

 

6. February 23^rd – 24^th, 2018: Mumbai Startup Fest 2018:

Mumbai Startup Fest 2018 is being organized with a vision to promote and celebrate this entrepreneurial spirit of Mumbai. It aims to provide the start-ups and budding entrepreneurs a platform to showcase their potential and discuss roadblocks where every startup has difficulty in envisioning a long-term successful venture. It is a mission and goal to create a budding entrepreneurial ecosystem in Mumbai and foster the spirit of the same in the long run.

Venue: GIRGAUM CHOWPATTY, MUMBAI.

For more details, visit :www.mumbaistartupfest.com

 

7. February 25^th,2018: Entrepreneur Business Growth Summit

This Summit is a compilation of knowledge Session- 500+ Participant, Guest Speakers from across Industries/ Institutions/ NBFC/ Research Org., Angel Investor/ VCs Panel Discussion, Pitching for Startups for SEED funding as per the criteria set by funding agencies/bodies, MSMEs funding opportunities, SMEs/ Startups Stalls for demonstrating Innovation / Services, Big-Idea competition for Supporting University/ Colleges/ Institution.

Also includesInvestor/ Incubator Pitching Opportunities, Exhibiting products and Services Sponsorship, Investment, Business from MSMEs, Startups, 650+ participants.

Timings: 9.30 pm – 5.00 pm

Venue: Mavalankar Auditorium, New Delhi

Country: Brazil

Overview

The story of Brazil’s startup scene starts long before those of most of its South American counterparts.

Brazil has a dozen active VC firms, thousands of angel investors, over 50 Accelerators and Incubators, and huge co-working spaces for entrepreneurs. It is suggested for companies looking to enter Brazil, and to meet potential clients and partners, to seek out these communities (ecosystems) in the market you are targeting, and talk to leaders in the communities. Brazil has over 50-100 events a month, concerning Startup and entrepreneurship topics, so by attending these events, talking to participants, and getting connected to these ecosystems, would be a strong recommendation.

Other good starting points for investigating the Brazilian market include ABStartups (an organization that represents a good number of Brazilian startups. 4,000 startups and 38,000 entrepreneurs in their data base), and APEX-Brazil, the government agency tasked with attracting foreign investors. Partnering with Brazilian investors is often a wise choice—ABVCAP, a group of local VCs, can help find a co-investor. Networking is key in Brazil. It’s about who you know, not what you know, or how good your product is. Connecting with companies that can put in touch with other people, and who can make a difference will introduce to the ecosystem players.

ICT Sector

Despite the economic and political problems Brazil is facing, the IT sector remains strong.According to the HR consultancy Catho, the Brazilian IT sector added 10,105 jobs in June 2015 which is 3,600 more than the same month in 2014.

A report from IT4CIO says that IT companies are now being forced to reduce staff and cut costs, like lowering salaries. Growth is still happening but not at the same pace to account for the weak Brazilian Real versus the US dollar. The report does however acknowledge that for the last few years, IT has avoided some of the harsh conditions of the declining economy, at least somewhat. Now companies are beginning to get squeezed with the exception of a couple of niches within the sector such as cloud, security, and business intelligence. São Paulo, a city with a population of 11 million, is the epicenter of Brazil’s tech economy. The city is home to offices for major tech companies like Google Facebook, SAP, and Airbnb as well as local firms like Predicta, Kekanto, and Startup Mansion, a co-working space that houses several startups.

Other key centers with opportunities for technology professionals include Curitiba – where most technology workers of banking multinationals such as HSBC are located – with 4.78% of all IT jobs in Brazil.

In Brazil there are several programs supporting the creation of startups. The national program is Startup Brasil, a National Startup Acceleration Program, and is an initiative of the Brazilian Federal Government, created by the Ministry of Science, Technology and Innovation (Ministério da Ciência, Tecnologia e Inovação – MCTI), is managesd by Softex, and partners with accelerators in order to support new technology-based-companys.

Challenges

Regulation is still an issue in the crowdfunding space, also fund management and fundraising. There needs to be more cost-effective ways for funds to manage early-stage startups, due to costs and how regulations work currently. There are a lack of incentives for angel investors or venture capitalists, in terms of taxation, compared to other countries.

Other challenges startups in Brazil face include the sometimes poor infrastructure (including internet), access to capital, and cultural inhibitions against experimentation and failure. Brazilian incubators and accelerators are working hard to develop a culture of innovation, but the startup ecosystem remains fragmented, although growing rapidly.Success in Brazil requires a long game and a lot of up-front capital.

Regulatory Framework

The qualitative perceptions about this pillar stress the quantitative findings and point towards the Brazilian regulatory framework as a problem for the country’s entrepreneurial development.

The entrepreneurial environment requires dynamism to develop; thus the importance of a regulatory framework that will break with the bureaucratic hamstringing of the entrepreneurship development process. Mainly when startup entrepreneurship is discussed, it is necessary to consider that the speed of setting up a business and the facilities that encourage its rapid growth are key factors for success. Young entrepreneurs are usually at the helm of these companies, bringing innovative ideas that break away from traditional product standards or business models. They think ahead of their time and their reality seems to run on a faster track.

Federal government measure whose purpose is to stimulate the economy and facilitate the development of companies concerns the reduction of payroll taxes, a stagnant variable in Brazil for years. Tax exemptions upon payroll were implemented in 2011 and extended application to more industries in April 2013, currently favoring 42 sectors of the Brazilian economy by the reduction of taxes levied upon workers’ wages. The measure contemplates the substitution of a 20 % contribution on the payroll of companies.

Market Conditions

Qualitative interviews indicated that individuals who are involved with entrepreneurship in Brazil have an optimistic view of the Brazilian market as concerns the possibility of attracting new business and technology. For these people the increased population’s purchasing power in the past few years, together with a growing access to digital tools and the Internet, characterizes an exceedingly fertile environment for the development of startups.The consumers’ sophistication level did not increase on a par with their purchasing power.

This is a peculiar characteristic of the Brazilian entrepreneurship ecosystem, which does not necessarily minimize its development potential but which should certainly be considered by young entrepreneurs at the time of conceiving their business, since the actual purchasing intention is obviously a determinant factor for product and service success or failure.

Energy

Brazil’s energy sector is growing rapidly. Non-renewable energy are those which may run out of sources in the future. Oil, for example, has estimated depletion in a few decades. Although many cars in Brazil use ethanol, many vehicles still use fossil fuels. Natural gas is also widely used in Brazil, mainly in homes and industries.

Today, the main energy sources in Brazil are generated by hydropower, oil, mineral coal and biofuels. Some others sources are used on a smaller scale, such as natural gas and nuclear power.
Oil is the main source of Brazilian energy, responsible for 39.3% of energy in the country. Transportation is responsible for 33% of energy use in Brazil. Oil is also responsible for supplying thermoelectric plants. A few years ago, Brazil used to import around 60% of its oil.

Nowadays, Brazil has discovered oil reserves in the Pré-sal layer at the bottom of the Atlantic Ocean, located on the Brazilian coast. In the first semester of 2015, the export of oil was higher than the import rate. The main petroliferous basins are: Bacia de Campos, the largest in Brazil, Bacia de Santos, Bacia do Espírito Santo and Bacia do RecôncavoBaiano.

A recent initiative by ENGIE will support this innovation well into the future. ENGIE has launched an ambitious program on innovation worldwide in order to boost entrepreneurial creativity. As part of this initiative, ENGIE Brazil is organizing the 2nd Edition of the ENGIE Brazil Innovation Award.

ENGIE is Brazil’s largest private-sector electricity producer, it has 28 plants nationwide, equivalent to 5% of the country’s capacity. 85% of the group’s Brazilian installed capacity comes from clean, renewable sources with low greenhouse gas emissions, a position that is being reinforced with the construction of wind farms in the Brazilian Northeast. ENGIE has 3,000 employees in Brazil.

List compiled by experts of the top 10 Startups in Brazil

1. PeixeUrbano (collective shopping site)
2. LikeStore (enabling purchases via Facebook)
3. SambaTech (online video)
4. BuscaPe (price comparison and owner of a chain of ecommerce websites)
5. Baby (children’s items ecommerce)
6. OQVestir (ecommerce- women’s clothing)
7. Clickon (collective shopping site)
8. Shoes4You (shoes rental)
9. ViajeNet (tool for booking travels online)
10. Vostu (games on social networks)

Conclusion

Finally, Measures encouraging high-growth entrepreneurship that yields largescale economic and financial returns to the country may occur by means of capacity building and entrepreneurship culture, which are complementary pillars. Entrepreneurial capacity building may influence a country’s culture change towards entrepreneurship, which would probably return as encouragement to advances in entrepreneurial capacity building investments.Thus, considering the growing Brazilian international exposure in the past few years and the exposure it will have at least until all sports events end in 2016, the time is definitely favorable to invest in the progress of the Brazilian entrepreneurial ecosystem, aiming at a fast development of the features that require attention indicated in this study; in an effort to leave, for future generations, not just stadiums and memories, but a diverse portfolio of new successful businesses.

Relevance of the Issue:

An investor infusing a considerable capital in a company needs to be convinced of the stability of its commercial operations and the continuing patronage of its existing shareholders because of whom this investor trusts in the commercial viability of the company.

On the other hand, the investee company would need assurance that it is not divesting its stake to a fly-by-night investor or that the said investor will not transfer the stake to the company’s competitor or other persons.

The investee company and its shareholders are uncomfortable with these and other commercial justifications make it necessary to restrict the free transferability of shares of the investee company and hence the documents involved in a private equity investment or a joint venture transaction includes a share purchase agreement/share subscription agreement along with a shareholders agreement.

Usually, the following rights (affecting free transfer ability of shares) are contained in a shareholders agreement to protect the interests of either or both parties:

1. Right of first refusal: A pre-emptive right is given to the non-selling shareholder to receive an offer to purchase the shares at a certain price proposed to be sold by the selling shareholder to any third party. An exception is usually carved out in the case of transfer of shares to affiliates or group companies of the selling shareholder. Upon refusal of the non-selling shareholder to purchase the shares, the selling shareholder is free to sell the shares to any third party but usually not at terms more favorable than those that were offered to the non-selling shareholder.

2. Right of first offer: The selling shareholder is bound to enter into good faith negotiations with the non-selling shareholder when the former proposes to divest its stake in the investee company. In such a case, the latter has the right to make an offer to buy the shares. If the selling shareholder refuses the offer, it can sell the shares to any third party (not being an affiliate or group company) but not at terms less favorable than those offered by the non-selling shareholder.

3. Tag along Rights (Piggy Back rights): The non-selling shareholder has a right which may be exercised as an alternative to the right of first refusal where the selling shareholder is divesting a controlling stake in the Company, where the agreement contemplates such a right. Instead of purchasing the shares offered by the selling shareholder, the non-selling shareholder has a right to sell its shares along with the shares of the selling shareholder and on the same terms as those of selling shareholder.

It is usual for an investor having a minority stake in an entity to want to have such an exit option in the event the majority shareholder(s) is divesting its entire or substantial holding in the investee company.

To clarify, this right is also often independent of any right of first offer or refusal.

For example, in a company ABC Pvt. Ltd., Mr. A, Mr. B and Mr. C are the three shareholders holding 40%, 30% and 30% Shares respectively. Mr. A and Mr. B wants to sell controlling interest i.e. 70% of the shares in the company to Mr. X, then Mr. C can enforce through Tag-along right sale of his shares also on the same price and terms and conditions on which Mr. A and Mr. B is selling their shares to Mr. X.

4. Drag along Rights: This type of clause in the shareholders agreement is in the interest of the majority shareholder(s). In the event the selling shareholder is divesting a controlling stake in the investee company, it has the right to compel the non-selling shareholder to sell its shares on the same terms as its own shares.

Commercially, such a right enables the selling shareholder to negotiate more favorable terms from the purchaser than it could have with the non-selling shareholder continuing as such in the investee company.

It is beneficial to Majority as well as Minority Shareholders also, since Minority Shareholders will get best prices for their shares than expected.

For example, in a company ABC Pvt. Ltd., Mr. A, Mr. B and Mr. C are the three shareholders holding 40%, 30% and 30% Shares respectively. Mr. A and Mr. B wants to sell the company to Mr. X, and Mr. X wants to acquire 100% shares of the company and Mr. C has not given his consent to this deal. In this case if there is a Drag-Along clause in Shareholders Agreement among Mr. A, Mr. B and Mr. C, then through this right Mr. A and Mr. B enforce Mr. C to sell his share in the company or consent to the agreement to sell the company with Mr. X.

The “drag along” and “tag along” provisions are a classic example of a balancing act between the rights of a majority shareholder and a minority shareholder.

Generally, the shareholders in the case of a private limited company are restricted to transfer their shares to maintain the shareholding pattern under control of majority shareholders. Hence, the investor while at the time of investing in a private limited company needs to be well aware of the rights included in the Shareholding Agreement to secure his/it’s investment and to opt for a proper exit.

Milkbasket

With digitalization creeping on every aspect of life, it stands to reason that the normal grocery shopping is also bound to change. One such pioneer in bringing this change is Milkbasket. A unique spin on the age-old kirana shops ubiquitous in every nook and cranny, Milkbasket delivers milk, fresh loaf of bread, fruits and vegetables and groceries right at the doorstep.

Founded in early 2015 by AnantGoel, Ashish Goel, YatishTalvadia and Anurag Jain, Milkbasket is a subscription based service that fulfills the daily grocery and household needs of customers every morning. A user simply needs to create an order, and can place/modify the same till midnight for a guaranteed early morning 7’o clock delivery. There is also an option to create recurring orders extended to the users.

Milkbasket recently raised over Rs. 19 crores in a Pre-series A round led by Unilever Ventures Ltd, the investment arm of FMCG major, Unilever. The funding will be used majorly to improve the technical and logistics capabilities of the delivery startup.

Milkbasket has been clocking in an average monthly gross merchandise value of Rs. 15 lakhs and serves 15 clusters in Gurgaon, each with a base of around 500 users. It has a target of growing 30 times to hit a gross monthly value of Rs. 4.5 crores and phasing out to other places.

However, with many other promising online grocery delivering startups such as Peppertap closing shop in India and intense competition from many other startups such as BigBasket, ZopNow, it is a turbulent road ahead for Milkbasket, and only time will tell if it will reap the rewards or fall in the pitfalls.