For a generation that has only seen the world get smaller (thanks to the internet and the rise of interconnected economies), aspirations for their companies aren’t limited to India. As we firmly march forward in the 21st century, the country is seeing homegrown business houses become more integrated with the world. Being better travelled and having a sense of purpose has pushed the current wave of businessmen and businesswomen to transcend borders.
FOOD
Those familiar with The Leela Palaces, Hotels and Resorts will know of Le Cirque and Megu. They are internationally renowned fine dining restaurants brought to India by Aishwarya Nair Mathew, heiress of The Leela Group who played a prominent role in this endeavour. She believes that “luxury in India is in a fantastic space right now. There are so many diverse international brands being represented in India, which makes for a plethora of options for the individual consumer”. And vice versa, The Leela has gone on to represent India overseas. Jamavar, its Indian restaurant chain first opened at The Leela Palace Bengaluru in 2001, before rapidly spreading to other properties in the brand’s portfolio across the country. It is now open in London’s Tony Mayfair, as a stand-alone restaurant.
Another similar accomplishment is Farzi Café. It is originally from New Delhi and its branch in Dubai has become a favourite of His Highness Shaikh Mohammad Bin Rashid Al Maktoum. It will soon open in the English capital as well. Also replicating its New Delhi success overseas is Indian Accent in London and New York City. It is the only Indian name in the list of The World’s 50 Best Restaurants.
That’s just a handful of the tens of thousands of restaurants, which can all be found on Zomato. The restaurants aggregator has a valuation of US$2.5 billion, as per a January 2018 report by Morgan Stanley. Zomato’s founder Deepinder Goyal says, “Our long-term vision is ‘better food for more people’. We experiment with products that bring information on affordability, accessibility, assortment and quality of food to our users.” To that end, the online portal, which emerged in 2008 has now expanded to 24 international markets, including to the two cities mentioned earlier — London and New York. Users can look for restaurants in these markets, view photos and read reviews by other members, and add accounts of their own dining experiences. Further, the app uses real-time location to suggest restaurants in the vicinity.
Taking its offerings a step further, Zomato recently launched Zomato Gold in India. The membership programme offers discounts for drinking and dining experiences at restaurants and bars that have partnered with the company. In fact, India wasn’t where the product debuted. Goyal says, “Zomato Gold was actually piloted in Lisbon following which it was launched in Dubai and subsequently in India. We launched two user subscription programmes in India in 2017 — Zomato Gold and Zomato Treats — and both the programmes have seen phenomenal success.” Zomato Treats, also available in Dubai gives you a complimentary dessert when ordering from a partner eatery.
TRAVEL
Just like Goyal, there is a new breed of risk takers, breaking the norms of their respective industries and leading the country’s march towards a more connected future. One of them is Tripoto founded by Anirudh Gupta, which is reshaping the meaning of leisure travel. He says, “There is a lot of activity and growth in the travel sector and we plan to capitalise on it. Our model is about bringing together a community, user-generated travel content and commerce on a single platform.” The website allows members to share itineraries and view those uploaded by others, as well as connect with travellers sharing similar interests.
Recognising how technology can play a key role in pushing the success of any company, leaving digital marketing aside, he says: “The technology layer on our platform is enabled through search, discovery and [a] chatbot.” A chatbot is a voice-activated robot that responds to basic queries on a company’s platform. “In the next 12 months we will be focusing on videos, virtual and augmented reality content, artificial intelligence chatbot and personalisation of trips.”
OYO Rooms that launched before Tripoto is barely five years old and has already spread to over 230 cities across India, Nepal and Malaysia. The online hotel booking portal is for a standardised in-room experience in a budget property. These rooms are managed and regularly audited by OYO, bringing a sense of order and consistency to a budget hotel market that was notoriously irregular. Founder Ritesh Agarwal says, “In the long-term we want to be among the top consumer companies by becoming the go-to online accommodation brand for people looking for hassle-free and affordable stay-options. Our vision is to standardise and introduce efficiency in all forms of hospitality such as budget hotels, apartments, guest houses, and resorts. These are made easily accessible with photos and reviews from our users on our website.”
Cleanliness and hygiene that were once absent from an in-room experience in a low-cost property are now guaranteed by the portal that offers travellers convenience, connectivity and consistency, even in far-flung towns all over the country.
FINANCE
The venture capital environment has done its fair bit in helping today’s businesses evolve from ideas to start-ups. However, Gupta points out, “I think Indian investors are still fundamentally averse to taking risks. This restricts the emergence of innovation in the Indian market and new business models. The challenge in India to scale also lies in sourcing talent at an early stage of the start-up, as most employees are looking at the ongoing market salary bracket.”
Last year, Paytm received a whopping US$1.4 billion from Softbank Group. At that time, its founder, Vijay Shekhar Sharma shone an optimistic light, “We believe we have a great opportunity to bring financial inclusion to half a billion Indians.” Through parent company One97 Communications, Sharma too has become an investor in companies ranging for GOQii to Innov8 Coworking, ensuring that he plays a role in the growth of start-ups. Paytm is an e-wallet that helps transfer money and pay bills. Due to its easy interface, it is now being offered as a payment option by several entrepreneurial ventures, for example, Zomato and Uber. You can even pay via Paytm at some retail outlets.
As a new generation of Indians come of age in an economy that has been liberalised, they are growing businesses by harnessing the country’s rising spending prowess — be it a budget, luxury or digital product. While this might be the year in which Indian restaurants find their footing internationally, it is clear that homegrown companies in other fields too are not far behind. Summing it up for fellow entrepreneurs, Goyal says, “We will continue to focus on building more depth on the core focal markets, as well as product offerings.”
Aatish Nath
