The Indian start-up world is constantly changing, evolving and, rising. The start-up life revolves around time constraint, performance pressure, resource crunch and managing within limited budgets. Indian start-ups are slowly changing and making news for the right and wrong reasons. Fancy positions, pet-friendly office spaces, and designations are the new ‘it’ thing in start-ups. However, enthusiasm and passion remain the driving force towards performance.
2016 was a year of great change where many established their start-ups. Many others shook their start-ups with drastic decisions only for us to realize that this start-up culture is here to stay!
Here’s a lowdown on a few big names that made news with their decisions in the start-up world in 2016:
1. Flipkart – Sachin & Binny Bansal
The famous twosome got everyone in a bit of a shock when, in a surprising town hall, Sachin Bansal admitted his inability to lead the company in its chosen direction. This happened amidst increasing competition from their two biggest competitors – Snapdeal and Amazon. Not only this, he even renounced his active position as the CEO of the company to become the Chairman of the Board & so, co-founder Binny Bansal was appointed as the new CEO of Flipkart.
2. Myntra – Ankit Nagori and Mukesh Bansal
Flipkart’s fashion arm, Myntra, followed suit when after 2 years of changing strategies (from only app based platform to app and web), they stuck to the basics – rebranding itself as one of the strongest contenders in Indian ecommerce fashion.
Unexpectedly forerunners Ankit Nagori and Mukesh Bansal quit their position at Myntra focusing on ventures such as Curefit and Cult. This move came at a time when the business was having a good run.
3. Housing.com – Abhishek Anand, Sanat Ghosh, and Ravish Naresh
The infamous episode with CEO Rahul Yadav isn’t the only one that made news for Housing.com. Co-founders Abhishek Anand, Sanat Ghosh, and Ravish Naresh departed too, reportedly starting up in HR management. Former employee Jaspreet Singh Saluja too gave up his position to become the co-founder of a VR production house -Elyssian Studio.
4. Times Group – Deepak Abott
Not much of a start-up much surely a newsmaker, the Times Group too has seen its shares of highs and lows. Times’ global arm, Global Partners got a new CEO in the form of Rishi Jaitly. Deepak Abbot, who previously headed the department of Mobile Growth for Times Internet, bid farewell to the Times Group to join Paytm as a Senior Vice President.
5. Intelligence Analytics – Rahul Yadav
Arguably one of the biggest newsmakers of 2016, Rahul Yadav started Intelligence Analytics to provide intelligent data aggregation and visualisation solutions to the Government of India, to make governance 100 times more efficient.
Even though it was being backed by big names, the company failed to impress which made his partner quit to join Urban Clap.
It is indeed interesting to follow this ecosystem where change seems to be the only constant leading to innovation and better opportunities for these young entrepreneurs.