Question

pick an entrepreneurial firm, provide details of its business model. Explain the young venture’s current situation, or its connection to a current entrepreneurship trend.

minimum 1000 words

Answer 1

Below are the details of 2 Indian ventures which has been explained in detail:

1. Cure Fit

Founded: 2016

Headquarters: Bengaluru, Karnataka (India)

Status: Private

Industry sector: Application software

EMPLOYEE: 901

Curefit annual revenue: $5 million

Funding $294.5 million

Business Model

Bengaluru, India based startup Curefit is based on health and fitness founded on 2016 by founders Ankit Nagori and Mukesh bansal. Curefit focus on mental wellness, physical fitness and a balanced diet for healthcare. Curefit provide health care philosophy through engagement, coaching and delivery using online and offline channels. Curefit have three sections Cult.fit for physical fitness, Mind.fit for mental wellbeing and Eat.fit for healthy eating.

CULT.FIT : dance fitness, HRX , boxing

EAT.FIT: Available 15 world Cuisines, 20 meal and 50+ healthy Snacks and Beverage options.

Home Style, Weight Watch, Fit Curries Cold Pressed juices.

MIND.FIT: Relax Yoga, Hatha Yoga, Power Yoga, 1 on 1 Therapy.

Competitors

HEALTHIFYME, FITCIRCLE, FITPASS, GROWFIT, MYFITNESSPAL, SPECTRAL, MOBIEFIT, FOODFIRST, PURPLE BASIL, GOQII.

Current situation

On 27th March, 2020, Friday, CureFit has cancelled all its classes across its centres until further notice as a precaution against the coronavirus outbreak. To compensate, it has also added a 14-day pause to memberships so that users can pause it for the time being and use the days later. Now, in order to help users get better access to their everyday workout and fitness needs, CureFit has announced the launch of Cult.live. This is a group fitness class led by star trainers, that lets you experience the energy from users’ homes.

With such initiative taken by the venture, it has outshined it competes since the current trend of health centres was taking a downward trend due to discontinuance of membership by people. Though, this application is providing free services. However, technique used by them will help them gain additional customers and retain existing customers for a longer period of time

2. Byju’s “The learning App

Founded: 2015

Headquarters: Bengaluru, Karnataka (India)

Status: Private

Industry sector: Education Technology

Byju’s annual revenue: INR 520 crores

Users: 33 million

Paid subscribers: 2.2 million

Annual retention rate:85%

Business Model

The company's main product is a mobile app named BYJU'S-The Learning App launched in August 2015. It provides educational content mainly to school students from classes 1 to 12 (primary to higher secondary level education). The company also offers courses to students for entrance examinations in India such as IIT-JEE, NEET, CAT, CSE as well as for international examinations such as GRE and GMAT

Below are the details of its current users and paying subscribers:

             Current situation

While temporary school closures as a result of health and other crises are not new, unfortunately, the global scale and speed of the current educational disruption is unparalleled and, if prolonged, could threaten the right to education,” said UNESCO Director-General Audrey Azulay. With 250 million school-going students in India, it is of paramount importance that their health is protected while also ensuring that their education is not interrupted. UNESCO also suggested that learning platforms can help students access quality education remotely during times like these. March-April is the exam season across India and schools shutting down during these crucial months can highly impact students’ academic growth. Taking this into the consideration, edtech unicorn BYJU’S announced that it will be providing free access to its complete app to school students from Classes 1 to 12 till the end of April.

Effect of such initiative during pandemics-Byju sees 60% increase in traffic after making learning free amid coronavirus. This has made the young entrepreneurship outshine the other players in the education industry