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Tag: Sandeep Aggarwal

  • Droom celebrates ten years with launch of AI-powered MyDroom platform

    Droom celebrates ten years with launch of AI-powered MyDroom platform

    Mumbai: Droom, an automobile marketplace, proudly marked its 10th anniversary by launching MyDroom, an AI-powered platform promising to transform the future of vehicle ownership. This milestone was celebrated with grandeur, featuring Guest of honour Naveen Jindal (chairman, Jindal Steel and Power Ltd., Philanthropist, Sportsperson and 3-time member of parliament)  and none other than its investor and brand ambassador, global music icon Badshah. The event was also graced by over 150 of India’s most influential tech entrepreneurs, who shared inspiring stories of innovation and success.

    Founded in 2014, Droom has continuously pushed the boundaries of the automobile industry, leveraging cutting-edge technology to empower over 2.5 million customers. The company’s journey from a fledgling start-up to a dominant force in the market is a testament to the resilience and vision of Droom’s founder & CEO Sandeep Aggarwal and his unwavering commitment to reshaping how India buys, sells, and manages vehicles.

    MyDroom: Shaping the future of vehicle management

    At the heart of the celebration was the unveiling of MyDroom, a revolutionary AI-powered platform designed to offer a seamless, personalized vehicle management experience. From predictive maintenance and real-time tracking to personalized recommendations, MyDroom is a game-changer for vehicle owners. It not only helps users stay ahead of maintenance schedules but also integrates various services like repairs, roadside assistance, and even car washes into a single platform—making vehicle ownership smarter and more efficient than ever before.

    Celebrating a decade of growth and innovation

    Droom’s 10-year journey has been nothing short of extraordinary. Having sold over 580k  vehicles worth a staggering $7.3 billion, the company has facilitated more than 4.5 million listings and served a vast network of 23,000 dealers across 1,176 cities. Today, with 16 million Monthly Active Users and 16.2 million app downloads, Droom stands as a beacon of India’s tech-driven revolution.

    Addressing the audience and congratulating the entire Droom team on this success guest of honour Jindal Steel & Power Ltd chairman Naveen Jindal affirmed “Our country’s growing pool of educated and skilled men and women driving the social and economic change. The majority of our population comprises youth who are aspiring for opportunities. And for us to provide these opportunities, we need to grow and for growth, we need to cooperate, collaborate and co-exist with our neighbours. He praised every Entrepreneur for their hard work and contribution to make India what it is. In continuation, he said with the right efforts Haryana will be a developed state in the next 10 years and Gurugram will be the developed city of the state in the next five years.

    Badshah, investor & brand ambassador, echoes the same excitement, “I’ve been a part of Droom’s journey as an investor and ambassador, and it’s been inspiring to see how they continue to innovate and push boundaries. MyDroom is a groundbreaking platform that perfectly aligns with my passion for technology and forward-thinking solutions. I’m excited to see how this will transform the way we manage and experience vehicles.”

    Droom founder & CEO Sandeep Aggarwal reflected on the company’s journey, “The past decade has been an extraordinary journey of innovation, disruption, and growth. We are deeply grateful to our team, customers, and partners for their trust and support. MyDroom marks the next chapter in our story—one that places vehicle owners at the forefront and harnesses AI to deliver a truly personalized, seamless experience. We are excited to lead the industry into the next decade and beyond. We are very grateful that Mr. Naveen Jindal and Baadshah took out time from their super busy schedule and joined the celebrations that encourage us to constantly do better work.”

    The event concluded with insightful questions about entrepreneurship during the 2 Fire Side chats, the first of Droom Founder and CEO Sandeep Aggarwal and Droom’s Brand Ambassador and Global music Icon Badshah and the second between Droom Founder and CEO Sandeep Aggarwal and guest of honour Naveen Jindal.  

  • Droom launches four innovative products on its tenth founding day anniversary

    Droom launches four innovative products on its tenth founding day anniversary

    Mumbai: Droom, an online marketplace for buying and selling used cars, celebrates its tenth founding day anniversary on 15 April 20204 by unveiling a suite of groundbreaking products designed to transform the used car industry. These new offerings – MyDroom, AdReach, GoDigital, and Chairman Club – empower consumers, businesses, and dealerships with comprehensive solutions for every stage of the car ownership journey.

    MyDroom: Your complete car management companion. MyDroom redefines car ownership by becoming your one-stop shop for everything related to your vehicle. This innovative app offers a personalized dashboard, smart diagnostics with proactive alerts, effortless tracking of service schedules and renewals, seamless expense management, secure document storage, and multi-car management capabilities. Powered by AI, MyDroom suggests best practices, optimizes vehicle performance, and extends its lifespan. MyDroom also connects you with a range of car services like repairs, roadside assistance, and car washes, all within the app, fostering data-driven decision-making for a smarter car ownership experience.

    AdReach; Performance-driven marketing solutions for businesses. Droom introduces AdReach, a tech and data-driven performance marketing platform offering solutions for both web publishers and advertisers. AdReach empowers web publishers to maximize their advertising revenue while providing advertisers with targeted reach and measurable results. This comprehensive advertising platform leverages cutting-edge technology and data science discipline to ensure successful marketing campaigns in the ever-evolving digital landscape.

    GoDigital: Effortlessly establish your e-commerce store. Droom launches GoDigital, a self-service, easy-to-use plug/play and robust e-commerce platform to let any business of any size to an e-commerce site and app. goDigital offers two options: e-commerce store and app edition and e-commerce store & app edition with EMS. The e-commerce store and app edition provide a stunning website and app on a self-service basis to businesses and the e-commerce store app along with a suite of EMS services includes catalog creation, online category management, site merchandising, digital marketing, online payments, fulfillment, delivery and customer support as ECommerce Managed Services.

    Chairman Club: Empowering dealerships for growth. Droom unveils chairman Club, a comprehensive suite of seller services designed to elevate the success of Indian auto dealerships and OEMs. Chairman Club provides a full spectrum of automobile services, including procurement of used vehicles at attractive prices, affordable dealer financing solutions, cutting-edge digital marketing tools, high-quality leads, self-service e-commerce stores, automobile certification services, professional services e.g GST and taxes, store branding support, and visual retail merchandising expertise. Chairman Club equips dealerships with all the necessary tools and resources to excel in the competitive used car market. Chairman Club also has two services for automobile OEMs ie. ProSeller Enterprise for an OEM to have a D2C channel for their line of products at Droom Marketplace directly or in conjunction with their dealership network and QuickSell for OEM, which enables all the authorized dealerships of an OEM to use Droom’s marketplace to sell all the exchange vehicles under a fixed price, auction or best offer and tap into Droom’s vast network of 23 k+ dealerships in 1,174 cities.

    “Droom has always been a trailblazer in leveraging AI and technology to disrupt the used car industry,” said Droom founder & CEO Sandeep Aggarwal.

    “We are not only pure-play e-commerce for automobiles but also have built tech products and real IP. With these four products, we are expanding Droom’s charter not only while a transaction is happening but entire lifecycle management and helping enterprises, OEMs, dealers, and advertisers not only on the Droom platform but beyond Droom platform too. We are confident that these solutions will empower our partners and customers, propelling the Indian used car market towards a brighter future”, said Droom founder & CEO Sandeep Aggarwal.

    Droom started its commercial operations on 21 Nov 2014 and since then it has sold 580k automobiles worth $7.3bn, 2.0mil automobile services, 23.1k cloud dealers, 4.5mil transactable listings worth $42.5bn in value, presence in 1,176 cities, 16 million app downloads, and 1.8bn as the sum of MAUs.

  • Droom and Badshah tie the knot for a multi-year brand deal

    Droom and Badshah tie the knot for a multi-year brand deal

    Mumbai: India’s pioneering automobile marketplace Droom enters into a groundbreaking brand partnership with entertainment artist Badshah.  This partnership includes an investment by Badshah into Droom and both parties will work together to make Droom the most sought-after brand for Millennials and GenZ.

    Badshah’s immense popularity and social media reach makes him the perfect brand ambassador for Droom. His urban persona aligns seamlessly with Droom’s target audience, creating a powerful and authentic brand connection that resonates with millennials and Gen Z consumers. He complements Droom’s vision of revolutionizing the automobile buying and selling experience in the 21st century.

    The partnership between Droom and Badshah disrupts traditional marketing concepts and together, they will set new industry standards aimed at driving unprecedented market traction and revenue surge for Droom, while enhancing its appeal to a broader consumer demographic.

    Expressing his excitement about the partnership, Badshah said, “I have been auto enthusiast for a long time and have been impressed on how Droom is solving automobile related trust, selection and pricing problem. Their unique approach resonates with me, and I am excited to be a part of this transformative journey.”

    Speaking on the occasion, Droom CEO & founder Sandeep Aggarwal said, “We are super excited to have Badshah as part of team Droom.  Droom is changing how automobiles should be bought and sold and spreading that word via a powerful voice like Badshah will help us tremendously. Together we will reshape the future of automotive commerce.”

  • Covid Care: Droom announces 1 cr budget to support fight against Covid

    Covid Care: Droom announces 1 cr budget to support fight against Covid

    New Delhi: Stepping up to take care of its employees during the devastating second wave of Covid2019, AI-driven online automobile marketplace Droom on Thursday announced Rs one crore budget for its new initiative – Droom Cares.

    As a part of this initiative, Droom will ensure sanitization of some healthcare facilities, police stations, clinics, pharmacies, and homes of healthcare workers in Delhi NCR using Germ Shield, its anti-microbial coating. It has also created a Covid SWAT team to verify all leads regarding oxygen supply, hospital beds, ICU availability, oximeters, food suppliers, plasma donors, and Covid-related life-saving drugs.

    The company has also launched programs for its 20,500+ dealers to assist with pharmaceuticals, Covid vaccination, medical assistance, and also provide isolation ward to asymptotic dealers with basic medical facilities. It has launched a telemedicine consultation for mental and physical health free of cost for Droomers. A unique Buddy Program has been initiated where Droom will assign one employee to another who is recovering from Covid2019 and requires assistance.

    “The second wave of the pandemic has triggered an unprecedented crisis for the country. We would like to show our commitment to society by trying to help people in these difficult times. We have also organized a Covid SWAT room for quick assistance and have converted one of our office facilities into emergency wards with basic medical facilities and doctor teleconsultation for our employees in times of need,” said Droom, founder and CEO, Sandeep Aggarwal.

    Among other relief measures, the company has announced a special insurance scheme for all its employees and dealers to have hassle-free treatment in these stressful times. The insurance scheme will give five times more cover to its employees and be also extended to their parents and current family members. “Our endeavor has always been to stand firmly united with our stakeholders in the most stressful times and we are confident to overcome these together,” Aggarwal added.

  • Droom ramps up its marketing momentum with the launch of an integrated radio/cinema campaign in major cities across India!

    Droom ramps up its marketing momentum with the launch of an integrated radio/cinema campaign in major cities across India!

    MUMBAI: Droom, India’s largest and pioneering online automobile transactional platform, has today announced the rollout of an integrated marketing campaign. The eight-week campaign has been launched in two parts – on radio and in cinemas – with a budget of INR 2 crore plus each. Droom has also partnered with top radio stations and multiplex chains in target geographies across India in order to ensure the maximum visibility and audience outreach for the campaign.

    Droom has recently launched a new offering called QuickSell, which enables sellers to sell their vehicle from their homes in a flash – an industry-first development which will revolutionise how pre-owned vehicles are bought and sold in the country. Buyers, on the other hand, have access to a stress-free automobile buying experience, where Droom ensures transactional transparency and value-for-money by facilitating pricing, inspection, history, paper transfer, loans and more. The latest marketing initiative is aimed at highlighting these benefits of transacting through Droom, as well as the superlative convenience and seamlessness that it enables.

    Speaking on the campaign launch, Mr. Sandeep Aggarwal – Founder & CEO, Droom, said, “Droom continues to build 21st century automobile buying and selling tools & technology. These campaigns help us to share with our customers, the new offerings and experiences that we are building for them.”

    The radio leg of Droom’s latest marketing campaign features a catchy rap jingle by popular rapper Baba Sehgal, which serves as the backdrop for delivering the ad’s message in an engaging and youthful manner. It has been launched in Delhi/NCR, Mumbai, Pune, Bangalore, Hyderabad, and Ahmedabad and will be played on Fever FM, Radio City, Nasha, Red FM, Radio One, Hit FM, and Big FM.

    The cinema leg, on the other hand, features three brand new TVCs, which will be played in 438 screens across Delhi/NCR, Mumbai, Pune, Bangalore, Hyderabad, Ahmedabad, and Chennai. Droom has partnered with top multiplex chains such as PVR, Inox, UFO, Qube, Cinepolis, Carnival, and IMAX for its latest campaign.

    The latest integrated campaign is a part of Droom’s robust marketing strategy and will further consolidate its position as the #1 online automobile transactional portal equipped with innovative tech-led features and a customer-centric approach.

  • MTV to air new reality show ‘Dropout Pvt Ltd’

    MUMBAI: MTV launched a new reality show MTV Dropout Pvt. Ltd, presented by Droom.in, powered by Micromax and Maruti Suzuki and grooming partner Gillette which will see the birth of the world’s first ever start-up formed on television.

    Created by Monozygotic and co-developed by MTV and Monozygotic, the show will premiere on 29 July at 7pm and next day onwards on Voot.

    Dropout Pvt. Ltd. is a show that will take viewers through the process of identifying and transforming ‘dropouts’ into the ideal start-up team and kick-starting their entrepreneurial journey.

    Expert businessmen who have excelled in their respective fields, Droom.in CEO and founder Sandeep Aggarwal, Mydala.com CEO and co-founder Anisha Singh, Games2Win CEO and co-founder Alok Kejriwal along with the show’s hosts and creators Raghu Ram and Rajiv Laxman will be a part of panels identifying and transforming ‘dropouts’ into the dream start-up team to kick-start their entrepreneurial journey.

    Speaking about the first season of Dropout Pvt. Ltd., Viacom18 youth, music and English entertainment head Ferzad Palia said, “India is brimming with young untapped energy keen on making ideas come to life and we at MTV, believe that as the largest platform for everything related to the youth, it is our responsibility to recognize, channelize and mobilize this energy by providing the youth with the right tools to make ideas happen. MTV aims at empowering these youngsters by providing them the biggest encouragement in the form of Dropout Pvt. Ltd. to kick start their entrepreneurial dreams. We at MTV realize that the youth today with their ‘go-getter’ attitude is willing to dream big to achieve their goals. We just want to give them the wings to fly.”

    Raghu Ram shared, “This exciting new show which revolves around the idea of entrepreneurship will be all about gutsy young minds keen on achieving their dreams. Rajiv and I saw a lot of potential in the idea of the show and we sat down with the MTV team to discuss and finalize the concept. The two of us together have conceptualized the show and will be producing and hosting the show as well. This is India’s first of its kind startup reality show aimed at the youth and we hope to boost the confidence of a lot of youngsters out there as we already have a long-standing connection with the youth of India.”

    “In a country like India where blazing one’s own trail is not encouraged too much; MTV is yet again taking a brave step by celebrating those youngsters who choose to go their own way by providing them with the correct platform to give life to their dreams. Through this show that has been conceptualized by Raghu and me, we aim to transform these young people into the ideal entrepreneurs and kick- start their start-up journey. When we were starting out, Raghu and I have had to go through a lot and hence understand the struggle and we both understand the youth very well due to the work we have done with them throughout our careers. It takes a lot to give up on everything and start something of your own and we are here to make this a lot easier for the youth out there,” said Rajiv Laxman.

    Speaking about the show, Aggarwal shared, “Dropout Pvt. Ltd. is a brilliant concept. This is an amazing platform for young minds who have a knack to start something of their own to be pitted against the biggest real-world business challenges, who must survive to form India’s dream startup team. Entrepreneurship is nothing without risk- taking and taking risks is scary whether you are going for a game of poker or quitting your college to pursue one of your promising business ideas. Entrepreneurship is a real test of once conviction, confidence and courage and the ones who take risks ultimately reach their destination. Dropout Pvt. Ltd. will be a great kick starter for all the risk- takers out there!”

    Singh also mentioned, “It feels exhilarating to be a part of the jury for Dropout Pvt. Ltd, especially after interacting with the kind of people that have walked in through the doors during the audition rounds. Each one had a phenomenal story or idea. It’s great that the Indian youth finally has a large platform to experiment with their ideas and launch their start-up dreams. We are looking for contestants who have the ‘self-starter’ attitude. Love that MTV recognizes that the youth today has bigger dreams and is willing to do what it takes to beat the odds. They are ready to change the status quo to make a difference. It’s time to become bigger than your dreams and MTV is giving you a chance to do it.”

    “It’s a different high being one’s own 8boss and a show like Dropout Pvt. Ltd. will help young minds kickstart their journey towards realizing their dream. Entrepreneurship is not only about being the best at what you do, it’s also about surrounding yourself with people who are smarter and can do a better job. MTV has given the biggest platform to young entrepreneurs to shed all their pretexts and learn how to build a company, not to sell but to keep,” said Kejriwal.

  • Droom to invest Rs 1k mn in 3 TVCs, Rs 250 mn for CSR

    MUMBAI: Droom, an online automobile transactional platform, has come out all guns blazing in its latest announcement of initiating a massive Rs 2250 million marketing budget. Beginning with three TVCs to be aired in coming days, Droom plans to carry out extensive marketing efforts throughout the country that firmly re-enforces its position as the #1 online automobile transactional marketplace facilitating buyers and sellers to avail the best value-for-worth offers and propositions when it comes to anything on wheels.

    Of the budget Rs 1000 million has been assigned to the TVCs, was allocated to carry out all-encompassing efforts spreading awareness in the entire country regarding the numerous benefits of online automobile transactions and Droom’s central role in the same. By introducing OBV (for used vehicle pricing, Eco (for auto inspection), Droom History (for used vehicle auto reports), and Droom Credit (instant auto loan for used vehicles), Droom has established itself as an end-to-end services provider and a leader of the automobile services ecosystem in India. From building trust to transparency to algorithm based pricing estimates to world-class auto inspection, Droom provides user with varied tools to ensure the buying/selling experience of automobiles becomes a breeze.

    Increase of marketing spend from Rs 100 crore last year to 225 crores in next 13 months corresponds to the rapid growth it recorded this year.

    Droom CEO Sandeep Aggarwal said, “At Droom we have built the entire ecosystem for used automobile buying and selling ground up and with performance based marketing program and data driven approach, we want to now make Droom a household name in India.”

    Apart from the three TVCs, the campaign will also feature extensive print, BTL, OOH, digital and online video campaigns to achieve nationwide brand recognition. Droom is allocating Rs. 25o million in CSR related campaigns on road safety, pollution, driving rules and used vehicle buyer’s rights.

  • Droom sells helmets cheap to popularise ‘safe riding’

    MUMBAI: At Rs 9 per helmet, road safety never looked more attractive and that’s exactly what Droom has been trying to achieve with its helmet sale over the past four months. The 4th round of the popular campaign again proved India’s pioneering and most successful online automobile transactional marketplace’s ability to strike a chord with the users with its quirky and out-of-the-box ideas. Promoting the oft-repeated but seldom implemented concept of ‘safe riding’, Droom’s campaign has managed to sensitize riders about the important social cause. It has also been a runaway success, with 62,859 orders received till now, while the total number of orders fulfilled being 50, 619.

    Road accidents claim a life every four minutes in India. In fact, last year, 410 people died every day in road accidents. Two wheelers are the worst-hit, accounting for 25% of the total road crash deaths. The Rs.9 helmet sale campaign, which has been held regularly each month from October last year barring November, has managed to create awareness regarding road safety by stressing on the importance of helmets and proper protection while driving. The campaign has also managed to generate great word-of-mouth publicity and brand visibility for Droom, and many users have praised the online marketplace for its sustained and beneficial efforts.

    While the MRP of each of the helmets stands at Rs.750, customers are able to order the same for Rs.9 by applying a code while ordering on the company’s website. The company has tied up several vendors and helmet manufacturer for this sale and Droom has allowed its branding on all the helmets that bear either Droom or Orange Book Value logos.

    Droom CEO Sandeep Aggarwal said, “The Rs.9 helmet sale campaign is very dear to us at Droom and one of our most prized efforts at customer advocacy. Road safety is one of the biggest issues facing our country and we are overwhelmed that our campaign has garnered such positive response.”

    Droom plans to conduct this sale during the middle of every month with a total targeted sale of 2.5 lakh helmets.

  • Droom to sponsor MTV Dropout reality show, founder to mentor entrepreneurs

    MUMBAI: From Bill Gates to Sachin Tendulkar, people who have become some of the most iconic figures in our country have achieved what they have only because they had strong vision, resilience and courage to back their passion in achieving that vision. In keeping with the same spirit, Droom, India’s pioneering online automobile transactional marketplace has now become the title sponsor for MTV Dropout, India’s first start-up reality show that seeks to find out India’s next big entrepreneur. Sandeep Aggarwal, Founder – ShopClues & Droom is a Chief Mentor to the participants throughout the show, along with the founders of two other Internet startups.

    Droom, the marketplace for buying and selling new and used automobiles, has four formats i.e. B2C, C2C, C2B and B2B, and three pricing formats – Fixed Price, Best Offer and Auction.

    Aggarwal, who is known to be among the most prolific investors and entrepreneurs in the Indian e-commerce and entrepreneurial environment, is often considered a maverick when it comes to taking tough decisions, showing resilience and building scalable businesses. Once a globally top ranked Wall Street Internet analyst out of Silicon Valley, Aggarwal gave up his comfortable job and a luxurious lifestyle to give fire to his entrepreneurial dreams and create India’s first managed marketplace-ShopClues – in 2011. Since, in his various roles as an angel investor or mentor, he has always strived to extend a helping hand to entrepreneurs with great ideas, ‘grit in their teeth and fire in their belly.’ MTV Dropout is another such venture which aims to finds out India’s next prolific business ideas through the concept of a reality show.

    Call for entries from applicants across the country has started. The auditions for the show will be held in Mumbai in the month of May to select the final candidates who will then be divided into teams and judged on the parameters of Drive, Strength of Idea, Planning and Attitude.

    Aggarwal said, “During the show, I would try to pass on the trust and the good faith that was bestowed on me and provide whatever experience I have gained into enriching the decisions of the participants to fulfill their dreams. The show has been structured in such a way that it tests all the skills of the participants required to emerge as prospective entrepreneurs and business leaders. From food trucks to corporate events, the participants would need to show their all-round skills, resilience and tenacity apart from continuously working on their individual business ideas. I wish them all the best and look forward to see some great business ideas and interactions on the show soon!”

    MTV Dropout will expand the narrow and negative connotation of the word ‘dropout’ to refer to people who have not accepted the pressures of the system but succeeded by pursuing an alternate, non-conventional idea with belief and pride. It invites entries from prospective entrepreneurs as well as ideas rejected in the VC stage to test their mettle in front of the experienced panel of mentors.

    Droom MTV Dropout will consist a series of episodes and the teams in the final will present to globally-renowned industrialists, investors and iconic economic personalities such as Ratan Tata, Anand Mahindra, Raghuram Rajan, Ronnie Screwala, Anil Ambani and Azim Premji. These stalwarts will select the one winning team that has the potential to revolutionize the business exosphere of India and further helm its start-up journey to a world of endless possibilities!

  • Demonetisation: Housing, online payment gung-ho; others find solace in India’s larger interest

    Demonetisation: Housing, online payment gung-ho; others find solace in India’s larger interest

    MUMBAI: Prime Minister Narendra Modi’s decision to demonetise denominations above Rs 100 and circulate newly designed Rs. 500 and Rs 1000 sent tremors across the country on 8 November. By dawn the next day, news of how and to what extent, several industries would be affected by it, apart from the citizens, were circulating in the media.

    The unprecedented step has hit the markets hard, to say the least, as Sensex and Nifty 50 dropped to the lowest since August 2015. As the stock market recovered, real estate, jewellery, and recreation and a section of F&B industry are being expected to feel the brunt the most.

    “Cash transactions or black money deals have plagued the sector for a long time, sometimes even accounting for up to 50 per cent of transactions. This (demonetizing) move, combined with the Benami Property Act which became effective on 1 November, will help weed out corruption and black money to a large extent, from the sector. The organised segment of the market shouldn’t be majorly impacted since most homes are now bought by end-users who avail home loans. The unorganised segment which relies mostly on cash transactions, will be impacted significantly, however. While this will slow down the market in the short-term, it will make India’s real estate sector more transparent and organised in the long-term, which in turn, will attract more funds, both, domestically and internationally,” added housing.com CEO Jason Kothari on a more positive note.

    E-commerce suffered as well, as the players were restricted from operating on Cash On Delivery.

    Oxigen Services India DMD Sunil Kulkarni said, “In one of the impacts of the demonetization of Rs.500 and Rs.1,000 currency, many e-commerce companies have temporarily discontinued COD. However, the affected users have found an option in prepaid visa card. In the past couple of days, post-demonetization announcement, the load value on Oxigen Wallet prepaid visa cards increased four times. The daily average number of users have also increased by 167 per cent, which is clearly showing a trend that people are adopting new ways to make cashless transactions.”

    An Oxigen wallet user can create make a prepaid visa card on the go using balance in wallet or by cash loading through its 200,000 retail touch points spread across India and pay for all online transactions thereby addressing a concern for COD transaction ban.

    “Modi government continues to adopt innovative and feasible ways to eradicate the menace of black money and move India to 21st century nation. The demonetization is a bold step. Not only will this move bring transparency in the system but will also control the menace of counterfeit currency which has been swelling. After supporting the startups, giving impetus to the digital economy, this is another step for India to be at par with other great nations of the world,” added Droom and ShopClues founder Sandeep Aggarwal.

    On the other hand, online and mobile money services have felt the biggest push, as admitted by PayTm in a statement earlier released to the media.

    “As millions of consumers across India have taken to using their Paytm Wallets to transact offline, our biggest opportunity is to be available in every town and city in the country. We want to reach there faster, are looking to further strengthen our onboarding teams as we continue to build India’s biggest payments network.” said Paytm SVP Amit Sinha. The Paytm platform saw an overwhelming 435 per cent increase in overall traffic within hours of the Prime Minister’s demonetizing Rs 500s and Rs 1000.

    Similarly Vodafone’s M Pesa division also welcomed this move. “We reiterate our commitment to actualize the government’s vision through Vodafone M-Pesa that leverages the reach of mobile technology to enable financial inclusion and offers the convenience of a digital wallet for easy transactions. The unique cash-out feature of Vodafone M-Pesa makes it the ideal digital wallet for masses, enabling users to digitise cash, remit it to family and friends, pay bills and/or withdraw it at their convenience from over 120,000 touch points across the country,” said Vodafone India M-Pesa business head Suresh Sethi.

    Will this give a boost to digital marketing and encourage more marketers to spend on digital media?

    “This is a wonderful move by the prime minister and is sure to take the digital economy to the stratosphere! Digital can give India a huge competitive advantage – this action will help shift masses to using digital. While the initial few days will be tough, in the long run it will be greatly beneficial to the economy,” iProspect CEO Vivek Bhargava.

    “The bold move comes in as an effort to fight tax evasion, including allowing taxpayers this year to come clean about undeclared income, without facing full penalties. This initiative will lead to further assertive action towards fighting corruption and terrorism in the country. It aims at a long overdue newer, cleaner India,” seconded Mindshift Interactive CEO Zafar Rais.

    While many have predicted that SMEs and startups will have a hard time during the initial days of transition due to cash crunch, several start-ups are willing to look beyond. “Bold & visionary move! While its implications will take time to materialise and will hopefully be all positive, the sheer courage and audacity of it is truly inspirational,” shared Revv CEO and co-founder Anupam Aggarwal.

    Adding his perspective as an executive from the travel industry, FindMyStay co-founder Rohit Khetrapal added, “As the country has gone cashless for the next two days with the prime minister’s announcement, it will shift the offline bookings in travel domain to online bookings but leisure travel will be slow over few days because of cash not available in the market that people need for food, transport etc. For example, Goa doesn’t have Ola or Uber, and travelling is a challenge in a sense of cash. However, this is a revolutionary step to curb corruption.”

    A section of the broadcast industry supporting the incumbent establishment policy expressed happiness. Essel Group chairman, and Rajya Sabha MP had tweeted: “This decision is truly path-breaking, probably one of the biggest economic reforms in Independent India. It will definitely curb the black money issue and reduce corruption drastically.” ZEEL MD & CEO Punit Goenka stated: “The important decision is aimed towards the brighter future of our nation! There will be short-lived inconvenience, but for a better tomorrow.” DishTV CMD Jawahar Goel said “We are in sync with the cause (demonetisation) which in the long term will impact the economy positively. We have introduced special benefits to our patrons which will provide them continuity in entertainment and convenience of transactions in the present scenario.”

    While most industries as looking at the brighter side of the current situation, all isn’t merry in Bollywood. With new releases coming this weekend, Bollywood and other film industries in the country are also expected to feel the impact, especially the small budget releases. The All-India-Release of Hindi Feature Film “30 Minutes” was scheduled this Friday, 11 November. But now, fearing an empty house, the makers have decided to postpone it to 9 December, 2016.

    Producer-director Yesudas BC and executive producer Amarjit Singh Kohli, expressed their discontentment” “Since the sudden announcement of demonetization, a large number of requests from cine-goers have been constantly pouring in explaining that they (cine-goers) are having acute shortage of Rs 100 & low denomination notes owing to the closure of banks on 9 November 2016 and the subsequent restriction on the maximum amount of withdrawal of money from banks and ATMs.”

    On the flip side, Cinépolis India India Strategic Initiatives director Devang Sampat pointed out, “The ongoing demonetization is restricted to currency notes in circulation; the online booking will be a feasible option. We want to provide convenience to our customers. Booking tickets online will prove to be a win-win for our patrons; they can book tickets with convenience.”