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Startups are Hopeless, Will Not Create Enough Jobs: Kishore Biyani

7Sep By NitishNo Comments

Entrepreneurs Talk

Startups are Hopeless, Will Not Create Enough Jobs: Kishore Biyani

Stating that startups are "hopeless" and 90 per cent of them "are not going anywhere", Future Group CEO Kishore Biyani today said. They have been made to look attractive only through daily full-page ads on newspapers. Insisting that the startups must work on a bigger canvas, he said at the current state these new ventures would be too small to create the number of jobs which India requires. "I think 90 per cent startups are not going anywhere. They are hopeless...In next three-four years revenues of these companies would not be more than Rs 3,000 crore to Rs 4,000 crore," Biyani said here at the Economist India Summit. Lashing out at the functioning of these new companies, he said: "I think startup has become sexy because of one page ad everyday (on newspapers). Otherwise I don...

Funding Squeeze Causing Stricter Evaluation of E-commerce Models

A tightening funding environment has prompted Indian e-commerce ecosystem to adopt stricter evaluation norms for business models, with focus on profitability and consolidation, a report said. "We believe this (e-commerce) shake-up may intensify further, leading to the emergence of one or two strong companies within each sub-sector," said the research report by Kotak Institutional Equities. A lack of fresh funding as well as stricter focus on profitability by investors is leading to swift business model changes by companies, it said. Further, the current wave of consolidation among e-commerce players may intensify, leading to fewer, stronger players emerging within each category. "Low valuations may prompt brick-and-mortar companies to take over some e-commerce rivals, in a bid to mak...

Kishore Biyani Resigns as Managing Director of Future Retail

New Delhi: In the latest, Kishore Biyani, Future group chairman stepped down from the position of Managing Director of Future Retail. The decision is part of the realignment strategy of the group's business. The resignations would be effective from May 1, 2016, Future Retail said in a BSE filing. ALSO READ: Kishore Biyani Acquires FabFurnish.com; Eyes Expansion in 100 cities Besides, Rakesh Biyani has also resigned from the post of Joint Managing Director as well as Director of the company as part of a restructuring to execute the merger Bharti Retail with the company announced last year. However, Kishore Biyani would continue to hold office as non-executive director of Future Retail Ltd, it added.