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The Growing Of New-Age Baniya, Courtesy Digitally-Savvy Millennials (Tech Trend-Part I)

All of them have certain inherent skills in common: unwavering grip over "Hisaab-Kitab" (accounts) and a clear understanding of their "evolved" customers

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successful people
Certain habits can make you achieve success. Pixabay

Born with business in their DNA, baniyas have written several success stories when it comes to traditional, brick-and-mortar industry. With the spurt in digital economy, the clan – be it a Bansal, a Goyal, a Gupta or an Agarwal – has now adapted to newer business models with ease, especially in the burgeoning digital space.

Online food delivery platform Zomato has a masterchef in Deepinder Goyal; Ola is riding on Bhavish Aggarwal; Sachin Bansal helped Flipkart deliver millions of packages; 24-year-old Ritesh Agarwal checked into the budget hotel chain OYO Rooms and Peyush Bansal, founder of Lenskart, has firmly set his eyes on becoming the leader in the eyewear segment.

Zomato has grown into a unicorn valued at $2.3 billion and recently raised $600 million in funding. Ola, India’s local rival to Uber and now present in over 125 cities, has seen its valuation jump to nearly $6 billion.

Zomato
Zomato has grown into a unicorn valued at $2.3 billion and recently raised $600 million in funding. Ola, India’s local rival to Uber and now present in over 125 cities, has seen its valuation jump to nearly $6 billion.

After selling his stake in Flipkart for nearly $1 billion following his ouster from the online retailer, Bansal has invested $100 million in Bhavish-owned Ola and is expected to invest more.

All of them have certain inherent skills in common: unwavering grip over “Hisaab-Kitab” (accounts) and a clear understanding of their “evolved” customers — most of whom are millennials and are spending most of their time on smartphones and Internet — from ordering pizzas to calling cabs, booking flights to shopping anywhere, anytime.

Baniyas, an occupational community of merchants, bankers, money-lenders, dealers in grains or spices, who have set up commercial enterprises, have fast reinvented themselves for the changing needs of over 400 million millennials which make up for 46 per cent of the country’s workforce, according to a latest Morgan Stanley report.

business
The rise of New-Age baniya, courtesy digitally-savvy millennials (Tech Trend-Part I),Pixabay.

“The Gen-Y of traditional business families have moved onto the e-commerce bandwagon and are successful due to their exposure to developed economies, newer business models and better education,” says Thomas George, Senior Vice President and Head-CyberMedia Research & Services Ltd. (CMR).

With over 400 million smartphone users and more than 500 million broadband users (nearly 97 per cent of them are on wireless connections), the baniya brigade has sensed their biggest-ever opportunity in the e-commerce and online space.

Zomato currently delivers 22 million monthly orders. The company has acquired a desi startup TechEagle Innovations for drone-based food delivery.

Also Read: Sony Pictures Brings ‘Escape Room’ Experience

According to Deepinder Goyal, Zomato is currently at the early stage of aerial innovations and are taking baby steps towards building a tomorrow wherein users can expect a drone to deliver the food they ordered online.

“We believe that robots powering the last-mile delivery is an inevitable part of the future and hence is going to be a significant area of investment for us,” he said, reflecting a clear baniya trait, to sense what the new-age customers want.

According to George, the baniya community is now fueled by evolving customer preferences centred around convenience. “Needless to say, the sunshine sectors have offered wider scope and better growth opportunities for them,” George told IANS. (IANS)

Next Story

Don’t Buy Your Wine Without Tasting it

Try your wine before you buy it

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wine
The idea behind the dispenser was to make wine less intimidating. Get people in a way to interact with the machine and figure out what suits their palate," says Abhay Kewadkar, who worked with a start-up to bring the concept in India. IANS

BY PUJA GUPTA

The concept of ‘try before you buy’ applies most to wines.

It’s best to take a few sips before you spend on bottles, and this is possible with the help of wine dispensers – an apparatus which allows people to try up to five varietals of wines, enabling you to buy and pay for as little as 30ml v/s paying for a full glass which is 120 ml.

Wine dispensers also “give people the freedom to try more wines. The idea behind the dispenser was to make wines less intimidating. Get people in a way to interact with the machine and figure out what suits their palate,” says Abhay Kewadkar, who worked with a start-up to bring the concept in India.

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Kewadkar is the Managing Director of Tetrad Global Beverages Pvt Ltd, one of India’s first winemaker and owner of a label of Wines Early Dark made in collaboration with 5th generation winemakers from France.

wine
To pair with some of the Indian Cuisine, red wine is a good choice as it can take some level of spice. IANS

In a conversation with IANSlife, Kewadkar shares details of the benefits of dispensers and their availability, along with some wine trends.

Excerpts:

What made you introduce the concept of a wine dispenser in India?
Kewadkar: Wine dispensers have been introduced to give people the freedom to try more wines before they decide which ones they like. The dispenser allows one to try as little as 30ml and enjoy the experience of tasting various varietals in small quantities, before deciding which one they they prefer or would like to pair with which course of the meal. This gives one the chance to also learn about different vairents and understand wine in a fun way without feeling intimated by the presence of a third person.

What sort of benefits can these dispensers bring to the market and how well do you think it will be accepted in the industry?
Kewadkar: The dispenser hopefully will get even non wine’s drinkers to try a few varietal because they want to play with a new gadget. The whole “try before you buy” idea will see more people coming forward. If people feel encouraged to taste and understand wine, in the long run it will help the category grow. At present wine drinkers are the smallest segment in India. With an innovation like the dispenser, there is opportunity that this will change and give the industry a big boost.

How will customers benefit from this?
Kewadkar: The idea behind the dispenser was to make wines less intimidating. Get people in a way to interact with the machine and figure out what suits their palate. The dispenser acts like the consumers personal sommelier encouraging one to try and understand wines. So it is a great tool for educating and and creating awareness about this magnificent drink. Enabling customers to buy and pay for as little as 30ml v/s paying for a full glass which is 120 ml.

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How many varietals or bottles of wine can the dispenser store/stock?
Kewadkar: Currently, the ones we have got built stores up to 4 varietals of wines.

Where is it available currently and, which cities do you plan to take it to?
Kewadkar: At present, we have installed these dispensers in some star rated hotels and prestigious Clubs of Bangalore; we will soon be launching in other parts of the country like Kolkata and Mumbai.

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Wine dispensers have been introduced to give people the freedom to try more wines before they decide which ones they like. IANS

As a veteran in the space with over 3 decades of experience, where do you see the Indian wine industry in 5 years?
Kewadkar: Considering its acceptance and people constantly experimenting and introducing something or the other almost every other day, I feel we can expect the wine consumption to double in next five years.

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How have you seen people’s taste evolving in India when it comes to wines?
Kewadkar: The major consumption of wine in India is still as an aperitif. From the point of view of the Indian palate, the preference is still towards sweeter, less acidic wines when it comes to White wines and softer well rounded Red wines and Bold/Tannic wines. The off dry Rose is quite popular. The Cabernet Sauvignon is another varietal people have started going for. To pair with some of the Indian Cuisine, red wine is a good choice as it can take some level of spice owing to the structure of wine and make it a very enjoyable experience.

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What are the wind trends for 2020?
Kewadkar: I feel the demand for sustainably grown grapes and handcrafted wines in small batches from lesser known wineries will gain popularity. The new wine drinkers also look at labels when they select wines, labels which give information on the variety of grape, its origin, the vintage and terroir. (IANS)