Course: EDP - Entrepreneurship Development Practices

Semester: 4th Semester

Branches: CS, IT, DS, AI, CSE-Cyber, ETC, EE
Course Coordinator: Prof. Ankita Bawane

Unit No 5: Discussion & Case studies in Entrepreneurship: Discussion of recent successful

startups as case studies, Presentation of case studies with new design concpt business model
with proper Canvas Model. Discussion of Entrepreneurship Threats & Challenges in New
Startups.

Recent Successful Startup’s Case Studies

Case Study 1: Physics Wallah (PW) – Democratizing Affordable Education in India

Introduction: Physics Wallah (PW) is a revolutionary Indian EdTech startup that has changed
the dynamics of online education for competitive exams. Founded by Alakh Pandey in 2020 as
an app-based platform, PW quickly rose to become India’s first profitable EdTech unicorn in
2022. Originating from humble beginnings on YouTube, PW now serves millions of students
preparing for exams like NEET, JEE, UPSC, and more,
especially in Tier 2 and Tier 3 cities.

Founder’s Vision and Early Days: Alakh Pandey, a

physics teacher from Prayagraj, started his YouTube
channel in 2016 with the aim of delivering high-quality
education to students who couldn't afford expensive
coaching classes. His engaging teaching style, down-to-
earth approach, and use of Hindi as the medium helped
him build a massive following. He understood the gap
in the Indian education market: quality education was mostly expensive and inaccessible to
rural and semi-urban students.

Growth and Evolution: By 2020, PW had transitioned into a full-fledged EdTech platform
with a dedicated mobile app. The courses were priced as low as ₹499, making them extremely
affordable. Unlike other EdTech giants focusing on metros, PW concentrated on Bharat (India
beyond metros), which had a massive untapped student base. The platform grew organically
through word-of-mouth, YouTube, Telegram, and WhatsApp groups.

Business Model Canvas:

• Customer Segments: NEET, JEE, UPSC aspirants, school students from Tier 2/3 cities

• Value Propositions: Affordable, high-quality education in vernacular languages;

relatable and passionate educators

• Channels: YouTube, mobile app, Telegram, offline Pathshalas

• Customer Relationships: Personalized doubt-solving, community building, relatable

faculty

• Revenue Streams: Paid courses on the app, offline coaching fees, book sales, test series

• Key Resources: Educator team, mobile app infrastructure, brand trust, content IP

• Key Activities: Content creation, app development, community management

• Key Partnerships: Offline coaching centers, book publishers

• Cost Structure: Faculty salaries, platform maintenance, marketing, content production

Impact: PW boasts over 10 million YouTube subscribers and over 5 million app downloads.
In just two years, the startup reached unicorn status with a valuation of $1.1 billion. More
importantly, it democratized access to quality education for students in underserved regions.

Challenges Faced: PW initially struggled with tech infrastructure and scaling operations.
Competing with deep-pocketed giants like BYJU'S and Unacademy posed a threat, but its
organic and focused approach helped it stay lean and mission-driven.

Conclusion: Physics Wallah is a prime example of how understanding a niche and staying
authentic to your audience can result in massive success. The platform not only thrives
financially but also impacts lives at scale.
Case Study 2: Zepto – Disrupting Grocery Delivery in India

Introduction: Zepto is one of India’s fastest-growing quick-commerce startups, promising

grocery delivery in under 10 minutes. Founded by Aadit Palicha and Kaivalya Vohra, two
Stanford dropouts, in 2021, Zepto has disrupted traditional e-grocery delivery by leveraging
hyperlocal dark store models and ultra-fast logistics.

Origin Story: Frustrated by inconsistent and delayed

grocery deliveries during the pandemic, the young
founders realized a significant opportunity in quick
commerce. Within months, they launched Zepto,
starting with Mumbai. Their target demographic was
urban dwellers who valued convenience and time
savings over price.

Growth Strategy: Zepto set up a dense network of dark stores (micro-warehouses) in metro
cities and used real-time data analytics to optimize inventory and delivery routes. It built its
own logistics fleet to maintain control over delivery timelines. The company invested heavily
in technology to predict demand and manage stock levels.

Business Model Canvas:

• Customer Segments: Urban professionals, Gen Z, students, working couples

• Value Propositions: 10-minute delivery, fresh and curated groceries, reliable service

• Channels: Mobile app, website

• Customer Relationships: App notifications, loyalty programs, personalized offers

• Revenue Streams: Product markups, delivery fees, ads, featured listings

• Key Resources: Dark stores, delivery fleet, tech infrastructure, data analytics

• Key Activities: Inventory management, order fulfillment, tech development

• Key Partnerships: Local vendors, logistics partners, real estate for dark stores

• Cost Structure: Warehousing, fleet salaries, app maintenance, marketing

Achievements: Zepto quickly expanded to cities like Delhi, Bengaluru, and Chennai. Within
two years, it reached a valuation of $1.4 billion. It attracted top investors like Nexus Venture
Partners and Glade Brook Capital.

Challenges Faced: Zepto faced criticism for the practicality and safety of 10-minute delivery.
There were concerns over delivery personnel safety and sustainability of the model. However,
the company responded by optimizing algorithms and ensuring safety protocols.

Conclusion: Zepto exemplifies innovation under pressure. In a saturated market, it stood out
through bold execution and tech-led operations. It reflects India’s youth-driven startup culture
and appetite for high-convenience services.

Case Study 3: Nuskha Kitchen – Modern Ayurveda for Women’s Wellness

Introduction: Nuskha Kitchen is an Ayurveda-based D2C brand that provides post-pregnancy

care products and traditional wellness laddoos. Founded by Priyanka Goyal in 2020, the
Nagpur-based brand gained national attention after featuring on Shark Tank India.

Founder’s Story: Priyanka started by preparing

traditional Ayurvedic laddoos for postpartum women
in her neighborhood, based on family recipes. She
soon realized the market gap for scientifically backed,
culturally rooted wellness products tailored for
women, especially in the postpartum phase.

Brand Philosophy: Nuskha Kitchen blends

traditional Ayurvedic knowledge with modern packaging and e-commerce convenience. The
brand celebrates Indian heritage while making products accessible and aspirational. It focuses
on authenticity, quality ingredients, and emotional connection.

Business Model Canvas:

• Customer Segments: New mothers, health-conscious women, gift buyers

• Value Propositions: Ayurvedic products, rooted in tradition, chemical-free,

personalized care

• Channels: Instagram, website, WhatsApp, Shark Tank exposure

• Customer Relationships: Personalized guidance, social media engagement, customer
support

• Revenue Streams: Direct product sales, festive gift boxes, combo packs

• Key Resources: Proprietary recipes, production unit, brand story, founder’s image

• Key Activities: Product development, packaging, online marketing

• Key Partnerships: Ayurvedic experts, logistics partners, packaging vendors

• Cost Structure: Raw materials, packaging, fulfillment, influencer marketing

Growth and Recognition: Nuskha Kitchen experienced massive demand after Shark Tank.
The emotional pitch by Priyanka resonated with audiences and judges. Orders came from
across India, and the brand scaled operations by investing in better logistics and packaging.

Challenges Faced: Scaling from a home kitchen to a national D2C brand required navigating
sourcing issues, quality control, and e-commerce complexities. The brand also had to build
trust in a space crowded with competitors.

Conclusion: Nuskha Kitchen is a powerful case of how cultural authenticity and modern
branding can go hand-in-hand. It highlights the rise of women-led startups and the growing
demand for niche wellness products rooted in Indian tradition.

Case Study 4: boAt – Redefining Lifestyle Audio in India

Introduction: boAt is an Indian consumer electronics

brand that has quickly become a household name for audio
products such as earphones, headphones, speakers, and
smartwatches. Founded in 2016 by Aman Gupta and
Sameer Mehta, boAt disrupted a market dominated by
international players by offering stylish, durable, and
affordable products catering to the youth.

Founder's Vision: The founders realized a major gap in the market: Indian youth wanted
trendy, high-quality audio products but couldn't afford the international price tags. boAt
focused on durability, bass-heavy sound quality, and lifestyle branding to appeal to Gen Z and
millennials.
Growth Story: The company embraced a D2C model through Amazon and Flipkart,
leveraging influencer marketing and pop culture collaborations to boost appeal. The brand grew
exponentially with over 10 million units sold by 2021, becoming India’s top-selling wearable
brand.

Business Model Canvas:

• Customer Segments: Young tech-savvy consumers, fitness enthusiasts

• Value Propositions: Affordable, trendy, high-quality audio and wearable devices

• Channels: E-commerce platforms, retail partners, boAt website

• Customer Relationships: Influencer marketing, customer engagement through social

media

• Revenue Streams: Online and retail product sales

• Key Resources: Brand equity, influencer network, design and tech teams

• Key Activities: Product innovation, branding, influencer partnerships

• Key Partnerships: Contract manufacturers, logistics partners, celebrities

• Cost Structure: Product design, manufacturing, marketing, distribution

Challenges Faced: boAt faced tough competition from global giants like JBL, Sony, and
Apple. Navigating production quality while maintaining affordability was a continuous
challenge.

Conclusion: boAt successfully built an Indian brand that competes globally. Its understanding
of youth culture, affordability, and aggressive branding made it a market leader.

Case Study 5: Mamaearth – A Revolution in Natural Skincare

Introduction: Mamaearth is a personal care brand known for toxin-free, natural products. Co-
founded in 2016 by Ghazal and Varun Alagh, the brand caters to the growing segment of health-
conscious consumers looking for safe, chemical-free beauty and skincare solutions.
Founder’s Journey: Ghazal, a new mother, struggled to find safe products for her baby,
leading to the inception of Mamaearth. The couple aimed to create India’s first MadeSafe-
certified brand.

Growth and Strategy: Mamaearth grew rapidly using digital marketing, social media
campaigns, and celebrity endorsements (like Shilpa Shetty). The company expanded from baby
products to skincare, haircare, and more.

Business Model Canvas:

• Customer Segments: Health-conscious

millennials, mothers, urban consumers

• Value Propositions: Safe, toxin-free, eco-

friendly personal care products

• Channels: Website, Amazon, Nykaa, retail

chains

• Customer Relationships: Online engagement, parenting communities, feedback loops

• Revenue Streams: Direct online sales, retail partnerships

• Key Resources: R&D team, certifications, influencer networks

• Key Activities: Product formulation, digital marketing, expansion strategies

• Key Partnerships: Dermatologists, organic suppliers, logistics firms

• Cost Structure: Product development, certification, influencer marketing

Impact and Challenges: Becoming a unicorn in 2022, Mamaearth revolutionized trust in

Indian skincare. However, it faces competition and scrutiny for pricing and scaling sustainably.

Conclusion: Mamaearth’s story reflects the new-age Indian consumer's preference for clean
and conscious products. It highlights the power of authenticity in branding.
Case Study 6: Lenskart – Vision at Scale

Introduction: Founded by Peyush Bansal in 2010, Lenskart is India’s leading eyewear brand
that disrupted the traditional optical market with affordable, tech-enabled, omnichannel
services.

Genesis and Strategy: Peyush recognized the inefficiencies in

the optical retail space and introduced online ordering, home eye
check-ups, and virtual try-ons to create a frictionless customer
experience.

Expansion and Innovation: With a hybrid online-offline model

and AI-driven tools, Lenskart now serves millions across India.
Its home trial and gold membership programs ensure loyalty and
repeat customers.

Business Model Canvas:

• Customer Segments: Prescription glasses users, fashion-forward youth, elderly

• Value Propositions: Affordable designer eyewear, try-before-you-buy, home service

• Channels: Website, mobile app, offline stores

• Customer Relationships: Personalized customer service, loyalty memberships

• Revenue Streams: Eyewear sales, subscription services, lens upgrades

• Key Resources: Proprietary tech, fulfillment centers, customer service

• Key Activities: Manufacturing, tech development, customer outreach

• Key Partnerships: Frame and lens suppliers, delivery services

• Cost Structure: Manufacturing, R&D, logistics, in-store experience

Challenges and Success: Lenskart had to overcome resistance from traditional opticians and
logistics barriers. Today, it competes internationally, including in Singapore and the Middle
East.
Conclusion: Lenskart is a standout example of a tech-integrated physical retail model. It
underscores how digital transformation can revolutionize even the oldest industries.

Entrepreneurship Threats & Challenges in New Startups

While India’s startup ecosystem is thriving, new entrepreneurs face a variety of threats and
challenges that can impede growth and sustainability. The following points highlight the most
critical areas:

1. Funding Uncertainty: Despite increased investor interest, early-stage startups often

struggle to secure seed or Series A funding. Economic downturns and changing investor
sentiment can dry up capital quickly.

2. Market Saturation and Competition: Many startup ideas, especially in e-commerce,

EdTech, and wellness, face intense competition. Standing out requires a strong brand,
differentiation, and superior execution.

3. Customer Acquisition Cost (CAC): High CAC due to heavy digital marketing expenses is
a major hurdle. New startups often burn cash acquiring customers without a clear path to
retention or profitability.

4. Regulatory Hurdles: Startups in FinTech, health, or education sectors often encounter

complex compliance issues. New government regulations can disrupt business operations
overnight.

5. Talent Acquisition & Retention: Attracting skilled professionals with limited budgets is
tough. Startups also face high attrition rates as employees seek more stable jobs elsewhere.

6. Technological Dependence: Dependence on scalable tech means startups need solid

infrastructure and cybersecurity. Tech failures can result in service disruptions and customer
churn.

7. Operational Scalability: Managing logistics, inventory, or service delivery becomes

complex as startups grow. Operational inefficiencies can erode margins and lead to customer
dissatisfaction.

8. Founder Burnout: High stress, long hours, and pressure to perform often lead to mental
health issues or burnout among founders, affecting leadership and business continuity.
9. Legal and IP Risks: Startups may face issues around intellectual property theft, copycats,
and legal disputes, especially if adequate protections are not put in place early.

10. Economic & Geopolitical Risks: Global market volatility, inflation, currency fluctuation,
and geopolitical tensions can impact exports, supply chains, or investor sentiment.