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Upon completion of the case study, student will be able to discuss valuation of new-age ventures and understand how it is different from the valuation of organisations with a longer history; analyse the considerations (quantitative and qualitative) while evaluating investments in new-age ventures; and develop a framework involving the various dimensions of investment readiness.

The fintech space in India has seen an upsurge of activities since 2016. The growth of Paytm, RazorPay and many such ventures and the drastic improvements in this ecosystem have been significant catalysts for this segment of new-age tech companies. Funding and valuations have seen a sharp increase, especially when businesses worldwide felt the after-effects of the pandemic, with India being home to a large number of unicorns, second only to the USA. Open Financial Technologies Ltd (OPEN TECH) is one such venture that claimed its spot as the 100th unicorn of India within a span of five years since inception. With a strong focus on disrupting the banking sector in India, this neo-bank aspires to be the equivalent of Stripe in India and eventually be a strong competitor in the international market.

Richard O’Neil is an active investor in the fintech space, based out of the UK, and he is currently looking to expand the market by considering investment options. In the process, Richard and his team have identified India as a viable and competitive market, as new venture support and funding are increasingly emphasized through policies such as Startup India, Make in India and many such more to sustain and propel its benefits. As the team was exploring ventures worth investing, Open Financial Technologies caught their attention. However, Richard, given his experience across fields and being a seasoned private equity investor, realised that valuing new-age companies is as much an art as it is a science. Multiple quantitative and qualitative aspects need to be considered while relevance of traditional valuation techniques to put a value on such entrepreneurial ventures is questioned. At this juncture, he finds it crucial to evaluate the investment readiness of OPEN TECH.

This case allows students to understand how valuation of new ventures is different from that of established companies and analyse the crucial factors worth considering while evaluating an investment proposal as a venture capitalist, which eventually helps shape the funding pitch of an entrepreneur in the space.

This case study can be useful for students undertaking graduate- and executive-level courses on business valuation and strategy and entrepreneurship, as well as entrepreneurial finance elective at the undergraduate level. One could use this case in courses on entrepreneurship and innovation, such as an introductory course on entrepreneurial finance and a course on venture capital and private equity. It also allows discussion on fintech and neobanking and the valuation of privately held companies.

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CSS 1: Accounting and finance.

This case study will help business management students learn the dynamics of distribution management in the rural context. After working through the case and assignment questions, the students will be able to:▪ Understand the transformation of rural retail from traditional models to organized modern retail;▪ Understand the opportunities and challenges of rural markets with specific reference to automobile products;▪ Identify and evaluate the various distribution channels available for rural markets; and▪ Devise a suitable rural-centric distribution model for automobile products following an appropriate logistics system.

Manan Motors, a dealership of Honda Motorcycle & Scooter India (HMSI) Private Limited in Hathras City of Uttar Pradesh province in India, has been operating successfully for the past two decades. Mr Manoj Bansal, the director at Manan Motors, was primarily targeting the urban markets with 60% dependency on the scooter portfolio of HMSI. But multiple pressures like stringent vehicle emission norms, price rise of two-wheelers and the impact of the pandemic took a toll upon the urban business of Honda Motorcycle and Scooter India Limited and subsequently upon Manan Motors. The sales for HMSI dipped from 15,121 million units in 2020–2021 to 13,466 million units in 2021–2022. Consequently, Bansal decided to alter the business strategy of Manan Motors and shift its focus from the urban to the rural territory of Hathras, where it could foresee demand for entry-level two-wheelers (engine capacity between 75 and 110 cc). Rural markets were developing, so Bansal realized that supplying a low-cost, low-end model to the rural Indian market was an opportunity for his dealership. Bansal’s decision to focus on the rural vertical of its two-wheeler business stirred several questions that floated in his mind. Should they manage distribution on their own, or through some channel members, or should they follow a rural-specific modern retail model?

The case study is designed for use by a postgraduate or executive-level audience for subjects such as sales and distribution management, distribution management and rural marketing. Students will understand the concept of distribution management and associated keywords specific to rural markets. The case study provides an opportunity to discuss and decide how a company can penetrate the rural market and also discusses the opportunities and challenges of rural distribution.

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CSS 9: Operations and logistics.

After completion of the case study, students will be able to identify the strategic key components of the Woolah tea brand through the business model canvas framework, to evaluate the major challenges faced by different stakeholders, to analyse the potential effects of bagless tea dip innovation and understand the principles of design thinking and its application in developing innovative solutions, to assess the strategic framework of Woolah tea brand to scale up its business and operations and to align the Woolah tea brand’s sustainability practices with a triple bottom line approach and contribution to UN Sustainable Development Goals.

Upamanyu Borkakoty and Anshuman Bharali, the founder duo of Woolah tea, began their entrepreneurial journey on a noble note. They recognised that plastic tea bags, which customers worldwide consume, create harmful health effects in the form of microplastic. They aimed to provide an authentic and sustainable tea experience while making it microplastic-free. When the world is heading towards securing a sustainable future, they envisioned adding a feather to it by proposing their Truedips. The USP of their product is Truedips – a tea ball they prepare by compressing one bud and two premier leaves. The founders were convinced that their innovative idea of tea consumption would provide customers with an authentic and exhilarating experience. However, there were dilemmas and roadblocks. They faced roadblocks related to the farmer’s traditional approach to growing tea, untrained tea growers, lack of financial assistance and customer readiness for a bagless tea experience. The dilemmas they faced related to their customer acceptance of their idea and the price affordability of the product. The big question hovering around was the customer’s feedback and acceptance of the product.

This case study suits graduate and postgraduate business administration students and other management programmes. The case study can also be used for business, marketing, design thinking, innovation and and social entrepreneurship courses.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

After reading this case study, students will be able to understand the impact of cyber threats on businesses; explore the intersection of innovation and ethical considerations; understand the proactive role of entrepreneurs in identifying gaps in traditional industries, such as insurance, and innovating solutions that align with local dynamics; and learn to formulate strategies addressing cultural factors, market gaps and challenges.

The case study follows Hasnain, a prosperous entrepreneur in Pakistan, who was surprised by the news of a cyberattack on Bank Islami. This event, coupled with a personal data breach in his family’s business, triggered Hasnain’s willingness and interest to address the growing threat of cyber risks and attacks. As the progenitor of a digital solutions startup, he identified a gap in the insurance industry’s replication to cyber threats and envisioned the desideratum for a Sharia-compliant cyber-insurance product withal called cyber risk takaful. The case study explores Hasnain’s journey as he contemplated the challenges of introducing cyber risk takaful – a Sharia-compliant insurance solution for businesses and individuals. Apperceiving the low vigilance and perceived costs associated with cyber insurance, Hasnain faced the dilemma of surmounting these barriers in a country where the penetration of insurance, in general, is already minimal. The story raises critical questions: How can Hasnain efficaciously introduce cyber risk takaful to a market reluctant to embrace cyber insurance? What business strategies should he use to engender vigilance and acceptance of this innovative insurance solution? Will businesses and individuals embrace the concept of cyber risk takaful and recognize its paramount in forfending their digital assets?

This case study is designed to meet the educational needs of both undergraduate and postgraduate students, particularly those enrolled in business administration programs. This case study is tailored for students in the final year of BBA and the first year of MBA programs. It is also well-suited for executive education programs that focus on strategic decision-making in the context of emerging market challenges, such as entrepreneurship and corporate strategy. The case study is particularly relevant for courses centered on entrepreneurship, business strategy, strategic management and corporate strategy.

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CSS11: Entrepreneurship.

Upon completion of the case study, students will be able to assess the business environment a firm faces and develop strategies to match its strengths and weaknesses vis-à-vis opportunities and threats; formulate growth/expansion strategies for a firm; and evaluate resources of the firm to develop a competitive advantage.

The case describes the journey of Praajasv Foundation, an institute that provides coaching for students pursuing civil service exams in Gujarat. Established in 2019 in a rented space in Ahmedabad, Praajasv made a name for itself in the competitive market of civil service exam coaching by 2022, thanks to its expert tutors and focus on quality education. However, with the changing dynamics of the industry, Malhar Bhatt, the COO of Praajasv, must navigate the institute to strengthen its position. The increasing number of aspirants for the Class-III cadre exams and the presence of strong national competitors pose significant challenges for Malhar in terms of strategic planning. The rise of online education as an alternative to classroom teaching has also altered the competitive landscape of the industry. How do these trends impact Malhar’s plans for Praajasv? How should Malhar plan to expand the Praajasv Foundation in the coming years?

This case can be useful for students majoring in strategic management and marketing management at the master’s level

Teaching notes are available for educators only.

CSS 8: Marketing.

This case study involves interviews with radiologists of various hospitals and with company personnel. Both primary and secondary data sources have been used. The first-hand perspective from the radiologists highlighted the challenges they face concerning time and the patient load. The company personnel highlighted using machine learning for used cases to make the platform more robust and accurate. This case has been tested with MBA students.

An emerging health-care artificial intelligence (AI) start-up, DeepTek.AI, wants to expand its reach in the radiology market. The company intends to leverage technology to assist radiologists in diagnostics. India's health-care sector faces the challenge of needing more trained doctors and nurses to meet the ever-increasing needs of patients. This case study revolves around the radiologists' concerns about implementing the new technology and its ease of use. The features and benefits of integrating AI in diagnostics are the need of the hour, but the reliability of results needs to be ascertained for adopting it.

This case was written for marketing applications and practices, trends in marketing, marketing strategy and technology adoption in marketing courses at the post-graduate level. Consumer adoption of finance, hospitality, travel and health-care technology is vital for increasing the company's market share and growth prospects. The students will have an opportunity to understand the challenges and the opportunities.

After completion of the case study, the students will be able to analyze the FinTech industry in emerging markets, distinguish the growth strategies for startups in the hyper-growth phase, using the Ansoff matrix, evaluate and select geographical markets for expansion (foreign country selection) and understand the liability of foreignness concept.

In 2015, Islam Shawky, Alain Al-Hajj and Mostafa Menessy founded Paymob in Egypt, a FinTech start-up providing technological and financial solutions to consumers and merchants in the country. The company had grown into one of Egypt’s most prominent digital payment providers by deploying infrastructure and technologies that empower the underserved with access to financial services. In 2021, Paymob had gained a lot of support from venture capital investors that ended with closing the largest in Egypt Series A fund of $18.5m led by Dubai-based venture capital firm Global Ventures. Although Paymob had already reached great success in Egypt, the founders’ vision was to become the regional leader of digital payments, focusing on small and medium-sized enterprises. So, they are considering regional markets similar to Egypt’s, such as the Kingdom of Saudi Arabia, a call with a lot of structure but a lot of competition, and Pakistan, a market with much less competition but relatively unstructured. The founders found themselves in early 2022 deciding between these two markets in preparation for the next round of Series B $50m funding.

This case study can be useful for courses in executive education.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.

The data used to present this case was collected from secondary data sources. These sources included media reports associated with Michael Jordan and his trajectory since entering the sport, as well as specific information published about his time at the Chicago Bulls. Another key source of information is the ESPN documentary conducted specifically on Jordan’s relationship with his National Basketball Association (NBA) team.

The case follows the story of Michael Jordan, who took his team, the Chicago Bulls, to fame in a rather controversial manner. To do so, Michael Jordan had to alter his leadership style over the years to be respected as a leader and motivate his team to win one NBA championship after another. On 20th April 2020, ESPN’s “The Last Dance”, a 10-part documentary about Michael Jordan and his time playing for the Chicago Bulls was released to much acclaim. The documentary became highly noted as Jordan himself, both directed and starred in the documentary. Jordan’s great achievements stood out, but so did the conflicts that the basketball star had with The Bulls’ management team and mainly, his teammates. Relationships between teammates were far from harmonious, which led to questions around whether Michael Jordan was as good a leader, as he was a star player. Cultural change within the organisation was primarily linked to the often-contested leadership of Jordan.

The case can be used at UG, MSc and MBA levels. It works for in-person teaching and for online teaching. It is most suitable in leadership, strategy and strategy in practice courses. However, it is critical to note that the case can shed light on the dynamics that leaders and teammates have within their teams. Therefore, this case may be valuable to students studying courses where they themselves must work in groups and oftentimes encounter challenges in managing their team. These challenges can arise at all levels of experience. As such, the case provides particularly useful reflection for decision makers who may be beginning to develop their leadership skill (UG), those who have already experienced working in teams (MSc) or leading teams themselves (MBA, Executive MBA). The case addresses the challenges associated with achieving high team motivation and performance. It also sheds light on the challenges associated with leading a cultural change within a team and the approaches of different actors involved. It may be best to introduce the case in the context of a (1.5–2 h) workshop once students understand the basic frameworks and tools used to analyse leadership styles and their characteristics.

After completion of the case study, students will be able to understand the format of for-profit social enterprise working for menstrual hygiene sustainability and its contribution toward U.N. Sustainable Development Goals, to appreciate the company’s alignment with the triple bottom line framework, to analyze the blue ocean mechanism that the company has developed to create an impact and to critique the strategies the Asan Cups company could adopt to increase its market share and growth.

Asan Cups was a for-profit social enterprise founded by Ira Guha in 2021. The company crafted reusable menstrual cups from liquid silicone, sporting a patented design in India, the UK, Europe and the USA. Successfully retailing its products in India, the UK and Europe, Asan Cups operated on a bootstrap model with a compact team of four, led by its visionary founder. From the get-go, the company embraced a compelling 1-for-1 donation initiative. For every cup sold, Asan Cups generously donated another to women who could not afford it. Collaborating with nongovernmental organizations, schools, educational institutions and social workers, the company spearheaded campaigns to heighten menstrual hygiene awareness. This proactive approach aimed to boost the acceptance of menstrual cups among rural women and championed the cause of environmental sustainability. The company did not just stop at providing an eco-friendly alternative. Asan Cups fervently educated the masses on the detrimental environmental impact of traditional disposable period products like sanitary pads and tampons. Fast-forwarding to 2023, Asan Cups had garnered approximately 30,000 users, with the adoption rate steadily climbing. The company strategically used an education-intensive model to foster awareness about period products in collaboration with partners nationwide. However, being a for-profit entity, the founder, Guha, was at a crossroads. Balancing the need for profitability, there was mounting pressure to explore additional revenue streams and expand operations and market reach. The dilemma loomed large: opt for a quicker marketing strategy or stay true to the company’s foundational education-centered approach. This case study delves into the dynamic strategies, impactful operations and growth scenarios Asan Cups navigated since its inception. It examines the pivotal choices faced by the founder and explores potential strategies for sustained growth.

This case study can be used at both undergraduate and master’s levels. The case study will be handy for strategic management and business strategy courses and can also be used for social entrepreneurship, marketing and entrepreneurship courses.

Teaching notes are available for educators only.

CSS 11: Strategy.

Specific teaching and learning objectives include to identify factors influencing market expansion decisions and recommend appropriate entry modes, understand factors in the international business environment that contribute to success or failure of international businesses in developing countries, evaluate strategies enabling international businesses to sustain market presence in developing countries and overcome local competition, analyze the concept of local responsiveness in international business operations and suggest strategies for internationalizing domestic companies from developing countries.

The McDonald’s case examines the challenges associated with market expansion by global brands. The case occurs during the early-globalization era in the 1990s. Barbados, a developing country, is the site for potential expansion. Prospective investors, the Winters, are desirous of establishing a McDonald’s in Barbados. They need to thoroughly analyze the previous experience of McDonald’s against the host country’s current international business environment, e.g. political, economic, cultural and competitive environment. This case analysis provides a framework for understanding the multifaceted reasons behind McDonald’s exit from Barbados, considering the complex interplay of political, economic, sociocultural, technological and legal factors in the international business environment. The case equips the instructor and students to explore the risks of international expansion, particularly in developing country markets. The case study on McDonald’s failure in Barbados highlights the need to thoroughly examine one’s market entry strategy and available information on the host market and be more locally responsive regarding tastes and preferences. The case study also presents essential lessons for firms and planners from developing countries. Local firms innovated and enhanced their operations in response to the threat from the entry of the global fast-food giant. Yet, they did not seek to internationalize once McDonald’s exited the Barbadian market. The case study, therefore, considers strategies firms from developing countries could utilize to penetrate markets from developed countries.

At the undergraduate level, the McDonald’s Barbados case can be used in international business classes to highlight risks in the international business environment and the need for a carefully planned and executed market entry strategy.

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CSS5: International Business.