Page 68 - IACC Newsletter August-September 2013 Issue 13

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nearly 50 per cent of the estimated Rs. 5,000-crore chocolate market, which is growing at 20 per cent compounded annual
growth rate.
“Galaxy is one of our biggest brands globally. It is not just about transporting a global product into India. We have focused
on tailoring the product for the Indian market, making the brand accessible at the right price point, bringing in innovation
on packaging based on Indian consumer’s insights and supporting it by the right communication plan and distribution
which ensures that the quality of the product is maintained,” he added. The company has roped in actor Arjun Rampal and
television actor Sapna Pabbi to endorse the brand.
Galaxy chocolate is currently available at Rs. 15 and Rs. 40. Natarajan said the company would continue to evaluate
opportunities for other price points and sizes. The brand will be available across the key urban regions in the next 4-6
months. The company has been looking at various strategies to grow its market share in India. Earlier this year, it launched
vegetarian Snickers, keeping the Indian consumer in mind.
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Amazon buys Rohit Agarwal’s TenMarks
The acquisition will be closed in the fourth quarter of 2013.
Online retail giant Amazon has acquired TenMarks, a mathematical education company founded by entrepreneur Rohit
Agarwal, in a deal that adds to the clutch of Indian-led technology firms that have been bought out by their bigger
American counterparts in recent times. Mr. Agarwal’s previous venture was TechTribe, an India-focussed tech networking
site that was backed by Canaan Partners, but shut down in 2009 due to funding-related issues.
While the financial details of the TenMarks’ acquisition were not disclosed, the company clocked a sizeable turnover last
financial year, according to industry insiders. The acquisition will be closed in the fourth quarter of 2013. TenMarks, which
is based out of California and was initially backed Catamount Ventures and Birchmere Ventures, focuses on helping to
maximise teacher effectiveness in the classroom with an emphasis on mathematics.
“TenMarks’s award-winning math programmes have been used by tens of thousands of schools, and Amazon engages with
millions of students around the world through our Kindle ecosystem," said Dave Limp, Vice President, Amazon Kindle, in a
statement. “Together, Amazon and TenMarks intend to develop rich educational content and applications, across multiple
platforms, that we think teachers, parents and students will love,” Mr. Limp added.
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