As per the experts its better for the startups to change the name early on, to avoid limited branding.
Do you know that Zomato in its early days was called Foodiebay. The company was founded in 2008 and the brand was changed in 2010.
There may be factors like limited branding, or aim to realign the company name with the product expansions are associated with the name change.
The latest to join the league is Delhi-based ADA News in Shorts Pvt. Ltd, owner of News in Shorts (NIS), a mobile-based service that aggregates news stories from across the globe and provides their essence in 60 words. It will now be called inshorts.
Azhar Iqubal, chief executive officer (CEO) and co-founder said “The company will no longer be limited to news aggregation and will expand into content such as videos, infographics, podcasts, blogs,” . Last month, it raised $20 million from Tiger Global.
As per Alok Goel, managing director of SAIF Partners “A branding needs to take care of multiple things. How a customer feels about the name? Whether they can easily remember and pronounce it? Can it depict the vision of the company? It is very difficult for an early-stage startup to have answers to all these questions at the very beginning. Thus, as the company grows and it has to address any of these concerns, a rebranding becomes vital,”
The rebranding is an expensive affair which might cost more than 30 Lakhs rupees, to couple of crores like Hiree which might required to spend on billboards and digital marketing.
Goel adds ““Initially redBus name was fine but in the later stage, it put us in a stereotypical position that we can do only bus. Why would people want to take a cab or even get ticketing done from a company called redBus,”
Startups which were Rebranded
- News In Shorts—inshorts