Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byKredX.
Invoice Discounting, also known as Invoice Bill Discounting, is a method for a business to get working profits by issuing an invoice to a lender at a lower price than that mentioned on the bill. In this setup, the seller obtains the payments well ahead of the bill’s due date and can put the money to good use in his enterprise.
KredX, headquartered in Bangalore, Karnataka, is a web-based invoice discounting tool that allows businesses to fundraise for their operating expenses.
As of December 2019, KredX, an invoice discounting platform, has raised $26 million (nearly INR 184 crore) in Series-B fundraising led by Tiger Global Management, with participation from previous investors. In 2016, Sequoia Capital and Prime Venture Partners invested INR 40 crore in the company’s Series-A investment. The Bengaluru-based venture assists businesses with short-term financing needs by paying bills and receivables.
According to the company’s most recent data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country. Scott Shleifer, Partner at Tiger Global, remarked, “I believe the firm (KredX) has developed an efficient and reliable loan marketplace connecting Indian companies with institutional investors.”
About KredX and How it Works?
KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral. The business’s platform provides an investing software that connects micro, small, and medium-sized businesses seeking working capital with individual lenders, allowing firms to obtain working money quickly by selling outstanding receivables.
KredX is a platform where company owners can sell invoices raised on large cap firms and investors can buy them. By purchasing these future income flows, investors wishing to invest money for a short period of time (1-3 months) can earn substantial returns. It creates a whole new financial asset class by combining advanced software with credit underwriting and data and analytics expertise. This platform allows business owners searching for a cash advance on invoices raised against big-name institutions to sell these outstanding bills at attractive rates.
KredX assisted the business in managing its finances while maintaining that its client relationships were not jeopardized. They were able to grow and develop their business by partnering with KredX, raising liquidity without affecting the balance sheet. KredX’ s customized methods and structured solutions assisted the organization in effectively allocating resources for its expansion needs.
KredX – Mission and Vision
KredX was founded in 2015 with the sole purpose of assisting businesses with their working capital needs by leveraging an asset that sits dormant on their balance sheet in the form of accounts receivable.
KredX – Name, Logo and Tagline
KredX’ s Company Logo
KredX believes in improving people’s lives through its intuitive and innovative products, and its work culture reflects this belief. The team is dedicated to achieving the “all work and must-play” aim.
KredX – Founder and History
Anurag Jain is the Founder and Executive Director of KredX. KredX was founded in 2015 with the sole purpose of assisting businesses in overcoming cash flow difficulties and hence boosting growth.
The KredX range of products grew from an invoice discount platform to handle greater concerns including early payments for corporate treasuries through Early Payments Technology and Growth Capital solutions. At present, KredX is India’s biggest cash flow solution provider, providing unique capital solutions to businesses and their suppliers while also providing investors with a unique opportunity to make low-risk, high-return investments.
With just INR 2 lakh in the capital, the company that began with the goal of providing cost-effective goods and solutions in all areas of IT has developed into a professionally run supply-chain specialist with a revenue of INR 3400 crore.
On a daily basis, the company’s unshakable devotion to customer experience, irrepressible desire for excellence, seamless coordination among team members, and solid business ethics lead to a large and diverse clientele. The payment cycle can be pushed out across a few weeks in such instances. Dealing with major vendors whose payment timeframes may fluctuate, ultimately influencing their finances, is important to any company’s business growth.
KredX – Products and Services
The KredX Product Suite is a collection of following KredX products:
Working Cash Solution – Enabling businesses to obtain working capital in a short period of time while also giving investors with a lucrative return on their investment.
Growth Capital Solution – KredX’ s growth capital solutions assist firms in overcoming obstacles by offering upfront funding for expansion and growth.
Early Payments Technology — A cloud-based technology solution that allows businesses to make discounted early payments to their vendors.
KredX is a digital invoice discounting platform that allows businesses to acquire funds for working capital needs at advantageous terms by selling outstanding bills raised against blue-chip firms, while also giving investors a unique short-term investment opportunity.
The KredX business model is an alternative investment model in which you can begin investing with a minimum of 3 Lacs for a short period of time and expect a fixed return at the end of the investment period, which can range from 30 to 90 days. Annual returns range from 12 percent to 20 percent (as per their marketing material).
KredX – Revenue And Growth
At present, KredX’ s revenue is $31 Million. Through its network of lenders, digital lender KredX said it will disburse INR 1,000 crore in loans in the fiscal year 2021 through its revenue-based financing (RBF) product, with an emphasis on consumer brands and software-as-a-service (SaaS) firms.
Through its revenue-based financing product, KredX has disbursed loans to a number of brands trying to sell on e-commerce platforms like Flipkart, Amazon, and Myntra in the last two years.
KredX – Funding and Investors
Date
Round
Amount
Lead Investors
Dec 11, 2019
Series B
$26M
Tiger Global Management
Oct 25, 2016
Series A
$6.3M
Sequoia Capital India
Apr 13, 2016
Seed Round
$750K
–
KredX – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
Hummingbill
Hummingbill is a B2B invoice platform that helps vendors and enterprises run more efficiently, using email plugins.
The organisation tried a variety of financial aid options in search of solutions to meet their needs, but there were a number of issues with the options, the most significant of which was the time needed in the process. There are various issues with the offerings, the most significant of which is the amount of time required to complete the process. Other disadvantages included:
Reduced the funding limit in accordance with existing policies and procedures.
To access standard offerings, the organization had to provide collateral and financial information.
Other types of short- and long-term financing were prohibitively expensive.
Obtaining capital for liquidity and expansion is a challenge.
KredX – Future Plans
“Being in the B2B payment ecosystem, our transaction processing volume has crossed $2.4 billion annually and is forecast to double in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company,” said Anurag Jain, executive director, KredX.
More than 120 companies use the platform, including Tata Croma, Future Group, and Vedanta. The company intends to use the additional funds to hire senior executives in order to accelerate its expansion. It also plans to use the capital to develop new products and make acquisitions.
According to the company’s data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country.
” I believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.
Each one of us must have hosted some events at some point in our lives. Either it is a casual get together for the close friends or a grand personal or corporate event, as a host we always want the event to be successful. The motif of every host is to make an event enjoyable and pleasant for the guests. However, every event big or small event requires a good amount of planning and arrangements. So for those important events at your home or office, it is always a good idea to take help from professionals.
Meet Tosshead, the event management experts. This Bangalore based startup is here to solve all your event related owes by not only providing event packages but it is also the first online platform in India which rents equipment required for events. The company formed in 2018 is on a mission to simplify the super complicated task of organizing a perfect event.
Event Management industry is expected to witness an exponential growth with over 25% y-o-y over the coming few years. As reported by EY-EEMA (Event and Entertainment Management Association), events industry in India is expected to surpass INR 10,000 crore mark by 2020-21. This growth in industry is because, the range of events that people are looking for has increased from birthdays and marriages to celebrations across various individual and corporate events. From being an unorganized industry to being an organised sector, the next phase key growth driver for event management is going to be in the form of digital and reaching out to masses.
Tosshead – Founder
Shank K. Vasudev founder Tosshead
Shank K. Vasudev is the founder of Tosshead.
Shank always believed in innovation creativity and simplicity since his childhood. He completed his 10th grade with great difficulty from a remote village, Cuddapah in Andhra Pradesh. Soon, young age crisis caught him and he was much confused about life.
The dilemma wasn’t of what I need to study further but how I need to be different in life.
As the life moved on he decided to take mathematics, but life continued to embarrass him as he thought he was doing the same routine as others are doing. So, instead of joining any engineering college, he wanted to learn finance and accounting which would also help in running a business. While making this decision, he realised that instead of spending 3 years in graduation he can join a correspondence course and at the same time to gain experience. From there on everything started falling in place.
Prior to founding Tosshead, Shank worked with several organizations. At his first job, he used to sell Philips accessories and salary was mere INR 1000. Yet, he somehow survived there for 1 year and 2 months. For the next 2 years, he worked at BPL mobile, selling SIM cards. He got his break with Kothari Pioneer Mutual Fund, where he worked for 12+ years and held many senior positions within the company.
Currently, Tosshead has 9 members. Shank knew them personally for the past 5-6 years as they were from same industry. Also it was very easy to get them onboard as they liked the innovation in the event space which they believe is a big game changer.
Our team is personally handpicked from known and reference sources so that they stick around for long run.
Tosshead – The Idea and Starting Up
Tosshead Logo
The inspiration to start an event management company came to his mind on an official trip to HongKong in 2010. He hired an Event Management company for the customers but he wasn’t happy with their services. This baffled the customers and also made the situation embarrassing. On returning from the trip, he assessed his personal situation and decided to quit his job to start an event management venture.
I did not think beyond. One night, I had made up my mind to offer the best to customers as an event management company and it all began 9 years ago. At the age of 33, I quit my job and went ahead to set up my own start-up and led for the birth of an event management company.
The increase in disposable income with consumers and a growing economy offered him enough opportunities to push ahead the agenda of offering every type of events. From personal events to family events to corporate events and even fashion shows, Tosshead has done it all. Till now the company has managed over 10000 events. Apart from managing corporate events for several years, an idea to offer event equipment for hire stuck in his mind. This led to launch a website – India’s First platform to book event packages or event equipment.
I am confident that the simplicity of customized packages and a range of equipment would be a game changer. Since Event Management as a concept has hardly been perceived as an online product, my ambitious project TossHead, would fill the void.
Tosshead – Services
Tosshead is a one stop solution for all your event related needs. With just 3 clicks – you can book event packages or event equipment online.
It manages all kinds of events like DJ party, karaoke, corporate conferences, annual day, award nights, theme parties, marketing promotion events or sports events.
If an event is on your mind, we will make it happen.
Besides, Tosshead offers for hire each and everything required for an event, like, anchors, Dj machine, karaoke machine, LED wall, decoration items etc.
Our strength is creativity, conceptualizing, implementation, execution and equipment. The expertise of Tosshead lies in our ideation and execution backed by a passionate team of professionals who are not satisfied until the event does not set a benchmark for quality.
Tosshead – Business and Revenue Model
The Tosshead business model operates in both B2B & B2C models and for every booking on the platform, Tosshead takes a commission.s
Tosshead – Funding
Tosshead raised $3 Million seed fund from NRIs based in US on March 2019. This is Tosshead’s maiden round of funding.
Date
Stage
Amount
Investors
March 2019
Seed
$3Million
Angel Investors
Tosshead, which is currently operating only in Bengaluru, is planning to use this fund for expanding to other major cities like Delhi, Mumbai, Chennai and Hyderabad within the next 6-12 months. Besides, it will also use a part of the fund to upgrade its technology.
Tosshead – Partnership
In March 2019, Tosshead partnered with OYO. OYO is the largest and most popular hotel booking platform in India. Owing to this partnership, now the users can also book banquet halls through the Tosshead platform
Tosshead – Challenges
According to Shank, technology was one of the major challenges for the company.
To offer the best user-friendly experience to the website visitors is a demanding job.
Tosshead – Competitors
There are many event management companies like Cineyug Entertainment, Wizcraft, Cox and King, Fountainhead etc which are major players in the Industry and poses a tough competition for everyone around.
However, Tosshead’s USP is that it also provides event related equipment on hire and it is first of its kind platform in India.
To be in all major cities of India by the next 1-2 years.
To keep adding a whole lot of event related things in the company’s website.
Tosshead – Founder’s Advice
Don’t create a product, let the product innovation create you!
Tosshead – FAQs
What is Tosshead?
Tosshead is a one stop solution for all your event planning and management needs. With just 3 clicks – you can book event packages or event equipment online.
Who founded Tosshead and when?
The Tosshead founder is Shank K. Vasudev and he founded the startup in 2018.
Where is Tosshead available?
Tosshead is currently available in Bangalore, Chennai and Hyderabad.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
Resting and taking a break from work or taking a short getaway to break the monotony of daily life makes you feel refreshed, rejuvenated and more productive at work.
There is virtue in work and there is virtue in rest. Use both and overlook none – said inspirational author Alan Cohen.
Many studies and researches are proving the fantastic effects that even a short time out can have on one’s mind and productivity. Reports say that, “Vacations have the potential to break into the stress cycle”. However due to time or money constraints, we are not able to take adequate vacations. But thankfully now we have a solution to it.
StartupTalky interviewed Kipstay co founder Arjun Raghunandan, to know better about this startup dedicated to helping stressed-out and overworked people find relaxation, rejuvenation and overall health benefits by reconnecting with nature.
Kipstay operates a collection of homestays within a two – five-hour drive from major urban cities and outfits them with comforts of home, and rents them by night. Kipstay is designed to redefine short vacations. The experience, the location and design of the Kipstay homestays are created in a way that helps guests unplug and detox from the stress of daily life and rejuvenate.
Kipstay converts existing/abandoned housing stock short drive from the city into something more usable for this generation, that’s more responsible for the environment.
Kipstay helps you disconnect and recharge from the daily grind — to be an “off switch” in an “on world.” Technology and work have infiltrated every hour of every day and we need to find a new way to find balance
The getaways can be booked via Kipstay’s website or mobile app. Unlike vacations which can be expensive and far away, Kipstay is affordable (starting at INR 1500/night), far enough to feel disconnected but near enough, so you don’t spend all your time getting there.
Kipstay – USPs
Urban millennials are overworked and stressed out as technology, jobs and social media fill every waking moment of our lives. 8 out of 10 people want to go on vacations to relax, destress and reconnect with family and friends. But planning vacations take 4 to 7 days per trip, they are expensive (avg. INR 1 to 2 lakhs) and frequency is limited to once a year due to busy lifestyle. The major USP of Kipstay is that it allows one to take that much-needed break without spending a lot and being near cities one can plan short trips frequently.
Also, in India, booking homestays as an alternative to hotels is frustrating on many levels – the experience is unpredictable, no transparency in pricing, inaccurate listing information and photos and trust issues. Kipstay is a solution to these problems.
To enlist, Kipstay has the following USPs –
For Travellers-
Experience – Significantly better and predictable experience for travelers. (Like an Airbnb Plus Home).
Affordable – INR 1,500 per night. Kipstay controls the pricing and inventory unlike other marketplaces and OTAs.
Accessible – All homes would be in scenic locations 2-5 hrs from urban cities, perfect for short getaways. Unlike Kipstay, many companies do not reveal the exact location unless a booking is made, which is frustrating for a traveler while planning.
Differentiated branding with a chic design.
Travelers need not choose between an authentic experience or dependable customer service and basic amenities.
For Homeowners-
Ease of converting a regular home to a branded Kipstay Home via the company’s easy to execute playbook.
Product features – Kipstay provides branded amenities, marketing and distribution, pricing and inventory management via. a tech backend.
Higher occupancy rates (higher than 50%) due to Kipstay brand which directly increases earnings.
Kipstay offers a DIFM (Do-It-For-Me) model instead of the DIY model which is time-consuming and expensive.
Crossover of Uber (technology back-end, marketing & distribution, operations) and Airbnb (unique inventory with authentic travel experiences).
Achintya Dayal and Arjun Raghunandan are the founders of Kipstay. Achintya and Arjun were friends since their school days,and started their first startup Pyxis Networks- an event management company, while they were in the last year of college. After Achintya graduated from Manipal University and Arjun from Ramaiah Institute of Technology they co-founded Kipstay.
Achintya Dayal and Arjun Raghunandan – Co-founders, Kipstay
The founders emphasize on building the right team from the beginning and brought on board great talent to join Kipstay’s core team. Kipstay work culture is centered around people over process.
We push our team to achieve excellence by empowering them with freedom and responsibility. Our goal is to inspire people and trust them to do what they think is best for Kipstay by giving them freedom, power, the information in support of their decisions.
Kipstay – How It All Started?
While all their friends were busy preparing for CAT, GRE and GMAT, Achintya and Arjun decided to travel and attend as many music festivals as we could.
We knew after graduation we would be facing the grind anyway, why not enjoy until then – says Arjun.
During one such festival, it struck them that they could sell some merchandise and make some money as a side hustle, to enhance the festival experience for music festival-goers.
The duo mailed Sunburn ( Asia’s largest music festival held in Pune, Maharashtra, every year) regarding their plan to sell merchandise at the event, and soon they were meeting hundreds of vendors – sourcing, finalizing and shipping merchandise to these festivals and all these was quite interesting!
Honestly, we did not know this was entrepreneurship. The feeling of having earned money even before graduating got us excited about the business.
And this love for entrepreneurship, stayed with Arjun and Achintya. After graduation, Arjun wrote his GRE and was on the final waitlist of acceptance to the University of Maryland, but instead of waiting he took a hard decision of staying back and pursue business.
Arjun started discussing ideas with Achintya, and saw a huge opportunity in the travel industry as he belonged to a family of travel experts. This lead to the launch of Kipstay in 2015.
The name Kipstay comes from the words ‘Kip’ and ‘Homestay’
Kipstay Logo
‘Kip’ is an urban slang word which means to sleepover at someone else’s house. Again, Homestay is a private house offering accommodation to paying guests for short periods.
The Indian travel market is projected to grow at 11-11.5% to the tune of $48 Bn by 2020 and Hotels will grow at 13% to $13 Bn by 2020. Alternate stays, including short term rentals and other lodgings is expected to grow up to $3 Bn by 2020.
Kipstay banks on the following recent trends in the Indian Travel Industry:
Increase in Frequency of short duration (2- 4 nights) trips to at least 4 to 6 times per year
Increase in Alternate Accommodation supply in India is growing at 40%
80% of Indian travelers said they are seeking authentic experiences.
Kipstay – Business & Revenue Model
Kipstay was initially launched as a marketplace to discover and book homestays and additionally, they provided tools (Kiplist) to help owners manage their homes. Later the company pivoted to a network of branded getaway homes model to offer a better customer experience.
In a marketplace model, it was hard for us to handle operations of the homes – like speaking to guests, making sure the amenities are well stocked, no control on pricing and inventory, etc. Hence to deliver a significantly better experience we iterated our model
Kipstay runs on a simple revenue model. It helps homeowners manage their branding, operations such as guest communications and marketing and distribution via their website and app and other third-party channels. For all these services, Kipstay charges a percentage of the total booking it generates.
Kipstay was initially launched as a marketplace to discover and book homestays and additionally, they built tools (Kiplist) to help owners manage their homes. The aim was to be the backend engine that would drive business to these properties. However, this model did not turn out to be successful.
Kipstay had 300+ homestays across 30 locations, but the bookings were very low. On speaking to customers and through direct feedback the Kipstay team understood that the users were not looking for cookie-cutter experiences when they booked with them. Travelers were looking for getaways that offered an authentic experience (like an Airbnb offering) and dependable customer service and basic amenities (like a hotel offering). Keeping up with customer expectations, Kipstay – A branded network of homestays was launched.
Kipstay launched its first property in Chikmagalur and it received great response from the customers. In the first week of the launch – they sold 3 months of weekends, winter bookings being made in 4 months in advance.
Kipstay – Startup Challenges
The most challenging situation that the Kipstay team faced was convincing the homeowners to rebrand their property and letting Kipstay take care of technology and operations while they take care of the hospitality. However, given the profitability that Kipstay offers to the house owners, many house owners soon came forward to join hands with Kipstay.
Kipstay – Funding & Investors
Kipstay raised 1 round of angel funding in 2018.
Date
Stage
Amount
Investor
2018
Angel
Undisclosed
IIM Ahmedabad Alumni & Group of HNI’s
Kipstay – Competitors
Airbnb, HomeAway, Sykes Cottages, AvantStay, misterb&b etc., are some of the similar companies in this sector.
Kipstay – Awards & Recognitions
Amrita TBI pitchfest top 30 startups
Y Combinator Startup School 2018 (Graduate)
Kipstay – Growth
Kipstay has served over 10000+ travelers since inception and is averaging occupancy rates of 70% . The company is planning to launch in 10 new locations in 6 months.
Kipstay is designed to redefine short vacations. The experience, the location, and the design of the Kipstay homestays are created in a way that helps guests unplug and detox from the stress of daily life and rejuvenate.
Who is the Founder of Kipstay?
Achintya Dayal and Arjun Raghunandan are the founders of Kipstay.
Which was the first property of Kipstay?
Kipstay launched its first property in Chikmagalur and it received a great response from the customers. In the first week of the launch – they sold 3 months of weekends, winter bookings being made in 4 months in advance.
Does Hotel Kipstay offer any business services?
No, it does not offer any business services.
What are some of the basic amenities at Kipstay?
Some of the more popular amenities offered include free wifi, free breakfast, and free parking.
Is Kipstay popular with families?
Yes, Kipstay is popular with guests booking family stays.
Kipstay – Conclusion
Kipstay, a Bangalore based startup is bringing to you peaceful and affordable getaway homes just within 2-3 hours drive from the city, so that you can catch up that much needed respite from the stress and tedium of daily life, without spending much time and money.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
Ceiling Fans have always been very plain & ordinary to look at in India. Since 2012, when Nisha Kukrejah launched Luxaire, it has been redefining this Industry in India by introducing “WoW” Looking Ceiling Fans with Revolutionary new Technology & changing the perception of the consumer & designers! So now whenever people think of Designer Ceiling Fans, people think of Luxaire.
Luxaire takes pride in bringing Original Designer Fans with the highest warranties to Asian homes. It is here to bring out the change in consumer’s mindset relating to Luxury Fans, they are as much about lifestyle as they are about functionality. Read this article to know more about Luxaire and it’s success story.
Luxaire is a Bengaluru based startup founded by Nisha S Kukrejah in 2012. They provide Luxury & Designer Ceiling Fans.
Luxaire is working to create disruption in the Luxury Fan market by bringing in the latest technologies with expertise. They aim to be a premium solutions provider for luxury interior projects in South Asia.
Luxaire pride in bringing Original Designer Fans with highest warranties to Asian homes. They believe that they have brought about a sea change in the mindset of the consumer that Luxury Fans are as much about lifestyle as they are about functionality.
Luxaire – Product/Services
Luxaire introduced over 50 models initially from simple to technologically superior. There were Single blade Fans, 2 blade Fans, Chandelier Fans & Funky Outdoor Fans, which people were used to seeing only in fancy resorts in southeast Asia. Many of them had LED, light dimming/light changing options, Remote controls & warranties up to 15 years!
Luxaire Products
In terms of design, these Decorative Fans were made of real wood, not plastic or MDF blades, no screws rearing its ugly head, unlike the local commercial fans. This solved the need for Unique Fans by those who were well-traveled and wanted to upgrade their homes with good design instead of just functionality.
The Luxury Ceiling Fan Market in India is at a very nascent stage. The total size of the Super Luxury Segment is INR 150 Crores. The industry is looking up and would be expected to grow by 20% every year.
Luxaire – Founders and Team
Nisha S Kukrejah is the founder of Luxaire Luxury Fans.
Sachin Kukreja & Nisha S Kukrejah | Co-Founders, Luxaire
Nisha has good experience in the Corporate Marketing Sector & Sachin has more than 20 years of experience in the Fan Industry with relevant domain expertise in the Fan Industry. Nisha S Kukrejah manages the overall marketing activities & Mr. Sachin Kukreja manages the Channel Network. Both the founders are MBA’s.
How was Luxarie Started?
“When we were trying to find ourselves a Ceiling Fan that was awesome in design and features, there was no such concept in 2011”, says Nisha S Kukrejah.
That’s when both these founders started researching more about these fans. There was a lot of plastic and mass-market options but nothing had ‘class’. They also met some industry and tech guys in Bangalore for a quick study, as to what they may perceive as a Smart Fan purchase. So they finally came up with the concept of global styles that would work here as Designer and Luxury Fans for the Indian market.
Being in the Luxury Fan industry, Air delivery is a pretty important component – don’t you agree? So, these founders wanted to name it quite simple with easy brand recall. Hence, they decided on LUXAIRE.
Luxaire Logo
Also, the tagline Luxury Revolution has a dual meaning, based on the RPM of the products & a mindset change on how one needs to view his/her Ceiling Fan!
Luxarie – Startup Launch
LUXAIRE had a fantastic website going good when it started off and with a little promotional activity – both online and offline, the platform was able to get good customers from Delhi NCR, Mumbai, and Sri Lanka in the first month itself.
“We have continued our media efforts in online and print/advertising as does any company that needs to survive in a competitive environment today. We don’t believe in Cash burn, instead, we try to focus on our real customers”, added Nisha S Kukrejah.
Luxarie – Business Model and Revenue Model
The price range is affordable starting from INR 15,000 going up to INR 2,00,000 each. Luxaire works closely with dealers and does bulk hotel projects across the country. It also works with Specifiers such as Architects & Interior designers & collaborates with them for their prestigious projects.
When the team realized that some models that used to be hit in 2012-14 just don’t work in the modern days, they had some amount of dead stock that they had to deal with. Very similar to the white goods industry – which faces this challenge when new technology/models replace old ones.
One more intriguing challenge for them is the constant need to be on the lookout for new designs, and be able to liquidate existing stock puts a certain degree of stress on cash flows. Earlier Indian fashion or design industry used to copy the west after four to five years, now the lag is just six months, depending on your city or the designer one is associated with!
Luxarie – Growth
Luxaire had started with a small team in Bangalore and with personalized attention, the team was supplying clients in Punjab, UP, Sri Lanka & even Maldives. Soon this startup expanded to cater to markets in Hyderabad, Kochi and of course the biggest market, the e-commerce space.
Luxarie – Future Plans
“We have a 3% market share of the market of the Indian Designer Ceiling Fans (around 40% is unorganized) and expect it to touch 15% in the next 3 years. We are scouting for new opportunities in all major cities in India and its neighbors. We are more like a Startup in terms of our culture” concluded Nisha S Kukrejah.
Luxarie – FAQs
What is Luxaire?
Luxaire is a Bengaluru-based startup that provides Luxury & Designer Ceiling Fans.
Who is the Founder of Luxaire?
Luxaire is a Bengaluru-based startup founded by Nisha S Kukrejah in 2012.
How does Luxaire make money?
It provides Luxury & Designer Ceiling Fans. The price range is affordable starting from INR 15,000 going up to INR 2,00,000 each. Luxaire works closely with dealers and does bulk hotel projects across the country.
Do these fans require special fitting?
It depends on the type of fan you’re fitting. If it is any designer or luxury fan, then a carpenter and technician might be needed to fix the fan.
How can the fan speed be controlled?
All the fans are provided with pull chords or remote control.
What maintenance and cleaning are required?
The fans have permanently sealed bearings and double lacquered surfaces and do not require much maintenance.
Luxarie – Conclusion
Luxaire is the sole distributor for original, high quality designer and luxury fans specially designed for the Interior design projects in India, Asia Pacific, UAE & Africa. The collections of fans manufactured by the company produces energy saving fans with latest technology and highest warranties. All these features provided by the company makes Luxaire the last stop to buy Luxury and Lifestyle Fans in the market.
Company Profile is an initiative by StartupTalky to publish verifiedinformation ondifferent startups and organizations. The content in this post has been approved by the organization it is based on.
There’s no shortage of mundane and repetitive tasks, no matter how big an organization might be. These activities eat up valuable time which could have used for increasing a company’s revenue or for value creation, in general. Thankfully, automation technology now permits businesses to get rid of such tasks and save on time and money. Using rule based automation, businesses can complete crucial action items like maintaining communication with its customers and potential leads, thereby leading to higher customer satisfaction, lead generation, and conversions.
Verloop, a Bengaluru based startup, has come up with a platform for automating actions such as customer support, lead generation, and lead qualification. Verloop’s product is the world’s smartest conversational automation platform on a mission to make business related conversions more personal and effective—that too without the need of physical workforce.
StartupTalky interviewed Gaurav Singh, Verloop founder and CEO, to know more about the company.
Verloop is a B2B company that provides a conversational automation platform for businesses to remain in touch with their customers 24/7. This is possible through chatbots that are implemented on a company’s website/application or through Verloop’s recently launched WhatsApp chatbots. Verloop fuels businesses’ customer support, marketing and sales department 24/7 non-stop using its AI powered bots.
Verloop’s USP is the essence of automation integrated in its chatbots. This allows one to automate a conversational chatbot by pre-feeding messages in its workflow. This is done by understanding the set of questions that customers frequently ask and possible variations of these questions.
Verloop Model
Some features that make Verloop a must for any B2C company are:
Businesses can respond to customer queries 24/7 in a personalized manner using Verloop’s always-on-bot.
Visitors are answered in their preferred language.
Real-time sentiment analysis helps businesses to deal with queries better.
Bots help in lead generation by connecting with the website visitors. They are can be used for lead qualification as well.
Bots can book meetings with web visitors.
Using Verloop’s 1000+ available app integrations, data can be pushed into any CRM.
One can use tools such as FAQ navigator, sliders, etc. to enhance customers’ chat experience. Users can create ideal chat flows as needed, edit it whenever required, and go live instantly.
Verloop allows seamless hand-off from the chatbot to human representatives for sales closure or if the question is out of bounds for the bot to answer.
Our vision is to reach out to various countries and spread the word of our emerging product successfully. Our mission is to ensure that through automation we can reduce the burden off of the employees and enable them to work on vital tasks rather than monotonous and repetitive tasks.
Verloop’s Language Understanding modules are built equally on classical machine learning as well as modern deep learning ideas. In terms of specific tooling, spaCy, MITIE, and Duckling are the main classical NLP focused toolkits that Verloop uses. Verloop uses PyTorch and Tensorflow from Deep Learning perspective. It enables businesses to understand users’ intent and respond in a personalized manner. Verloop’s NLU powered modules are used for responding customer FAQs, figure out user target, and personalize conversations—these are done in multiple languages.
Gaurav Singh is the founder and CEO of Verloop. An engineering graduate, Gaurav Singh began his entrepreneurial journey in college. He has been on the founding team of ventures like ‘Stalk Ninja’ and ‘GoDeliver’. Gaurav worked with TCS, LT Research, and Vizury before starting Verloop.
Piyush Mishra is the ex-CTO of Verloop. Piyush was always interested in freelancing and has worked as a freelance developer with various companies. He was on the founding team of ‘GoDeliver’ alongside Gaurav.
Gaurav reached out to Piyush about the initial B2B idea. At that point, Piyush was working several freelance engagements and was quickly convinced to begin work on a conversational automation. To Piyush, this was a profound idea which piqued him.
Gaurav overlooks the operational activities at Verloop such as marketing, sales (pre-sales and post-sales), and lead-generation. He also attends regular meetings with top-prospects. Piyush, on the other hand, is the tech expert overseeing issues related to coding, development, processing of chatbots, etc. Both of them are masters in their respective fields and ensure systematic functioning of the processes under them while ensuring that employees are on the right track.
Verloop has a team size of 30 at present which includes full-time employees as well as interns. The team comprises marketing and content strategists, technical team, human resource representatives, financial executives, forward deployment teams, business development teams, pre-sales, and post-sales teams.
Verloop Founders & Team
Verloop – How It Began
The idea of Verloop emerged when founders Gaurav Singh, and Piyush Mishra were running a B2C Personal Concierge Startup called Magictiger. While managing a chat ops team of 100+ members, the team slowly started automating mundane and repetitive tasks. In the process, Gaurav and Piyush realized that automation of conversations with customers could help many other businesses like Magictiger. This pivoted them to become a B2B company: Verloop.
The idea was to use machine learning, AI, and NLP (Natural Language Processing) and help companies connect with customers on a large scale while maintaining the level of personalization people expect from super agents. The idea was to use the 80-20 rule in the practical world; 80% of customers’ questions come from 20% of the company’s query database. By automating that 20%, one can free upto 80% of the teams’ time, allowing the workforce to focus on the vital components of the sales process rather than spending time on those parts which are monotonous and menial.
We understood how monotonous tasks are very time-consuming for the employees and how through automation we will be able to reduce the burden and make the work for the employees highly productive. Automation is present around us everywhere, but to use it is most productively, is a challenge. In a way, that it is beneficial to the employees and they don’t consider it a bane. Keeping all of this in mind, we used automation in a way to help the employees and allow our bots to take over repetitive tasks.
Verloop – Product Validation Stage
Verloop Automation
Considering the constant growth in the automation segment, Gaurav and Piyush decided to embark on their venture. They figured out a bunch of tasks not strongly dependent on human intervention and that could be easily performed using a digital workforce (bots). They started by automating tasks within Magictiger and then decided to provide the same services to other organizations as well.
We sat in a shared office space initially, we talked to other startups on our floor. Our investors also came through with some connects. I also did a LOT of traveling and talking to potential customers, gathered loads of feedback on where exactly we’d fit well and what path to take from there” says Gaurav explaining Verloop’s product validation stage.
Verloop – Business Model And Revenue Model
Verloop has a B2B business model. Users can take a 14 day free trial.
For revenue generation, Verloop is currently offering 3 packages:
A free forever starter package that allows 500 monthly conversations.
Business package that starts at $49/ month, and where prices vary according to the number of monthly conversations.
Enterprise package with a price of $699/month.
There is a drastic change in our previous business model( for Magictiger) , which was previously Business to Consumers. Due to this change, our ideologies, campaigns, promotional methods, etc. had to be changed to a certain extent. Since our target market changed, we had to adopt a different pitch to cater to the needs of the new market. Different schemes were adopted to satiate the needs of the market. As our focus shifted to businesses, we gathered that every business will have a different use-case towards chatbots. Hence, the pitch needs to be changed accordingly by understanding each business and its priorities
Verloop – Revenue
Verloop reported a revenue of around $960k in 2018.
For revenue generation, Verloop is currently offering 3 packages:
A free forever starter package that allows 500 monthly conversations.
Business package that starts at $49/ month, and where prices vary according to the number of monthly conversations.
Enterprise package with a price of $699/month.
Verloop – Funding And Investors
Verloop raised funding worth $3 Million from IDFC Parampara Fund and others in November 2018. The amount is intended to be used for technology enhancement and team expansion.
The Verloop team has worked on various channels to spread the word about the venture and secure multiple sign-ups.
We have noticed that people love videos and that they are very engaging. The most engaging channels are LinkedIn and Twitter for spreading awareness about your product and the outreach is also very high since everyone has a different network and a different set of followers. That’s exactly why these two work the best.
For customer retention, Verloop follows the same funda that most companies usually do: “customer is king”. The company puts high intensity efforts into its post-sales procedure as the team ensures that customers are satisfied. The team also makes sure that the chatbot is updated as and when users want a change within the bot’s flow. The Verloop team also sees that the use-case is pitched to each business based on their need and requirement.
Interested candidates usually reach out to Verloop through LinkedIn and other hiring portals. Once the candidate’s resume has been verified and they are seen as a potential fit, the candidate is called down for a set of tests/interviews for evaluation. Interviews at Verloop are designed to not only understand the candidate’s technical capabilities, but also to identify any scope for improvement and openness towards learning.
Verloop’s work culture is very positive and encouraging. The team indulges in various activities such as gaming, team outings, and various other motivation based activities.
We believe that automation at this day and age is highly important. We make sure each one of us are aware of each of our roles and run a smooth and fair collaboration in whatever work is to be completed by us. We believe in teamwork and constantly updating new features and satisfying the customers.
Verloop – Startup Challenges
Speaking of the challenges, Gaurav tells, On a meta-level, initially the challenge was about knowing what was necessary for customers. Once we had a brief idea of that, we kept digging deeper. Initially, it was about survival. First through the next few weeks, then months. Right now we’re talking years, so now the focus is more on growth
Verloop – Advisors And Mentors
Although Verloop is not being mentored by any organization or individual at the moment, it is consulting Smooch and Kaleyra to get an idea of what templates to run and how to approve WhatsApp templates for its recently launched WhatsApp chatbots, . Kaleyra and Smooch are directly accelerated by WhatsApp and are in constant contact with Verloop.
Verloop falls under Y Combinator’s Track’17 company, a hub for emerging startups with different agendas and plans of action.
Verloop – Awards
Verloop received the “most-agnostic award” from MIT.
Verloop – Growth
Verloop has a customer base consisting of leading organizations like Aadhar Bridge, Apollo Munich Health Insurance, Livpure, Portea, LockTheDeal, and Nykaa.
Verloop’s recently introduced WhatsApp chatbots have brought a significant increment in its clientele list. The company is also receiving recognition from various magazines and websites.
The team focuses on improving its services for maintaining customer satisfaction and provides its users with the most advanced technology. The Verloop team is hoping to gain more recognition overseas in coming time. The company has clients in the UK, UAE, Australia, and is planning to expand its presence to cover several other markets.
Since automation is slowly catching up with people, they are starting to realize how essential automation is for businesses to run smoothly and to reduce the employee turnover rate. Through automation, we only wish it will make the lives of the employees more productive and reduce the unnecessary workload. Automation will be considered a boon and not a bane, where people will understand the requisite need to implement it within their company – Gaurav Singh
Verloop – FAQs
Who is the Founder of Verloop?
Gaurav Singh is the founder and CEO of Verloop
What is Verloop?
Verloop is a B2B company that provides a conversational automation platform for businesses to remain in touch with their customers 24/7
How much is Verloop Funding till date?
Verloop raised funding worth $3 Million from IDFC Parampara Fund and others in November 2018.
What is Verloop’s Revenue?
Verloop reported a revenue of around $960k in 2018.
Verloop – Conclusion
At Verloop.io, we believe that the internet was the single largest revolution for global communication. It’s how you can talk to your friends and family across the globe in seconds, and how we’re talking to you right now. But even as technology was built to make it quicker and easier for people to talk to each other, businesses didn’t buy in – using old tools and older ideas. Verloop.io aims to achieve a single mission – to help enterprise businesses help their customers better. From creating easier outreach to building more meaningful relationships, our technology-first focus empowers businesses to get the most out of every interaction.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
Everyone fantasizes about a dream house but building it the way one thinks, takes a lot of effort. The construction industry especially is complex and dynamic due to a lot of stakeholders involved. Moreover, the industry is marked by a trust deficit making the process of engaging in the construction process even difficult.
100Pillars Constructions makes the entire process effortless and straightforward. 100Pillars Construction is a perfect destination to get all construction works done, ranging from hiring quality contractors for residential and commercial projects to completion of projects.
Formerly known as Rathnam contractors, the company was into building and construction since 1977. With many experienced members in its team, 100Pillars construction is all set to revolutionize the construction sector and simplify construction like never before for the end customers.
100Pillars Construction is a Bangalore based startup that is perfect destination to get all your construction work done. Their services include, Civil Contracting, Home Interiors, Home Renovation & Architectural Design Services. At 100Pillars, the team consistently works to bridge the gap between customer and quality construction, renovation and architectural contractors. Here, the customers get to meet the best professionals in the region, who are thoroughly vetted by the company’s experts. Providing exemplary services, 100Pillars Construction strives to optimize construction as well as renovation experience for its customers.
At 100Pillars Constructions one gets access to pocket-friendly quotes with no hidden charges. Further, the company keeps a reality check until and unless your project is fully accomplished. This service is in consonance with the fact that there is often mismatch and trust issues concerning the client-contractor relationship.
The services at 100Pillars Constructions, have been specifically tailored to make sure that you always get the best service, raw material and price, respectively. Their team of dedicated professionals takes the onus of project management upon them. With next to no delays in the work, 100Pillars guarantees to provide quality, every time.
The company offers integrated services to the customers using which the customers can stay up-to date with each milestone of their project. Enjoy and stay confident while the company’s experts work hard to help build your dream home regardless of budget. 100Pillars has a pool of hand-picked engineers with their robust record speaking for themselves. The company believes in providing first-class customer service, delivery, maintenance and sales support.
Construction is a tedious, long and tiring process. As a matter of fact, it doesn’t really matter if the requirement is for a house construction or even a commercial one, it requires the hassle of contacting ‘n’ number of people. But, 100Pillars Constructions provide an easier way out for this. They have a pretty simple and easy to understand process starting from contacting point to the end of construction.
So basically getting your construction done with 100Pillars Constructions is just a 7 step process–
Raise Request: As soon as the customer visits the landing page, they can raise a service request containing their requirement either by Call or by filling the Contact Form.
Project Ninja Assigned: The moment company receives the contact form with all the requirements, their expert a.k.a. Ninja takes up the lead and collects every possible construction-related requirement for the project. The client can also opt for a personal visit to the office and the company then collect the exhaustive list of specifications right then.
Floor Plan Designed: After a successful collection of requirements, experts at 100Pillars initiate the work and start designing based on the customer’s ideas and needs, creating a basic floor plan.
Agreement Sign Up: Then the customer signs an agreement with 100Pillars Constructions to start the construction/renovation project.
Project Initiation: Further, the assigned 100Pillars Ninja caters the customers and conveys all the updates. The whole project development process is monitored by the Ninja assigned.
Milestone Payments: A project is divided into dedicated segments or milestones to ensure that the work is done in a stringent fashion with on-time payments. This not only helps the team with the project financially, but also makes it easier for regularly updating the customer of the progress of his project.
Continuous Support: Throughout the process, the client can always contact, 100Pillar’s relationship manager to provide a hassle-free service. Furthermore, the company don’t end their contact with them right after the project is completed, the old clients can still contact the company whenever they have a problem.
As a team, 100Pillars Constructions focus on quality, collaboration, and value. All their projects are tightly controlled and well managed providing clients with the lowest overall project cost. The team take it in great account to work closely and intricately with clients, architects, and subcontractors to complete projects on time, under budget, and to the client’s utmost satisfaction.
100Pillars Constructions aims to be the first smart home enabled builders & the first robotic construction company.
The share of construction in Gross Value Added (GVA) was about 7.3% for India in 2017-18. As of 2017, the construction industry employed 49.8 million people. Provided the construction industry is the cornerstone of development; India’s construction industry is expected to grow at an annual average of 6.6% between 2019 and 2028. It is estimated that investments valued at US$ 965.5 million will be required by the infrastructure sector by 2040.
The construction industry is a very competitive one. It requires a number of people and a lot of approval paperwork. One has to run through offices to get all the paperwork done. Quite often, the service dealers choose what they like the best from a plethora of choices for everything from window panes to flooring to rooftops. For someone who wants their home/ property look a certain way, the construction market could be a trust deficit industry. There are a lot of things that can go wrong, given the involvement of so many people and the requirement of so many things, especially the paperwork involved. But with the right help, everything can go just right, like a hot knife through butter.
100Pillars Constructions – Founders and Team
Srinivas Jayaram and Kishan Raj BR co-founded 100Pillars Constructions.
Srinivas Jayaram and Kishan Raj BR
Srinivas Jayaram is the Director – Marketing at 100pillars Constructions. An alumnus of MS Ramaiah, Srinivas has a decade of work experience, having worked at companies like CommonFloor, The Hindu Real Estate and Langoor Digital. His expertise is mainly in the fields of real estate, construction, management, strategic planning, sales and marketing, and technology. His experience is also the backbone that helps the 100Pillars team ideate the industry and make best plans and provide the best services to the customers.
Kishan Raj BR is the Project Director at 100Pillars Constructions. Prior to starting 100Pillars, he had started up a couple of more companies which helped him learn from the small and big successes and failures, and build a strong experience in execution, business development, and finance & strategy.
The other members of 100Pillars Constructions are –
AV Vardarajan, Chief Operation Consultant (COO). He is a predominant master with close to four decades of construction experience. Vardarajan brings a well-rounded skill set to 100Pillars Team.
Arivuarasan, Site Engineer .He has experience of doing almost every job on the construction site from Apprentice/Helper to Construction Manager.
Santosh is Architect at 1ooPillars Construction. He is a seasoned industry professional with broad-based experience in all aspects of architectural/construction project delivery.
Poojitha, is the lead designer at 100Pillars. He works closely with clients to create clever lifestyle environments.
100Pillars Constructions – How it Started?
Srinivas Jayaram came across friends who were struggling to find the right contractors with professional construction experience. There were no promising builders, also there were lot of things which was unknown to his friends that are crucial in the construction process. This knowledge gap among the people concerning vital issues with regard to construction, except a mere idea of their home or project became the driving force for 100Pillars Constructions. Working on this idea to bridge such existing gaps has led 100Pillars Construction to take shape and to create transparency in their client dealings. Srinivas Jayaram’s strong real estate and digital marketing background enabled him and his team to ideate the complete industry in terms of competitive research, historical data sources and key players.
In the process of research and through experience, the team observed that there is a severe gap in the construction industry, and this whole process is quite cumbersome from the customer’s endpoint. The conclusions from the survey/ research gave the start of points for the establishment of 100Pillars Construction. According to statistics –
99% of the Construction Project Face:- No Fixed/Fair Pricing- No End to End Ownership- Zero Smart Technology- No Safety Measures Incorporated for Labours- Conventional Construction- Difficulty in the Management of Labours
75% of the Projects Face:- Project Delays- No Raw Material Transparency- Not Utilizing Certified Experts- Shortage of Material & Debris Disposal- Neighborhood Problems
30% of the Projects Face:- Lack of Approval Knowledge (BBMP & BDA Etc)- Skipping Payment Schedules- Mis Communications- Irregular Updates from Both the Ends (Customers & Contractors)- Builders Withdrawal from Half Constructions
It is because of these issues that there exists a grim trust deficit n the construction industry and the whole process of construction turns out to be very hefty and painful for the customers. Problems like these can’t be fixed by just being an aggregator, and for the same reason, 100Pillars developed a system of end to end ownership and management on behalf of the customers.
The team at 100Pillars Constructions classifies potential clients on the basis of approximate budget rates into three segments of Low, Medium, and High classes. This made it simple for the company to bisect their needs according to the competitive pricing of various services and materials in the industry. On a similar basis, the company came up with three simple package models called Basic, Standard & Premium, based on the services and materials provided. 100Pillars offers a very user-friendly website. Further, the team made sure that all the information be clean and clear so that their customers know exactly what they get and expect from the company before getting into the agreement with 100Pillars Constructions.
Facilitating a wide range of exemplary services, 100Pillars Constructions has emerged to be the first company to think about and work on the concept of clear professional transparency in the construction industry.
The name 100Pillars is coined by one of the Founders. The meaning and concept behind it is pretty simple. It is a pretty known and established fact that there are about 100 things to look for and 100 errands to run while constructing a home. And pillars are the supportive structural members of any building. So, the company envisions themselves as the supportive members that will take care of all the 100 things.
100Pillars Constructions Logo
100Pillars Constructions – Business Model and Revenue Model
The services of 100Pillars range from civil constructions to home interiors & renovations. The company has a simple revenue model, where customers are charged for the services provided according to the plan they choose. They offer three price ranges to choose from depending on their respective budget-
For Civil Construction, Starting at Rs. 1449/- Per Sqft.
For Home Interiors Starting at, Rs. 1100/- Per Sqft.
For Renovation, based on the customer requirements
100Pillars Constructions got its first few customers through generally paid ads. Initially, mouth referrals worked as the foundation for establishing business connections. Their regular communication with clients & material suppliers has helped them keep their customers aware of the functioning of the company. Regular feedback collection and constant improvements to their business, based on the feedback are the first steps that concertized their relationship with their customers. They continue a similar approach to retain customers’ referrals and ensure 100% customer satisfaction.
Punctuality and milestone checkpoints have ensured that their clients’ dream homes are in good hands. Besides providing great services, 100Pillars Constructions has made themselves available round the clock to address the concerns of their clients. Such a model of services has allowed the company to build trust and confidence among its customers, in the trust deficit market like real estate and construction. It is this commitment that has provided the company an edge over other local competitors.
“It is our firm belief that once a customer hands in his idea of a home with us, he should be able to trust our experts in making his dreams come true, without any space for apprehensions. He should be able to lay his confidence in us and be stress-free while we make his dream a reality. Irrespective of the project being an apartment building or a duplex, these beliefs help us work hard and truly for every project” 100Pillars Constructions co-founder Srinivas Jayaram says explaining the company’s motto.
Furthermore, 100Pillars aim is to make every project a unique and fruitful experience for the customers by its unique proposition. It aims to do so by providing quality service without any delays. The company offers integrated services to the customers, with regular check-ins about the project.
100Pillars Constructions – Startup Challenges
Construction is a long and hefty process. Challenges are bound to happen, given there are so many people involved. One of the major challenges 100Pillars, as a construction company face is labor management. Unlike any other field, manpower is quite unsteady in the construction field.
“We often see laborers not turning up to the site along with taking long vacations in the middle of the process. In order to prevent this from happening, with one of our projects we work with at least 8 to 10 teams of masons and keep shuffling them from one project to another”.
The construction market is extremely dynamic because of the changing rates in the market. The local contractors keep changing their working rate and neglect the quality of materials they use and make false promises for their own profit, disregarding the client. To resolve this, 100Pillars keep experimenting with the pricing of their construction packages. One of the major factors that keep 100Pillars distinguished from other construction firms is their exceptionally detailed quality specifications for the prices of each package that they offer.
100Pillars raised an undisclosed amount of seed-funding from Rathnam Contractors in January 2019. The fund received has provided the much-needed impetus to the company.
100Pillars Constructions – Advisors and Mentors
100Pillars is being mentored by the following expert team –
BJ Rathnam (Founding Member & Ex-CEO of Rathnam Contractors)
R Jayaram (Ex-Chief Operational Manager of Featherlite India)
BM Rajanna (Managing Director of Bondlok Adhesives Private Limited)
Besides this team of competent mentors, the teams family members, friends, the company’s customers, and competitors provide inspiration and motivation that helps the company move ahead.
100Pillars Constructions – Awards
100Pillars Constructions is the recipient of the Global Excellence Awards 2019
100Pillars Constructions – Future Plans
100Pillars Constructions has so far completed more than 27 projects and has 11 projects underway in Bangalore at areas from Devanahalli, Varthur, Whitefield, Sarjapur & Electronic City.
Their user base is growing at 70% month on month with an average ticket size of Rs 19 Lakhs. In the future, 100Pillars has plans to develop plots and apartment communities.
FAQ’s
Who Are We?
A trusted name in the construction industry, 100Pillars boasts of unparalleled quality and out of the box creative designs that lend a distinctive aura to the structures. 100Pillars specialize in both domestic and commercial construction projects and offer customized renovation services as well. At 100Pillars, we value the customer’s trust over their business. In keeping with our ethos of uncompromised quality, we blend robust engineering with unique designs and vet out the raw materials to ensure that our clients get only the finest quality.
What’s our Vision?
100Pillars recognizes that the construction industry is ridden with numerous gaps owing to lack of fair pricing, smart technology, inadequate labour management system, delays and no quality assurance on the raw materials. 100Pillars have designed a holistic system that addresses each of these issues and transform the overall customer experience. We aim to promote a culture of building right and living smart.
Can I browse 100Pillars Constructions collections?
Due to the extensive library of design items available to us we offer consultations by appointment only. This ensures 100Pillars Constructions give you the best possible service & can prepare & source suitable samples in advance. We ask that you fill the contact form on dezilo.com and book an appointment.
Does 100Pillars Constructions offer home consultations?
Yes we do carry out home consultations as part of our interior design process. Please see 100Pillars Constructions’s range of services for more details.
How to Find The Right Civil Contractor in Bangalore?
So here are a few signs that point out a Bad Contractor –
Low Cost Contractors
Method, Technique and the Lack of it.
No Fixed or Fair Pricing
Primitive Techniques and Solutions
Incapability of End to End Ownership
Insecure Labor
Project Delays
Unskilled Labors or Professionals
Withdrawal From Projects
Unclear payment record
Unorganized Milestone Updates
Uncertified professionals
Why Choose Us?
Over the years, 100Pillars have carved out a niche in the construction and renovation industry. We have completed over a dozen projects in different parts of Bangalore. Each of our projects reflect modern aesthetics and are built with durable and high quality materials. 100Pillars integrates each and every aspect of construction, ranging from the procurement of raw materials to the finishing touches and post construction supervision. We also offer a diverse range of options to address the different tastes and preferences of our customers. From sprawling villas to chic smart homes, 100Pillars has experience in benchmark construction.
Our expertise is not merely limited to construction and renovation services but also incorporates the other essential aspects of building. We provide thorough guidance on the approval process in Bangalore and assist our customers in getting a plan sanctioned from the relevant authorities. Our experienced consultants are always available to advice potential home owners on the plot charges, registration fees as well to provide financial insights into home loans and the pros and cons of the various schemes. 100Pillars aim to be the one stop solution for all your construction needs. To put it simply, you dream of a space, we build it for you. You relish the experience, while we take care of the hassles.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by the organization it is based on.
Medication non-adherence is a major reason for people failing to recover from chronic diseases. World Health Organization reports that 50% of patients with chronic diseases do not take medication as prescribed. One of the crucial reasons for medication non-adherence is forgetfulness. Though there have been technological advancements, much has not been done to address the issue of forgetfulness.
Criador Design Labs has come up with a solution to address this problem of forgetting to take medicines. The company has come up with an innovative smart water bottle that helps patients by reminding them to take medications on time. Besides this, Criador Labs is also helping different companies to design various innovative products.
StartupTalky interviewed Criador Labs co-founder Abhishek Reddy. Know about Criador Design Labs Company Profile, Founders, How it Started, Business Model, Revenue Model and Challenges faced.
Criador Design Labs is a product design firm that develops new innovative hardware technology products for consumer healthcare sectors.
The recent product by Criador Labs include EVE Health – A smart water bottle designed to improve medication adherence amongst chronic disease patients. It helps patients to stay aware of their dosages and reminds them when it’s time to take their medication. The bottle holds a patent-pending technology, with the sensors tracking all medication intake and the Wi-Fi chipset sending the live data to the servers. The data is analyzed, and custom notifications and reports are sent to caretakers, hospitals, and insurance companies for taking proper actions.
EVE Health – smart water bottle
In medicine, compliance (also adherence, capacitance) describes the degree to which a patient correctly follows medical advice. Therefore the lack of could result in possibly dangerous situations for people suffering with chronic diseases. We have a patent pending technology for our systemic approach of solving this problem. We spent a lot of time on understand the reasons of non-adherence. Apart from the one reason of missing medication on time due to forgetfulness, we tried to address other major reasons which includes psychological issues, knowledge issues, laziness issues and few others –says Abhishek explaining the product
Criador Labs has worked with a lot of doctors and patients in India and the USA for the validation of their idea of the smart bottle. It’s been a journey of 1.5 years for Criador Design Lab to proceed from ideation to prototyping. Initially, it was challenging and still continues to be a challenge for them to interact with people not related to their field of work.
We had to do a lot of studies during that time. It was a great learning curve for all of us. We initially spoke with a few chronic patients, doctors (India and Abroad). They were in need for a product of this nature and wanted us to work on this – Abhishek speaks about the prototyping stage.
Besides, Criador Labs’ services wing provides wide range of services related to Industrial Design, Engineering Design, Brand Identity Design, UI/UX Design, Technology development, Rapid prototyping and Manufacturing Consultancy to its clients. It helps its clients take their ideas from design to production and ensures that the product created is functioning with efficiency.
The size of the consumer healthcare market is about 27,000 crore and is growing at a CAGR of 10 to 11 percent year-on-year. The market is expected to reach 50,000 crores in the next 7-8 years (as per Euromonitor Research).
Criador Design Labs – Founders and Team
Abhishek Reddy and Hitesh Devara co-founded Criador Design Labs.
Abhishek Reddy and Hitesh Devara
Hitesh Devara, is the CEO of Criador Design Labs. He Manages the Finance and Operations at the startup. He is a B.Tech Mechanical (2014) graduate.
Abhishek Reddy, handles Product Management at Criador Labs. He is a B.Tech Mechanical graduate from IIT Dhanbad(2014). He was a Co-founder at Divine Design Factory (2016-17) and worked as an Operations Analyst at Vdeliver (2014-15), and did Enterprise Management at IBM(2015-16).
Abhishek and Hitesh worked together on another startup called Divine Design factory before starting Criador Design Labs.
Criador Design Labs currently has a team of 12. They maintain a healthy work-life balance for all of their employees with a strict – 5 days 9-hour job – and no extra work. In order to provide a conducive environment for their employers and keep them satisfied, sponsors the birthday parties of their employees.
We hire people based on attitude to work in a startup environment, quick learning skills and cultural fit. Technical Skill for us comes later once a person matches the above requirements.
Criador Team
Criador Design Labs – How it Started?
Hitesh’s passion for design pushed him to start Criador Design Lab. He started back in 2014 with the name of Divine Design Factory, as a mechanical design company. Later, his introduction with Product Design fascinated him about the process of new product development. Later, he shifted to Bangalore in 2016 to explore more about design. Abhishek’s love for entrepreneurship made him join Hitesh in his venture in Bangalore. Both of them started Criador Labs in 2017. Later in 2018, they pivoted the business by adding a product division with their first product being ‘Eve’.
Our name Criador means Creator in Portuguese. We are the creators of innovation and hence the name.
Criador Design labs Logo
The Logo was meant to show the hardware company elements like 3D Models. And the Yellow signifies freshness, happiness, positivity, clarity, energy, optimism, enlightenment, remembrance, intellect, honor, loyalty, and joy.
Criador Design Labs – Business Model and Revenue Model
Criador Design Labs’ ‘Eve’ has a simple revenue model. They charge their customers on:
Hardware product (Mobile App included) – One-time cost (Used by patients) – 79 USD/ unit
Web SaaS platform (API included) – Recurring subscription cost (Used by Hospitals, Insurance firms, Pharmacies) – 99 USD/ user/ year
Criador Design Labs – Startup Challenges
One of the major challenges Criador Design Lab faced while designing EVE – the smart water bottle was concerning the form factor of the product. To integrate such a complex technology into the compact form factor was an uphill task for their engineers. It took them five months to work on integrating the technology. Further, they had tested out a lot of pill container shapes for enhancing user experience. Criador Design Lab had to test 20 different shapes before deciding upon the present shape and form.
Dhanpat Raj Dhariwal, Ex- CEO Adithya Birla Group of companies for 20 years is mentoring Criador Design Labs.
Criador Design Labs – Future Plans
Criador Labs has so far worked on 72 inventions, 500k products and have secured 128 satisfied clients. The company is aiming to leverage their huge expertise in product development to create a line of innovative consumer healthcare products that can reach to the masses and impact their lives positively.
India is the largest market for two wheelers in the world and it is only natural that the roads are overwhelmed with a majority of the population using it for commuting within the city for work and mobility. But in this melee we find another large group of riders who are driven by their passion for motorcycling and use their bikes to journey long distances not just within their State but across the country and also are brave enough to cross borders on their motorcycles.
You will find them as part of large motorcycling clubs or even solo riders or a group of friends going on long rides on their motorcycles and increasingly many large motorcycle brands have also moved into this space to organize formal and large rides for their customer base.
Big Biking Commune has created one of the largest, strongest and the most trusted network of motorcycle riders from across regions in India bringing them together as part of one large community. Read this article to know more about Big Biking Commune, a Bangalore based startup founded by Arun Kumar.
Big Biking Commune is one of the largest aggregator platform for the motorcycling community in India and worldwide, catering to the Touring, Cruising, Off-roading and Adventure Motorsports. The Big Biking Commune is the ‘Go To Destination’ that brings together passionate bikers, motorcycle brands, riding clubs, Accessories, Custom and Vintage bikes, bike rentals, bike tour operators and all related products and services under a single roof.
As a Commune the company is all about creating and curating new experiences for the motorcycling community, putting together events and entertainment to celebrate being a biker, networking and learning from experienced motorcyclists, checking out new motorcycles, discovering new biking trips and routes, meeting with new biking buddies and riding out together celebrating the essence of being a biker.
Big Biking Commune – Startup Launch
Big Biking Commune started out by hosting the first of its kind annual celebratory event for the motorcycling community in Mahabalipuram, India at a beach side private property in February 2019. The inaugural event attracted over 3500 bikers from over 150 biking clubs and had 25 of the top motorcycling influencers share their experience mixed with some excellent stunt shows and off-roading experience.
The inaugural event witnessed big names like Maral Yazarloo (Queen of Motorcycling), K. P. Arvind, Rajini Krishnan, Bullet Bose and many more well known names in the motorcycling community talking part in this festival.
The response to our inaugural event was overwhelming with motorcycle enthusiast cutting across clubs, brands and individuals, all finding a common bonding under our platform. This has encouraged us to think big and look beyond the horizon and go unconventional, says Arun Kumar, Founder of Big Biking Commune.
Since then, the Big Biking Commune has curated a unique branded proposition. Today, it has become one of the largest aggregator platforms earning the trust and goodwill of the biking community. They have created one of the largest networks of bikers bringing together clubs, bike brands, individual riders, biking influencers as a binding force in the category.
Our founding vision now is to create the biggest experiential motorcycling commune benchmarked amongst the best as a globally leading brand; today we have aspirations to take the brand offering beyond India and into the global markets – Arun Kumar.
Big Biking Commune is operating in a informal and fractured market category (Clubs, solo riders, Brand clubs), there are no structured reported numbers, but working on guess estimates, they are working on putting some researched numbers and structuring the category in an organised manner. Having said that, they are working with the information available on motorcycle sales figures in their category.
“For example we know that there are around 3.5 million Royal Enfield motorcycles on the road and they continue to sell over 7 lakhs motorcycles annually. Similarly we know that Bajaj has sold over 2.5 million motorcycles in our category (Pulsar, Dominar, Avenger) and continues to add over 1.5 million more annually to the market size, likewise TVS Motors sells over 5 lakhs Apaches every year. And if we add in the international brands in our category like Harley, Indian, Triumph, KTM, Kawasaki, Ducati, Benelli, Suzuki, Yamaha (in the 200 cc and above category), we know that we are sitting on a sizeable growing market” says the Founder.
But on the other side they have built a database of motorcycle clubs. At present they have over 2,500 clubs on their database and given the average of around 25 members per club, that gives them a reach of around 62,500 bikers who are in their category.
How was Big Biking Commune Started?
The promoter and founding partner of the Big Biking Commune, Arun Kumar comes with over 20 plus years in the event and activation industry. Having worked for brands like Hero Motors, Honda Motors, TVS Motors handling their commuter side of the business, he wanted to create, own and run his own brand IP and leave behind a legacy that people will remember him by.
The inspiration to do something in this category came from observing that every weekend all the highways out of Bangalore had bikers zipping in and out for rides in large numbers. That is when he woke up to this opportunity and started looking at this rage more keenly.
Some more research showed that events like India Bike Week and Riders Mania had over 5000 bikers assemble for a 3 day celebration and festivities. And brands were trying to streamline a club format activity for their customers like the HOG, Dominar, Apache, KTM etc. Their first inaugural festival (under the Big Biking Commune) was held at Mahabalipuram in a 40 acre resort. They got over 3500 bikers attending the fest and revelling in the biking brotherhood.
Big Biking Commune – USP and Innovation
Big Biking Commune is coming up with a technology based app that will become a single point of convergence for the biking community. It will bind all stakeholders and ecosystem partners on one side and bring in all the bikers onto the platform, building on a strong and robust networking model for the commune.
The uniqueness of the app is that it will be a neutral face for everyone (irrespective of the bike or brand or rider) to find common ground to engage with each other across different products, services and solutions. They understands the existing pain points in the community and also the offerings from mobile apps which fall short on important biding points which they will be addressing.
Apart from the app, they have created and curated unique brand properties like the ‘MotoYoga Day‘ which combines Motorcycle Day and Yoga day together (June 21st) and highlights the importance of a strong body while going out on long rides. India Tourism took interest in this proposition and supported the Yoga camp for motorcyclists in Chennai and Bangalore.
Similarly, the WOW rides (World on Wheels) got Tourism Malaysia interested in typing up with them to promote tourism destination on motorcycles in their country.
Emboldened by the positive response from the tourism sector, their Motorcycle Tourism Summit will be the first such initiative in the world that will open up a new category in the tourism sector and make people take notice of the opportunity motorcycling can offer to the growth of the tourism market.
The Big Biking Commune has been initially funded in-house under parent company Axiom Gen Nxt Pvt Ltd who have infused the initial funds to get off the ground. The firm is owned by Arun Kumar who himself is the leading role model and ideator of the Big Biking Commune and inspiration for the core team.
They trademarked the brand name and formed a private limited company under the same name Big Biking Commune Pvt Ltd looking at the opportunity and recognizing the need to create a separate legal entity to build and grow this market.
Arun Kumar, Founder and Convenor Big Biking Commune
Arun Kumar, the Founder Director is a self made businessman having started Below the Line activations and events way back in the late 1990’s. He has worked long and hard to build one of the largest activation companies in India with branches in 5 cities and a staff strength of around 30 people. Today Big Biking Commune has become his most passionate work and he devotes maximum time to shape and structure the brand and realize its potential.
(L to R) The team – R Ramasubramaniyan (Co-Founder and Brand Architect), Arun Kumar (Founder and Convenor), Krishnan Iyer (Co-Founder), Madhu Narayan (CEO), Samuel Thomas (Co-Founder)
He is joined by the other Co-founder R. Ramasubramaniyan who comes with over 30 years of experience in the Marcom domain. As the Brand & Tech Architect, he is tasked with shaping the brand direction and creating values in several sub-brands and is also driving the technology architecture to give Big Biking Commune the edge it needs to bring in some path breaking initiatives in the motorcycling community.
Big Biking Commune – Name, Tagline, and Logo
The name Big Biking Commune came up after they were toying around the idea of what name to keep for their event and after running through many names the thoughts kept coming back to the original name Big Biking Commune.
Firstly, we wanted a name that would work across geographies. So we avoided anything regional or local. Also, we were clear that while addressing the biking community, we wanted the bigness of the idea of bringing them all under a single umbrella, hence BIG and also we wanted to avoid a limited club format, hence the broader name Commune fitted in well and thirdly anybody who does biking becomes part of the commune making it Big. So all these thought process took us to the same destination – Founder,Big Biking Commune.
As for the logo look and feel, they looked at a few international events like the Sturgis, Daytona, Phuket bike week etc and knew that they wanted a rugged, sturdy and macho kind of brand design.
Big Biking Commune Logo
The retro handle bar and headlight design with the BIG taking more space, the side wings meaning riders can aspire to more and the Commune as an integral part of the logo unit. Keeping it to simple black and white with a dash of red at the bottom gave the logo its final look and feel they wanted. Today it has grabbed attention very fast amongst the biker community and is one of the fastest brand setting new benchmarks for biker experience in such a short time.
Big Biking Commune – Business Model and Revenue Model
The business model or revenue model is simple –
Events and experiences – Their flagship event and other interim events will attract sponsor money.
Technology & App – This is a long term game plan, where initially they will onboard bikers into the app and integrate rides and activities through the app. They are also creating multiple revenue models around the app like ticket sales, merchandise sale, sponsored rides, in-app adverts etc which will grow as the base grows.
Network platform – As one of the largest aggregator, once we have all sides of the game on the table, the upside revenue stream from multiple platform and network effect will fully open up the revenue potential with e-commerce, market place models, referral streams and many such innovative initiatives on the plate.
Big Biking Commune – Growth
They launched their flagship biker festival and the inaugural event saw over 3500 bikers take part in it. And today Big Biking Commune have access to over 2,500 biking clubs. Not being complacent, they also reached out to over 100 biking community influencers.
They also got the support from sponsors like the Tamil Nadu Tourism, Apollo tyres, TVS Motors and many other biking brands and accessories who placed their faith and trust in the concept and took part in a first of its kind event in Mahabalipuram.
“The journey has been brutal and tough and we weathered many a storm to come so far, the journey ahead also is not easy but we have now gathered a large base that looks at us to glue them together into a single commune and we are receiving more support each passing day from the biking fraternity. We have had more success from directly reaching out to bikers over a call and speaking to them, of late social media is getting a larger response from bikers who want to be part of our platform”, says Arun Kumar, the founder of Big Biking Commune.
Nothing fanciful than directly speaking to the bikers has worked well for the company, till date they have not spend a single rupee to advertise on social media, all page fans are bikers (they have about 3000 page likes and growing), they believe in organic and genuine likes and they are going to stick to that method.
What has also worked for Big Biking Commune is the innovation they are bringing to this community in curating experiences. They are the only ones to first introduce Yoga to Motorcyclists and created a MotoYoga day for them. They also branded thematic rides called the WOW Rides (World on wheels) which saw some internationally acclaimed bikers on the ride.
They curated weekend ride called the Filter Kaapi ride for South Indian bikers. Like this the company is working on innovating in the category which is making them popular and bikers are reaching out to take part in these activities.
Big Biking Commune – Startup Challenges
The company did not see any major challenges so far, everything they did was organic and every biker they reached out to has never said no and in fact they also managed to pull in the 1960’s Sholavaram bikers (all septuagenarians) who shared their crazy days with the youngsters at the event. Big Biking Commune experimented with serious discussion, fun beach side activity, off-roading, stunt shows and exhilarating evening musicals which gave the ambience a festive tone.
Big Biking Commune – Future Plans
All these items are WIP (Work-In Progress), the team is still working with back of the envelope calculations and taking inputs from some mentors and advisors on the business side of the commune. However their plan stays firm with the focus on the annual Flagship event and they have bigger plans to take them global in the next couple of years. The app will be a tipping point which is what they are working on today.
“Our vision for the next five years leans heavily on taking our brand global, starting out with South East Asia by early next year (Malaysia, Thailand, Vietnam and Cambodia and Indonesia are big markets for our category).”
They have already made some initial outreach into these markets in the last 6 months in building a strong network with biking clubs and are in touch with over 250 clubs and top bikers in these countries.
We will then push on to Europe and USA (two of the biggest markets with large motorcycle communities). And in terms of growing the commune, we are looking at tapping corporate and college communities as they offer good potential for this format. More than anything else, we are keen to pursue the Tourism industry which is slowly waking up to the potential of leverage this new category to drive growth and promote tourism through motorcycling”, quotes Arun Kumar.
The initial funding (seed and angel) has been in-house with the parent company holding the ship together. They are now working on the range and need for funds and calibrating their business plans to pitch to raise funds.
On a ballpark estimate they are looking to raise money in the 10 to 30 million USD range initially. But this also might get revised, all their plans are currently fluid and are being assessed in multiple formats across multiple business streams.
Big Biking Commune – Competitors
In terms of competition, Big Biking Commune do not have any. There are annual biker festivals like the India Bike Week and Rider Mania. Biking clubs do their own small get together and ride outs; no one has consolidated this space into a common commune platform, which is what they have done.
More and more Indian youth today are looking for freelance jobs. As per data, India ranks as the 2nd largest freelance workforce after the US. A major factor that has facilitated the growth in number of freelancer is the emergence of the online freelancing platforms. Also professional networking sites like LinkedIn has made lives easier for those who want to find a part-time or full-time job. Yet another new innovation in this direction is Lemonop. Founded by Sateesh Havannavar, Ramkiran Bhat, and Swaroop Chand, Lemonop is a single platform that acts both as a freelancing platform and professional network. The startup is on a mission to make “Work Finds People” happen.
StartupTalky interviewed Lemonop CEO Swaroop Chand to understand the platform better.
Lemonop is a combination of a freelancing platform (Lemonop Gig Engine) and a professional network (Lemonop Twyne). So it is somewhat like a lean Upwork + LinkedIn for people who are in their early career. From the young generation’s point of view, it’s a single Android mobile app and a mobile website for iOS users. From the companies point of view, Lemonop is a technology platform which simplifies their ability to build on-demand, short term workforce quickly, tap into the energy & skills of digital native GenZ and to spot their future talent early. Companies can also gain from GenZ as consumers because co-creating with this generation is a powerful way to understand, engage and win GenZ.
Lemonop App Screenshots
Taking their innovative vision forward, Lemonop is launching a ‘first job’ feature based on users’ gig and Twyne activities on the platform. Real-world activities or projects done on their initiative is a great way to spot strong talent. This feature will not just add immense value for youngsters by helping in finding their first job, but will also help companies scale their early career hiring beyond the set of colleges they visit.
We not only believe in the efficiency of gig economy for early career training, we also believe the earliest professional network is incredibly valuable – Swaroop quotes
The core belief of this initiative is that the industry & the young generation, who are the future innovators & workforce, will need to come together & collaborate to solve large problems such as employment generation, skill-building, skill gap reduction, etc.
According to the NASSCOM, FICCI, EY report of 2017, 17 million new entrants join the workforce each year and 5.5 million new jobs are created in the same period. This is just the Indian scenario and given that worldwide the numbers are much bigger, Lemonop has a huge scope of growth, as its products are relevant globally.
The industry will see a lot of impact due to exponential technologies, #HumanMachine and due to disruption in education models (e.g. Lambda school). During such times of uncertainties going forward, the Lemonop team see Lemonop & their model as a stabilizing agent to the users (both companies and the young generation).
We also strongly believe that gig work can be the economy’s largest training ground for students and new grads, at the same time enabling them to add immense economic value – Swaroop says explaining the importance of gig work
Lemonop – Founders and Team
Lemonop co-founder & CTO Sateesh Havannavar, – Graduated from B.V. Bhoomaraddi College of Engineering and Technology with a Bachelor’s degree in Engineering. Sateesh has co-founded Talentspear, a HRTech startup in the year 2015, which he exited in 2018. Sateesh held different technical roles with different organizations before starting up his own venture. Sateesh worked as a Senior Java Consultant at SAS, Technical Lead at FICO, Senior Developer at Oracle and a Software Engineer at igate Global Solutions typically where he started off his career.He also worked as a Senior Integration Analyst at UBS for a year.
Swaroop Chand, co-founder & CEO- Graduated from the National Institute of Technology Karnataka. Swaroop has 18 years of experience in software product engineering, product strategy, software services. He has also been a former Director at Oracle Financial Services Software Ltd.
Ramkiran Bhat, prior to Lemonop worked at SpaceMatrix. He is also working as Associate Director of UF Architects, a Architecture & Planning startup
In addition to their roles, Sateesh and Swaroop focus on sales to the demand side (companies) & Ram focuses on community building on the supply side (students & freshers)
How was Lemonop Started
The first spark of inspiration to the founders came from noticing that the college goers of India are keen to do some part-time work, not just the internships mandated by universities but in non-academic areas as well. The youngsters were willing to follow their hearts into unique career paths as well, which does not have much to do with their academic specialization.
Initial the thoughts were discussed among five people, three of which are now co-founders of Lemonop.
We initially saw an opportunity for tech to help not just to simplify and scale this space, but also add many more values such as giving youngsters the ability to test different industries, hunt for opportunities in an interest / hobby area, build a portfolio of work experiences to improve chances of finding a job soon after college etc – Swaroop speaks on the Lemonop idea
As they researched the space more, they realized that there’s so much more that can be done. They could play a significant role in the entire early career ecosystem and help the young generation of India irrespective of their goals being company jobs, solopreneurship or entrepreneurship. As a result, the economy can also benefit from better skill building & employability.
The name Lemonop was inspired by the lemonade stand — a culture in the western countries where parents help their children prepare lemonade and sell it during summer. The idea is to teach young people about entrepreneurship, customer service, money management, basics of finance, teamwork, etc at an early age. The founders believe that they are peers to collegians, where the lemonade stands as experience for school children.
Lemonop is also a tribute to “LMNOP”, the way we sing the alphabet song.
Lemonop Logo
Lemonop- User Acquisition
Lemonop got its early users by recruiting them manually. They started with the demand side (companies) and went to their own network first. Next, they made walk-in visits to companies of all sizes in a few select areas of Bangalore. That is how they got their first 25-30 companies. They then focused on winning top gigs that they were sure would delight the young users and are truly incredible opportunities. They had gigs like model making, food photography, etc in place. Once they had such gigs, they went on to visiting colleges to address the young generation users and when they saw how great the gigs were, Lemonop got its first 500 supply-side users.
After the initial hustle of recruiting early users, they started delighting their users with valuable product features. For example, for the supply side, they added features like a weekly bulletin called Byte to learn cool stuff in 1 min, a series called Rocktalk to help youngsters learn from people who have excelled in unique careers, a finance education series called #LearnMoney to only name a few. These features not only delighted the users but also triggered a bit of word of mouth to generate more than 35K registered users for Lemonop.
Lemonop- Business Model and Revenue Model
For Lemonop, revenue comes from the companies in the form of per-post charges, annual subscriptions or a percentage on top of the total amount disbursed using Lemonop. They do not charge students/freshers anything. Also, they don’t take any take rate (percentage cut from their earnings) either.
Lemonop- Startup Challenges
Like all marketplaces, Lemonop too had to face the chicken-and-egg challenge initially -who comes first and why? However, unlike other marketplaces, they couldn’t go after their supply-side first. They decided to go after the demand side (companies) first and although there weren’t any supply-side users initially. They told the companies that they’ll manually go to campuses and tell about their gigs and recruit applicants for their gigs. So basically, they offered their services as a sweetener to the early clients. Their quality of gigs has always been outstanding and when they showed them to students & freshers, a good number signed up to apply. They continued to grow both sides of the marketplace using a mix of hustling with the above model, focusing on extremely high-quality gigs, recruiting users on both sides manually.
1010 data, 10 times, 11 online are some of the companies running the same race in the spectrum as Lemonop. Though the market standing might not be that high but these companies have been in the industry for quite a while now.
Lemonop – Growth
Lemonop currently has 35000+ students / freshers and 450+ companies registered with it. Companies have posted gigs for 10+ different cities in the Lemonop platform. As regards clients, Zomato, Whacked Out Media, Dunzo, MTV UP!, Flipkart, Caratlane etc are some big names in Lemonop’s client list. It has also partnered with 91Springboard, Innov8 (now OYO Workspaces), Brand Capital and a few more
Lemonop – Future Plans
The short term plan is to grow to over 2 lakh registered users this financial year. The future plan is to expand to multiple cities including select tier 2 and tier 3 cities and introduce work from home / work remote gigs to enable young gen from these cities to do gigs. The insight behind this goal is the fact that great talent can come from any city and any college.
A common problem that people from middle and low-income group faces is shortage of money. Many plans and goals remain unfulfilled due to unavailability of money at the right time. Loans, especially personal loans, being collateral free can be a good way to solve this problem of money shortage. However, getting a personal loan is not easy either. From stringent eligibility criteria to extensive paperwork, there are lots of reasons which deter people from taking a personal loan. Thankfully, the situation is gradually changing. Financial institutions are now coming up with various viable loan options. Qbera, a Bangalore based fintech startup is making personal loans available quickly and easily so that you can get money just when most needed.
Qbera offers digital, quick, hassle-free personal loans. Founded in 2017, this Bangalore based startup offers instant personal loans to salaried and self-employed individuals across 900+ cities in India. Qbera’s vision is to provide super-smart, super-quick and super-fair credit services to creditworthy individuals. It aims to serve the underserved segment mostly comprising of individuals with low-to-mid level incomes, lower-than-prime credit scores, and those employed with uncategorized/unlisted companies across 900+ Indian cities.
Our core belief is to improve credit penetration in the economy by offering the best-unsecured loan services to salaried individuals in India.
Qbera Founders and CEO
Aditya Kumar, Anubhav Jain are the founders of Qbera.
Aditya Kumar is the founder and CEO of Qbera. He graduated in Economics from the University of Warwick. He is also an MSc in Investments from CASS Business School. Prior to Qbera, Aditya founded Oaktree International School, in Kolkata, which he exited in the year 2014. Aditya also worked with well-known organizations like Lehman Brothers and Clarks Group of Hotels.
Anubhav Jain is an alumnus of IIM Indore, where he did his MBA. He is an IT graduate. Prior to Qbera, Anubahv worked with LoanCircle as Director of Risk and Finance. He also co-founded StudyBud, a platform for simplifying campus placement preparations for institutes and students. At Qbera, Anubhav is the Head of Risk.
How was Qbera Started
The idea started with identifying a fundamental problem in the Indian credit market. A massive section of individuals remained underserved until fintech companies surfaced a few years ago. While a good number of individuals who once found it difficult to get loans can now get easy and convenient access to credit, the underserved market still holds tremendous potential.
The journey began with the understanding that credit penetration is extremely crucial for the economy. Individuals with subprime credit scores and those belonging to mid and low-income levels found it almost impossible to get personal loans from banks or traditional lending institutions. Fintechs have come in and turned the equation over its head.
Qbera started its operations in Bangalore and was launched in partnership with RBL (first lending partner). Initial capital was 3 crores – it was initially directed towards paying salaries of early team members, covering overhead costs such as rent, systems, etc.
Initial people, we spoke to Startup advisors, Industry professionals, Banks and NBFCs who were willing to collaborate in exploring the segment. The response was positive at the very least.
Qbera derives its name from “Kuber”, the Indian God of Wealth/Money.
Qbera Logo
What is Qbera
Qbera is actively addressing the problems of the underserved segment in India by offering instant credit to individuals who found themselves facing rejection owing to low-to-mid income levels, subprime credit scores and being employed with unlisted/uncategorized companies. Any person(salaried or self-employed) aged 23-55, with a minimum monthly income of 20,000 and a credit score of 625 or more can apply for Qbera loans. The best part is that the loan is disbursed within 24-48 hours.
Some of the key features of Qbera loans are–
1. Quick Registration 2. Minimal documentation 3. No collateral 4. Flexibility to Choose one’s own tenure 5. Budget-friendly interest rates 6. Security: Customer’s data is safe with 128 bit SSL encryption. 7. Simple repayment options: Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
Qbera offers loan amount ranging from Rs.1,00,000 to Rs.15,00,000. APR (Annual Percentage Rate) ranges from 11.99% to 35.99%. Loan lengths range from 12 to 60 months. Administration fee ranges from 1% to 5%.
Qbera’s USP is super-quick, super-smart and super-fair credit services through a paperless and presence-less loan process. Qbera uses alternative scoring methods to view a consumer’s profile comprehensively. Qbera’s eligibility framework isn’t confined to a consumer’s credit score and repayment history and looks at an individual’s social standing, income, ability to repay, employment stability, type of residence, etc. Qbera Focuses on data analytics and predictive analytics to understand consumer behavior much better and used various other methods through available data to more accurately determine a consumer’s repayment capability.
Qbera – Business Model and How it works
Qbera has partnered with Fullerton, RBL and IndusInd Bank to offer instant credit to individuals with a minimum net monthly income of Rs. 20,000 per month. Qbera determines the eligibility of consumers in-house, and Qbera’s lending partner/s come-in during the final stage of disbursement. The risk is shared in accordance with contractual terms with the lender/s.
Qbera – Funding and Investors
Qbera raised a 3 million dollar funding from E-city Ventures – the first round of funding since launching the startup. Qbera has utilized these funds for its expansion plans as well as to scale up its technology and offerings-
Funding Date
Funding Stage
Fundig Amount
Investors
2018
Series A
$3 Million
E-city Ventures
Qbera – User Acquisition
As revealed by Aditya, Qbera’s target market includes salaried/ self employed individuals between 23-55 years.
The industry in the next 5 years is expected to grow steadily, as the demand for credit products isn’t going to cease from any angle.
To generate more business, Qbera expanded its operations to several other cities in India, and also expanded its partner base to seal the deal with 2 other partners – IndusInd Bank and Fullerton other than its initial partner RBL bank.
Key strategy hacks followed by Qbera to expand its customer base are-
Accessing more relevant data and improving scoring models to take a larger view of available consumer data
Focusing on its funnels to convert creditworthy customers
Critically evaluating the mediums that influence its customer acquisitions.
As said by Aditya, arranging for enough capital to lend was one of the biggest challenges faced by Qbera. This challenge was met by Qbera by sealing new partnership with banks and NBFCs.
Acquiring an NBFC license is another challenging task. Futile tie-ups and unprofitable partnerships with channel partners is also a challenge for the company, which requires efficient handling.
Qbera – Competitors
LoanTap and MoneyTap are two core competitors of Qbera. Qbera is inspired by the excellent marketing campaigns run by LoanTap and MoneyTap.
Some other competitors are InCred, CapitalFloat, LendingKart, IndiaLends, Faircent, Lendbox, Progcap, EarlySalary and PaySense.
Qbera recently achieved a significant milestone by expanding its book size to over 100 crores. Qbera has its lending services across 180+ cities and serves 15,500 pin codes across the country. Qbera is the only fintech retail lender in India having such a vast presence.
With close to 100 crores of disbursal till date and less than 1% delinquency, we aim to soon be the largest digital lending platform in the country and further cement our leadership position in the alternate lending space.
Ashwini
