StartupTalky

Tag: Year End Stories

  • Igniting Change: Kishan Karunakaran Drives Sustainable Solutions With Buyofuel in the Biofuel Landscape

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The biofuel manufacturing and trading industry drives sustainable energy by converting organic materials into eco-friendly fuels. This sector, focusing on liquid and gaseous biofuels, aims to reduce reliance on conventional fossil fuels for a cleaner energy future. Biofuel trading facilitates the exchange of these environmentally friendly alternatives, supporting a shift towards renewable energy sources globally.

    The global biofuel market reported $140.43 billion in sales in 2021, valued at nearly $117 billion in 2022. Projected to reach $201.2 billion by 2030 with a growth rate of 8.3% between 2021 and 2030, the biofuel industry is expected to surge. By 2027, estimates suggest the market will reach $232.6 billion, highlighting its continued upward trajectory in the sustainable energy sector.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Kishan Karunakaran, Founder and CEO of Buyofuel. We reviewed Buyofuel’s operations in biofuel manufacturing, exploring their strategies and unique positioning.

    StartupTalky: What does Buyofuel do? What was the motivation/vision with which you started?

    Kishan Karunakaran: Buyofuel is India’s 1st B2B online marketplace, offering a diverse range of biofuels and organic wastes. Our platform facilitates a smooth transition for fuel consumers towards sustainable biofuels while providing biofuel manufacturers easy access to a variety of organic wastes. This strategic interplay contributes significantly to the growth of India’s biofuel sector. Our mission is to propel India towards a low-carbon, sustainable future by promoting increased consumption of locally manufactured biofuels derived from organic wastes within the country.

    In late 2019, Buyofuel began its journey, becoming an official entity by May 2020. I pioneered Tamil Nadu’s first large-scale biodiesel plant, marking a significant presence in India’s biodiesel landscape. Through firsthand experience, I identified key challenges in the biofuel sector in India—like fragmented supply chains, rising demand, complex payment structures, and a lack of streamlined processes. Seeing the need for a solution, Buyofuel was conceptualized as a waste and biofuel aggregator. Leveraging technology, we introduced India’s premier online B2B marketplace for biofuels and waste, aiming to simplify the industry and drive sustainable progress.

    StartupTalky: What is/are the USP/s of Buyofuel?

    Kishan Karunakaran: Buyofuel’s unique selling proposition (USP) stems from being the pioneering and exclusive online marketplace for biofuels and organic wastes. Our platform revolutionizes the industry by fully digitizing B2B transactions, providing fuel consumers easy access to quality biofuels, and enabling biofuel manufacturers to source organic wastes efficiently. This not only ensures better pricing for organic waste sources and biofuel manufacturers but also empowers fuel consumers to make a seamless transition to renewable fuels, reducing their overall fuel costs. Unlike conventional B2B platforms, Buyofuel brings specialized sector knowledge to the forefront. Our user-friendly transaction flow, from inquiry to order placement, payment, and delivery tracking, sets us apart in the market. We prioritize transparency, security, and quality assurance, offering a secure payment mode for all biofuel and organic waste transactions on our platform. Buyofuel is not just a marketplace; it’s a transformative force driving the biofuel and organic waste industry toward sustainability and efficiency.

    StartupTalky: How has the biofuel manufacturing industry changed in recent years, and how has Buyofuel adapted to these changes?

    Kishan Karunakaran: Thanks to the Indian government’s policies, biofuel demand has seen a significant rise, which is beneficial for us. Awareness has improved, but some areas still lag behind. We’re actively running campaigns and reaching out directly to educate rural areas. We’re expanding our field teams to rural pockets to let people know about available sellers and how they can tap revenues from their waste generated. 

    With advancing technology, more waste is being converted into biofuels efficiently. This means our team requires a broader knowledge. We’re investing in training and awareness programs to keep our team updated on the evolving biofuel industry.

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    Kishan Karunakaran: Keeping up with industry trends is crucial, especially with the growing focus on the biofuels sector. The Indian government’s active role has been trying to push biofuels into mainstream energy production. Our platform bridges this gap. By connecting directly with biofuel producers and waste generators, we offer our clients the best market rates. Our strong presence in key regions ensures a steady biofuel supply, making us a top choice for clients seeking cost-effective and reliable energy solutions. Furthermore, with the recent advent of generative AI and blockchain, Buyofuel has been actively implementing these technologies into the platform to develop better supply chain traceability and other possible development of the sector itself for various stakeholders. 

    StartupTalky: What key metrics do you track to check Buyofuel’s growth and performance?

    Kishan Karunakaran: To measure Buyofuel’s growth and performance, we focus on several key metrics. Website traffic gives us a clear indication of our online visibility and reach. Conversion rates help us understand the effectiveness of our marketing efforts in turning visitors into customers. Customer acquisition costs are crucial for evaluating the efficiency of our marketing spend. Finally, overall sales revenue is the ultimate indicator of our business success, reflecting the culmination of all our strategies and efforts.

    StartupTalky: What were the most significant challenges Buyofuel faced in the past year, and how did you overcome them?

    Kishan Karunakaran: The past year presented a major challenge in the form of an unexpected surge in the demand for biofuels. To manage this effectively, we expanded our network by onboarding multiple new sellers, which enabled us to meet the increased demand without compromising service quality. We also undertook a comprehensive revamp of our supply chain processes, enhancing efficiency and responsiveness. Our online platform was upgraded to better handle the increased traffic and to provide a seamless customer experience.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Kishan Karunakaran: At Buyofuel, we’ve adopted a multifaceted approach to marketing, encompassing digital marketing, content marketing, public relations (PR), and search engine optimization (SEO). Our goal is not only to reach a broad audience but to engage them meaningfully. A significant part of our strategy is re-engaging existing users, for which we’ve developed a custom-built, targeted campaigning tool. This tool enables us to connect with our customers through various channels like WhatsApp, Email, SMS, and Push Notifications, ensuring we maintain a strong presence in their day-to-day digital experience. One of our notable growth hacks has been leveraging this tool to create personalized and impactful campaigns that resonate with our audience, significantly boosting our engagement and retention rates.

    StartupTalky: What are the important tools and software you use to run Buyofuel smoothly?

    Kishan Karunakaran: Our operations at Buyofuel are supported by a suite of sophisticated tools and software. Google Analytics offers us in-depth insights into web traffic and user behavior, while Hoot-suite is our go-to for managing and optimizing our social media presence. Recognizing the uniqueness of our business model, we’ve invested in developing a custom CRM tool tailored specifically to our operational needs. This in-house system allows us unparalleled flexibility and control in managing customer relationships, tracking sales, and analyzing data, thereby ensuring seamless and efficient business operations.

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    StartupTalky: What opportunities do you see for future growth in the biofuel industry in India and the world? What kind of difference in market behavior have you seen within states in India?

    Kishan Karunakaran: Firstly, less than 15% of India’s total waste is currently utilized in the biofuel sector, leaving a vast 85% untapped. As technology and supply chains improve, more waste will enter this sector, highlighting its immense potential. The advent of a global biofuel alliance will bring uniform regulations and quality standards worldwide and open up a huge global potential for biofuels. Over the next 5-10 years, green hydrogen is set to emerge as a major player, further adding another dimension to the biofuel market and creating new market dynamics.

    We initially focused on Tamil Nadu, particularly West TN, which combines both agricultural and industrial strengths. Here, supply and demand are closely aligned. However, in Northern India, there’s a notable disparity between supply locations and demand centers, leading to different market dynamics and consumer behaviors. Throughout India, client relationships hold significant value, but in the South, contractual agreements are more binding. Conversely, as we head North, the emphasis shifts from contracts to relationship-building for market expansion.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Kishan Karunakaran: A key lesson learned over the past year was the importance of differentiating our approach for acquiring new users versus re-engaging existing ones. We discovered that tailored strategies for these distinct groups led to more effective marketing and higher engagement rates. This insight has been instrumental in shaping our marketing strategies moving forward. We now employ more targeted and personalized approaches depending on the audience segment, leading to more successful campaigns and a stronger overall market presence.

    StartupTalky: How do you plan to expand the customers, product, and team base in the future?

    Kishan Karunakaran: Looking ahead, Buyofuel is poised for expansion on multiple fronts. We aim to tap into new geographic markets, thereby widening our customer base and increasing market penetration. Product diversification is also on the horizon, with plans to introduce an expanded range of biofuel products to meet the growing and varied demands of the market. In terms of team growth, we are focused on attracting and nurturing talented professionals who can bring fresh ideas and skills to our company, thereby driving innovation and excellence in every aspect of our business.

    StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?

    Kishan Karunakaran: From our experience, always keep learning and stay updated with what’s happening. Being open-minded, ready to unlearn old ways, and eager to embrace new methods are essential traits for anyone stepping into entrepreneurship.

    StartupTalky extends its gratitude to Mr. Kishan Karunakaran for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Assotech Unplugged: Sanjeev Srivastva’s Bold Revolution in Real Estate Dynamics

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    Real estate involves acquiring and selling residential and commercial properties, with its dynamics closely tied to economic fluctuations. The demand for homes and offices rises as urbanization and population expansion occur. Advancements such as online property showcasing simplify the selling process. Government regulations play a significant role in shaping the real estate landscape.

    India’s real estate industry is anticipated to surge to Rs. 65,000 crore (US$ 9.30 billion) by 2040, a substantial increase from Rs. 12,000 crore (US$ 1.72 billion) in 2019. The projected growth aims to achieve a market size of US$ 1 trillion by 2030, contributing 13% to the GDP by 2025. Looking ahead, the sector is predicted to expand to US$ 5.8 trillion by 2047, making a remarkable rise from the current 7.3% contribution to India’s GDP.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Sanjeev Srivastva, Founder and Chairman of Assotech. We delved into Assotech’s unique approach to real estate and uncovered the intricacies of its brand navigation.

    StartupTalky: Could you provide an overview of Assotech, detailing its core activities and offerings, and share the core motivation or vision that led to its founding?

    Sanjeev Srivastva: Assotech Group, with a legacy spanning over 38 years, stands as a beacon of excellence in the real estate sector. Our primary activities revolve around holistic real estate development, encompassing residential, commercial, and mixed-use projects. Inspired by the foundational vision set forth by Mr. Sanjeev Srivastva, our aim was to transform the industry landscape by integrating innovation, sustainability, and unmatched quality. This vision has been the driving force behind every project we undertake, ensuring that Assotech remains synonymous with trust, quality, and innovation.

    StartupTalky: Reflecting on the past year, what were the most significant challenges Assotech faced in the real estate sector, and how were these challenges overcome?

    Sanjeev Srivastva: The previous year was marked by unprecedented challenges in the real estate sector. Assotech faced hurdles such as evolving market dynamics, regulatory changes, and the aftermath of global disruptions. However, armed with strategic foresight, a dedicated team, and an unwavering commitment to our stakeholders, we adopted agile strategies, optimized our operations, and leveraged our robust industry network to navigate these challenges. Our resilience and adaptability ensured that we not only weathered the storm but also achieved significant milestones.

    Sanjeev Srivastva: Staying ahead in the ever-evolving real estate landscape necessitates continuous innovation. At Assotech, we prioritize R&D investments, collaborate with global technology leaders, and foster a culture that encourages experimentation. Our dedicated Innovation Labs, under the stewardship of Mr. Arpan Patel, constantly explore emerging trends, technologies, and consumer preferences. This proactive approach enables us to shape products that align with market demands and resonate with our discerning clientele.

    StartupTalky: In the evolving real estate landscape, what key metrics does Assotech track to assess growth and performance?

    Sanjeev Srivastva: Assotech’s growth trajectory is meticulously monitored through a suite of key performance indicators (KPIs). These include sales velocity across projects, customer satisfaction metrics derived from feedback mechanisms, adherence to project timelines, market share in key regions, and financial metrics such as ROI and profit margins. By analyzing these KPIs, we gain invaluable insights into our performance, enabling us to recalibrate strategies and drive sustainable growth.

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    StartupTalky: What distinguishable attributes set your real estate projects apart in the market, and how have these contributed to your brand’s success?

    Sanjeev Srivastva: Assotech’s real estate projects are distinguished by their emphasis on quality, sustainability, and innovation. Our meticulous attention to detail, adherence to global best practices, and commitment to environmental stewardship set us apart. Furthermore, our customer-centric approach, coupled with transparent communication, has fostered lasting relationships with our clientele. These attributes have not only elevated the Assotech brand but also positioned us as a trusted market leader, setting benchmarks for excellence in the industry.

    StartupTalky: Can you share any successful growth hacks or marketing strategies that your real estate company has implemented?

    Sanjeev Srivastva: Assotech has consistently embraced innovative growth strategies to differentiate itself in a competitive market. Some of our pivotal tactics include leveraging digital platforms for enhanced customer engagement, implementing data-driven insights for targeted marketing campaigns, and forging strategic partnerships with industry stakeholders. Additionally, our focus on sustainability and green building practices has resonated with environmentally-conscious consumers, further enhancing our brand value and market positioning.

    StartupTalky: What is your business vision for the next five years, and what strategic steps are planned for achieving your goals?

    Sanjeev Srivastva: Over the next five years, Assotech envisions a strategic expansion, both in terms of geographical reach and diversification of our portfolio. Our roadmap includes the launch of premium residential and commercial projects in emerging markets, exploring opportunities in the hospitality sector, and integrating smart technologies across our developments. Key strategic initiatives encompass enhancing operational efficiency, fostering innovation through R&D, and deepening our customer-centric approach to solidify our market leadership.

    StartupTalky: As a leader in the real estate industry, how do you cultivate a business culture of mutual respect within your team?

    Sanjeev Srivastva: At the heart of Assotech’s success lies our people-centric approach. We cultivate a culture of mutual respect, open communication, and collaboration through regular team-building activities, leadership development programs, and an inclusive work environment. By recognizing and celebrating individual contributions, fostering a culture of continuous learning, and promoting cross-functional collaboration, we ensure that every team member feels valued, empowered, and aligned with our organizational vision and values.

    StartupTalky: Looking ahead, what opportunities do you foresee for future growth in the Indian and global real estate industry?

    Sanjeev Srivastva: The Indian and global real estate landscapes present myriad opportunities for expansion. Domestically, we see potential in tier-II and tier-III cities, affordable housing segments, and integrated township developments. Globally, we are exploring partnerships, joint ventures, and investment opportunities in markets that align with our expertise and strategic objectives. Embracing sustainable practices, leveraging technology, and adapting to evolving consumer preferences will be pivotal in our expansion journey.

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    StartupTalky: Share key business lessons learned during your entrepreneurial journey. What advice would you offer to fellow real estate founders based on your experience?

    Sanjeev Srivastva: Reflecting on our entrepreneurial journey, a few key insights stand out. First, prioritizing integrity, transparency, and customer satisfaction forms the bedrock of enduring success. Second, embracing innovation, staying abreast of market trends, and fostering a culture of continuous learning are crucial for staying competitive. Lastly, forging genuine relationships, nurturing talent, and maintaining financial prudence are essential pillars for sustainable growth and long-term resilience in the dynamic real estate landscape.

    StartupTalky extends its gratitude to Mr. Sanjeev Srivastva for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • U GRO Capital’s Amit Mande Reveals Vision and Innovation in MSME Lending

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The Non-Banking Financial Company (NBFC) industry is a crucial financial sector component, encompassing entities that provide various financial services without holding a banking license. NBFCs play a vital role in meeting the diverse credit needs of individuals and businesses, contributing to financial inclusion. They engage in lending, investment, and asset financing activities, often focusing on niche markets or specialized services.

    In 2022, India’s NBFC sector reported a robust net profit of 290 billion INR. The credit-to-GDP ratio reached 13.7% in FY 2021, showcasing its growing economic importance. By August 2023, NBFCs exhibited significant YoY growth, expanding by 25.8%. India’s MSME sector, growing at 11.5% annually, contributes 30% to the GDP, surpassing the overall economic growth of 8%.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Amit Mande, CRO of U GRO Capital. We analyzed the operational intricacies of U GRO Capital in the NBFC industry, exploring its strategies and gaining insights into its unique approach and strategic positioning.

    StartupTalky: What was the vision with which U GRO Capital was started? How has the company been able to build on its vision?

    Amit Mande: U GRO Capital is built on a vision of a dynamic India driven by thriving MSMEs, and we’re committed to being their trusted partner on their journey to success. By revolutionizing the MSME lending ecosystem, we are trying to solve the unsolved and participating in servicing the US $600 billion credit gap of MSMEs in India. Our aim is to acquire 1 million customers and capture a 1% market share of the larger MSME lending market over the next three years.

    We are revolutionizing MSME lending and are trying to solve historical credit access issues rooted in extensive documentation and cumbersome processes. Our vision is to eliminate hindrances for underserved MSMEs with innovative strategies to eliminate paperwork and streamline applications, offering a seamless experience through proprietary technology, exemplified by platforms like GRO X, providing on-tap financing solutions. This commitment to technology extends beyond convenience; it is about empowering MSMEs with swift credit access based on real business performance. Departing from traditional reliance on collateral and extensive documentation, U GRO Capital utilizes advanced data analytics, notably the proprietary GRO Score model, evaluating customers based on banking, bureau, and GST behaviors.

    Our aim is to service every credit need of every MSME. Given our sectoral focus and understanding of eight sectors and 180+ sub-sectors, we are able to understand the business of all MSMEs under these sectors and, therefore, address their individual credit needs. Our presence is in over 100 cities, with a large focus on the states of Rajasthan, Tamil Nadu, Gujarat, Karnataka, and Telangana. In these states, we have micro-enterprise branches where we service the credit needs of small business customers by understanding their business and cashflows and extending credit to them. We plan to expand our reach to 150 cities within the next 6-8 months.

    With our suite of products, we are catering to the credit needs of all MSMEs, especially for the underserved small businesses and to the last mile MSME. Our product offerings include secured and unsecured business loans, supply chain, and machinery finance. We offer 7-day to 15-year term loans to bullet structures in the supply chain and offer Rs. 50,000 to Rs. 5 crore loans. Our distribution model is geared towards catering to MSMEs across all geographies and ticket sizes. 

    StartupTalky: What new services have been added in the past year? What are the USPs of your service?

    Amit Mande: Since its inception, U GRO Capital has been building a suite of products in the MSME lending space to cater to different categories of business with our customized offerings. We recognized that the one-size-fits-all approach would not work for last-mile MSMEs. Our philosophy is to use data from multiple data ecosystems and deliver credit via dynamic technology channels. Through thorough analysis, we crafted loan products with flexible tenures, interest rates, and repayment schedules, catering to diverse needs. While doing this, we embraced data analytics to assess creditworthiness, moving away from traditional collateral requirements and paving the way for inclusive finance.

    The company has undergone a transformative journey over the past year, unveiling a range of business solutions to address the evolving needs of MSMEs and taking our initial strides into sustainable financing. Our commitment to innovation is evident in the launch of various product variants, expanding into new-age businesses with fresh opportunities. This has enabled U GRO Capital to evolve to cashflow-based underwriting and deliver credit at convenience and speed to last-mile customers.

    At the forefront of our offerings is our GRO X App, an on-tap financing solution that signifies a momentous leap in empowering MSMEs. This closed-loop retailer financing solution provides instant credit to the last mile, granting small merchants ‘Non-Stop Business karne ki Azaadi’ they need to operate at peak efficiency. The GRO X App, a digital solution tailored for small merchants, offers a seamless experience with customized solutions, flexible tenure, repayment options, and a pay-as-you-go model.

    As a part of our Micro-enterprise lending solutions, we recognize the vital role of micro-enterprises in the economy and have developed micro-loans with minimal documentation and simplified processes, fueling the aspirations of this often-overlooked segment.

    In our commitment to Green Finance initiatives, the solutions are designed to aid MSMEs in transitioning toward environment-friendly practices. We extend financing options for initiatives such as rooftop solar installations, green logistics, and energy-efficient solutions. We have collaborated with almost all solar OEMs and platforms that facilitate green logistics to ensure that our green financing solutions reach the last-mile MSMEs, enabling them to harness the benefits of solar energy. Actively engaging with partners involved in various sustainable practices, such as battery recyclables, solar charging stations, and overall energy-efficient solutions, reinforces our commitment to environmentally responsible financing. 

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    StartupTalky: How has MSME lending changed in recent years, and how has U GRO Capital adapted to these changes?

    Amit Mande: U GRO Capital is a dedicated MSME lender servicing all the needs of all MSMEs. UGRO has been pioneering the extension of credit to MSMEs on a data-tech platform.

    Traditionally, access to small businesses has posed a challenge. This has been primarily because of the lack of financial data and discipline that is required to credit assess customers. MSMEs in India also face issues with the number of collaterals that they can borrow against and the quality of those collaterals, and unfortunately, traditional lenders have always demanded either collateral or financials. Because of this, a large number of small businesses have to access unorganized channels for their credit needs. From these unorganized channels, credit has been unaffordable and sometimes even exploitative. 

    To address the credit demand, U GRO Capital’s philosophy is to move away from the financial-backed and collateral-backed credit assessment to cash flow-backed credit assessment. At U GRO Capital, we have walked the extra mile to understand the customer and assess his/her income and cashflows that are not reflected in banking and financials to extend credit to this segment. This is a very immersive process, and few lenders have walked this path.

    We are able to overlay the assessed cashflows to our proprietary risk model, GRO SCORE, which credit assesses customers on their banking, bureau, and GST behaviors to extend credit to the last mile. Our sectoral focus has helped us build sector and subsector-specific risk models, which help us extend credit and correctly price it.

    At U GRO Capital, we have also heavily invested in financial literacy initiatives for MSMEs, helping them manage finances effectively, build credit scores, and make informed business decisions. We have recently partnered with Laghu Udyog Bharati to launch a pan-India Awareness Campaign to Educate Small Businesses on Government Schemes and Promote Digital Credit across 100 locations. By embracing innovation, collaboration, and responsible lending, we are working towards building a brighter future for Indian entrepreneurs and the economy as a whole.

    StartupTalky: What is your brand strategy to reach a larger target audience and accelerate the next growth phase?

    Amit Mande: Our brand strategy is deeply rooted in our vision to address the significant $600 billion credit gap and foster the growth of MSMEs. This commitment is not just a part of our brand and logo; it is ingrained in every action we take. We have strategically built our brand on the foundation of customized financial solutions, a robust technological infrastructure, and the seamless delivery of credit to the last mile.

    The cornerstone of our brand’s strength lies in our ability to foster repeat customers. Our UGRO Mitra referral program stands as a testament to the exceptional experiences our existing customers have had with our services. Through this program, satisfied customers become advocates, recommending our financing solutions to their networks, thereby amplifying our reach to the last-mile MSMEs.

    Our employees, driven by a shared vision of empowering underserved businesses with the right credit solutions, serve as invaluable brand ambassadors. Their commitment goes beyond the ordinary; they willingly go the extra mile to contribute to our mission.

    Recognizing the immense contribution of MSMEs to the country’s GDP, we understand the significance of reaching a large and diverse target audience. While traditional media channels such as TV and radio campaigns have been integral to our brand positioning, they represent just one facet of our comprehensive branding strategy.

    The true ambassadors of our brand extend beyond the confines of media campaigns. Our customers, employees, and partners, including FinTechs, OEMs, and supply chain partners, play a pivotal role in shaping and validating our narrative. They believe in our story and trust in our ability to deliver on our promises. Our brand strategy revolves around building a holistic ecosystem where every stakeholder, internal and external, contributes to and validates our mission. This collaborative approach is what propels us forward, enabling us to not only reach a larger target audience but also to accelerate into the next phase of our growth journey.

    StartupTalky: With the changing financial landscape and evolving customer demands, how is U GRO Capital adapting its business model to stay competitive and meet customer expectations?

    Amit Mande: Historically, MSMEs have faced challenges with underdeveloped banking habits and incomplete financial disclosures, leading to collateral-based lending. However, the emergence of ecosystems like India Stack, GST, Account Aggregators, and other alternate data sources is transforming this scenario by providing a wealth of data. In response to this evolving financial landscape and changing customer demands, U GRO Capital is strategically adapting its business model to stay competitive and align with customer expectations.

    At U GRO Capital, our investment in data analytics and technology positions our products to leverage the digitized MSME landscape effectively. We have embraced a cashflow-based lending approach, utilizing advanced technology to assess cash flows accurately. Our commitment goes beyond traditional methods, delving into the intricacies of customers’ profiles to understand income and cashflows not adequately reflected in conventional records.

    Setting us apart from others, our immersive process integrates assessed cashflows into our proprietary risk model, GRO SCORE, which ensures swift customer assessments and approvals within an hour, setting a new standard for efficiency. Moreover, our sectoral focus has led to the development of tailored risk models for specific sectors and subsectors, allowing us to extend credit judiciously and accurately price it.

    In line with our data and technology prowess, we have introduced the GRO X Solution, Retailer Finance Solution, and online loan solutions. These innovations reflect our commitment to providing access to credit with ease of documentation and leveraging data ecosystems and robust technology.

    Our digital stack plays a crucial role in making credit access and servicing convenient for customers. The entire onboarding process, whether direct or assisted, is fully digital, relying on our data tripod of banking, bureau, and GST records. 

    We prioritize transparency in customer interactions, digitally dispatching all documentation to foster trust and ensure fair pricing. Our WhatsApp bot, Unnati, further enhances the customer experience by delivering information, answering queries, providing status updates on existing loans, facilitating applications for new loans, and more—all at the click of a button. At U GRO Capital, our differentiated and forward-thinking approach positions us as leaders in today’s dynamic financial landscape.

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    StartupTalky: What opportunities do you see for future growth of MSME lending in India?

    Amit Mande: The future of MSME lending in India holds immense potential for growth. We are currently at a nascent stage of an explosive trend, similar to the trajectory that consumer lending experienced after the evolution of lending bureaus in the mid-2000s. The advent of a robust data ecosystem, coupled with initiatives like Account Aggregator, ONDC, and others, is set to transform last-mile MSME lending.

    As one of the early adopters, U GRO Capital is strategically positioned to benefit from this evolving landscape. The integration of advanced data ecosystems allows us to tap into new opportunities and cater to the unique needs of MSMEs. We foresee a significant growth trajectory in last-mile MSME lending, and we are excited to play a pivotal role in shaping and benefiting from this trend.

    StartupTalky extends its gratitude to Mr. Amit Mande for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Crafting Tomorrow’s Living: Aditya Surneni & Boston Living Chronicles

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The co-living space industry is transforming urban living with shared housing models. Providing furnished rooms and communal spaces fosters a sense of community and affordability. Popular among young professionals and students, co-living spaces offer flexible leases and amenities. Tech-driven platforms streamline bookings and enhance the resident experience.

    The global co-living market is projected to achieve $8.9 billion by 2025, with a robust CAGR of 16.3% from 2019 to 2025. Simultaneously, India’s co-living sector anticipates a substantial CAGR of 17%, nearing INR USD 40 billion in the next five years. Projections suggest doubling India’s co-living market by 2024, reaching 450,000 beds by year-end.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Aditya Surneni, Director and COO of Boston Living. We explored Boston Living’s unique approach to co-living, uncovering their industry strategies.

    StartupTalky: What service does Boston Living provide? What was the motivation/vision with which you started?

    Aditya Surneni: Boston Living is one of India’s largest premium co-living spaces. Currently, we house 555 beds, with over 530 beds consistently occupied, within our expansive 1.6L sq. ft. property.

    Our rental approach is simple: we offer stays on a per-bed basis across three categories: cozy, comfy, and plush. Each category distinguishes itself through amenities such as laundry, housekeeping, electricity inclusion, bed linen, and room decor. The quality and finish of our rooms reflect our commitment to providing a comfortable living experience.

    As a hospitality partner for corporates, we accommodate their employees on a short-term basis. Our top priority is the safety and security of our residents, particularly women. To ensure this, we have implemented innovative access management systems.

    Beyond the essentials, our property features diverse facilities to keep our residents engaged – from a late-night food truck and quaint bistro to a well-equipped gym, game room, co-working space, and even a football turf.

    Our journey began with a vision to address a gap in the Hyderabad market for premium, convenient, and comfortable accommodation. Boston Living was established as a modern housing solution, sparing residents the hassle of dealing with expensive brokers and furnishing stores. Here, individuals can arrive with their bags and find a fully furnished home with all the necessary amenities under one roof.

    We are driven by a desire to foster a sense of community for our residents. Our founders aimed to create more than just a living space. Boston Living has evolved into a place where individuals not only co-exist but also enjoy each other’s company, forming a closely-knit community. We aspire to become the global go-to brand for managed residences. Offering fully furnished, ready-to-move-in spaces. 

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of Boston Living?

    Aditya Surneni: At Boston Living, we’re not just a hospitality brand; we are enthusiasts of the community lifestyle. Our aim is to establish spacious co-living spaces that not only foster engagement but also enhance operational efficiency through economies of scale.

    What sets us apart is our commitment to a community-driven approach. We firmly believe that a joyful and comforting home is created through the shared experiences and memories formed with fellow residents. The enduring loyalty of our customer base is a testament to the invaluable connections forged through networking during events and as roommates.

    To further enrich the communal experience, we’ve introduced an in-house app tailored to our space. This app facilitates online connections among residents, fostering meaningful relationships while respecting individual privacy. The positive response and appreciation from our residents for this addition reinforce our belief in the power of community-driven living.

    StartupTalky: How has the coliving industry changed in recent years, and how has Boston Living adapted to these changes?

    Aditya Surneni: In the thriving coliving industry, our focus on the luxury segment with premium services sets us apart from competitors. The rising demand for rental housing in major metro cities, fueled by the return-to-office trend, positions coliving as an appealing choice for millennials and Gen Z seeking a hassle-free, ready-to-move-in setup. Our commitment to providing top-notch accommodation, housekeeping, food, fitness amenities, and engaging community activities distinguishes us as the only coliving player offering this full suite under one roof. Recognizing the trend towards private living spaces, we’ve upgraded our existing property inventory and incorporated this into the planning for upcoming properties. 

    Aditya Surneni: One of the key approaches to staying relevant is by remaining ahead of the curve. This involves a keen awareness of trends, understanding customer perspectives, actively participating in industry events, and fostering connections. It’s essential to pay special attention to trends as they are significantly influenced by the evolving needs of customers.

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    StartupTalky: What key metrics do you track to check Boston Living’s growth and performance?

    Aditya Surneni: We tailor our metrics to suit the nuances of our industry. We closely track key indicators such as occupancy percentage, sales cycles, and resident feedback. Additionally, we focus on specific metrics like the average revenue per bed per month and the time it takes to address resident-raised tickets across various categories. These metrics, among others, provide valuable insights into the progress and performance of our company.

    StartupTalky: What were the most significant challenges Boston Living faced in the past year, and how did you overcome them?

    Aditya Surneni: One of the persistent challenges we encounter involves optimizing costs as our property matures. We strategically utilize technology to implement preventive maintenance procedures, ensuring the efficiency of our operations. We employ various data-driven techniques to identify areas with significant operational expenditures, such as repairs, new acquisitions, housekeeping essentials, and linen. Our focus is on establishing enduring partnerships with vendors to achieve favourable costs and elevate the quality of our products. Maintaining a consistent customer flow to occupy our accommodations is important. To facilitate this, our sales team relies on a robust CRM tool, allowing for effective tracking of both existing and potential customers.

    Regarding rent adjustments, historically a sensitive matter, we have navigated the process smoothly by introducing changes gradually. This approach minimizes resistance and ensures a more seamless transition for all parties involved.

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of Boston Living are happy?

    Aditya Surneni: The key to keeping a client happy is understanding them. One of the most effective ways is by communicating with them regularly to understand their day-to-day needs and challenges. The community managers and the guest relations team strive to know the basic details of every resident who stays on the property by personally meeting them and checking if they need any customization or if there is a scope for improvement.

    Any issue is immediately raised with the management team, and depending upon the number of residents facing the issue/size of the issue, we immediately resolve it. Our guests treat our community managers as their go-to people/ friends. It helps us in establishing a long-term association with our guests resulting in a sustained relationship with our customers.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Aditya Surneni: Our brand has been built because of the positive word of mouth we get from our residents. They not only become repeat customers but also refer us to their friends, colleagues, and family members visiting/moving to Hyderabad. Influencer marketing has also helped tremendously to push our brand forward.

    StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?

    Aditya Surneni: While not a frequent occurrence, we do get opportunities to welcome foreign guests in Hyderabad on a short-term basis. The concept of coliving is more established abroad. The appeal lies in the opportunity to reside in a fully furnished home equipped with high-end security and complimentary access to amenities like a gym, Zumba studio, cafeterias, and laundry facilities.  

    StartupTalky: What are the important tools and software you use to run Boston Living smoothly?

    Aditya Surneni: In our hospitality setting, we’ve incorporated a paperless approach, firmly grounding our belief in the pivotal role of technology within the hospitality industry. Our commitment extends to digitizing every facet of both the customer journey and our backend operations.

    Diverging from conventional hotel practices, when guests provide their information on tablets, we take an additional step to delve into their interests and skills. This information allows us to curate events tailored to their preferences. Upon check-in, guests seamlessly transition into a customized mobile application. Here, they can interact with fellow residents, raise service requests via the app instead of using an intercom or calling the reception, pay rentals, and book amenities.

    From a managerial standpoint, this technological integration has yielded valuable insights into the level of community engagement among residents. It assists in tracking the timelines for resolving housekeeping or linen change requests, which enables us to enhance operational service level agreements (SLAs). We can also gauge the regular usage of provided amenities, and residents even have the capability to monitor the pH value of drinking water.

    Operationally, we’ve replaced traditional books and registers with asset management software for day-to-day housekeeping and proactive maintenance. This includes tracking in-house inventory down to the smallest items like tissue boxes, planning, assigning, and tracking our maintenance calendar. 

    StartupTalky: What opportunities do you see for future growth in the coliving industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Aditya Surneni: Co-living is truly versatile, transcending geographical boundaries. Its adaptability allows us to implement this concept anywhere in the world, tailoring community engagement to the specific characteristics of each region. The potential for growth is boundless.

    We observe a significant alignment between coliving and employee accommodation. There’s a growing trend where more companies and startups are leaning towards coliving providers to furnish both short and long-term accommodation for their employees.

    In the Indian context, the value proposition of coliving centers more on the convenience it offers rather than emphasizing the community aspect. In contrast, outside India, customers are drawn to coliving because of the desire to belong to a community. While we anticipate a gradual shift in Indian customers’ preferences towards the community aspect, it may not be the USP they seek when opting for coliving.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Aditya Surneni: We truly value the benefits that technology brings to the table. One of the standout advantages is its capability to track operations, offering in-depth insights crucial for informed decision-making regarding costs and staff efficiency. This year, we introduced user-friendly maintenance and inventory management software. The feedback from our staff has been positive, and they’ve embraced its ease of use. As we move forward, we’re keen on exploring enduring technology solutions for our upcoming properties to ensure seamless operations and continued efficiency gains.

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Aditya Surneni: One of our flagship projects on the horizon is The Landing by Boston Living. It’s set to be a groundbreaking premier co-living facility, a first of its kind, nestled in the airport of Hyderabad. The Aerocity, being one of the largest in India, hosts several multinational corporations, and the demand for quality housing in this area is pressing.

    The concept behind it is to cater not only to the workforce of these corporations but also to airline crew, frequent airport visitors, and business clients. We’ve envisioned it as a space that resonates with the diverse needs of individuals associated with entities.

    Looking ahead, our future endeavors include establishing similar properties in key areas of Bangalore and Chennai. By the close of 2023, we aspire to evolve The Landing into a 1500-bed property. Our broader vision extends to reaching five more cities and offering a total of 10,000 beds by the year 2026.

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    StartupTalky: One tip that you would like to share with another service company founder?

    Aditya Surneni: It’s crucial to recognize that customer preferences are ever-evolving and dynamic. In any service-oriented business, staying flexible and adapting to these changes is key, and it’s essential to make these adjustments proactively to emerge as the top choice for customers and outpace the competition.

    In a service-centric company, it’s not just the leadership; every team member, from the most senior to the most junior, should maintain close proximity to customers. As leaders, our role is to encourage the team to engage with customers at a detailed level. Creating an environment where the team can freely share their insights fosters a comprehensive growth atmosphere.

    StartupTalky extends its gratitude to Mr. Aditya Surneni for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Gems of Innovation: Shakti Piplani & Shefali Agarwal’s Jewel of a Journey with IJI

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The jewelry design industry is a dynamic and creative sector, continuously evolving with trends and craftsmanship. Designers combine traditional artistry with modern aesthetics to create unique pieces. Sustainability and ethical practices are gaining prominence, influencing design choices and materials. Customization and personalization are key trends catering to individual tastes.

    The 2022 valuation of the global jewelry market stood at USD 216.48 billion, with a projected growth to USD 308.36 billion by 2030 at a 4.6% CAGR. Rings currently hold the largest segment share at 33.7% in 2022, and projections indicate continued dominance, foreseeing a market share increase to 34.5% by 2030.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Shakti Piplani (CEO) and Shefali Agarwal (COO), Co-founders of Increate Jewelry Institute (IJI). We investigated the growth, challenges, lessons, and future plans of IJI, revealing how their innovative approach is revolutionizing the jewelry courses industry.

    StartupTalky: What does Increate Jewelry Institute do? What was the motivation/vision with which you started?

    Shakti Piplani: We at Increate Jewelry Institute offer various jewelry designing courses by hand and by software. In our journey, we have experienced some major skill gaps in working professionals and students, which led us to the idea of opening up this institute and providing the right skill set required in each field to every aspirant. We have a vision to create unique and master jewelry designers by enhancing their skills and thought processes, which are valued globally. 

    StartupTalky: What is/are the USP/s of IJI?

    Shakti Piplani: IJI offers a diversity of courses, which includes courses like Redesigning Expert, which have never been taught before. Courses have been diversified to cater to different aspects of jewelry design. Our faculties have great experience in their respective fields, and new parallel ways of jewelry designing are inculcated according to market trends, which makes us stand out from the rest.

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    StartupTalky: How has the jewelry design industry changed in recent years, and how has IJI adapted to these changes?

    Shakti Piplani: Our institute provides a comprehensive and forward-thinking education in the technical jewelry sector, preparing students for the integration of technology in their future careers. Procreate, a graphics editor app, which is a new software and not being taught in institutes right now, is one of our latest additions to our advance technical courses. Apart from this, we have CAD Matrix 9.0, a widely used 3D modeling software for jewelry designing. We provide students with CAM wax pieces of their own design upon the completion of the course. IJI offers a brief training in Corel Draw as well, a 2D illustrator software very necessary in jewelry designing

    Shakti Piplani: At IJI, we are always doing market research. We give projects to students guided by our mentors, who navigate the changes based on evolving markets and trends and create unique designs. This exposure fosters more comprehensive opportunities to understand diverse consumer preferences and enhances ability.

    StartupTalky: What key metrics do you track to check IJI’s growth and performance?

    Shakti Piplani: We assess customer satisfaction and loyalty based on feedback & recommendations. We constantly monitor employee engagement and turnover rates to gauge internal productivity & efficiency to give the best education/service. Understanding our company’s position in the market as compared to competitors is a key metric to check growth and performance. We keep on analysing website traffic, conversion rates, and social media engagements for the online presence of IJI.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Shakti Piplani: We are onto social media marketing, influencer marketing, referral marketing, SEO, and content marketing. In all, we are trying to reach as many people as we can.  Earlier, we did not offer any online courses but people are approaching from remote areas who are unable to reach us and want to pursue jewelry designing, so we have started our online course modules. They are live now!

    StartupTalky: What are the important tools and software you use to run IJI smoothly?

    Shefali Agarwal: We use software like CAD Matrix, Procreate, and Corel Draw to run our courses. There are many other technologies that we use for constant market research and training for our students, and we provide all knowledge of digital platforms during our respective courses.

    StartupTalky: What opportunities do you see for future growth in the jewelry design industry in India and the world? What kind of difference in market behavior have you seen within states in India?

    Shefali Agarwal: Opportunities:

    • Traditional and custom-designed pieces continue to be in demand, especially for weddings and festivals, which will grow business in INDIA.
    • Globally, jewelers are incorporating innovative designs and materials, such as sustainable items, which may appeal to environmentally conscious consumers.
    • Cultural influences continue to shape global jewelry preferences.

    Difference in Market Behaviour: States often have diverse culture subgroups, each with its own unique jewelry preferences. Differences in state-level taxation and regulations can impact the pricing and availability of jewelry affecting consumer behaviour.

    StartupTalky: What lessons did your team learn and how will these inform your future plans and strategies?

    Shefali Agarwal: At IJI, we believe in keeping ourselves updated. The team embraces technology for effective teaching and administration. We invest in advanced learning management systems, collaboration tools, and virtual learning platforms. We will try to foster global partnerships, exchange programs, and collaborative research initiatives to enhance the institution’s global standing.

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    StartupTalky: How do you plan to expand the clients(students), service, and team base in the future?

    Shefali Agarwal: With our modern teaching, administration, and student engagement, we understand the educational needs and demands of the local community. IJI has considered offering a variety of learning options, such as online courses, blended learning, new workshops, and flexible schedules. IJI aims to prioritize student success and satisfaction by providing quality education and support services. As stated earlier, we constantly gather feedback regularly to make continuous improvements.

    Our curriculum is designed in such a way that it adapts to industry trends and incorporates practical skills. We have collaborations and ties within the industry for placements and research, and we plan on having partnerships with more educational organizations in future organizations. Design systems and processes that scale as the institute grows.     

    StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?

    Shefali Agarwal: We are living in a developing country where every market evolves, so successful entrepreneurs should be flexible in adjusting their strategies based on changing circumstances.

    StartupTalky extends its gratitude to Ms. Shakti Piplani and Ms. Shefali Agarwal for dedicating their valuable time and generously sharing their insights with all of us.

    Explore more Recap’23 Interviews here.

  • Amol R Deshmukh’s MedRabbits: Bridging Gaps, Transforming Healthcare Experiences

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The healthcare industry focuses on providing medical services, including diagnosis, treatment, and prevention of illnesses. It involves diverse professionals, such as doctors, nurses, and support staff. Ongoing technological advancements drive innovation in treatments, telemedicine, and patient care. Accessible and quality healthcare is crucial for overall well-being, and the industry continually evolves to meet global health challenges.

    The worldwide healthcare market is projected to hit $11.9 trillion by 2025. In 2023, the global home healthcare market reached a valuation of $284.96 billion, with projections indicating a growth to $461.36 billion by 2028. In 2022, India’s home healthcare market was valued at $179 million, with an estimated 6.40% CAGR from 2022 to 2030. By 2030, it is anticipated to reach $295 million.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Amol R Deshmukh, Co-founder and CEO of MedRabbits. We examined MedRabbits’ operational intricacies in the healthcare industry, delving into their strategies and gaining insights into their unique approach and strategic positioning.

    StartupTalky: What service does MedRabbits provide? What was the motivation/vision with which you started?

    Amol R Deshmukh: MedRabbits, founded by Amol R Deshmukh and Anshad Ameenza, delivers comprehensive home healthcare services through a technology-centric approach. The array of services offered spans the critical spectrum of healthcare needs, encompassing the review and booking of nurses, paramedics, diagnostic procedures, ambulances, medical equipment, and specialized care plans tailored for the elderly, including preventive and intensive care. In an innovative move, the company extends its reach to health-value travel services, catering to the growing field of medical tourism.

    The motivation behind MedRabbits was to address the need for more organized home healthcare options, structured job opportunities in the healthcare force, and a lack of transparency in the market. This motivation was further fueled by the founders’ personal experiences, notably during the illness of Mr. Amol’s father in 2017. The firsthand encounter with the complexities of caregiving and the struggle to find skilled and reliable healthcare professionals at home unveiled a significant gap in care delivery. Thus, MedRabbits was conceived to address these gaps, offering organized, tech-driven healthcare services and striving to revolutionize the way healthcare is accessed and delivered.

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of MedRabbits?

    Amol R Deshmukh: MedRabbits has recently expanded its services into medical value travel, aiming to elevate the healthcare journey for patients considering medical treatment in India. This initiative aligns with the Government’s ‘Heal in India’ campaign and includes:

    • Complimentary Second Opinion Video Consultations.
    • Simplified Surgical Options in collaboration with leading hospitals in India, the Far East, and the Middle East.
    • Effortless Travel Coordination encompassing accommodation and transportation.
    • Visa Support ensures a smooth travel process.
    • Tailored Concierge Service catering to individual needs for a comfortable healthcare experience.

    In the past year, MedRabbits has undergone a transformative evolution, positioning itself as a dynamic force in the healthcare industry. A pivotal element of this transformation is the implementation of a user-friendly web-based booking system, enhancing accessibility and streamlining the scheduling process for a myriad of healthcare services. This tech-first approach underscores MedRabbits’ commitment to providing a seamless and efficient experience for users navigating their platform.

    Notably, the introduction of specialized elderly preventive care plans reflects MedRabbits’ dedication to addressing the unique healthcare needs of the aging population, aligning with the company’s vision of offering comprehensive and personalized healthcare solutions.

    Venturing into medical value travel services further distinguishes MedRabbits, capitalizing on the growing trend of medical tourism and showcasing the company’s adaptability and global perspective.

    MedRabbits’ unique selling propositions (USPs) contribute to its industry distinction. The tech-first approach ensures a user-friendly experience, while the Care Now, Pay Later (CNPL) model, offering 0% interest EMIs over 3-6 months, introduces financial flexibility unprecedented in-home healthcare services in India. Premium pricing signifies a commitment to delivering high-quality healthcare experiences, positioning MedRabbits as a premium service provider. The emphasis on user-friendly technology and customer convenience underscores the company’s dedication to exceeding user expectations in the rapidly evolving landscape of healthcare services.

    Furthermore, MedRabbits offers comprehensive medical tourism services, both domestically and internationally, managing all arrangements on behalf of the customer. The introduction of the CNPL model, unique in the Indian home healthcare sector, addresses financial constraints, making quality healthcare more accessible. Services, including elderly preventive care, palliative care, high-quality ICU care, and home-based care, demonstrate MedRabbits’ commitment to diverse and specialized healthcare offerings.

    Overall USPs:

    • Tech-first approach for seamless service scheduling.
    • Care Now, Pay Later (CNPL) model with 0% interest EMIs.
    • Premium pricing for a high-quality healthcare experience.
    • Emphasis on user-friendly technology and customer convenience.

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    StartupTalky: How has the healthcare industry changed in recent years, and how has MedRabbits adapted to these changes?

    Amol R Deshmukh: In recent years, the healthcare industry has witnessed a significant shift, with a growing demand for home healthcare services. The COVID-19 pandemic, in particular, placed unprecedented pressure on healthcare resources, making qualified medical workers harder to find and escalating costs. MedRabbits adeptly navigated these challenges by proactively upgrading its technology, introducing new services, and promptly responding to customer needs.

    The pandemic highlighted the necessity for innovative healthcare solutions, and MedRabbits rose to the occasion. Clients sought RT-PCR testing at home, a service MedRabbits efficiently provided even before it became a norm. The company’s swift response during these critical times earned customer trust, establishing a foundation for the development of tech-based medical options.

    MedRabbits’ adaptation included the implementation of a user-friendly web-based booking system, enhanced service scheduling, and a mobile app. Recognizing the changing landscape, the company introduced specialized elderly preventive care plans to meet the evolving needs of the aging population. The surge in demand for high-quality ICU care, compassionate palliative care for end-stage patients, and convenient home-based services further shaped MedRabbits’ strategic evolution.

    Diversifying into medical value travel services, MedRabbits not only taps into the rising trend of medical tourism but also supports the government’s ‘Heal in India’ initiative. This strategic expansion underscores the company’s dedication to improving the healthcare journey for patients seeking treatment overseas.

    In essence, MedRabbits not only adapted to industry changes but proactively positioned itself as a leader in providing comprehensive, tech-driven, and responsive healthcare solutions, meeting the evolving demands of a dynamic healthcare landscape.

    Amol R Deshmukh: MedRabbits remains at the forefront of the ever-evolving healthcare industry by employing a multifaceted approach to stay abreast of the latest trends and developments. A primary source of insight is continuous customer feedback, providing valuable real-time data on user experiences and expectations. This customer-centric approach allows MedRabbits to adapt its services based on evolving needs and preferences.

    The company maintains a strong connection with healthcare experts, fostering a collaborative environment that enables the exchange of knowledge and insights. By engaging with professionals at the forefront of healthcare, MedRabbits gains valuable perspectives on emerging trends, technological advancements, and best practices. Aided by strong doctor networks in India and overseas, MedRabbits is able to pre-empt and provide solutions for emerging healthcare issues.

    StartupTalky: What key metrics do you track to check MedRabbits’s growth and performance?

    Amol R Deshmukh: MedRabbits employs a comprehensive set of key metrics to meticulously assess the company’s growth and performance, ensuring a holistic evaluation of its impact and success in the healthcare industry. MedRabbits ensures a well-rounded evaluation of its growth and performance, encompassing operational efficiency, network strength, customer satisfaction, and financial success. This approach allows the company to make informed strategic decisions, continuously improve its services, and navigate the dynamic landscape of the healthcare industry with agility and success. Some of the key metrics are listed below: 

    • Number of appointments completed.
    • Partnerships with healthcare professionals.
    • Customer satisfaction and ratings.
    • Revenue growth and doubling annually.
    • Profitability and EBITDA margins.

    StartupTalky: What were the most significant challenges MedRabbits faced in the past year, and how did you overcome them?

    Amol R Deshmukh: Some of the significant challenges in the past year have been the development and expansion of the medical value travel business. The challenges in this unorganized sector highly excite the company to develop technology to solve some of the mistrust issues in the ecosystem. 

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of MedRabbits are happy?

    Amol R Deshmukh: At MedRabbits, ensuring client happiness is a paramount focus, achieved through a multifaceted approach centered on customer-centricity and innovative service offerings. The company places a high value on customer feedback, actively seeking and analyzing input to understand user experiences, concerns, and preferences. This continuous feedback loop serves as a foundational element in adapting and refining services to align with evolving client needs.

    The introduction of the Care Now, Pay Later (CNPL) model is a distinctive feature designed to enhance customer satisfaction. Offering 0% interest EMIs over 3-6 months, this financial flexibility addresses the diverse financial situations of clients who may find upfront payments challenging. This unique approach not only ensures accessibility to quality healthcare but also demonstrates MedRabbits’ commitment to accommodating and prioritizing customer convenience.

    Moreover, the implementation of premium pricing reflects the company’s dedication to delivering a high-quality healthcare experience. By positioning itself as a premium service provider, MedRabbits aims to exceed customer expectations, providing not only essential healthcare services but a level of care and service that elevates the overall client experience.

    MedRabbits combines active listening through customer feedback, innovative financial models like CNPL, and a commitment to premium service to ensure that clients not only receive the healthcare they need but also feel valued, satisfied, and well cared for throughout their journey with the company.

    Additionally, in the rare instance of a dissatisfied customer, we offer a full refund policy.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Amol R Deshmukh: Most of our customers are referred to us by other customers and treating doctors. We rarely conduct any paid marketing campaigns. The power of a positive customer referral has a much faster customer conversion rate as compared to thousands of rupees spent on marketing. Our customers are our greatest investors and brand ambassadors. 

    StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?

    Amol R Deshmukh: MedRabbits has strategically expanded its services to cater to foreign clients, particularly in Bangladesh, Africa, and the Middle East, aligning with the Government’s  ‘Heal in India’ mission. This extension into international markets, especially in the context of medical tourism, has been a positive and strategic move for the company.

    The decision to offer medical tourism services reflects MedRabbits’ commitment to providing high-quality healthcare experiences to a broader clientele. Additionally, the home care services offered by MedRabbits add an unparalleled extension of service at the patient’s hotel or accommodation. The Government’s ‘Heal in India’ campaign provides a supportive framework for such initiatives.

    The experience with foreign clients has been very positive, contributing to MedRabbits’ overall growth. Engaging with clients from different cultural backgrounds not only diversifies the company’s customer base but also enhances its reputation on an international scale. Positive word-of-mouth from international clients can further strengthen MedRabbits’ position in the global healthcare market.

    MedRabbits’ expansion into catering to international clients, notably in Bangladesh, Africa, and the Middle East not only resonates with Government healthcare initiatives but also serves as a platform for the company to exhibit its proficiency and dedication to high-quality healthcare on a global platform. This endeavor aims to cultivate favorable experiences, thereby bolstering the organization’s success and advancement.

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    StartupTalky: What are the important tools and software you use to run MedRabbits smoothly?

    Amol R Deshmukh: We have always been a tech-first company and utilize a number of in-house as well as outsourced technologies in order to ease operations and conduct data analysis. We are a keen follower of Zoho and subscribe to several of their accounting products. There are two reasons for this: Firstly, to support an Indian company and Secondly, to emulate a successful bootstrapped company. Our tech team is also very talented and has developed a lot of the CRM and customer user experience tools in-house.

    StartupTalky: What opportunities do you see for future growth in the healthcare industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Amol R Deshmukh: The future growth prospects for MedRabbits in India and globally are very promising, presenting opportunities to expand services and tap into emerging trends.

    Domestically, there is substantial room for growth by expanding services to new cities within India, reaching untapped markets, and addressing the evolving healthcare needs of diverse communities. Additionally, entering new international cities aligns with the global trend of seeking quality healthcare services, particularly in neighboring countries. The hyper-growth in assisted living centers for the elderly population is also a very interesting opportunity for domestic growth.

    The medical value travel sector represents a significant growth opportunity for MedRabbits on a global scale. As the company extends its services to patients traveling to India for medical treatment, it not only capitalizes on the flourishing medical tourism industry but also aligns with the broader trend of seeking healthcare solutions beyond borders.

    MedRabbits recognizes a shift in market behavior, especially in India, with an increasing acknowledgment of the importance of home healthcare services. The pandemic has accelerated this recognition, emphasizing the convenience and safety of receiving healthcare in the comfort of one’s home. The company has also observed a notable trend wherein healthcare professionals, including physicians and nurses, are in high demand in developed countries.

    MedRabbits is strategically positioned to leverage both domestic and international growth opportunities by adapting to evolving market behaviors and staying at the forefront of emerging trends in the dynamic healthcare landscape.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Amol R Deshmukh: One of the most important lessons learned in the past year has been team building and organization towards new projects and the importance of setting up SOPs for these projects. As an organization evolves, SOPs play an important role in ensuring consistent delivery of services.

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Amol R Deshmukh: MedRabbits envisions a comprehensive growth strategy centered around expanding its customer base, diversifying service offerings, and fostering team growth. To enhance its customer reach, MedRabbits plans to deepen its presence in existing cities, leveraging the trust and relationships established within these communities. Simultaneously, the company is set to embark on international expansion, entering new markets and addressing global healthcare needs.

    Diversifying service offerings is a key focus, with MedRabbits aiming to launch innovative services that align with emerging healthcare trends. This could involve introducing specialized healthcare plans, incorporating advanced technologies, and staying at the forefront of industry developments. The goal is to position MedRabbits as a dynamic and comprehensive healthcare provider catering to a broad spectrum of medical requirements.

    Team base expansion is inherent to these growth initiatives. MedRabbits places emphasis on attracting, retaining, and nurturing a skilled workforce. This involves recruiting committed medical professionals, fostering a culture of continuous learning, and adapting to evolving industry standards.

    Throughout this expansion journey, MedRabbits remains dedicated to excellent customer service. The company will leverage technological innovations to enhance service delivery and establish strategic partnerships with medical experts, ensuring a collaborative and holistic approach to healthcare. By aligning these strategies, MedRabbits aims to solidify its position as a leading and forward-thinking healthcare solution provider.

    StartupTalky: One tip that you would like to share with another Service company founder?

    Amol R Deshmukh: One crucial tip I’d like to share with another Service company founder is – 

    • Time can be your greatest ally and your fiercest opponent: What I mean by this is one needs to move quickly to identify opportunities and execute them. At the same time, you need to spend adequate time in the business to bear the fruits. A drive for quick profit and exit invariably results in incorrect decision-making. Tardiness in executing new opportunities invariably results in the opportunity being lost.
    • Evolution is the cornerstone of any business. If a company does not evolve, it will inevitably perish: Embrace the philosophy that there are no failures, only learnings. Building a successful company demands time, patience, and perseverance. It’s imperative to nurture a highly motivated team. Sustaining their motivation is an ongoing challenge every entrepreneur encounters. Their dedication and contributions are the bedrock of your company’s triumph.

    StartupTalky extends its gratitude to Mr. Amol R Deshmukh for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Crafting Elegance: DRK Jewels by Deepak & Paarth Khanna, A Legacy of Artistry and Innovation

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The jewelry industry thrives on craftsmanship and design, offering various accessories. Precious metals like gold and silver, adorned with gemstones, create timeless pieces. Trends in jewelry often reflect cultural influences and individual preferences. E-commerce has revolutionized the industry, providing convenient access to a global market.

    The global jewelry market, valued at USD 237.65 billion in 2021, anticipates steady growth at a CAGR of 7.7% through the forecast period. Rings dominate as the largest segment, securing a 33.7% market share in 2022. Projections suggest its continued dominance, reaching a market share of 34.5% by 2030.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Deepak Khanna (Owner) and Paarth Khanna (Designer) of DRK Jewels to understand the operational strategies of DRK Jewels in the jewelry industry, gaining insights into their unique approach and positioning within the sector.

    StartupTalky: What does DRK Jewels do? What was the motivation/vision with which you started?

    Deepak Khanna: The brand name DRK Jewels is derived from its visionary founder, the venerable Dhani Ram Khanna, who has a storied legacy of 68 years. Nestled within the vibrant market of Chandni Chowk, Delhi, our emporium of opulence is distinguished by its artisanal prowess, with an emphasis on the intricate artistry of handmade jewelry, having begun by showcasing the resplendence of Persian filigree work.

    The genesis of DRK Jewels traces back to the Late Shri Dhani Ram Khanna, whose love for artistic gold jewelry burgeoned into a multifaceted enterprise encompassing gold, diamond, polki, gemstones, and temple jewelry. He ardently believed in the significance of jewelry as an embodiment of design artistry, a sentiment embedded in the brand’s ethos.

    Incepted with a strong clientele from South India, including the aristocracy and bureaucracy, DRK Jewels has evolved into a paragon of holistic adornment, offering diamond jewelry inspired by India’s national bird and the allure of raw, unadulterated polki jewelry. The brand’s evolution mirrors a timeless dedication to authentic craftsmanship that transcends mere embellishment, encapsulating the sincere narrative woven into every design—a testament to the founder’s enduring vision.

    StartupTalky: What is/are the USP/s of DRK Jewels?

    Deepak Khanna: Our premier jewelry brand stands out with a unique blend of timeless craftsmanship and contemporary design. Our USP lies in the meticulous selection of ethically sourced gemstones and precious metals, ensuring each piece tells a story of enduring beauty and responsibility. 

    Exclusive limited-edition collections showcase our commitment to rarity, offering customers distinctive, one-of-a-kind treasures. Exceptional attention to detail defines our bespoke creations, providing a personalized touch for every client. With a fusion of traditional artistry and modern innovation, we cater to the discerning taste of those who seek not just jewelry but a symbol of refined luxury and individuality.

    StartupTalky: How has the jewelry industry changed in recent years, and how have DRK Jewels adapted to these changes?

    Deepak Khanna: The jewelry industry has undergone a paradigm shift in recent years, embracing sustainability, technology, and personalized experiences. We at DRK Jewels have aptly endeavored to navigate these changes. We’ve embraced ethical sourcing, ensuring our gemstones and metals adhere to stringent sustainability standards. 

    We have evolved to provide a unique experience to our customers while strengthening our brand engagement. Moreover, our focus on bespoke creations allows us to cater to the growing demand for personalized jewelry. By seamlessly combining tradition with innovation, we offer not just products but meaningful, responsible, and customized expressions of elegance.

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    Deepak Khanna: Staying abreast of evolving trends in the jewelry industry requires a multi-faceted approach. We like to be vigilant through continuous market research, attending industry events, and fostering collaborations with trend influencers. Social media monitoring and customer feedback play pivotal roles, providing real-time insights into shifting preferences. This information dynamically influences our product roadmap, ensuring our designs resonate with contemporary tastes. For instance, the surge in demand for sustainable practices prompted us to pivot towards ethically sourced materials, aligning with eco-conscious consumer values. Additionally, our adoption of innovative technologies, inspired by industry advancements, has elevated the customer experience. By synthesizing these insights, we not only stay on the pulse of industry trends but strategically integrate them into our offerings, reinforcing our commitment to relevance, sustainability, and customer satisfaction.

    StartupTalky: What key metrics do you track to check DRK Jewels’s growth and performance?

    Deepak Khanna: Monitoring the growth and performance of our jewelry brand involves tracking key metrics that provide a comprehensive view of our success. Sales performance is a fundamental indicator, offering insights into revenue generation and product popularity. Customer satisfaction metrics, including feedback and reviews, guide improvements in our offerings and customer experience. We closely watch conversion rates to assess the effectiveness of our marketing strategies and identify areas for enhancement. Inventory turnover rates ensure optimal stock levels, minimizing excess or shortage.

    Social media engagement metrics gauge brand visibility and customer engagement. Additionally, we analyze return customer rates, indicating brand loyalty. By scrutinizing these metrics, we not only measure financial success but also refine our strategies, ensuring that our growth aligns with market dynamics and customer expectations, fostering a sustainable and thriving jewelry brand.

    StartupTalky: What were the most significant challenges DRK Jewels faced in the past year, and how did you overcome them?

    Deepak Khanna: In the past year, our jewelry brand navigated supply chain disruptions, impacting material availability. To counter this, we forged resilient partnerships with diverse suppliers, ensuring a steady flow of quality gemstones and metals. The global economic uncertainties posed challenges in consumer spending, prompting us to enhance our online presence and engage in targeted digital marketing strategies. Adapting to remote work dynamics, we invested in technology, fostering seamless collaboration among our design and production teams. Despite hurdles, our commitment to craftsmanship and customer satisfaction remained unwavering, driving us to innovate, stay agile, and emerge stronger in the ever-evolving landscape of the jewelry industry.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Paarth Khanna: Our marketing blends traditional elegance with digital finesse. We leverage social media platforms to showcase stunning designs, engaging with our audience through captivating visuals and storytelling. Collaborations with influencers and jewelry enthusiasts amplify our brand reach, creating a dynamic online community. A notable growth hack involved a limited-edition release, generating anticipation and exclusivity. We implemented referral programs, rewarding customers for spreading the brilliance of our brand. Additionally, personalized email campaigns enhance customer loyalty and tailoring experiences. By embracing a multi-faceted approach, from social media allure to exclusive releases, we continue to redefine how our jewelry brand resonates in the market.

    For example, recognizing the surge in demand for minimalist, versatile pieces, we introduced a collection that seamlessly aligns with this trend.

    StartupTalky: What are the important tools and software you use to run DRK Jewels smoothly?

    Paarth Khanna: Efficiency is paramount in our jewelry brand’s operations. We employ inventory management systems to track precious materials, ensuring seamless production. Customer relationship management (CRM) software enhances personalized interactions, tailoring our service. E-commerce platforms serve as our digital storefronts, providing a user-friendly online shopping experience. Design software facilitates the creation of intricate pieces, combining artistry with technology. Secure payment gateways safeguard transactions, establishing trust. Social media analytics tools gauge market trends and optimize our online presence. Collaborative platforms streamline communication among our global teams, fostering creativity. With these tools harmonizing our processes, we elevate both craftsmanship and customer satisfaction in the intricate world of jewelry.

    StartupTalky: What opportunities do you see for future growth in the jewelry industry in India and the world? What kind of difference in market behavior have you seen within states in India?

    Paarth Khanna: In the dynamic landscape of the jewelry industry, we identify substantial growth opportunities. In India, the rise of online shopping presents a vast market, emphasizing our commitment to a robust digital presence. With a focus on sustainable and ethical practices, we align with the evolving values of conscious consumers worldwide. Regionally, market behavior varies within states in India, with diverse preferences dictating design choices. Urban areas lean towards contemporary elegance, while traditional craftsmanship remains paramount in more culturally rooted regions. By understanding and adapting to these nuances, our brand is poised to thrive in the ever-evolving global and regional jewelry markets.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Paarth Khanna: The past year taught our team invaluable lessons in resilience and adaptability. Navigating challenges, we embraced agility in responding to dynamic market shifts, reinforcing the importance of staying nimble. Customer engagement took center stage, guiding us to enhance online experiences and communication strategies. Supply chain disruptions underscored the need for diverse and robust sourcing channels. These lessons propel us to fortify digital initiatives, deepen customer connections, and fortify supply chain resilience. As we continue crafting timeless jewelry, these insights serve as a compass, steering us toward innovation and strategic growth in the ever-evolving landscape of the industry.

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    StartupTalky: How do you plan to expand the customers, product, and team base in the future?

    Paarth Khanna: Expanding our footprint involves a multi-faceted approach. Customer outreach focuses on targeted digital marketing, leveraging social media engagement and influencer collaborations to broaden our audience. Introducing diverse product lines, from signature collections to customizable designs, caters to varied tastes. We plan to scale our team strategically, tapping into specialized talents to enhance creativity and efficiency. Collaborative partnerships with artisans and designers amplify our product range. Investing in employee development ensures a skilled and motivated workforce. By fostering customer connections, diversifying products, and nurturing a dynamic team, we aim to organically expand our jewelry brand, captivating a broader market in the future.

    StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?

    Paarth Khanna: For aspiring entrepreneurs entering the intricate world of jewelry, resilience is paramount. Embrace challenges as opportunities to learn and grow. Cultivate a unique brand identity, emphasizing authenticity and craftsmanship. Prioritize customer relationships, as their satisfaction fuels brand loyalty. Stay abreast of industry trends, balancing tradition with innovation. Networking within the jewelry community fosters collaboration and growth. Strive for sustainability, aligning with conscious consumer values. Lastly, be agile in adapting to market dynamics. By weaving passion, adaptability, and customer-centricity into your entrepreneurial journey, you can craft a lasting and successful presence in the ever-evolving jewelry landscape.

    StartupTalky extends its gratitude to Mr. Deepak and Mr. Paarth Khanna for dedicating their valuable time and generously sharing their insights with all of us.

    Explore more Recap’23 Interviews here.

  • Dextrus Decoded: Robin Chhabra’s Blueprint for Dominating the Coworking Industry

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    Coworking spaces provide flexible work solutions for diverse professionals. These hubs foster collaboration and creativity in response to the rise of remote work. They cater to individuals and small businesses with shared infrastructure and cost-effective options. The industry’s adaptability makes coworking spaces integral to the evolving work landscape. They continue to play a pivotal role in shaping modern work dynamics.

    The coworking space industry is projected to reach 41,975 spaces by the end of 2024, experiencing an annual growth rate of approximately 21.3%. A forecast for 2021–2025 predicts a market increase of $13.35 billion, reflecting an 11% annual growth. However, the pandemic led to the closure of 21.76% of coworking spaces, underscoring the industry’s resilience despite challenges.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Robin Chhabra, Founder and CEO of Dextrus, We delved into understanding how Dextrus operates within the coworking space industry by exploring their strategies and gaining insights into their unique approach and positioning in the sector.

    StartupTalky: What service does Dextrus provide? What was the motivation/vision with which you started?

    Robin Chhabra: Dextrus offers office spaces as a service. We design, build, and operate premium office spaces for our clients. Our vision has been to bring a high level of design thinking to office space requirements, as it is an ever-changing landscape where flexibility and quality are key.

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of Dextrus?

    Robin Chhabra: We have expanded to give enterprise office space where we design and custom-build office spaces curated to the minutest details for our clients. 

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    StartupTalky: How has the coworking space industry you are in changed in recent years, and how has Dextrus adapted to these changes?

    Robin Chhabra: COVID caused most companies to look at our model more carefully and see resonance in our offerings. Clients’ requirements change over time as they grow and need flexible office solutions. They also don’t wish to have the headache of overseeing these needs as it distracts from core functions. Our prowess in design and high service quality has helped address both those needs. 

    Robin Chhabra: We keep pushing the boundaries of design and service quality as we want to be the best in the business and hence focus mostly on that. 

    StartupTalky: What key metrics do you track to check Dextrus’s growth and performance?

    Robin Chhabra: Occupancy levels are to be maintained at high levels, and customer satisfaction and good seat pricing are to ensure profitability.

    StartupTalky: What were the most significant challenges Dextrus faced in the past year, and how did you overcome them?

    Robin Chhabra: Hiring is our most significant challenge as we grow. Good talent who can be intrapreneurial. We focus internally on our team members via flexible policies as well, as we hope that we will spread the word that we are a good company to work for. 

    StartupTalky: Good service is something everyone is talking about in the service industry. How does Dextrus ensure that its clients are happy?

    Robin Chhabra: Feedback is important, and learning from that feedback is as important. 

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Robin Chhabra: Quality, Quality, Quality is the only focus. Word spreads, and that brings the clients. 

    StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?

    Robin Chhabra: We look for companies that are well established; they can be foreign or domestic. Foreign companies understand what our model can offer and come with experience using it abroad, hence making it easier to close deals, though Indian companies are fast catching up post-COVID.

    StartupTalky: What are the important tools and software you use to run Dextrus smoothly?

    Robin Chhabra: We use Google Suite, Asana for task management, and Slack for internal communications. All of these talk to each other. We have also built applications using a Google platform to help operate more efficiently. We use Tally and Zoho Books as well for accounting-related matters.

    StartupTalky: What opportunities do you see for future growth in the coworking space industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Robin Chhabra: Enterprise workspaces have seen great demand in India, more than the rest of the world. Growth looks upwards, with coworking spaces will comprise of 10% of grade-A office space in the country soon.

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Robin Chhabra: We continue to expand in Mumbai; once we achieve a comfortable size, we shall turn to the other major cities. 

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    StartupTalky: One tip that you would like to share with another Service company founder?

    Robin Chhabra: Keep learning from your mistakes and keep making service excellence the focus. 

    StartupTalky extends its gratitude to Mr. Robin Chhabra for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • EasyRecruit Plus: Anand Bhushan on Transforming HR with Tech-Driven Solutions

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The HR (Human Resources) industry helps businesses care for their people. It involves finding and hiring new employees, ensuring everyone gets along, and helping with training and performance. HR professionals also use technology to do their jobs better. They focus on creating a happy workplace and ensuring everyone feels good at work.

    The global HR market is set to reach $38.17 billion by 2027, driven by over 380,000 businesses and nearly one million HR employees. With an annual growth rate of 12.8%, the HR industry is outpacing the US market average, reflecting its growing importance on a global scale.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Anand Bhushan, CEO of EasyRecruit Plus, Lexicon Centre of MSME Excellence, and EduCrack. We explored how the brand operates in the HR sector, uncovering the unique strategies employed by EasyRecruit Plus in the industry.

    StartupTalky: What service does EasyRecruit+ provide? What was the motivation/vision with which you started?

    Anand Bhushan: EasyRecruit+ is an initiative to support recruiters from companies in shortlisting the right applicants with the right aptitude, technical knowledge, and good cognitive skills who also have a verified background. This will enable recruiters to boost overall productivity and efficiency while also saving them significant time and allowing them to hire individuals with high potential in their respective organizations. Over a period of time, it will also show up in company productivity as the quality of hires goes up.

    We are offering a comprehensive range of tools and packages. Our packages include three modern and advanced tools –

    • ATT – Aptitude & Technical Testing: ATT helps recruiters test and assess applicants based on their normal mathematical abilities, reasoning capabilities, general English, data interpretation, and domain skills and abilities. These tests can also be customized by the Organization based on its own objectives. 
    • IntAna – AI-based Interview: IntAna helps recruiters with advanced interview dynamics like – verbal, non-verbal & sentiment analysis of the candidates. The verbal analysis helps in understanding communication skills, speaking, articulation rate, and approach. The non-verbal analysis covers attention, confidence, engagement, expressions, and positive as well as negative emotions. The sentiment analysis captures around 10+ general emotions, 80+ mini-emotions, and 150+ micro-emotions so that recruiters can conduct a thorough screening process and save valuable time at hand. Based on this test, a comparative score is generated.
    • iBG -Background Check: iBG helps recruiters with the shortlisted candidates’ resume verifications and includes their Address verification, Professional Reference, Educational Qualification checks, Employment Performance Verification, Criminal database verification and a few other verifications as per the needs of the Organization.

    In addition, we have added one more service name, HTD: During my stints in senior leadership in various industries, I have seen my HR managers struggling with the initial screening for hiring and, at times, have seen good candidates not being shortlisted because of non-standardized screening. Recruiters face several difficulties and have to spend a significant amount of their time vetting prospects, having them technically examined, or getting background checks on candidates. Shortlisting applicants with the proper attitude, cognition, engagement, and communication skills for a specific job description with a verified background is made easier and more efficient with EasyRecruit+.

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of EasyRecruit+ service?

    Anand Bhushan: During our interactions with the Industry Leaders, the fact that I already knew was reiterated once again that although there are applicants in multiples for an open position, paradoxically, it also remains a fact that employable candidates with the aptitude and skill set remain few. Another challenge being faced by the Industry is finding and training employees in Junior Management and front-line positions, where the requirement is zero to 3 years of experience. Looking at these challenges, EasyRecruit Plus has added another service to its portfolio called HTD. In HTD, we recruit candidates on behalf of the Clients, make them undergo a Training Programme, do the certification, and then the candidates join the Principals. 

    The salient feature of our services is that being tech-enabled and AI-enabled, IntAna and ATT are reliable, objective, and biased and offer time-saving to the HR Teams. The HTD programs free the HR teams from other activities, while EasyRecruit Plus works on its strengths and does the candidate selection and training.

    StartupTalky: How has the HR industry changed in recent years and how has EasyRecruit+ adapted to these changes?

    Anand Bhushan: The industry has been evolving continuously; however, the pace has increased manifold in the last four years. Recruiters are finding that with new and disruptive technical and business advancements, job skills needed in the current roles are showing increasingly shorter life, and as a result, the candidates getting hired are neither 100% ready for the current job nor ready skill-wise for future requirements. Secondly, the  Recruiters are now going out of their traditional talent pools and exploring other avenues. Colleges and  Institutions are being looked upon for skilled resources, and accordingly, recruitment tools are being created to tap this pool. In the last three years, Working from home has made the candidates undertake virtual lessons and upskill themselves. Another important change that is happening is that the real good candidates have become very choosey about the Companies they join, and thus the HR has to come up with increasingly better Value Propositions for the employees. The outlook post-pandemic seems to be pretty good. The economy has started bouncing back, and although there are fears of a global slowdown, I feel India will come out unscathed. The job market is going to boom with the start-ups that are coming in and mature industries taking in more manpower. The signs are that India could be a major manufacturing and service hub, and that is going to add to the positive outcomes.

    EasyRecruit Plus realizing the changing landscape of recruitment and candidate’s skill set, has also entered a new service to their portfolio by recruiting and training candidates on behalf of Clients, so they get Day Zero trained professionals on the first day of their On the Job training. This is going to ease a lot of the burden on the recruitment HRs in the organizations and add value to the candidates for better hires.

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    Anand Bhushan: Industry Expert’s meetings, attending the HR meets and summits, etc, as well as participating in job fairs, TPO interactions, CEO meetings, Internet, Best Prax being followed in Industries etc, are a few ways we try to understand the latest trends and developments in the Industry.

    StartupTalky: What were the most significant challenges EasyRecruit+ faced in the past year, and how did you overcome them?

    Anand Bhushan: Making the HR leaders believe the usage of tech and AI-enabled platforms for recruitment has been one of the biggest challenges. They very well understand the benefits but are reluctant to try out because of so much noise about AI and the fact that there is a thought at the back of their minds that it may lead to a reduction in HR manpower going forward. Consistent discussions, showing them that it will free the HR for the value-added work by freeing them from mundane tasks and offering to take the recruitment and training of the front line, which is quite cumbersome, are helping us overcome these challenges.

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of EasyRecruit+ are happy?

    Anand Bhushan: Promising only what we can deliver and delivering the service with impeccable quality and within costs and timelines are the only ways you can keep your clients happy. There’s no other mantra for it. We follow this to the T.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Anand Bhushan: So far, we have been relying on personal contacts and word-of-mouth publicity, a few appearances in HR meetings, and write-ups on a few platforms. Now, we are venturing into social media marketing and will soon be actively participating in industry forums of different levels as well as hosting them.

    StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?

    Anand Bhushan: So far, we have not ventured into this. However, we are keeping our options open for an opportunity as and when it arises.

    StartupTalky: What opportunities do you see for future growth in the HR industry in India and the world? What kind of difference in market behaviour have you seen between India and the world?

    Anand Bhushan: With the Indian economy bouncing back and stability in the socio-political situation, the Country’s job market is bound to grow. The only shadow we see currently is in the IT and IT-enabled services, which get impacted due to Global sentiments and showdown. However, with other sectors pulling on, the overall job market seems to be buoyant over the next few years. The market behaviour of India is more positive as compared to the World’s market because of the fact of India’s higher growth per annum actual and projected compared to other markets. 

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Anand Bhushan: Educating the Customer is very important. Taking feedback on whether the Client’s understanding is the same as ours. Incorporating these in our future plans in a more rigorous manner in planning out the new services is already on.

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    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Anand Bhushan: For now, we are going to concentrate on the four services we have, including the HTD we have started. HTD requires a lot of focus to execute flawlessly, and making the systems and processes more robust is going to be our endeavour. Once that is done we will try to replicate the success with more number of such clients, who are already identified and initial talks started.

    StartupTalky: One tip that you would like to share with another Service company founder?

    Anand Bhushan: There is never a shortcut to success. It’s going to be a long haul. Strategies get overturned, revamped, and re-executed, but you have to be resilient once you have chosen a way forward, which your research has shown to be the right path. And finally. Never ignore your gut instinct.

    StartupTalky extends its gratitude to Mr. Anand Bhushan for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Prudhvi Reddy’s Assetmonk: Reshaping Real Estate Investment in India

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    Real estate is about buying and selling homes and businesses. It changes a lot based on how the economy is doing. When more people move to cities, and the population grows, there’s more need for homes and offices. Technology, like showing houses online, is making it easier to sell. The rules from the government also affect how things work. So, real estate is important for how our cities and countries grow.

    India’s real estate market is set to soar to Rs. 65,000 crore (US$ 9.30 billion) by 2040, up from Rs. 12,000 crore (US$ 1.72 billion) in 2019. Projected growth aims for a US$ 1 trillion market size by 2030, contributing 13% to the GDP by 2025. Looking further ahead, the sector is expected to expand to US$ 5.8 trillion by 2047, contributing 15.5% to India’s GDP, a significant rise from the current 7.3%.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Prudhvi Reddy, Founder and CEO of Assetmonk. We probed into how the brand navigates the real estate realm, unraveling the intricacies of Assetmonks’ distinctive approach within the industry.

    StartupTalky: What does Assetmonk do? What was the motivation/vision with which you started?

    Prudhvi Reddy: Assetmonk is one of the biggest alternative real estate investment platforms in India. Trusted by its investors across 31+ global geographies, the platform focuses on curating structured fixed-income products and fractional ownership opportunities backed by commercial real estate, an asset class that was once only available as an investment to the top 1%. With a vision to diversify traditional portfolios of retail investors with stable and high-yielding products, Assetmonk presents opportunities to match every investor goal, like passive income, capital appreciation, and long-term rentals. 

    StartupTalky: What is/are the USP/s of Assetmonk?

    Prudhvi Reddy:

    • Scouting investment opportunities from India’s growing private corridors
    •  Offering diverse products tailored to investors’ financial goals and objectives
    • Providing value-seeking investors access to growing alternative asset classes like office spaces, co-living, senior living, etc.             

    StartupTalky: How has the real estate industry changed in recent years, and how has Assetmonk adapted to these changes?

    Prudhvi Reddy: The concept of FRE [fractional real estate] is new to India and is gradually witnessing increased popularity among forward-thinking retail investors seeking stable rentals and portfolio diversification. With SEBI now planning to regulate fractional ownership platforms as SME REITS, rapid industry growth is anticipated. As a key industry player, we are proactively observing the changes and bracing ourselves to get aligned with the upcoming policies without any hassles. Simultaneously, we are also working on enhancing our service standards by adopting the latest tech and prompt investor relations teams.

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    Prudhvi Reddy: Since this is a new industry, we take pride in constantly learning about the nuances that will make investors’ experiences seamless. We stay in the lead by actively participating in seminars, forming strategic partnerships, and staying connected with industry stakeholders. We also maintain cordial relations with current and potential investors and regulatory bodies to be updated on what’s necessary.

    StartupTalky: What key metrics do you track to check Assetmonk’s growth and performance?

    Prudhvi Reddy:

    • Closely monitoring our growing AUM.
    • Analysing our investor base from different geographies, profiles, and objectives.
    • Checking investor satisfaction with regard to portfolio growth.
    •  The frequency of repeat investments.
    •  The growth of our investor community.
    •  Successful product exits.

    StartupTalky: What were the most significant challenges Assetmonk faced in the past year, and how did you overcome them?

    Prudhvi Reddy: Since the concept is new, we encounter some skeptical investors who are eager to explore FRE but require a lot of clarifications, rightfully. There’s a steep learning curve, which we solve by educating our investors about modern alternative real estate investments. Another hurdle was the lack of regulation that made trust-building a challenge for potential investors. We’ve been successful in upholding our credibility by maintaining transparent communication, highlighting our internal processes, achieving a significant AUM, upgrading technology to be on par with the current times, and improving in-house standardization.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Prudhvi Reddy:

    •  Adopting an education-first approach.
    • Creating a comprehensive knowledge base.

    StartupTalky: What are the important tools and software you use to run Assetmonk smoothly?

    Prudhvi Reddy:

    • To service potential investors’, we use tailored customer lifecycle management software.
    • To ease the KYC process – We onboard investors with a paperless process using DIGISIGN.
    • To maintain transparency – We provide investors with a tracking dashboard.

    StartupTalky: What opportunities do you see for future growth in the real estate industry in India and the world? What kind of difference in market behavior have you seen within states in India?

    Prudhvi Reddy: For many Indians, investing is an emotional decision closely tied to traditional knowledge that is being passed down by generations. Being a diverse country, each state has a unique asset class preference. We understand this distinction and align our practices to diversify these traditional portfolios with a good balance of our alternative investment offerings to increase the potential of their portfolios and multiply their wealth the way they deserve.

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    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Prudhvi Reddy:

    • Transparency and being investor-first build trust.
    • Streamlining processes promotes scalability and efficiency.
    • Quality assets yield quality returns.
    • Domain knowledge upholds reputation.        

    StartupTalky: How do you plan to expand the customers, product, and team base in the future?

    Prudhvi Reddy:

    • Customers: By creating strategic alliances, elevating the quality of our service, scouting for newer asset classes, and adopting the latest technology.
    • Product: Enhancing product offerings with superior supply quality and expanding to assets in more geographies.
    • Team: Focusing on growing sales and business development teams, amplifying our tech resources, and driving product developments.

    StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?

    Prudhvi Reddy: Tough times are stepping stones, but they should not distract investors from their financial goals. Be steady on the long-term vision. Additionally, here are some key insights:

    • Share what you know and keep everyone in your circle well-informed.
    • Understand your financial roadmap and invest in products that align with your objectives.
    •  Look for investments that also yield results in the long run.

    StartupTalky extends its gratitude to Mr. Prudhvi Reddy for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.