Become a Creator today!Start creating today - Share your story with the world!
Start for free
00:00:00
00:00:01
Building a unicorn with Bharat values | Amit Jain @ CarDekho
358 Plays1 year ago
Discover the heartwarming journey of CarDekho, India's very own success story, born in a small town and fueled by the family values of Bharat. Amit shares deeply personal stories, invaluable insights from building up the gigantic yet nimble tech startup, and some essential principles for aspiring founders.
For more such interesting founder journeys, subscribe to our newsletter www.founderthesis.com
Read more about CarDekho:-
1.Meet Amit Jain, Ratan Tata-backed CEO, went bankrupt, now owns Rs 10,000 crore company
2.Shark Tank India: Why CarDekho’s Amit Jain believes in ‘pehle banda phir dhandha’
3.Who is a perfect startup founder? Shark Tank India's Amit Jain tells us
Recommended
Transcript
Introduction and Values
00:00:00
Speaker
Hi, I am Amit Jain. See you and co-founder of Cardico Group.
00:00:16
Speaker
People in the startup world would have heard of the Netflix Culture Manifesto. It is a document that sets out the core values of Netflix and is largely admired by Silicon Valley founders as the benchmark for setting culture. I would argue that for a country like India,
00:00:31
Speaker
Founders should emulate successful Indian companies for their culture and values.
Building CarDekho: An Indian Success Story
00:00:35
Speaker
And in this episode of the Founder Thesis Podcast, your host Akshay Dutt talks to Amit Jain, the founder of the Karthikho Group, and a shark in shark tank about how he built up the gigantic yet nimble tech startup that is Karthikho.
00:00:49
Speaker
As you will make out from the conversation, Cardekho is a uniquely Indian success story. It was born in a small town and it lives and breeds the small-town family values of Bharat and that is really what makes it such a special company. In this freewheeling conversation, Amit shares deeply personal stories about the journey of building up Cardekho and sets out important principles for aspiring founders. Stay tuned for this amazing conversation and subscribe to the Founder Thesis podcast or any audio streaming app for more such insightful conversations.
00:01:19
Speaker
Thanks.
00:01:27
Speaker
So
Family Influence and Life Lessons
00:01:28
Speaker
basically, my father, his name is Prashant Jain. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background. And I have a family background
00:01:55
Speaker
That was the family upbringing side.
00:02:18
Speaker
So I think he has a lot of family, you know, background. I remember, obviously, there was a soft aspect in the family that I could notice. The joint family, I think, was the only one who was able to sacrifice. So what I realised was, you know, sacrifices bring happiness. I think that's something I invite from my father and I'm so un-sacrificing, so many things.
00:02:48
Speaker
So they would cancel the movie show. They would not go. They will always try to optimize for everybody else. And they would not cry about it ever. They would actually feel happy about it.
00:02:59
Speaker
I think it's a good idea to have a lifestyle that is minimalistic. For example, if you look at the pandemic, if you look at the jeans, if you look at the clothes, if you look at the clothes, if you look at the clothes, if you look at the clothes, if you look at the clothes, if you look at the clothes.
00:03:22
Speaker
It was a minimalistic type of lifestyle, like salve, egg burger, cold drink, etc. It was a very big luxury. It was all luxury items back then. But it was a minimalistic lifestyle.
00:03:47
Speaker
I think that's the type of bringing a lot of focus. I think that Papa couldn't match with Maths, but Papa was a single child. In engineering, he did not want to be a single child. So I saw him sacrifice his own career for staying back in the family. So I think that Papa was strong. But Maths was strong.
00:04:15
Speaker
What I learned from him was that he had no time to be with him as a child. He was one of... From more than a father, he became a great friend. So that relationship was very respectful, yet very friendly. So I could share things. So that pace to impress yourself was always there with him.
00:04:45
Speaker
I think one thing that he always did to me, which probably helped, I realised he always told me, you can do it. He always told me, you can do it. He always told me, you can do it. He always told me, you can do it. He always told me, you can do it. He
Academic Struggles and Support
00:05:00
Speaker
always told me, you can do it. He always told me, you can put his hand on the back and pat you and say, you're doing great. I know you will do it.
00:05:11
Speaker
That is what my father was. I was idolized in terms of what I am today. A lot of small, small things I have probably saw him do. That was embedded into me as a value system. So I am happy with the value system. Honest integrity is given. Hard work is given. In later stages of his life, I saw my father leave his did a bank job.
00:05:44
Speaker
I was at that point around 16 when he quit his job.
00:06:02
Speaker
So most times, almost 11 types, 11-12 type times. So basically, the ice cream parlour set up is a puri family, a joint family. My name is Khadogi. I have a coffee ice cream. My ice cream parlour is my ice cream parlour. My ice cream parlour is my ice cream parlour. So the puri family has a lot of cash.
00:06:33
Speaker
I saw at a very late stage, he was learning new skill.
00:06:49
Speaker
which was out of his comfort zone from a job to running a business of its own. Seeing him learn how to check gemstones.
00:07:19
Speaker
How did U.S. come to his place? Had he been abroad ever? What was his first?
00:07:42
Speaker
So, he was actually left in quite a flux. At that time, he had invested a lot of money in his credit. So, he passed away. So, it was his first trip to the United States. Suddenly, the U.S. has started. The U.S. has lost a lot of credit for his last-minute U.S. promotion. So, he had credit for his credit. He had paid a lot of credit for his credit.
00:08:07
Speaker
So, when you start to struggle, you have to go to the door to the door. You have to go to the other side of the door. You have to go to the other side of the door. You have to go to the other side of the door. You have to go to the other side of the door. You have to go to the other side.
00:08:25
Speaker
I think it would be worth more than $1,000 worth of work. I think it would be worth more than $5,000 worth of work. I think it would be worth more than $5,000 worth of work. I think it would be worth more than $5,000 worth of work. I think it would be worth more than $5,000 worth of work. I think it would be worth more than $5,000 worth of work.
00:08:46
Speaker
But he struggles with hard work, perseverance, resilience and treats. So I think he has a very different role as a motivational guy across my life. A great family value system to keep all of us together. I want to be like him.
00:09:11
Speaker
the amount of time he would give kids despite all the struggles he saw.
00:09:30
Speaker
So that way he could find balance of time. I saw him creating a lot of fun around us. Every event was at home. And we were an extended family of 30 people. All 30 would be at our place.
00:09:47
Speaker
The environment in which I grew up, there was a lot of love, unconditional love. That's what I saw while I was growing up. So when I was growing up, I was influenced by my family. I had a company called Sheets. I had a joint family called Sheets. And I tried to, most of the time, be like my father. I wish I could be there, but I had 10% good job.
00:10:15
Speaker
So meanwhile you got into IIT Delhi and then you sat placements and you go to IIT Delhi.
00:10:33
Speaker
This is the time to transfer from Bombay to the year 93-94. This is the part of the I3 Balaroon, where I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and I have been posting the I3 Balaroon to Bombay, and
00:10:57
Speaker
So the first time he was not there, he was mostly out in Bombay. And like any adult kid without any parental guidance, he was quite lost in my life. I had just cleared the first time in my life. I had just cleared the first time in my life. I had just cleared the first time in my life. I had just cleared the first time in my life.
00:11:28
Speaker
So I had just two, you know, admission in the first year when I passed 12. So it was, you know, a very, you know, a shattering experience here.
00:11:40
Speaker
I just overheard them. My father took me to a friend, a general manager, and I shared it with him.
00:12:08
Speaker
It's not a job, it's not a job, it's not a job, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not a job profile, it's not
00:12:32
Speaker
No, it was not real. It was exactly 0 marks at first attempt. 0 and 300 marks. It was negative marks. It was a B mark. It was a B mark. It was 0 marks at first attempt. It was a 2nd mark. It was a 2nd mark at first attempt. And that was a pat on the back probably I needed. And then it took me to Bombay.
00:12:57
Speaker
So it was just 18 hours of self-study. And my father would study my books at that age and teach me. It was an incredible effort. My parents were mad at me because I didn't know what to do. And that's why I saw them all the time. The next time I saw them, I was like, I scored 300 on 300. I scored zero on the team.
00:13:24
Speaker
I think I did not know I had it in me, but he knew I had it in me. And I think that's what happened in corporate trading also, most of the time. When you have people around you to get the best out of them, you have to apply the same philosophy.
00:13:41
Speaker
rather than encouraging. So I think that pat on the back, from someone you respect, means so much with the person getting it and he performs it.
00:14:02
Speaker
When I was meeting him, I had a double energy level. My job was to get the best out of people I work around with and inspire people. So, I think that kind of settled in through his learnings in our life. So, when I was meeting him, he influenced my father in the way I run the company also.
00:14:37
Speaker
When I was in Delhi, I had a lot of problems. So I had a lot of problems. To begin with, when I was in small town, I had a lot of problems. I had a lot of problems. I had a lot of talent. I had a lot of talent. It's not like after a fight, I had a lot of problems. I had a lot of problems. I had a lot of problems. I had a lot of problems.
00:14:53
Speaker
So that's the story about getting into IIT.
00:15:04
Speaker
I think I found great friends out there. This is the philosophy that I created much later. I did not realize it. But unknowingly, this is the philosophy of circular fights. Five people you hang out with.
00:15:24
Speaker
Five people you don't get inspired from. So your dreams will start expanding themselves.
00:15:37
Speaker
If you don't know what is happening in the world, you will be able to see the vision of the world. That's a great idea. Unknowing the IT team is a great idea. It is the IT team that demands it. It is the IT team that wants it. The IT team is the same as the IT team. But the IT team is just a platform that gives you, you know, those circular fights. If you don't know what is happening in the world, you will be able to see it. If you don't know what is happening, you will be able to see it. If you don't know what is happening, you will be able to see it.
00:16:05
Speaker
It is not valid, it is not valid, but it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid, it is not valid.
00:16:22
Speaker
As a circle, I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle. I want to have people in my circle.
00:16:50
Speaker
And that's how we know it all begins basically. IIT is also about the South Delhi based IIT.
00:17:12
Speaker
So I would attend a lot of festivals happening in various colleges. When I went to IIT, I had to go to the festival. It was very popular. I had to go on a bike trip from Delhi to Manali, Delhi to Renithal, Delhi to Masuri. So I had to go to IIT. But now, in the introspect, if I joined the dots, I became very fearless. I had to go to unknowns. I had to go to unknowns.
00:17:41
Speaker
I was stranded alone at the night.
00:18:01
Speaker
When I was on a bike tour, I had a student who was on a bike tour, and he had a very good bike. He had a very good bike, and he had a very good bike, and he had a very good bike, and he had a very good bike, and he had a very good bike, and he had a very good bike, and he had a very good bike, and he had a very good bike, and he had a very good bike.
00:18:20
Speaker
So, safety is important. So, if you look at this, you can see that there is a 3,000-kilometre hole in the current plant. So, if you look at this plant, you can see it.
00:18:33
Speaker
So, health comes from unknown quarters. There are many people who believe me, who don't believe me. There are many people who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me, who don't believe me,
00:19:03
Speaker
come to your health, you know, of nowhere, literally. If you do good, good will come back.
00:19:19
Speaker
If you don't have the power to do it, you will have the power to do it. If you don't have the power to do it, you will have the power to do it. But if you don't have the power to do it, you will have the power to do it. But if you don't have the power to do it, you will have the power to do it. But
Early Career and Entrepreneurial Beginnings
00:19:34
Speaker
if you don't have the power to do it, you will have the power to do it.
00:19:45
Speaker
You will, in any case, flourish eventually. That's what has probably happened.
00:19:54
Speaker
I was learning many more skills which probably, you know, as an entrepreneur you require much later.
00:20:25
Speaker
When I started, I went to KCS as my first job. When I interviewed many of you, I had to interview you. When I interviewed many of you, I had to interview you. When I interviewed many of you, I had to interview you.
00:20:38
Speaker
So, I started with the Nokri group and started as a developer. So, I started with Nokri and started as a developer. So, I started with something flipped in my mind. I don't know what. But, I started with the Nokri. So, I started with the Tata group. So, I started with Tata group.
00:21:05
Speaker
It's not a bad thing, but it's not a bad thing. And it's a very interesting story. I've been to Java since then. And I've been to the project for a long time. I've been to C++ for a long time. But I've been to Java Excellence Center for a long time. I've been to Java Excellence Center for a long time. But I've been to Java Excellence Center for a long time. I've been to Java Excellence Center for a long time.
00:21:41
Speaker
Life is a part of the JV world. So, I don't want to go to the JV world. I don't want to go to the JV world. I don't want to go to the JV world. I don't want to go to the JV world. I don't want to go to the JV world. I want to go to the JV world. I want to go to the JV world. I want to go to the JV world. I want to go to the JV world. I want to go to the JV world. I want to go to the JV world. I want to go to the JV world.
00:21:56
Speaker
The head of the head of the head of the head of the head of the head
00:22:06
Speaker
You can't do anything with Java coding. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it. You can't do anything with it.
00:22:33
Speaker
I realized that I am wasting a lot of time travelling. I have been working for 10 years now. I have been working for 5 years and I have been working for 5 years now.
00:22:47
Speaker
or vapor, you know, you don't have to go to the facility, but you know, you don't have to go to the bathroom, you can't go to the shower, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom, you can't go to the bathroom,
00:23:17
Speaker
Objection or nobody? It's just that I was working severely hard. And in six months, I probably became one of the best developers out there, right, of my age. I've started coding like, you know, five older people to me. I think that hard work helps. So one thing that I've realized in my life, I'm not a brilliant guy.
00:23:47
Speaker
But I'm a very hard worker. And I think that helps in every aspect of my life. So that is my super power. I'm very, very hard worker. So I'm very, very hard worker. And when I was in a rocket, when I was an abstract man, I was very hard worker. When I was in a hard worker, execution and education and focus was very hard worker. And when I was in a super power, I was very hard worker, perseverance. So that is what I kind of landed on.
00:24:16
Speaker
In the last part of the department, there was a lot of people who wanted to recruit a badge to start their India office. That job opening was open only for computer science students.
00:24:39
Speaker
Many civil engineering companies have called me as a coder. So I sat in the interview and cracked it. There was a batch of 20-21 getting formed. It was an obnoxious salary that they were paying in those days. So US salary in India was very good.
00:25:04
Speaker
I am talking about year 2000. I am talking about previous jobs.
00:25:34
Speaker
So I think there is that thing I spoke about, you know, risk taking ability.
00:25:47
Speaker
I got interviewed and then I got selected. Then I got selected. I think that helped. Other aspect was hard work. This again proved key. But this feeling of hard work gives you pride. Hard work gives you the result which makes you proud.
00:26:13
Speaker
That has got cemented in my lifestyle, always. And that's what I teach my kids also. I'm surrounded by the U.S. and I'm surrounded by all the IITs. So IITs are not all among the top IITs. IITs are not all among the top IITs. So IITs are not all among the top IITs.
00:26:44
Speaker
So, when I was coding, I didn't know how to do the math. I didn't know how to do the coding already. I didn't know how to do the code already. I didn't know how to do it. That kind of gave me super confidence in life. That was just a thought. Hard work beat everybody, literally, right? So when I was zero, I didn't know how to do hard work. And I was a better coder than most of the batch, right? And that confidence has never gone in life. Hard work has never gone in life.
00:27:13
Speaker
It was actually a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right? It was a bad feeling, right?
00:27:39
Speaker
Austin is quite spread out. There are a lot of people out there who are out there. It's been a lot of life. But it's been a personal touch for me. But it's been a long time since I've been to the US. It's just a short training to the US. No, this was one year. I was host to the US initially.
00:27:59
Speaker
I think it is a personal moment for me. I think it is possible for me to go to London. I think it is possible for me to go to India. I think it is possible for me to go to London. I think it is possible for me to go to India.
00:28:13
Speaker
The first time I met a person, I felt like I was spending a lot of time spending time with them. I felt like I was feeling like a bachelor. I felt like I was in the US culture. I felt like I was in the US culture. I felt like I was in the US culture. I felt like a friend. I felt like I was in the US culture. I felt like I was in the US culture. I felt like I was in the US culture.
00:28:49
Speaker
We set up the office, literally from scratch, out there in Bangalore. We set up the office, literally from scratch, out there in Bangalore. We set up the office, literally from scratch, out there in Bangalore. We set up the office, literally from scratch, out there in Bangalore. We set up the office, literally from scratch, out there in Bangalore. We set up the office, literally from scratch, out there in Bangalore.
00:28:53
Speaker
Then I thought, you know, let's, let's, uh, India will be a better option.
00:29:28
Speaker
I was very young, I was just 25 when I got married.
00:29:33
Speaker
and my wife was 21. And she has been a strong support pillar to me throughout my journey. I think, I probably, in this journey of building this startup, would not have been ideal husband. Liking of no ideal husband kind of, you know, if I were to put it that it's time come, startup journey may have come.
00:29:55
Speaker
Start-up is not all the time, especially the initial set-up time. I think he has been very supportive.
00:30:11
Speaker
In fact, in the union trilogy, when I was in Bangalore, I would work late. I am a late riser and I work the night out. So, typically, I would work late at night. So, I would work late at night.
00:30:46
Speaker
I have always made sure that there is a lot of energy and a lot of party around.
00:30:57
Speaker
That re-energizes me a whole lot. So, I think the balance of extreme hard work with extreme party at times has kept that balance of life, that charm, that energy alive. And typically I enthuse a lot of energy when I arrive. And I think that holds another secret weapon of mine. The energy of the baton radiates. And then the second guy absorbs it and then he radiates energy.
00:31:26
Speaker
So I think the leadership of many of you is that the energy plays a big role. If you are sounding negative, dull, the meeting won't go well, the people won't go down in a negative zone. That will reflect in a larger outcome. But tell my leaders that I will be supporting you. I will be supporting you.
00:31:52
Speaker
So, you have to really need a lot of energy for many moons to shine so that the whole galaxy can have light.
00:32:06
Speaker
It is very important to have energy in the world. It is very important to have hard work as part of my life, high energy as part of my life. It is very important to concentrate on this. This is a trilogy that I am lucky enough to do my own startup.
00:32:29
Speaker
So that was probably a turning point where I actually learned the entrepreneurship skills for the first time. So I was running five such projects and one was selected for funding.
00:32:49
Speaker
I got an interaction directly with the CEO of the company Joleman. He has been a very influential person also in my life. I learned a lot from him on how he would run business, his risk taking ability. We would have drinking competition also, willing competition also. Along with a lot of other work related interactions. So, pain again I think.
00:33:15
Speaker
What he told me was, I was building something which was in B2C space to optimize mobile phone builds. I was building a best plan for the best plan. I was building a pack, SMS pack, internet pack, planer pack, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl2, adl
00:33:44
Speaker
I think that was our turning point when I got a mandate to run this, you know, as a company vertical. You are allowed to spend money on product technology as much as you like, but you will not be allowed to spend money on marketing even a single rupee. This was a product for India?
00:34:12
Speaker
These are the products for India. This is all Indian products. This is all Indian team, Indian product. India has been fresh out of IITs and recruited colleges. So I was the section leader at that point. So it's a poor Indian idea that Indian look, they are going to be precious agents of the team. That's why we have the experience of being a team leader. So in law, we have to take advantage of this product.
00:34:37
Speaker
If you want to ask a question about the process, if you want to ask a question about the customer acquisition cost, that's when you basically learnt how to scale or annex it. So I learnt SEO. If you go to the website, you will be able to learn how to output top pickets. So that's what I learnt. If you want to learn more about it, you can upload it. If you want to learn more about it, you can upload it. If you want to learn more about it, you can upload it.
00:35:07
Speaker
I think it is a good thing to have an organically-trafficed customer. I think constraints are good in life. Constraints teach innovation. I think it is a good idea to have an optimized bill. I think it is a good idea to have an optimized bill. I think it is a good idea to have an optimized bill. I think it is a good idea to have an optimized bill. I think it is a good idea to have an optimized bill.
00:35:47
Speaker
If you want to buy a button, you have to pay for it. If your friend just paid Rs.500, would you like to log out to yourpilbuddy.com for the same price? So that's how we used to do it. We used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we used to do it in the same way that we
00:36:00
Speaker
your savings with your friends.
00:36:18
Speaker
whom I was getting coached with was a parade-tailed guy from the US, Steve. So Steve Bellman was the guy who was the best.
00:36:25
Speaker
When I was in the meeting, I had a very busy day. I had a very busy day. The telecom industry was, you know, very corporatised, you know, soot, and all that kind of stuff. I used to request tea tea too. I used to go to India, but I didn't want to go to India. I didn't want to go to India.
00:36:50
Speaker
So, I think that the product has a churn reduction offering for BHV. The product also got monetized. A TV campaign ran by one mobile provider, telecom provider, who had the best plan for the product. So, I think that gratification is like a mightly-wind version. Right, exactly. So, I think that the product
00:37:17
Speaker
Engine, product, lead, end-to-end kind of journey within trilogy. My father got diagnosed with cancer in the 5-6 period. And trilogy that way was very generous enough to give me the option to work from home. The last week, we had a big deal of problems.
00:37:43
Speaker
So, he was always positive. Even while he knew he was going to die, he was so positive. Last time, he was going to bomb me, he was going to do a treatment. So he had got 10-15 days at best left. My father said, I don't want to go back to Jaipur. Take me to Kashmir. I don't want to see crying cases around me. I want to have happiness around me.
00:38:28
Speaker
I saw somebody living his life fully even till the last and not trying to get bogged down. And I saw that spirit of life in him.
00:38:40
Speaker
And he would play TT there with me in Kashmir. But look, see, the memories of the Americans, keep them with me, they will drive them.
Running the Family Business
00:39:00
Speaker
When my father expired, then it was a vacuum for me because I was very attached and for my brother also. And we both were staying in Bangalore in the same house. So we were both earning great packages back then and for the time we were in. So we basically said that we had a lot of money in Bangalore. We had a lot of money. We had two choices.
00:39:29
Speaker
But to shift them out from, you know, very... So that is how large community you build in a town.
00:39:58
Speaker
So that was the uprooting, and he was practicing astrologer also. My grandfather was practicing astrology, and he would be very meaningfully occupied the whole month, doing his practice here.
00:40:12
Speaker
I think that will kind of, you know, shorten their lifespan because meaningful occupation, you know, they'll feel, you know, all of this. We decided to move on to Jaipur. That was not what we wanted to move on to. What was Jaipur? And Ragh was also a coder. He also went to IIT Delhi.
00:40:41
Speaker
Andraag, what's your main difference? Exactly two years. We both are born on 12th of November, two years apart. We used to compliment our father, you have great mathematics. But Chugha, we saved him. We used to joke with him around that. So those of them, Andraag to me is more like a friend or alter ego than you know,
00:41:08
Speaker
Typically, brothers are friends of the same age. So, I don't know how many of you have been friends of mine. I don't know how many of you have been friends of mine. I don't know how many of you have been friends of mine. I don't know how many of you have been friends of mine. I don't know how many of you have been friends of mine. I don't know how many of you have been friends of mine.
00:41:28
Speaker
This is the gap between the two. So, the reason why the Ramlungen is a variable is because of the move. The move is because of the power of the business, the power of the driver. The first six months we actually tried that. The reason why the Ramlungen is because of this is because it is an intellectually stimulating business.
00:41:49
Speaker
But it was an important phase to go through that. I'll be candid. Because my religion was an optimization chain. The largest flight working company was Sable. And Raghu Sveda. And Algortham was the flight optimization case. So, I think intellectually, you know, mindsets, problem-solving, boating, product banar.
00:42:13
Speaker
So, I have to say, I don't know what kind of life he lives. We exactly stayed at the same places that he stayed, took the same flights, met the clients. So, I don't know what kind of life he lives.
00:42:32
Speaker
It was real, right? And it was shocking. It was a real trilogy. It was a plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-ravel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel, plus-travel,
00:43:12
Speaker
That was completely transformative zone for me. And I think in hindsight, it was probably the most humbling experience, which was much needed to crush the ego to become an entrepreneur. Because entrepreneur has to go through a lot of rejection. And I was rejected every day, multiple times by so many people, throwing us out of the shop.
00:43:26
Speaker
If you want to pay, you have to pay for it. If you want to pay, you have to pay for it.
00:43:37
Speaker
The experience that showed us what our father lived and the respect grew many fold. I would talk about how to build an organization, how to build large steel business. Then when I realized all my advices. When I ran his business for 6 months,
00:44:07
Speaker
He was a media advisor, far from implementable, far from the ground realities that exist in his business. And he was a thousand feet tall. So he had a lot of clarity in the trenches.
00:44:26
Speaker
And that's what I learned in that. And we made a few trips. And then on this side, we had to deal with a lot of people who would sell gemstones, raiding the Kamsa though. You know, you were missing that part. So six months out, me and Andraak said, let's build something which is our core. Let's do something in software, which probably is from the core. We started this company in Gurnar.
00:44:56
Speaker
Gurnar is a Jain temple in Gujarat. And it's also the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house. So, Gurnar is the name of our house.
00:45:27
Speaker
And then we basically started to find work. And reality is the karma theory comes back. If you have done 50 people, you will come back.
00:45:39
Speaker
We got breaks, first few breaks from our people know we had worked with her. So Andhra got break from his ex-boss. I got break from my ex-boss. People who trust, trusted relationship banana is critical.
00:46:11
Speaker
Out-sourcing of the South. Yeah, just outsourcing, out-sourcing. What one year we did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing. We did only out-sourcing.
00:46:47
Speaker
You obviously, you know what, are trying to, yeah, as frugal as you can.
00:46:58
Speaker
We said, you know, that was our dream back then. And we went and updated our LinkedIn claiming that we will build a billion dollars. There are brands who knew us obviously at our respective companies.
00:47:28
Speaker
But I think that number kind of stuck. And I think that somewhere we believe this will happen. How we did not know, of course, but the belief system was that it will happen.
00:47:45
Speaker
I think that has helped a lot. We started to the outsourcing company. We were blessed by God.
00:48:06
Speaker
So that is how the karma comes back, you know, in a way, you can't pick up movement here. And then you have to be able to make a profit, you have to be able to make money, you have to make projects, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money, you have to make money.
00:48:33
Speaker
Most of the people who were experienced were IN. If you look at the MCA course, you can see the internship mandate. If you look at the original job, you can see it.
00:48:48
Speaker
We ended up hiring a very completely fresh guy. We had coffee time and we were coaching him. We were coaching him a lot. We were coaching him a lot. We were coaching him a lot. We were coaching him a lot. We were coaching him a lot. We were coaching him a lot.
00:49:14
Speaker
And this is a learning for me. And this is what I learned in the journey. I saw exceptional talent here. For the first time, you know, I realized...
00:49:36
Speaker
When I worked with these talented folks, I realized what kind of talent the country offers. That's just that talent does not get exposure. I always tell people it's not the years of experience that matter. It is experiences per year that matter. In which you can learn three years, five years in one year.
00:50:03
Speaker
If you want to go to the end-to-end website, you can go to the end-to-end website. If you want to go to the end-to-end website, you can go to the end-to-end website. If you want to go to the end-to-end website, you can go to the end-to-end website. If you want to go to the end-to-end website, you can go to the end-to-end website. If you want to go to end-to-end website, you can go to the end-to-end website.
00:50:22
Speaker
We have a lot of people who live here. And it's extremely hard-working. I still remember when I was in the office, when I was in the office, when I was in the office, it was extremely hard-working. The culture is hard-working. The founders are not fresh, they are not hard-working. So it's hard-working. It's a family-type environment. It's hard-working. It's hard-working.
00:51:02
Speaker
And now a lot of our top management is formed by these folks. Our chief marketing officer, our chief technology officers, our people whom we hired as freshers. So
00:51:20
Speaker
I think it's a good idea to take a look at the pattern I got from my father
00:51:28
Speaker
exactly the pattern on the back they got and they blew. And every single person has talent in my view. You just need to find which dimension and give a pattern on the back there is how I have started to see the world. There's nobody average. Everybody's good at something. We just don't have the capability of the leader to find that. And if we have that insane capability, we will be able to get the best out of every resource we have is how I view little leadership as now.
00:51:56
Speaker
So, coming back, this one year later, we were highly profitable. Which year is this? One year later, 2008. 7 to 8, the profit was more than our salary. All that recession happening in the U.S. and all will affect you. That did not impact Joe.
00:52:40
Speaker
The first time someone says, you know, that we are building a clear tax value in India, I don't know if it's possible or not. I don't know if we are building a tax value in India or not. How is it possible? I learned accounting, I learned finance, taxation, etc. I think it's a crisis that we have to deal with. We have to deal with the damage.
00:52:48
Speaker
Do you follow those time? Do you follow those time? Do you follow those time? Do you follow those time? Do you follow those time? Do you follow those time?
00:53:07
Speaker
And it has been an insane learning. And till date, I have always asked people to measure yourself. Did you learn five years worth of experience this year? So you are doing well in trajectory. And that's how I measured my own self also. Have I learned
00:53:35
Speaker
for that much time or not. So, coming back to the journey, we had basically the company's profit. So, we had the first time. That was, you know, going and I still remember, we had a lot of time. So, we had a lot of time. And we were inspired by the online and the drone TV. So, we had a lot of information. So, we had a lot of time. So, you know.
00:54:05
Speaker
Karthik was one of multiple ideas that you were experimenting with. Yeah, yeah. So multiple ideas, I'll cover the others also. But every single idea has been somehow based on real life experience or gap we saw.
00:54:48
Speaker
So we simulated his knowledge in a software and it would start doing prediction and my granddad would then review it for a bit.
00:54:50
Speaker
My Astrology Horoscope.com
00:55:08
Speaker
We coded everything in our software. Now, what was the best was we were hungry.
00:55:34
Speaker
That means we would require so many people to manage. That was the basic premise of starting these startups. The internet was just coming in. That was the basic premise.
00:55:55
Speaker
The traffic line is likely to take place without spending money. That course was already built up. The website was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up. The domain was already built up.
00:56:21
Speaker
and he would himself have a good income in those days by practicing astrology.
00:56:36
Speaker
It was the first 3 sides of our jewelry, online silver jewelry, myjewelrydeals.com. That was related to my father's business that we had tried for 6-7 months. Astrology which we had got influenced by our own grandfather.
Founding CarDekho: Passion Meets Opportunity
00:56:52
Speaker
Cardico because me and Andhrak both liked cars and were passionate about cars. And we found a gap when we went to Aotex 4 in 2008. We saw a gap. It was a very accurate information available online.
00:57:30
Speaker
As luck would have it, only the car would be launched in a 30-minute window. Race to war is delayed by 30-60 minutes. I personally think that the car will be released in 30 minutes. That's the time though.
00:57:32
Speaker
That prompted us to, you know, wear these three.
00:57:50
Speaker
The side that launched there, then and there in that window became such a large one. And rest obviously did not see the light of the day as much as I would have liked. But Jobi's side launch was a personal experience which was getting married to your coding skills, your superpower.
00:58:17
Speaker
These are opportunities in life.
00:58:24
Speaker
Many people don't interlise it and marry it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many people don't interlise it with their own superpower to build some business. My personal view is that many
00:58:53
Speaker
So, you have to do astrology and you have to look at it. So, astrology is the best way to do it. So, you have to look at it. Jewelry, we were selling around 10-15 articles a day. And this was like e-commerce in India. So, this was not e-commerce in India. We were shipping outside. What we had found was that there is a 45x margin, 10x margin maybe.
00:59:20
Speaker
in silver jewellery with colored suits. The margin structure in India was a little bit different than in the other countries. That was the margin structure of the film. It was a little bit different than the other countries in India. When I was in India, I was very happy. I was very happy. When I was in India, I was very happy. When I was in India, I was very happy. When I was in India, I was very happy. When I was in India, I was very happy.
01:00:02
Speaker
That's when we learned that it's a supply chain problem. It's not like a margin structure to run. It's a supply chain issue.
01:00:17
Speaker
We have to have a single model structure. We have to have an inventory-led kind of a model. We have to have an inventory-led model. We have to pull out for that reason.
01:00:31
Speaker
But it's still learning more about photography. It's cataloging with a wide background and light. At the start-up, we have to set up a camera for photography. So it's very common to work with a camera. So you have to be able to see what the photography looks like. And jewellery photography is very complicated. Nice, not easy. Yes, yes. So we have a lot of camera. We have a lot of camera.
01:00:54
Speaker
And there was a lot of pain in the skin. It was a lot of pain in the skin. It was a lot of pain in the skin.
01:01:04
Speaker
But everything is a learning and I think everything that you learn finally has some value as you move on the journey ahead. We have a lot of e-commerce. We have a lot of e-commerce. We have a lot of e-commerce. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers. We have a lot of customers.
01:01:31
Speaker
The astrology is not enough for us to be able to do anything. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it. We are going to be able to do it.
01:02:01
Speaker
That billion dollar number basically led us to discard many things we were doing. And that was the magic of that number that we had choose what will become large eventually focus there.
01:02:13
Speaker
The car has a lot of traffic on it. It is followed by the pass-by. It has a lot of traffic on it. It has a lot of traffic on it. It has a hundred million visits a month. Owner platforms. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams. It has a lot of dreams.
01:02:41
Speaker
That was not when internet was very popular. Inflection came and mobile came. But we were, you know, basically entering spaces, resulting them in a way.
01:02:53
Speaker
So, you will learn. One big thing I learned in those days was agility as a big value. Imagine, on the website, you can see that all the funded players are there. There was Carvalley, there was the Guild for Times Grove, there was Guardi.com funded by Naspers.
01:03:19
Speaker
I don't know if it's clear or what it is. What is the business model here? All these players? Ad revenue? I don't know. It's primarily ad revenue and lead revenue. I don't know if it's ads. I don't know what the model is. I don't know if it's Google ads. I don't know if it's ads. I don't know if it's traffic. I don't know if it's traffic. I don't know if it's traffic.
01:03:46
Speaker
For example, revenue and monetization, you can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that. You can't do that.
01:04:14
Speaker
So we basically went on innovating like crazy. And by 2010, we were the most popular visited autopodal in the country. We had a lot of problems in the top-ranking countries. We were involved in the media inquiries, advertisement, etc. We had a lot of money in the monetization stream. We had a Google Ad. Google Ads is a big one. We had a lot of property use.
01:04:55
Speaker
One thing led to the other is that the traffic is running at a value level. If you look at the U.S.Buddy company online, you can see the traffic is running at a value level. If you look at the traffic level, you can see the amount of monetization. If you look at the profitability of monetization, you can see the amount of monetization. Google Ads would cover more than your ad reviews, for your expense design.
01:05:09
Speaker
Google at the revenue of the Pachasla Group.
01:05:20
Speaker
If you don't have any traffic, there is a journey. What were some of the principles of getting traffic? We did not create a Google account or a Facebook account until we got funded. We did not even have a single dollar budget for marketing. The principle was simple. Build an engine which will be permanent in nature. Because performance marketing is a monthly drug. If you spend
01:05:49
Speaker
Then traffic comes, if you don't spend it, it doesn't come. So, there are two principles. The first one is the permanent traffic and the second one is the content focused rather than focusing on marketing. The second one is the content creation. The second one is the strong content content. That basically led to a lot of Google organic ranking.
01:06:16
Speaker
While people spend on marketing, that was the philosophy. This will be permanent in nature and then can scale up also without spending any more extra money.
01:06:29
Speaker
We also learned how SEO is done. All practices, like Google, would recommend. Every single, I am personally an SEO expert myself. So that also becomes a superpower. As a founder, we have a lot of interest. So, technology is an expert on SEO. You don't know a little combination of it. As a developer, you have SEO. So, this becomes like a superpower. It's a superpower for me.
01:06:57
Speaker
So, the yearly skilling is a subset of traffic. So, there is a lot of geology, astrology, jewellery, a lot of mobile, a lot of online stuff. It is a subset of traffic. So, there is a lot of marketing in the market. So, basically, it is a CAC 0. So, how do you fund it? How do you fund it? How do you fund it? And, for our listeners, CAC is a customer position cost.
01:07:20
Speaker
Correct. So, our simple philosophy is that CAG will be zero. Irrespective of whatever business we try, because that is the main source of burn for any startup. Now, we are not outsourcing a business such as profits. We have to be able to deploy this development, or we have to be able to sell the profits. Second principle is that if it is bleeding too much, shut it.
01:07:43
Speaker
6 months to 12 months of time frame, we discovered that we had a great run view. Defining definitive runways for each product was also very helpful because we started telling mobiles online in 2009 with a brand called Shop.
01:08:07
Speaker
So we shut it down. But that led to the formation of something called Tri-Stick.
01:08:23
Speaker
which was a platform that could help you compare mobile price across various platforms. So, if you look at the website, you can see that there is a lot of business online. And there was a Jungli.com which was doing something similar. There was also the Let's Buy. There was also the right company. So, the price was very high. The Indian price was very high. So, you can see that there was a lot of money.
01:08:47
Speaker
A large part of that ad revenue I was talking about earlier was coming from this side because it was rising from mobiles.
01:08:57
Speaker
What type of category catalogs are there? Type of electronics, refrigerators. What type of stuff are there? If that also finally died, it's eventual death because when 2-3 platforms become very predominant, price impedance dies. It is only predominant when many people like this. But when we made our money, we made it.
01:09:20
Speaker
More than that, we earned us profits and pricing. One idea, shutting led to our pivot aggregation business, which was asset life, no operation, just product, distribution, and ad burn. And price decay was at support of the affiliate. Both, but majority of the companies would come from ads. So, what was the popular aggregator?
01:09:47
Speaker
If there is a motor mode, the traffic is going to be on top. So, it will be able to monitor the build.
01:10:05
Speaker
We kept dabbling with various things because we wanted to build a billion dollar company that was a beast. And then investment for two hours. Definite philosophy of, you know, having a runway.
01:10:23
Speaker
You have to shut down the prudently. You have to find the foundation. You have to find the foundation. You have to find the foundation. You have to find it.
01:10:40
Speaker
Otherwise, the times are up. The same time value goes to the fortune cost, which you don't measure. You have to pass any risk. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset.
Scaling Challenges and Sustainable Growth
01:11:00
Speaker
You have to pass some valuable asset. You have to pass some valuable asset. You have to pass some valuable asset.
01:11:10
Speaker
This is the philosophy symbol that we have seen in the last few years. The cash industry is trying to figure out how to figure out the billion dollar deal. And if you look at the 10-11, the traffic will go up. So, that's the revenue we have.
01:11:24
Speaker
If we are a business dealer, we are a business dealer. And people started contacting us for various kind of investment opportunities. Between 10 to 13, we got term sheet every year. $3 million, $2 million, $3 million. If we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year, if we don't have a term sheet every year
01:11:53
Speaker
I don't know if the news is coming or not. I think it's a blessing to have a partner who could contradict my views and give me advice. And we luckily did not pick up on it. Luckily, it's just a blessing to have a founder who has the glory of this country. But I think it's a good thing. I have a bank that runs around and takes the money.
01:12:20
Speaker
So, we have to be very careful about this. We have to be very careful about this. We have to be very careful about this. We have to be very careful about this. We have to be very careful about this. We have to be very careful. We have to be very careful about this. We have to be very careful about this. We have to be very careful about this. We have to be very careful about this. We have to be very careful about this. We have to be very careful about this.
01:12:48
Speaker
And we raised $15 million in the first round. And that was the largest first round ever done. In our times. So, the message was very simple. When we started, we were able to get to the point where we were able to get to the point where we were able to get to the point where we were able to get to the point where we were able to get to the point where we were able to get to the point where we were able to get to the point where we were able to get to the point where we were able to get to
01:13:13
Speaker
So, practically and prudently, it is a model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-proof model-
01:13:43
Speaker
Or most of the founders think that glory is in taking up money. By USG, you are actually selling the most precious part, your baby. You are selling that when you get an investor. And decision making also becomes not unilateral like a founder. You have to take more consent for doing various things. So, of course, if one or two billion offers are there, then suddenly, it's a big deal.
01:14:08
Speaker
If the revenue we bought is still there, then we will have to pay for the revenue around this time. So, after that, we will have to pay for the profit. So, the profit will be there. And if we start a million, we will have to pay for the profit.
01:14:28
Speaker
I think by this time, the competitors would have remained. No, actually not. Everybody was very ill funded. Category was, we lived in globally, the very last category. The money was getting pumped in.
01:14:49
Speaker
We were just in an organic engine. So, we were able to do it. The agility is a part of our ability. So, we were able to do it on a daily release. We were able to do it on a daily release. We were able to do it on a daily release. We were able to do it on a daily release.
01:15:09
Speaker
That's what I think is the biggest, you know, differentiator. Your agility becomes so fast that you build a better product eventually by hitting on many failures. So I think that has been my success. Go release something new every day, test it out. And if you have a very large product, then just do EV testing.
01:15:38
Speaker
The agility of the partner and that goes a long way in making a great product because you have to fail. Let's say if you're 100th attempt, we help you find the right thing. How long will you take those 99 failed attempts will define your success. So just fail fast, learn faster, fail fast, learn faster and put it in a repeat route. And that's how I have built my own journey along with Andhra.
01:16:06
Speaker
Why did you all agree to the term seat? I'll give you the dope. The auto trader was scouting assets in India. And we were still not clear that we had a profit profit. So we had a lot of money. So we had a lot of money in the US. So we had a lot of money in the US. So we had a lot of money in the US. So we had a lot of money in the US.
01:16:34
Speaker
And that's when I think the vision really opened. What an online platform can transform into. It was back then an 8 to 10 billion dollar asset. It was about to turn itself. It was about to go IPO back.
01:16:53
Speaker
So, at times, we have to have a lot of crystal clarity. We have to have a lot of crystal clarity. And it's okay to discover it later in the journey. Just focus on fundamental traffic to the value app. Traffic allows us to have a lot of value. We have to have a lot of value. We have to have a lot of direct correlation. We have to have a lot of traffic. We have to have a lot of business models. We have to have a lot of business models. We have to have a lot of money.
01:17:20
Speaker
I am not a lending worker. I am not an auction worker. I am a media visitor. I am a dealer visitor. I am a large-scale visitor. We are new now. Why we need to pick money is to scale the asset in these events. So we decided to pick up money. We decided to pick up money. We finally chose Sikua.
01:17:48
Speaker
and it was a blessing in disguise because the majority of the order took place. So the term sheet fell apart. So I was willing to send the majority back. So the term sheet fell off. Management and the order rate changed.
01:18:15
Speaker
So kind of it helped us, you know, have TicoA. TicoA is a great partner. So, we have funded TicoA. How much did you dilute? In the first round, we raised around 15 million dollars and diluted around 26%. 24% company was still with us. But the reason was 50%. Most of the founders today dilute 26% for a couple of million.
01:18:40
Speaker
We still aren't the largest holder in our share table. For that reason. And then you're able to finally, at end goal, create a lot more wealth than a normal found.
01:19:00
Speaker
So, I think it's important to be able to be able to be able to be able to be able to be able to be able to be able to be able
01:19:26
Speaker
And pick up money for scale, and I'm not trying to say don't pick up money, but pick it up routinely.
01:19:32
Speaker
So, coming back, we started consolidating the space, we acquired the wheels from Times Grove, we acquired Gali from Natural Grove. So, in December, the space was consolidated. Why were you acquiring? Because you understood how to do traffic. So, how do you do that? So, this was the first time that we acquired the competition.
01:19:58
Speaker
The competition came because it was a critical piece.
01:20:04
Speaker
There are a lot of things that require great content. And the value of the tags of India pedigree. The editorial side is that many people have used this kind of editorial. In the last few years, we have seen strong content platforming. We have seen a lot of issues in the past. We have seen traffic around 10x in few months. We have seen a lot of things in the past.
01:20:34
Speaker
So that kind of helped, right, in a way. So both are the main reason acquired. It was unlocked potential asset, which I knew how to unlock. That's how we acquired. On the other side, there was a lot deeper than asked. So I spent it as a good co-founder and the complementary scheme.
01:21:01
Speaker
He was a good seller. He had done good work on the used car side, which he had not even started in that level of tech. So I felt like he had a team strategy for that. It's the reason he had to go on it. So he didn't have the mindset that if you're all Superbar, you're all on the platform.
01:21:22
Speaker
They said you maintain these as individual sites and brands. Did you just? Yeah, we maintain till date, we maintain the deal separately. The deal is very editorial still. Karthik who is more buyer centric. We also do reviews, but the buyers intersect. So Zigwheels will talk about all the power and technical stuff more, but Karthik would talk from buyers respectively.
01:21:46
Speaker
So we still have traffic on both, across all these properties we get 100 million with it, right. And then we have bike deco also, which is completely focused on bikes. In the journey I have also started bike deco somewhere in 9, 8, 9, 9, 9, 9. So when I was in traffic, I thought it was very difficult for me to get the traffic. So how many times do I have to do this?
01:22:08
Speaker
In India, there is a lot of revenue from the market. In India, there is a lot of money. In India, there is a lot of money. In India, there is a lot of money. In India, there is a lot of money.
01:22:22
Speaker
The market is going to be short and the company is going to have a shallow pocket. The profit is not going to go to the company. Basically, if the company is paying the price, they are going to pay the price. That is how, you know, various things have come up. We said, if the company is paying the price, they are going to pay the price.
01:22:44
Speaker
We used to have a classified platform to use the platform. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX. We used to have OLEX.
01:23:06
Speaker
Obviously, when somebody is giving relaunch to them, they are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it. They are going to pay for it.
01:23:32
Speaker
and the bank's relation is very similar to the other bank's relationship. We have a prime customer, we have a finance company, we have a prime customer, we have a HDFC company and we have a range of different banks. We have 10 types of profiles. We have different banks. We have a 1.0-1.1-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1.2-1
01:23:58
Speaker
If you are a guardian, you will be able to do this. If you are a guardian, you will be able to do this. If you are a guardian, you will be able to do this. If you are a guardian, you will be able to do this. If you are a dealer, you will be able to do this. If you are a customer, you will be able to do this. If you are a customer, you will be able to do this. If you are a customer, you will be able to do this.
01:24:22
Speaker
And you have to deal with the approval rate. You have to turn around the time. And the consumer is going to say, I am not going to do this, I am not going to approve this, I am not going to do this. And the consumer is going to say, I am going to do this, I am going to do this.
01:24:39
Speaker
This is the ground, but it is not the idea. So, if you want to find out more about the idea, feel free to use the field teams regularly. If you want to find out more about the idea, go to Touchpoint and direct customers. If you want to find out more about the idea, go to www.wetterport.com.
01:24:56
Speaker
I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think that's why I think
01:25:26
Speaker
That is the philosophy of building business, as in my opinion. Either, you know, the cost of building buildings is not the cost, nor the cost of building buildings is the cost. And the cost of building buildings is not the cost of building buildings. The cost of building buildings is not the cost of building buildings.
01:25:44
Speaker
So, if you have a job, if you have a job, if you have an opportunity, then you have an opportunity. Okay, amazing. This business was for used cars only. It was for new cars also. This was only for used cars because, what do you think of financial reasons Ryan? Used cars were commissioned by the data company.
01:26:04
Speaker
So we have to make sure that there is no security issue. We have to make sure that there is no charge.
Financial Sustainability and Market Expansion
01:26:09
Speaker
So financially, we have to make sure that there is no sustainability issue. We have to make sure that there is no sustainability issue. We have to make sure that there is no sustainability issue. We have to make sure that there is no sustainability issue.
01:26:21
Speaker
The quality is small, the profit is small. The rate of interest is higher, that's why the bar is small. The use of the bar is small, the price is small and the market is small. So obviously, the credit is higher and the commission is higher. So, basically, you have to take a lot of profit pool. If you don't have revenue, you have to burn it. You have to burn it, you have to burn it, you have to burn it.
Insurance Innovations and Expansion
01:26:45
Speaker
It's sustainable and sustainable.
01:27:00
Speaker
So, coming back to Yampa, the financial set up, we have a lot of business around the country. We control smoking wasn't of the use of the funding market in the country now. These are very large. We have 3,000 general partners working with us. What started as a small insight given by our dealer partners has become so large.
01:27:13
Speaker
So, for example, Astrology is sustainable, Profitable is about Scalability.
01:27:20
Speaker
And it's profitable, right? So, we have a lot of things to do here. We have a third business now. First, the new auto. Second, the classified. Third, the finance. Fourth, the insurance. So, we have a lot of deals to do here. We have a lot of insurance to do here. We have a lot of business to do here. We have a lot of insurance to do here. We have a lot of customers to do here. We have a lot of customers to do here. We have a lot of customers to do here. We have a lot of customers to do here.
01:27:47
Speaker
I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time and I have been doing this for a long time.
01:28:09
Speaker
So, time for insurance is going to be fired and insurance is going to be taken care of. So, the insurance is going to be taken care of. So, the claim is that the insurance is going to be taken care of. So, insurance does not want to cover damages already. They have sent an evaluation to evaluate the car. So, we basically had instantly evaluated all cars in our platform. So, we have to evaluate all cars.
01:28:39
Speaker
So, the second problem is the value of the insurance. So, the total loss of the insurance is the value of the insurance and the insurance is the value of the insurance.
01:28:48
Speaker
The right value of insurance is used. The new car has been cleaned up. The new pricing engine has been replaced. These two things acted as a superpower for that. Take software that could instantly evaluate the car. And second, putting up pricing. So, you could issue insurance now in 10 minutes if it is a pre-inspected way. Suddenly, the game changed. Many dealers started using our software for issuing insurance now. When you question your insurance,
01:29:19
Speaker
the insurance company would have to agree that they will accept your education. So that was the only struggle that we had to solve. But we gave some corporate comfort, comfort guarantee to them. And we said, what difference we had between corporate and corporate?
01:29:38
Speaker
Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay.
01:30:07
Speaker
So, coming back, then basically, this insurance became a big hit with dealers. Then we realized, we have a dealer who has insurance, and he has a very small model. So why don't we create agents in every mall and give them our software and they can issue local insurance in their mall. And that's how we started creating agents beyond dealers.
01:30:30
Speaker
And then, we had so many agents lining up, because we had a graduate student. We had a shop shop. We had a lot of money. We had a lot of money. We had to buy a motorbike and car. So, we had to pay for it. We had to pay for it. We had to pay for it. We had to pay for it. This is how we all started.
Exploring New Business Ideas
01:30:54
Speaker
on that side. Now you had basically created an engine which was more than dealers. Now dealers contribute less than 2% of our business. We have unlike agents now in the country who issue insurance in 100% of pin codes in India. So that's all. And then we said, if you are a vendor and you lead the role in 21, we said, if you are a vendor, you have to guard your insurance. You have to have private health, private life insurance.
01:31:22
Speaker
So yes, EME, TGA, why not expand into health and life? We introduce health and life. Now we also do corporate insurance. We do SME insurance. We do shop insurance. We do fire. We do marine. We do all paid insurance, all the kuth toga insurance. We just kept on expanding categories.
01:31:42
Speaker
The hunger has always been there. We just have, you know, pandator horizons all the time to find opportunities at the same level.
01:32:04
Speaker
The same platform is used for the use of the base platform. The base platform is used for the use of the base platform. The base platform is used for the use of the base platform. The base platform is used for the use of the base platform. The base platform is used for the use of the base platform.
01:32:31
Speaker
When consumers chase around business opportunities, they will be able to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way to find a way
01:32:56
Speaker
India's largest economy is around 58 trillion cubed. And in our lifetime, we'll see like in the same boat. So that's how I see Gurnar group. The Gurnar group is into so many different types and we're still introducing more types, right? So, the life health,
01:33:25
Speaker
We have a lot of financial services. We have a lot of NPHC set up. We have a lot of business.
Innovation Culture and Legacy Services
01:33:32
Speaker
We have a lot of property. We have a lot of distribution. We have a lot of revenue. We have a lot of business. That's what we are up to. Now we are also saying let's get to personal mobility. Why can't they subscribe to cars for one year, two years? And keep on changing their car every couple of years.
01:34:02
Speaker
So we are just thinking all the time, what next?
01:34:14
Speaker
But remember, if you don't create a 10x better experience, things will not work. And the experience has to be sustainable. My philosophy is to give an experience at the unit economics team and try to create a 10x better experience all the time. And if you are able to do so, you will have a right to it.
01:34:40
Speaker
And keep on re-evaluating your business all the time because what you're building today now may not be relevant.
01:35:07
Speaker
We were the first people to launch mobile version on the site.
01:35:19
Speaker
You should not be scared from a larger player because they are slow to them.
01:35:31
Speaker
You should be worried about people like us who will be sitting in a garage somewhere in some wall remote town, building your disruption out there. And that's what I advise everybody. We keep a watch because you will all be disrupted by a large company, they are clearly slow to move. The companies that will disrupt you are sitting in garages right now.
01:35:53
Speaker
I want to understand when you shut down the services business, the core services. I know it never shut down because we are a very loyal line. It still runs, but we never put focus to scale it. It still runs at the same revenue scale it used to. Nothing changed. But why not shut it? You said focus.
01:36:14
Speaker
I don't even spend a minute, right? It's autopilot.
01:36:30
Speaker
I will be candid, but cash profit loss has been passed. What should I profit pool offer? What 0.5% of revenue contribute to a group curve? Which other revenue we contribute? Because other things became much larger, but we still run it for our legacy, I guess. And if it was losing money, I would have definitely shut it down.
01:36:54
Speaker
But it hits not losing money. Fine, to have a legacy of that. Look, as long as you're a founder, you're not spending your time there. You're fine. But at times, you're a founder, but you don't spend your own money. I don't spend a single minute when I mean it.
Unicorn Status and Business Building Focus
01:37:11
Speaker
You know, what has been your fundraising? When did you achieve the unicorn status? Are there any lessons that you can say?
01:37:23
Speaker
He invested a lot. He invested a lot in how to do fundraise. I think the unicorn journey we got there in around 2021, when we became a unicorn. But I think the unicorn is very overstated. And I don't think, you know, glorifying unicorns is a great idea in my view at least. I don't think it's a good idea to focus on it. I don't think it's a good idea.
01:37:49
Speaker
We are already seeing.
01:38:02
Speaker
Exactly my point, right? So, glorify Karol. I think that will be a better way to glorify the industry, rather than glorifying unicorns. And because it's just in a moment of time, you're a unicorn.
01:38:29
Speaker
Let's glorify right things in life. So I never kind of said the end goal. Unicorn should be an outcome of building a good business.
01:38:45
Speaker
And second learning I have had in the point of view is never get a company over value. Because it can be temporary high, but a longer term pain. Because the investor who's coming in at that valuation would expect you to do miracles to achieve that valuation even that he has given.
01:39:01
Speaker
And as a founder, you don't want to build company in strength. You want to build company in a relaxed, chill zone where you are able to have the best sort of versus being pressurized. You have to have a long term goal, short term goals. Always optimize your long term goals and short term goals. And don't hack it out. Don't hack your growth. Be a hacker, of course. Be a growth hacker.
01:39:28
Speaker
I think the government is going to have to go to the government. I think the government is going to have to go to the temporary level. I think the government is going to have to go to the temporary level. The government is going to have to go to the temporary level. The government is going to have to go to the temporary level. The government is going to have to go to the temporary level. The government is going to have to go to the temporary level. The government is going to have to go to the temporary level. The government is going to have to go to the temporary level. The government is going to have to go to the temporary level.
01:39:54
Speaker
have innovative hacks to acquire consumers. Every hack is fine, but don't hack your revenue in a format which is not legal or which is not governance standard.
01:40:07
Speaker
Compromise on that. We have a lot of skin in the game too. Not rigid like Arun man. Trigality has been in the DNA. So, we have to travel to the company. We have to work on the business. We have to work on the company. We have to work on the company.
Funding Strategies and IPO Considerations
01:40:29
Speaker
When there is a build-up state, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great, the profit moves are not great,
01:40:50
Speaker
Coming back, I think funding is over-advised. They keep taking money to scale, not survive. If you're picking money to survive, I think you're going to lose a lot of big time on the equity value whenever you create value. I think the third thing is, I think the second thing I've already said, don't over-pick the company over-value. You will be under pressure, not the investor. Try to build a quality business if the force is advised. I think pick money when you don't need it.
01:41:19
Speaker
Most of the people pick money when they are at the, you know, not winning. You'll get the worst deal. Always make money when you have access capital in the bank. Always. You'll get the best deal when you have access capital. So, many founders make the mistake of, you know, delaying it out to 6 months. Now, other guy knows he has a negotiating handle with you, you know, because you don't have money left in the bank. Don't run into a situation like that. This, you know, at the right time.
01:41:48
Speaker
Are you currently breaking even? Yeah, we are profitable at the parent level already. And our subsidies are almost profitable. We are one of the most positive results at the parent level. Amazing. And what's the end goal? You want to do an IPO?
01:42:08
Speaker
The IPO is obviously one thing we are contemplating. I don't want to go into the market saying, I don't want to go into the market saying, I don't want to go into the market saying, I don't want to go into the market saying, I don't want to go into the market saying, I want to go into the market saying, I don't want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go into the market saying, I want to go
01:42:30
Speaker
I am able to make sure every single retail investor who has put in money into our group is able to have a lot of upside. That's a company I want to pick up on. So we'll go IP often, but it's a right timing that I'll focus on. We are very well capitalized also.
Instilling Values in Next Generation
01:42:58
Speaker
Motomoti, I think with this part covered, you focus on making sure that you take a story which basically lands well for our retail investors and they are able to get a huge upside whenever you go.
01:43:11
Speaker
My last question. You said you want to teach your kids how to work hard. And this is something I personally struggle with. Because we are in a generation where we struggle. How do you raise kids who appreciate struggles? I never let them buy the best thing. I always try to buy them the second best thing.
01:43:41
Speaker
So they agreed for the first thing which they never agreed. So that's one velocity that I followed. Second thing is I have set up a reward system. At cash reward you can use to buy something.
01:44:26
Speaker
over the weekend. So they strive to get that, work hard to win that prize, buy something of their own with that pocket money.
01:44:31
Speaker
You actually done this. Ask them to sell chips. Yeah, yeah.
01:44:38
Speaker
Wow. Amazing. Then I also make sure, I think one important point I do is I take them to underprivileged schools, underprivileged societies, where they see the real life. We acknowledge that and we value it.
01:45:18
Speaker
And I'm taking them to a poor children's school, where they'll donate those to the box. So, they feel like they're going to go to a government school. So, these are the activities.
01:45:59
Speaker
The value of this country is very large in India.
01:46:04
Speaker
We must take our kids and you know, take them there. You have to basically explain our kids every time in small, small moments on how your hard work and education will help you become what your father has become. And I think that needs to be constantly inculcated with Voda at his followed house. Okay. Amazing. Amazing.
01:46:34
Speaker
And that brings us to the end of this conversation. I want to ask you for a favor now. Did you like listening to the show? I'd love to hear your feedback about it. Do you have your own startup ideas? I'd love to hear them. Do you have questions for any of the guests that you heard about in the show? I'd love to get your questions and pass them on to the guests. Write to me at adatthepodium.in. That's adatthepodium.in.