Become a Creator today!Start creating today - Share your story with the world!
Start for free
00:00:00
00:00:01
From Campus to Founding Cashify | Nakul Kumar of Cashify
102 Plays5 years ago
“I do not limit myself from thinking insane things, and trying to figure a logic on if you can do it” - Nakul Kumar
Nakul Kumar is the Co-founder of Cashify, a re-commerce leader in India with a focus on smartphones. Nakul is an MDI Gurgaon graduate and a serial entrepreneur. His first business was in the waste management domain where Nakul successfully started and managed the operations of a waste management plant and made gold from garbage.
Today Cashify is the official buyback partner for top brands in smartphones such as Apple, Samsung & Xiaomi to name a few. Apart from buyback they also sell refurbished smartphones, smartphone accessories & smartphone repairs. Originated in 2013 Cashify now has over 15 Lakh customers & over 1 Million App Downloads.
In this episode of The Spotlight, Nakul talks about starting a business as a freshly graduated student without a clear business plan or any funding options. Nakul’s power-packed story is guaranteed to inspire many to set upon their own entrepreneurial journey.
Key takeaways from the show:
- How to start a business without a concrete business plan or funding.
- How to build credibility as a domain expert when you are just a fresh graduate.
- How to raise VC Funding through networking events.
- Advice for aspiring entrepreneurs on coming up with new business ideas.
Recommended
Transcript
Introduction and Career Success for Youth
00:00:00
Speaker
Akshay, did you always knew what you wanted to do when you passed away to the MBA? I was all over the place. Sort of, what about you? I was confused about your career choices. Wondering what steps to take next.
00:00:18
Speaker
In this podcast called Beyond Campus, Saurabh Gaur, founder of C4E and Akshay Dutt, founder of Kundati are on a mission to crack open the career success code for the youth. So let's turn the dream into reality. Hey guys, I'm Nakul Kumar. I'm co-founder of Cashify.
00:00:47
Speaker
Pat economy, no campus placement, unemployment?
2009 Job Market Challenges and Inspirational Journey
00:00:51
Speaker
Sounds familiar? I am describing the job market status in 2009 when Knuckle completed his MBA. The struggle story of Knuckle beyond campus is strongly recommended for all those who are finding themselves in a similar situation. Knuckle's power-packed story is guaranteed to inspire you to set upon your own entrepreneurial journey.
00:01:15
Speaker
Nakul is the co-founder of Casify, one of India's biggest re-commerce companies. Listen on to learn about hustling, self-employment, and networking. So, Nakul, first let's start from your childhood. I want to know, entrepreneurship, how do you feel about your childhood?
00:01:39
Speaker
It's funny you asked me. I was just discussing. My dad gave me a 5th class. My dad gave me a wwwf card. And my dad gave me a sticker. A sticker with a booklet. A wrestler with a photo. And a trump card.
00:02:07
Speaker
This was Undertaker and... Undertaker or Hitman or my fifth class. After that, my dad told me, he told me that he was expensive. What was your father's background like? My father is highly educated.
00:02:31
Speaker
IIT, I am always worked in a private organization, top management. So a lot of things to look up to.
Childhood and Entrepreneurial Spirit
00:03:01
Speaker
I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold a B sticker. I sold
00:03:33
Speaker
I think that is what maybe you may call entrepreneurship.
00:03:45
Speaker
Then, what happened during the end of school, going into college? So, Mira's school journey or college journey is different. I was a schoolman, schooling, Delhi, Sikhi. I wouldn't call myself a shy guy, but I was not really out there. I love Mira's family background.
00:04:07
Speaker
I don't have a lot of class and I have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes. I don't have a lot of IIT classes.
00:04:42
Speaker
because of Delhi being my statehood.
00:04:58
Speaker
But I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it. I didn't know what to do with it.
00:05:22
Speaker
Nitho Konsai College finally entered. Mayap Gya Panjabi University Chandirar. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo personality thi school tak. To Mirajo
00:05:50
Speaker
This is a very simple example of this. This is a very simple example of this. This is a very simple example of this. This is a very simple example of this.
00:06:18
Speaker
Right, so it was a very
00:06:40
Speaker
I was an average student or I never tried to be above average.
00:06:47
Speaker
Never went below average. So what were your achievements in college? First year I went to college. Second year I went to college. Officially or not? Officially I went to college. System is difficult, right? It is a difficult thing.
00:07:06
Speaker
The first year was the first time. It was the first time. It was a political influence. I got into politics for the first year. I got into politics for the second year. I got into the first year for the first year.
00:07:30
Speaker
You were the president like student union. I don't like to be the front face. I don't like to be the front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front face. I don't like to be front
00:07:48
Speaker
When I was a student, I was in the first class. When I was in college, I didn't know what to do. My intention was to be in the first class. I was in the first class. I was in the first class. I was in the third class. I was in the third class. I was in the third class.
00:08:10
Speaker
How do I improve food in my mess to take control?
College Years and Career Confusion
00:08:22
Speaker
How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess to take control? How do I improve food in my mess
00:08:42
Speaker
Next after college MBA MBA was very different. I think
00:08:49
Speaker
So, in the third year, I had no idea how to use Vipro, Infosys, my entry. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it. I had no idea how to use it.
00:09:27
Speaker
that was something which was not really exciting for me
00:09:45
Speaker
and sales are very good. I was very happy with that. I was okay with that. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA. I didn't know that I was an MBA.
00:10:12
Speaker
My European school of business is my class mates. My MBA is a lot different. My MBA is a bit different to what we aspire for. My MBA is also a P&G, HUL. My MBA is a bit different. My MBA is a bit different.
00:10:37
Speaker
When I was in the M.B.A. I started from Germany. M.B.A. I started from Kassegrok. I was a student. I was a ground staff. When I was in the M.B.A. I started from the A-line industry. But my perception was different. My perception was different. But my perception was different. But my perception was different.
00:11:04
Speaker
I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time. I have been working for a long time.
00:11:32
Speaker
So, that really opened my eyes. That was it. So, what happened at the end of India? No, Greening. Give me interviews.
00:11:54
Speaker
We were going through, I think, one of the worst of that decade. And in the interview, it was very difficult to get a number as usual. But we had to get a short list of numbers. We had to get a short list of numbers. We had to get a lot of money.
00:12:22
Speaker
I don't want to interview any of them, and no disrespect to them. But, I don't want to do anything with them. I don't want to do anything with them. So, it did not excite me. I've been through Indian entry consulting. I've been working on this for a long time. I've been working on this for a long time. I've been working on this for a long time. I've been working on this for a long time. I've been working on sales.
00:12:53
Speaker
It is a risk versus reward. The risk of sticking around in that company was so high. When I met Chordia, I knew that I was going to be a good company. And I knew that I was going to be a good company.
00:13:17
Speaker
I don't have any money for the company, but I'm not sure if it's going to be a mess-up or not.
Business Start-up Hurdles and Perseverance
00:13:24
Speaker
I don't have any money for the company.
00:13:27
Speaker
How did you decide how to start? Were you clear when you left your job? Actually, my job is to be part of a business partner. I think it's important to have a voice management team. I think joining people is important. I think it's important to have a voice management team. I think it's important to have an event management team.
00:13:55
Speaker
It's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous, it's not famous
00:14:23
Speaker
What is his background?
00:14:43
Speaker
I think it's very similar to the sales of Lehman Brothers, because Lehman Brothers is one of the most popular investment banking companies in the world. And I think Lehman Brothers is one of the most popular investment banking companies in the world. I think Lehman Brothers is one of the most popular investment banking companies in the world. I think Lehman Brothers is one of the most popular investment banking companies in the world. I think Lehman Brothers is one of the most popular investment banking companies.
00:15:25
Speaker
That was the ceases, which is not true, by the way.
00:15:34
Speaker
The code is collected by select.
Networking and Market Dynamics
00:15:36
Speaker
The code is transported by select. And the process is processed by select. And the output of the process is added by select. And the output of the process is added by select. And the output of the process is added by select. And the output of the process is added by select. And the output of the process is added by select. And the output of the process is added by select. And the output of the process is added by select. And the output of the process is added by select.
00:15:57
Speaker
The good thing was, I was privileged enough, privileged families. So, I didn't know what to do. I didn't know what to do. I didn't know what to do. I didn't know what to do.
00:16:16
Speaker
We were very grateful for that support We were very grateful for that support We were very grateful for that support We were very grateful for that support
00:16:46
Speaker
I am not sure if there is a factory or not, but I am sure that there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory. I don't know if there is a lot of people in the factory.
00:17:14
Speaker
So, fresh MBS, big company, big consultant, credibility, what do you think? I think it's even better. I think sustainability is the best moment for me. I think it's better to speak with a speaker or a speaker. I think it's better to speak with a speaker. Basically, the thought process is smart. We used to stand out in the crowd.
00:17:40
Speaker
There is a network in conferences. There is a conference. There is a ticket. There is a student card. There is a sponsor. There is a message. There is an event. There is a free event. There is a free event. There is a free event. There is a free event.
00:18:11
Speaker
And, well, I don't know, I don't know, I don't know.
00:18:17
Speaker
We started sounding knowledgeable. If you start attending events of any domain, and then you will start, you will form a camaraderie.
00:18:45
Speaker
We started getting known in the waste management ecosystem. We had a company called e-globe and a waste management consultant called me. And he said, I'm going to invite him. He said, I'm going to take a photo with him. He said, I'll take a photo with him.
00:19:06
Speaker
As I said before, companies are approaching the market and they are looking for investment in the firm. As I said before, they are looking for smart lockdowns. They are looking for MVMBs. They are looking for market value. They are looking for a free market value.
00:19:25
Speaker
So, there was an exposure that came out of it. And then the company started consulting projects. But it was fine. So, there was an exposure that came out of it. So, that was it.
00:19:40
Speaker
consulting while I'm at it. I think it's important to know the knowledge of the project and the knowledge of the projects. I think it's important to be flexible. If you're flexible, you can be a student. You can be a consultant. If you want to make a plan, you can be a student. If you want to make a plan, you can be a student. If you want to make a plan, you can be a student.
00:20:05
Speaker
I am a consultant to myself. I am a consultant to myself. I have a lot of plants. India has a lot of plants. MSW plant, recycling plant, rubber plant, metal recycling plant, segregation plant, organic waste, decomposing plant, pig farm, poultry farm, agriculture waste.
00:20:36
Speaker
I have been planning this for a long time. I have been training for 10 years now. I couldn't afford anything else. I have been training for 10 years now. I have been training for 10 years now. I have been training for 10 years now. I have been training for 10 years now. I have been training for 10 years now.
00:21:02
Speaker
Thank you very much for watching. Please like, share and subscribe.
00:21:33
Speaker
We will save it for future.
00:21:40
Speaker
It's a big project, but it's a concept called Center. It's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project, but it's a small project.
Learning from Failures and Adaptability
00:22:24
Speaker
About one. One Karush. And how much did you need? One.
00:22:33
Speaker
So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents. So, I was able to take care of my parents.
00:23:01
Speaker
My father's name was Gizaiah. He was a project reporter. He was a lawyer. He was the one who made the recovery for me. He was a stupid person. He was the one who made the recovery for me. He was the one who made the recovery for me. He made the recovery for me.
00:23:25
Speaker
The banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks of the Banks
00:23:48
Speaker
I think it is also luck, it is also perseverance. We kept doing that.
00:24:18
Speaker
So I think in India we are manufacturing plant operations. This is the toughest thing you can ever do in India. In India, we have a lot of different departments. We have a lot of different departments. We have a lot of people from the electricity department to the excise department.
00:24:43
Speaker
environment department, and you have to deal with them.
00:24:59
Speaker
manufacturing chilally. They refused to wear uniform.
00:25:28
Speaker
It's not the right thing to do. It's the right thing to do. It's the right thing to do. It's the right thing to do. It's the right thing to do. It's the right thing to do. It's the right thing to do. It's the right thing to do. It's the right thing to do.
00:25:52
Speaker
I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary. I thought it was going to be a double salary.
00:26:18
Speaker
Basic necessities. We never thought of it. We didn't understand those cultural aspects. Like in handling people to managing profit and loss to raw material processing.
00:26:48
Speaker
I didn't want to say I didn't want to say I didn't want to say I didn't want to say I didn't want to say I didn't want to say
00:27:08
Speaker
I don't know what to do with the water. I don't know what to do with the water. I don't know what to do with the water. I don't know what to do with the water.
00:27:38
Speaker
the labour, your partner, your vendor, your customer. It's such a cutthroat kind of place, India. Or maybe Minnesota South is better. But Minnesota is a better factory. And I think Gujarat is even much better.
00:27:58
Speaker
We were on top of a game. We had a lot of productivity. We had a lot of money. We had a lot of money. We had a lot of money. We had a lot of money. We had a lot of money. We had a lot of money.
Strategic Business Decisions and Timing
00:28:36
Speaker
I am at the top of my peak.
00:28:57
Speaker
It's a good feeling. Kithanatha is not the right thing to say on this.
00:29:07
Speaker
My wife was there and my parents were there. It was enough. They did not expect that I could get it. So that was an achievement. The bank loan was there. That was an achievement. So, I thought that I was going to get it. So, I had planned it. I didn't get it.
00:29:33
Speaker
This is exactly the plant that you can use. This is a tire rubber machine. This is a reverse engineering machine. This is a tire rubber, carbon 7, petroleum product 7. So we are reverse engineering and putting that into, again, oil. And that oil is, again, usable in furnaces, glass furnaces, metal furnaces. This is a raw material to substitute to a diesel.
00:30:00
Speaker
Industrial diesel. Heavy duty plant machinery type. And this was new technology because you said you were the second plant. Yeah, so actually the technology is not new. But in India, the economics, the battery, the petrol or diesel carat makes certain points. So it's 30 rupees for 30 rupees.
00:30:32
Speaker
So it made sense to sell it at 27.28. So it was not really a new technology. It was just in that year, it suddenly started making economic sense.
00:30:52
Speaker
So then you were at a crossroad? We are missing out on life. The kind of people we meet interact are just dragging us down, not up. You only grow when you meet smarter people than you. And that was a challenge.
00:31:23
Speaker
or scalable, that's what we have learned in the last 10 years. That's what we have learned in the last 10 years. That's what we have learned in the last 10 years. That's why we are willing to take that much risk again. That's why we are willing to take that much risk again.
00:31:59
Speaker
It's such an uncertain world.
00:32:04
Speaker
So there was no stopgap. So when we were at peak, we sold it. If you are comfortable, I am not comfortable. We were the initial angel investor for our own firm.
00:32:30
Speaker
Before you sold, you knew next business? No, no, no. What did you think of it? What did you think of it? I didn't think it was a big deal. I didn't think it was a big deal. I didn't think it was a big deal. I didn't think it was a big deal. I didn't think it was a big deal.
00:32:53
Speaker
I don't know why I'm so passionate about it. I don't know why I don't know why I don't know why I don't know why I don't know.
00:33:05
Speaker
I think it's a good idea to use the phone. I think it's a good idea to use the phone. I think it's a good idea to use the Ecosystem Explorer. I think it's a good idea to use the E-Waste. I think it's a good idea to use the E-Waste. I think it's a good idea to use the E-Waste. I think it's a good idea to use the E-Waste. I think it's a good idea to use the E-Waste. I think it's a good idea to use the E-Waste.
00:33:34
Speaker
It's like a Flipkart too good. Yes, that's right. And I think that when a dealer deals with a dealer, they realize that demand is the second-hand price-conscious market. That's why I'm not going to sell it. I'm not going to sell it.
00:34:01
Speaker
Like in HZR, repeat customer name, if you have a quality technique, you can use it. If you have a quality technique, you can use it. If you have a quality technique, you can use it. And if you have a supplier or a professional, you can use it. If you have a setup, you can use a laptop. If you have a supplier, you can use it. If you have a supplier, you can use it.
00:34:38
Speaker
So, business continuity was hit.
00:34:44
Speaker
If you don't realize that you are a direct customer, and you don't know the source of the market, then you will have to continue your business. If you don't realize that demand is a supply problem, then supply is a problem. If you don't know the supply, then you will have to deal with it. If you don't realize that demand is a supply problem,
00:35:05
Speaker
Why is dealer and professional?
00:35:25
Speaker
He's unprofessional. He doesn't have constant supply. He doesn't have control over quality.
00:35:41
Speaker
I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know. I don't know.
00:36:06
Speaker
I don't have any demand for it. I don't have any demand for it. I don't have any demand for it. Online, yeah.
00:36:15
Speaker
Online, offline, don't know. It doesn't matter, online, offline. Both in selling or buying.
00:36:37
Speaker
So let's talk about fundraise, which is generally something that most people see it as a big challenge and mystery to
Fundraising Challenges and VC Insights
00:36:48
Speaker
solve. So when did you do your first fundraiser? When did you do your first fundraiser?
00:37:09
Speaker
There is no need to get distracted. So I think at that time we had taken the funding.
00:37:15
Speaker
But funding, so it has not been easy for us. But they say... The first fundraiser is casual. Let's start with that. The first fundraiser is some of the Bloom or Bessemer venture partners, or basically
00:37:37
Speaker
And Arpit and Bloom, we had approached him early 2014 and he liked that. It's also on people investing. They are also looking at people who they can believe. Then early stage investing is more on Kiskotam Trust.
00:38:02
Speaker
I don't know if XL will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb or if they will be able to absorb
00:38:30
Speaker
How did you reach out to VCs? How many VCs? Events? While I hate being social, if you meet me in a networking event and I have an objective, you will meet me.
00:39:03
Speaker
So, the objective is to get an interim meeting into a one-on-one meeting. How do you convert that?
00:39:22
Speaker
What is the process you followed to convert intro to one on one?
00:39:27
Speaker
person to person, it was not a generic, when you talk to them, you understand that there are a lot of moods at this event, there are a lot of time passes, we are genuinely interested in the portfolio, we are excited about the portfolio, we need to do your homework to really get one on one.
00:39:53
Speaker
If you don't have homework, then one-on-one is going to be one-on-one. If you don't have homework, then one-on-one is going to be one-on-one. If you don't have homework, then one-on-one is going to be one-on-one. If you don't have homework, then one-on-one is going to be one-on-one.
00:40:14
Speaker
You understand. We come from a bank mindset. And what amount is the right amount also? We don't understand that much.
00:40:39
Speaker
After talking to loads of VCs, understanding, so all VCs are not upfront with feedback. You don't know what's going in their mind. So how to scrape that out of them. Taking it in the right manner. I've seen a lot of people take offense on getting feedback.
00:41:00
Speaker
they are giving feedback it's a privilege you getting from them and their feedback we may be totally wrong which is fine and then it is up to you to decide what to work on what not to work on what you feel okay they're also not domain expert right take that feedback
00:41:29
Speaker
constitute an empathize level as a fit vector and then work on it
00:41:34
Speaker
VC Peise Q. You understood this fact as opposed to a bank. What is the answer for that? VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q. What is the value of VC Peise Q.
00:42:18
Speaker
Which sounds bigger? PG.
00:42:37
Speaker
That's why they don't want to be on an MMT. So how do you scale that? They may want a certain kind of audience only into there. So you have to understand the nature of boutique hotels, right?
00:42:57
Speaker
So it doesn't sound very scalable. But PG? All right? Students as a group have a common problem, which can be scalable. So from a market point of view, suddenly PG market is much, much more. So why did you need funds? 2015, man? To grow.
00:43:22
Speaker
Well, you need funds because you are doing something good. And if you keep doing it, then you have to pay certain fees. When you take an extended fund, you get two leverages. You can grow faster. So, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money, you have to pay for the money.
00:43:47
Speaker
It gives you liberty to experiment.
00:43:55
Speaker
There will be 10 misses but one hit. But if one hit happens, then I have more scope of diversifying my business and making sure it has more risk averse.
00:44:21
Speaker
Also, I think it must have been a very working capital intensive business. How about the advance of the company and the recovery of the dealers? That's the nature of my business and yeah, we are fine with it. So then what next after the first fund risk? So Abitag, we have done
00:44:44
Speaker
4 funders till now and we have been lucky for finding the right investors who believe in our vision. So it's been a good journey but it's not again been easy.
00:45:00
Speaker
Some of our existing investors understand the space. For example, I am an investor. I am an investor from the premium b-school. I am earning really well. I don't understand the problem of second-hand phones. The second-hand phone is not a market market. It's not a market market. It's not a market market. It's not a market market. It's not a market market.
00:45:29
Speaker
for them to understand the pain and also they look at U.S. or developed markets for a business model which has reconfirmed the thesis.
00:45:57
Speaker
You had iHooie Show come in as an investor. Is that a game changer? Game changer for them or for us? I love iShow. What they have built as a business in China is tremendous. And for the listeners who don't know, iShow is like us, but in China and bigger. So they are almost 10 times bigger. They buy Pranay phones in China and then sell it to dealers. So similar to us.
00:46:26
Speaker
and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere and we met them somewhere
00:47:09
Speaker
It has been a very given relationship and has been working really well for us and for them as well.
00:47:18
Speaker
What will be the coronavirus impact on your business? I'm hoping that for example, I'm hoping that for example, I'm hoping that for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example, for example
00:47:47
Speaker
What I've heard is that some of the OEMs are running low in supply in the market. But what also I've heard is China is back up. So 80% production was already there. I think another two weeks you'll get to know. My fingers crossed. What is the competitive landscape for cashify? Who do you see as your major competitors and how are you different from them?
00:48:16
Speaker
I see the local mom and pop store. They don't judge the phone. They don't judge the phone.
00:48:30
Speaker
So let me just make a full load of them. And those are my competition. So if I can get them organized, make it part of my supply chain, work together and say customer cop best price.
00:48:47
Speaker
there is a margin for everybody available in the market and then how do you supply it to the person who requires that phone find that phone get them the best price again so for me my competition are the people who are the local moment of stores and but they're also part of my big partnerships and supply chain so from competition I want to move them to my supply chain
00:49:16
Speaker
So, what next for Casify? Like a five year vision? Frankly, five year vision, we're ever changing landscape. But we want to be a platform where when you think of electronic gadgets, which is maybe a computer based.
00:49:34
Speaker
We want to be there to help you, you know, buy it, sell it. New also? Will you get into new phones? Help you buy. We may not sell you directly, but we may help you buy. Then maintain it, so repair, life cycle management, and then upgrade to the better one.
00:49:57
Speaker
We want to be there. And the form factor may keep changing. It may become glasses. It may become a microchip inside your body. But we want to be that technology body for you. So you have, I think my understanding is that you have a couple of different business lines. You have one business line which is supply focused. You procure phones and then you sell it to wholesalers, distributors.
00:50:25
Speaker
Now you're also into accessories, which you're selling yourself. As you said, you're also getting into demand, which means you're selling used phones now directly to customers. So what is the split? So Avi Formosti is the first one where we're buying from consumer and then selling directly to dealer wholesale. But it's also maturing of the ecosystem as well. Why did we start accessory? Because
00:50:53
Speaker
People come in and say, you are a phone expert. Why don't you tell me which accessory to? And then we can't just start randomly recommending brands. So we said accessory is something which we can select and find best value for money and then provide it to the customer. And if they're coming to our stores or platform, we can maybe give it to them.
00:51:19
Speaker
So that the whole idea was, how do you become more value for the consumer? Similarly to selling a phone directly to consumer has more challenges than what we currently do. But we want to do because there are more and more consumers every day coming on the cashier website and saying, you have to have a phone directly to the consumer.
00:51:43
Speaker
I want access to second-hand phones and there's nobody else better than you who can provide that. So after my deliberation, we said, okay, let's do that. Aren't you competing with your own customers? So again, it's such a big market. I don't think so. Just value proposition is usually... So again, we provide six months warranty. We provide new accessories.
00:52:12
Speaker
It's like experiencing a brand new phone, right? It's that experience with half the cost. And at the level and the quality we do, the dealers, how our dealers and wholesalers are very different than ourselves, they provide a chin feel. They sell in their local market and that kind of thing, we can't provide. And that's really a beautiful way the market works, right?
00:52:38
Speaker
But we can provide here just an iPhone with a map to provide. That's the scalable way we can do. And we want to make sure that the quality of refurbishing, the quality of second and phone you provide, at least in Saltele. That makes it valuable for them. So we are moving slowly on that. But slowly but surely.
00:53:00
Speaker
And you also have a repair business. Yes. So again, it was a user use case, right? And when, for example, you break the screen of your phone and you give it to a service center and say, I don't know what they will do with the data. They will have to have the pin code because they want to open the phone and everything.
00:53:24
Speaker
So we realized it into a business where I think the guy will come to your home, do it in front of you in 30 minutes. So you know that up-cut data, up-key other parts are always safe. And because it's happening in front of you, it's more value. So that's what we started.
00:53:44
Speaker
But which of these do you think will like really scale up all these other bets? So I think all of them will. But I'm particularly more inclined towards the second hand phone selling business to one consumer. The demand is humongous. There are a lot of people who are listening to the show who would be thinking of entrepreneurship but are not sure if they should do it or not. What advice do you have for them?
00:54:10
Speaker
The first thing you should really do is to identify my strength. I had that liberty of time. I could do crazy stuff.
00:54:33
Speaker
This is very similar to what we have seen in the last few years. We have seen a lot of issues in the situation. We have seen a lot of issues in the situation. We have seen a lot of issues in the situation. We have seen a lot of issues in the situation. We have seen a lot of issues in the situation. We have seen a lot of issues in the situation. We have seen a lot of issues in the situation.
00:55:03
Speaker
Because of your contacts, access to capital is easier. That's how you will differentiate yourself.
00:55:23
Speaker
What you're saying is essentially like external stuff. What about the family? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength? What about the strength?
00:56:01
Speaker
Then you become a certain kind of person who is just thinking of how to code better and not thinking of a business perspective. So it has to become a mix of everything and
00:56:29
Speaker
You have to look at your strengths and then figure out what matches those strengths and work on them.
00:56:39
Speaker
So, let's say I can give 5 years to my business. Do you think anyone who is in this situation will succeed? Do you think anyone who is in this situation will succeed? I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don't think anyone will succeed. I don
00:57:06
Speaker
I don't know how many people have come to McDonald's or Indian QSR. I don't know how many people have come here. I don't know how many people have come here. I don't know how many people have come here. I don't know how many people have come here. I don't know how many people have come here. I don't know how many people have come here. I don't know how many people have come here. I don't know how many people have come here.
00:57:31
Speaker
Right? It's been a long time since I've been working here since I've been working here since I've been working here since I've been working here since I've been working here since I've been working here since I've been working here since I've been working here since I've been working
00:58:05
Speaker
What difference is that?
00:58:06
Speaker
So then you start analyzing and building your thesis. And then you will start opening, doing one, pivoting, supply chain issues, then you build it in five years. I would do it like that. That's how.
00:58:31
Speaker
Okay, so what do you think is your superpower as an entrepreneur, you know, things which I think set you apart?
00:58:54
Speaker
I don't feel any shame in admitting I'm wrong and learning from it and using that in the future or
00:59:03
Speaker
I don't limit myself. I don't limit myself. I don't limit myself. I don't limit myself. I don't limit myself. I don't limit myself. I don't limit myself. I don't limit myself. I don't limit myself.
00:59:30
Speaker
And I see a lot of people limiting themselves. So I feel I do not limit myself on thinking insane things and trying to figure out if there is a logic, if you can do it. It finally gets done or not done is a different question.
00:59:50
Speaker
And what were some of the tough times that Casify went through and what did you learn from them? I can tell you a tough time every six months. Every six months, there's a new challenge, new problems. And as the company grows, there's a new challenge. So,
01:00:26
Speaker
So if an entrepreneur or an aspiring entrepreneur came up to you at an event and said, what are your suggestions?
01:00:39
Speaker
Well, it sounds very... I cannot give you an idea if I don't know what distance. Again, it relates back to that.
01:01:21
Speaker
So let's do something which is around college Can you do something in environment different then others are doing scalable
01:01:32
Speaker
It is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too. So, it is very important for me too.
01:01:54
Speaker
Out of 100, only 5 people follow up. So, 95 people follow up. Do we know those people who are, I don't blame them.
01:02:14
Speaker
Most of them want to get introduced to VC, which I don't have a problem to. And you can be a friend with me, and I'll say drop me a mail and forward card. So I don't have a problem, but people don't really want to come up to me and say,
01:02:36
Speaker
So, I am actually very straight forward.
01:03:06
Speaker
I can't help you and maybe I can help you if you take me deeper and then I get convinced and then I can also nudge the investor saying that please me and I am okay with both approaches but both approaches take time right so if you're willing to spend that time I am okay to do if you're not willing to I'm okay with that that's your business I don't get out of anything out of it
01:03:39
Speaker
We on campus is brought to you by Uniti and it's a production of the podium.in. If you like this show, then we are sure you will love our other shows on subjects like entrepreneurship, marketing, books and drama. Check out the podium.in for a complete list of all our shows.