FlipPaisa

This IIT Jodhpur Student Has A Strong message For Entrepreneurs

February 16, 2017
Startup Talky

Today we are in conversation with Mr. HariOm Founder and CEO at FlipPaisa. Flippaisa India’s leading cashback & discount coupon website. Mr. Om shares his journey and future plans to save you money on your next online purchase. The startup is profitable and bootstrapped! The founder has a strong message for all the entrepreneurs. Read the whole conversation below.

Hari, Let’s first know about your startup.

FlipPaisa is India’s leading cashback & discount coupon offering startup. We are availing our services at 500+ online stores for more than 2 years as of now.

How did you come up with the idea of FlipPaisa?

Simply, When it comes to shopping, People love to strike a hard bargain or negotiate to get a good discount. But It’s hard to get direct savings in the online market. On the first Big Billion Day of Flipkart, we have tried our prototype within our hostel of around 700 students. On the very first day, 100 students used FlipPaisa to do online shopping which gave us a net profit of Rs. 8000/- in just one day, so this gives us the initial boost.

What did you do just after getting the idea?

First, I tried to make a small team and become a partner with more online stores plus handling the order data. After that, I moved towards the final website of FlipPaisa.

Tell us about your business model?

FlipPaisa is paid for redirecting users to partners retailers. We share the commission with our users in the form of cashback. Flowchart: i) Customer visit a retailer via FlipPaisa. ii) He/She makes a purchase at the retailer web/app iii) Retailer pays FlipPaisa for that purchase iv) FlipPaisa shares the commission in a ratio with the user.

i) Customer visit a retailer via FlipPaisa.

ii) He/She makes a purchase at the retailer web/app.

iii) Retailer pays FlipPaisa for that purchase.

iv) FlipPaisa shares the commission in a ratio with the user.

What is your revenue model?

Primary revenue comes from share of the commission we get from retailer whenever our users make a purchase at our partner retailers.

Other(s): Revenues from direct Mobile Recharge/Our other online/offline services.

How did you acquire your initial customers at FlipPaisa?

As I said, we got our first 100 customers from our hostel itself. We shared our prototype in our hostel’s private facebook group and we got our first 100 customers. For first 1000 customers, we tried the same idea again; we used our social media (Facebook/Linkedin) contacts, we use the direct messaging etc. It helped us to acquire 1000 customers in just a few days.

What options do your customers have? And how are you different from them?

There is 100’s of coupons or cashback offering websites available in India as of now, but most of them do not offer cashback to the end user. They only share the discount coupon to the end user & take the entire commission for the purchase(s). Flipaisa offers maximum cashback to our end user from Day 1 to offer maximum benefit to our customers. Our USP: Instant tracking of transactions, others take 3-96 Hours or more. Maximum cashback rates as comparing to others. We offer cashback in just one click feature with or without our chrome extension.

We are expanding FlipPaisa to offer maximum services at one place, like Mobile Recharge, Travel Booking etc.; directly via us. {beta}.

What was the most challenging part of your journey till now and how did you overcome it ?

I’ve founded FlipPaisa when I was in 3rd year of my B.Tech at IITJ; other partners were also from the same or junior batches. So the most challenging part for us was getting support from our parents; not in the form of money but the acceptance of our startup/idea. As all of us belongs from a middle-class family, so they were having lots of plans after our selection in one of the primer institute for our bright future. Few members of our initial team had to left us because of parental expectations. This was the most challenging part of my FlipPaisa journey till now. But everyone knows that There is a sunrise after every night. so at last, the remaining team had made few plans, presented it to our parents etc. And….. we succeeded!!!

What is the source of startup capital? Also Share some details about the investments that you have been able to fetch for the business till now.

We are totally bootstrapped from Day 1. Initially, I took some amount from my parents, but in just a few months; the day came when we were sharing our income/salary with our parents.

What do you think is the most difficult task in startup and how we can solve it?

In our case: Acquiring customers was most difficult task after the initial set of users. However, team management/finance utilization & perfect marketing is also one which could be listed in other’s case.

How did you meet your team(co-founders) and what is their background?

I meet my team in my college itself. Mr. Ashwani has experience of more than 3+ years in Finance Management & Project Leadership. Mr. Pankaj has Marketing & operations Experience of 3+ years.

Where do you want to see your startup in the next 3 year?

We are trying hard to become an MNC with various online services in multiple fields in the upcoming 3 years.

What entrepreneurial hacks/online tools/ services/ apps do you use to stay focused and keep your day productivity?

We use only our private mobile apps to get connected with the leading team. We also organize intra-team motivational sessions, in which we discuss the issues/what we achieved/chit-chat also. We also celebrate team achievements sometime.

What are your strategies to build awesome work culture in your company?

I love to see that India have enough number of startup’s these days. Me & my team helped so many budding entrepreneurs to build their ideas; but at the same time, a thought strikes us: ‘Do these N numbers of startup are founded, just to get huge amount of funding?’ If any budding entrepreneur ever read this para, then my suggestion to you is ‘Build a startup because you love to do that or you are having interest into it NOT because of getting huge amount of funding & do it waste, it might affect whole India negatively. Wish you all the best!’

Any suggestion/quote that you would like to share with budding entrepreneurs?

‘Just follow your interest & everything will be fine.’ My personal quote is: ‘Always overtake if you love overtaking but never forget the safety’ Explanation: If you are doing X thing, but you are having interest in Y, then you should overtake Y over X; but think first that, will it affect you positively?

 

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