IT sector has increased tremendously. Tech startups have sprung up more than any there have ever been. The demand for tech solutions has created a fertile ground for many graduates looking to start their venture and establish an independent business. But due to this, there emerges high competency within startups to prove their potential and be recognized as a brand.
As a consequence, many of these startups die an untimely death. They are not able to match up with the high standards but the ones that remain gain exponential growth after overcoming the initial friction. Machadalo is a Mumbai based startup whose growth astounded many tech experts, was able to secure $175K for seed funding.
Machadalo is intended to act as a platform for marketing and has already got a big boost regarding seed funding. The funding is gathered from entrepreneurs, investors, the alumnus of IIT and other managers. It was founded by Anupam Sorabh, Nitin Jain, Naveen Sharma and Pankaj Kandhari in June 2015 with the aim to create a buzz in marketing technology. The founders have drawn inspiration from their previous jobs in renowned companies like Flipkart and Oyo Rooms and have applied the lessons learned from their experience to this idea.
Machadalo is a hyperlocal tech platform by pooling up together management tools, metrics and data science for the aid of advertisement and has gathered quite a large clientele including Freshmenu, Narayana Group of Schools and much more. Machadalo figures out the exact target group for marketing and advertising activities to make sure that right audience is being focused and conversions occur at a constant rate. They gather data points and apply business algorithms upon the observations made after digital marketing, client feedback and product/service.
The team has planned to use this funding for expanding their business and hire additionally skilled team for their new offices. They are growing at an astounding rate of 30% per year.
Lessons to Learn
- Gaining experience always helps. As a person can put this knowledge to use while establishing a startup.
- Market research is a crucial factor. You need to figure out what are the current unmet demands and develop a product or service accordingly.
- Investors play a huge role when it comes to expansion. Pay attention to them.
- A startup will not last if it lacks skilled labor. People with exceptional abilities always go to great lengths to achieve something outstanding.
- Make HR an investment by hiring employees who can work on the potential you see in your project.
- When you finally get your hands on some capital, use it for expansion rather than any other amenities. Expanding your business will give you more profits in return.