This startup grew to Rs 100 crore in just 4 years, but its founders still ride scooters to work
A bootstrapped company that started with just Rs 1 lakh four years ago is now looking at clocking in revenue of Rs 500 crore by the end of 2016. “It has been a remarkable journey, starting off as a bootstrapped venture with a small personal investment and now reaching this major milestone. By keeping our costs low, focusing on ROI-driven marketing and laying all the emphasis on developing a superlative product,” says Shailesh Jain, co-founder, Mirraw.com.
He adds, “Our strategy of picking a single vertical, going deep into it and only then expanding into newer segments has worked very well. We plan to continue with this modest approach to achieve our next big goal for Mirraw.com, that of hitting the Rs. 500-
crore mark by the end of 2016!”
The company believes that being bootstrapped actually helped them achieve this milestone in such short span of time. This online marketplace also kept its marketing and brand building efforts at an absolute minimum. It optimised its marketing campaigns as opposed to random scaling without a view on conversion factor.
Besides, the founders have hired the best brains which has helped build a strong backbone for the company.
The company has also focused on giving their customers a seamless experience on their website. The core team of the company used data analytics to better understand user behaviour which actually worked for them as they have successfully generated a revenue of Rs 100 crore.
Interestingly, the founders are firm believers of austerity and have been using modest mode of transport such as trains or scooters to work. And this they believe also forms the DNA of their company. “Coming from humble, middle-class families, running a business with austerity and making every penny count is the only way of functioning that comes to us naturally and this has stood the company in great stead,” he says.
Currently, the company has over 3 lakh listed products and more than 3 million customers worldwide. The etailer has over 3,000 vendors listed on their platform.