Startups in India are growing by the day and not even young but relatively experienced people who have spent decent career in corporate world, including me, are also jumping to Startup Eco system. On the same note, I and my co-founders Ashish Nanotkar and Chetan Jangir had a great vision and zeal to initiate our own journey in startups Eco system and we all three came together to incubate SaleAssist to make difference in E-commerce domain.
Birth of idea
While e-commerce has been steadily growing, E-commerce is primarily self-service and less interactive. Some e-commerce companies have found their answer to engage their shoppers with chat bots. However, all chat interfaces are tuned to act as support help desk with pre-fed answers. Clients need to type a lot in correct grammar and there is no interactive content.
Globally it is estimated that 750B$ is lost in online sales due to lack of personalization and engagement as people still prefer ofﬂine channels and e-commerce penetration is less than 30%. Worldwide sales conversion rate is still less than 2% despite billions of dollars spent on E-commerce platforms.
Prior to this I was leading support of various E-commerce businesses of multinational companies and saw how much money was spent in technology and marketing but average conversion ratio was less than 2%. The idea was incubated from a simple fact that if we gave physical store like assistance using 1:1 live video call, the sales conversion ratio of e-commerce sites could be increased. That insight lead to to incubation of SaleAssist.ai
Like ‘Cash on Delivery’ acted as catalyst to make E-commerce big in Indian economy, we are bringing “Video Commerce” as catalyst to diffuse the difference between Physical retail and Digital retail.
“VIDEO COMMERCE IS THE FUTURE OF ONLINE RETAIL”
Becoming A Part Of 100X.VC
We had heard about great experiences through common friends with founders of 100X.VC Class 1. We simply applied to it 100X.VC Class-3 and shortly Shashank from 100X.VC approached us and we showcased our Video tech offerings. Within couple of days complete 100X.VC team Sanjay, Ninad, Vatsal , Shashank & Yagnesh came on joint call and we had great discussion . We had subsequent calls with whole team and the process was very comforting and agile.
100X.VC is one of the first VCs to invest in early-stage startups using India SAFE Notes. And I’m elated to announce that my startup SaleAssist made it to the list of Top 10 promising Indian Startups whose names were revealed on the 21st of January at the VC Pitch Day.
Within few weeks, we were all aligned to our common vision and journey started with 100xvc.
STARTUP MBA aka Master Classes
100X.VC is a venture capital firm led by Sanjay Mehta, a serial investor and an institution in himself who loves investing in early stage startups. We thank 100X.VC for helping us through the roller coaster with their extensive experience and helping us understand the ecosystem better. Proud to be part of 100X.vc.
I would especially like to mention about the several online masterclasses organised by 100X.VC, they were conducted by the best in the business industry that helped us have enlightening insights about the startup world. The masterclasses allowed us to ask questions in an open space.
First of all classes were taken by the leaders who are not professors but actual leaders who have done and delivered in real world.
In our first session Sanjay, showed us term sheet for OYO rooms and how he invested initially and how CAP table changed over period of time and the value got unlocked.
All of the sessions came with practical insights and not text book guidelines.
Questions asked were curated to the scenario and matched to our specific startup domain .
This lead to fine tuning our strategy on hiring , marketing, pricing, client acquisition , product roadmap and financial planning.
Masterclass speakers were not only from India but Silicon Valley as well.
Grateful, thankful & being humble
We had a vision and 100X.VC had deep experience in getting our vision aligned, put focus specifically on 7 segments in E-commerce which need hi touch support, visualization and consultative discussion
Starting from inputs on brand name to pricing strategy to formulation of financial plan, it has been 360 degree support provided to us.
Our ideas and vision were put to action with a short term and long term plan with help of right guidance and mentoring. 100xvc team is pretty approachable and happy to take questions or give suggestions anytime of day.
We had complete trust on advise given and which has been proven many times since our journey started with 100xvc.
100X.VC opened doors for us to talk and seek not just advice but also get inspired by the inputs that were given to us by the best in the industry!
Most importantly, we got a lesson and master teaching to be grateful, thankful & being humble .
Not only to our team, your stakeholders, your investors and ofcourse our clients.
Thanks Sanjay Mehta for being a super mentor !
Thanks Vatsal for your inputs on technology & your key inputs on pitch !
Thanks Ninad for your impactful insights. Dollar shave club example has been most impactful !
Yagnesh , thanks for your all insights in iSAFE and fund raise journey so far . Very helpful !
Lastly, Shashank for being the orchestrator of complete journey and your intros are very helpful !
To upcoming Class 4
Don’t think twice if 100xvc short selects you.
You would be creating life time wealth you have been aspiring for and also get wisdom, and access to a large agile startup network.
Wishing Class-4 founders All the best !