Ranchi Mall Startup Blockchain Contract (RSBC)
What you share is Who you are on the internet. The same internet which equally empowers people across the globe for connected communication. This shift to dialogue based ecosystem from traditional monologue structure has witnessed creation of new brands, new heroes, new ambitions, and new outlook for the future. Whether you visualize internet as one of the ever-evolving information sharing medium or just an electronic asylum decides what you reap out of it. Ranchi Mall is one of the many companies that believe in the power of the internet i.e. decentralized free flow of information for better decision making. Contrary to its name, Ranchi Mall isn’t a concrete edifice but a vision riding the virtual internet waves. Everything about the company is as conspicuous as one would like to understand. Because, everything in Ranchi Mall is a Blockchain Contract.
What is RSBC?
Ranchi Mall Startup Blockchain Contract (RSBC) is one of the many Blockchain contracts that defines Ranchi Mall (RM). As a part of RSBC, the company shall be hand-holding & promoting 16 selected startups with an underlying financial interest. 366Pi Consulting LLP is being appointed by Ranchi Mall as the administrator for RSBC. As a project administrator 366Pi needs to execute the contract, manage & monitor the startups for assigned milestones. Each startup gets a unique milestone as per respective business, market, and capability parameters. The milestones get mutually decided by the team Ranchi Mall and 366Pi and may not be related to achieving sales or revenue targets.
The key nodes that defines RSBC is as follow:
1. Investment: As a part of RSBC, Ranchi Mall will do a seed investment in each of the 16 startups. Ranchi Mall or 366Pi wouldn’t be taking any equity against the seed investment. However, Ranchi Mall will obtain full rights to later investment in the selected startups. Full right to investment means ability to invest at first round valuations up to 3 rounds, and ability to invest in all rounds at that round investor’s best terms & offer. As a part of contract, Ranchi Mall has committed two tranches of investment in each of the startups. First tranche (Seed Investment) will be paid upfront to the selected startups and second tranche of payment will hinge upon startups achieving the set milestones.
2. Milestone & Objective: We believe every startup is unique in various ways and hence, gauging their progress on a same scale may not be justifiable. There will be unique milestone for each of the startups. The milestones will get decided after taking into consideration few critical parameters. There wouldn’t be any obligation to meet sales or revenue target as we truly believe that’s not the ideal way to measure a startups progress. Focusing too much on revenue/sales often takes away creative thinking, something we don’t want startups to lose. For startups failing to achieve the milestone, second installment of investment will get ceased.
3. Administrator Role: 366Pi’s role is to manage the RSBC contract through executing the investment, setting milestones, advising startup founders as and when necessary, and monitoring the progress. Final say on any issue for any startup will lie with Ranchi Mall. 366Pi will just act as a one stop partner for Ranchi Mall to manage RSBC.
4. Startup Valuation: Every selected startup will be given an initial valuation of INR 15,00,000 (Approximately USD 23,000). Ranchi Mall has dedicated a capital pool worth INR 10,00,000 (Approximately USD 15,000) to be distributed among startups as a seed investment.
5. Value for Ranchi Mall Token (RMT) Investors: RSBC is one of the most lucrative investment opportunity for RMT holders. This is for a simple reason that the running valuation will increase by 100% even if any three startup achieves independent funding and Ranchi Mall exercises its right to invest. As of writing this blog the value of 1 RMT is equal to USD 950.
6. Governance: The running valuation of startups in RMT will get decided by Ranchi Mall & 366Pi from time to time. The valuation methodology shall be decided on an ad-hoc basis and may bypass all the legacy valuation methods. Any specific method will only be adopted if found covering the true essence of decentralized model and strength of cryptocurrency.
About 366Pi Consulting
We are a Business Growth & Transformation experts with full-stack service around Marketing, Digital Marketing, and Strategy. Our experts come with more than a decade of diversified experience and cumulatively working with +400 businesses across the globe. To embrace trending & futuristic technology lies at our core and that’s where we have launched our dedicated SBU providing end-to-end ICO Management services like Whitepaper writing, Campaign Planning, Website Designing, Community Management, Token Sales Plan & Strategy. Know more about us at 366Pi Consulting
Connect with 366Pi founders at Amitesh Anand and Sushant Bharti
