In today’s fast-paced social and digital world, there are a lot of members who are part of focused and random groups. Their activities can range from trips, parties, college fests, paying rents, doing online social campaigns. When a couple of them volunteer to be organizers, they tend to get burnt on the money pool, collecting payments or initiating group activities and thus get frustrated with friends, colleagues, team members. The friendships can suffer, relationships get scarred and camaraderie will disappear for reasons trivial to money pooling or group collections or social payments.
But it is well and truly believed that groups social, formal, informal or impromptu can survive and thrive only if someone can address this conundrum. After all, if we have to realize that every little thing in our daily lives is an Event, a payment related event if taken into broader perspective.
DPiPex Zoom Software Pvt Ltd and its founder Dheeraj Vangala decided to do something about the above situation. The entrepreneur and his team based out of Hyderabad, India developed EventSum — a group social payments mobile-only platform that lets individuals, groups or small medium enterprises collect, manage and process payments with a focus on simplicity, usability, and affordability. Dheeraj and his team have decided to make it even more interesting by integrating social, mobile and payments into a proper platform called “EventSum — Make Each Event Count”.
What’s happening with EventSum Now?
Since it went live on August 2nd, 2017 after 8 months of Beta Testing, EventSum managed to clock 50,000 downloads on Google Play Store and has clocked a turnover of INR 80 lakhs ($125,000) in less than 6 weeks. The platform is currently doing close to 1000 transactions per month from its customers (Individuals, NGOs, Cable providers, Housing Societies, Schools/Colleges, Small Businesses etc.) and is looking to scale up its operations in South India. According to Mr. Vangala, EventSum is on course to meet its near-term targets of 100,000 downloads on Google Play and consistent monthly turnover of INR 1 crore transaction size / 2,500 monthly transactions / Active monthly base of 7,500 mobile app users / Active Group Organizer base of 500 small businesses/SMEs/Groups/Individuals on its Group Social Payments platform within next 60–90 days.
Can you provide us the elevator pitch for EventSum?
Dheeraj Vangala: EventSum is a group social payments mobile-only platform that lets people/group easily collect money from others, which can prove difficult and create confusion. Somebody could be collecting for a party, trip or personal events; money collections for a social cause; maintenance payments for a Housing Society or group of Apartments, collecting cable provider fees for a locality, simple money pools to have college fests or anything that involves collecting, managing money from a group.
It’s as simple as creating an online event where anybody can set up a money pot to share with friends/colleagues/others and pay into it. You can see who has paid and who haven’t. Money can be collected into a bank account within 24–48 hours of ending the event at a low 2.3% service charge on pooled amount.
What inspired you to start this venture?
I was part of a group all through my life whether it was formal, informal or social in purpose. Collecting and Managing money from group members has always been a headache.
When I started EventSum, I did a lot of research with our team to delve into the use cases and found that payment related issues are not individual but also involve groups. In fact, this is an experience that almost everybody has faced trying to organize payment from a group or multiple people.
How does EventSum work?
Anyone can create an event in less than 60 seconds and share its link via any social media platform on their mobiles. Others can easily click the link and pay to the group’s event pot — it’s as simple as that. Everybody can see what others paid, the total amount collected etc. It works like personal event fundraising but with its own privacy and social platform friendly features.
Does the mobile platform support multiple types of payment methods?
Yes — you can pay with Credit or Debit Cards, all popular e-Wallets, NetBanking as well as UPI on EventSum, but the group has to pick one bank account to collect the pot.
What’s your company’s story?
EventSum was developed by DPiPex Zoom Software Pvt Ltd., which is a product development company. Because EventSum is B2B2C, we decided to separate it out into a different brand and product.
How did you get to where you are today?
Strong Persistence to test the product in Beta mode with a closed group of 50 users, a lot of market insight, and validation of the business model and most importantly a team effort. EventSum is built, managed and supported by a team of 7 bright, young and social media savvy individuals based out of Hyderabad, India.
Why should people aspire to work with you?
Because we’re a dynamic and growing team working on new and exciting technology all of the time, we need a lot of hungry folks who have a passion for building cool, efficient and market-ready products. EventSum is just a tip of the iceberg, a step in the right direction.
What’s on the horizon for EventSum?
The big vision for EventSum is to make it a big household name in group collections, social payments and money pools in India. We want to create a simple brand, in a similar way to how you search on ‘Google’ for group social payments, money collections etc. If you want to pay for something in a group, you do money collections, do business with groups or think anything about social group payments you ‘EventSum’ it. We believe that EventSum can become a Lifestyle thing for our users. As Simple As It Can Get For Group Payments…That’s our ultimate goal.