Entrepreneurs of IIM SIRMAUR

Hello all! We present you the first story under our series “Entrepreneurs of IIM SIRMAUR”. Let us take you through the interaction with the founder and the co-founder of “CashCry.com”.

Can you please tell us about your founding team and expertise they are holding in CashCry?

Bhanu (founder) and Harshit Singh (co-founder) are core team members, Bhanu came up with the idea and approached me. CashCry is born out of real-world problems that we encountered and we believed we could solve it.

Initially, we don’t hold any expertise, but we are learning as Bhanu is pursuing his B.Com and Harshit is pursuing his MBA from IIM Sirmaur to gain expertise in the domain and build connections for the success of CashCry and we both are completely dedicated to CashCry.

How does the idea behind CashCry come into existence?

The idea for the offline model came to me while using the Dine out app which provides free table reservations with offers at restaurants and the idea of Cash Cry just hit me as it can be applied to the retail market. Investors whom we pitched responded positively to the idea and as Cash Cry has a lot of potentials to grow in the Indian market.

How will the offline platform differ from the online?

The online platform will function as a catalogue for the entire offline market where we can search a product on the website and get the location of the nearest shop on which product is available, and also receive 5- 10% discount on using the link to shop. This is our USP we are offering to the consumer which separates us from others.

Another feature we are building backhand support for the retail outlets by adding the retailer on our platform along with branding, marketing of their stores, inventory management support system is also being provided to help them in managing the supply chain.

What Customer base do you have and future prediction

We are at currently 7000 customers, due to pandemic growth has slowed. So, we are focusing on expanding business in our city Allahabad as after a year of traction in the Indian market it will be easy to receive VC funding.

Wouldn’t novel coronavirus pandemic affect the offline shops as the customer will prefer less human contact and shop online?

We are offering a local solution which is aligned with the motto of our prime minister to go local, it would not be difficult

And our customer fallout will increase, and retailers are also happy as their customer base will increase because of our model.

Similar to dine out which is offering a discount on restaurant and hotels to customers, as margins are huge in this segment and they gain big on the customer base. We are adapting to the same model

What revenue model are you following and how you generate direct revenue from customer And clients you have as mentioned in the brochure about Flipkart, Amazon etc.

Revenue is from the margin on the items sold 5- 10 % of the sale

Laptop bought through amazon via CashCry website and got the margin of 5% on 5000 got 250 back

Just like that money gets to your cash cry account and you can transfer the same to your bank account

Would you target small retailers as they have low margins and revenue from them would not be much?

Yes, we would target them gradually but at later stages, initially, we are targeting big retailers,

Coaching centres, shopping malls, clothing stores where the margin is high.

The big retailer has already tie-ups with payment services like visa, which offer services such as billing software and other support examples such as Flipkart axis card?

There are a lot of startups with the same model that are offering services. What differentiates us is our comprehensiveness, our catalogue and presence in both online and offline and have a local connection such as coaching centre in Allahabad they don’t have any tie-ups with any player and it’s a huge market we can tap on and the local market is still unorganized.

Cred a start-up by Kunal Shah what is the similarity between your model and Cred.

It provides an exclusive offer when we shop via credit card,

We are not focusing on any mode of payment we provide comprehensive services that will work with any mode of payment and their model is somewhat similar to us.

To Bhanu

CashCry was your idea, why did u approach Harshit, what qualities you saw in him and how will he help CashCry as a founding member

First, he is doing an MBA and has theoretical and practical skills to take CashCry ahead.

And his qualities like teamwork where he takes the whole team. He

helped us in getting funds, giving presentations and reaching the offline market to connect with CashCry.

What are the future milestones set for the next year?

First, one to reach revenue 5- 10 lacs in Allahabad only as VC funding came when u get some traction in the market and it will be easy to receive VC funding.

Second, getting our app developed which will help us in reaching 10- 20k customers in the online segment when our app is developed.

We thank Harshit and Bhanu for giving us this wonderful opportunity to interact with them.

E-Cell, IIM Sirmaur
4 min
2 cards

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