Startup Spotlight: VComply

VComply is a cloud SaaS that intertwines responsibility mapping with management of compliance & risk. Its governance suite offers the capability to let organizations manage policies, contracts, documents, compliance evidence etc.

Read on to learn more on how VComply’s CEO, Harshvardhan Kariwal, manages his team and the advice he’d give every founder.

— In a single sentence, what does VComply do?

VComply helps businesses automate compliance & risk management.

– How did VComply come to be? What was the problem you found and the ‘aha’ moment?

When we were running another Edtech startup, our compliance function was outsourced to a corporate secretarial firm. We had little oversight on what was going on and as a result of that we missed an important regulatory compliance deadline & ended up having to pay a $4,000 penalty. That was it! That’s when we decided that there has to be a better way of managing compliance and VComply was born.

— What sets VComply apart in the market?

Simplicity- the ease of use of the product & the flexibility that it offers to customers is one of the biggest factors in VComply’s success. While the product is simple to use, it is robust enough to handle complex workflows and can cater to a variety of use cases.

— Have you pursued funding and if so, what steps did you take?

VComply has been funding by Accel Partners.

— What KPIs are you tracking that you think will lead to revenue generation/growth?

Monthly Recurring Revenue, Churn rate, NPS, CLTV (Customer lifetime value) are top of mind. The most important metric to track from a growth perspective is growth in MRR month over month.

— How do you build and develop talent?

We have implemented OKRs at the company which keeps our team focused and result-oriented. We have frequent one on one meetings with team members to identify the key challenges they are facing. A large part of our budget is earmarked for our in-company learning & development program. We have 2 days every month that are just dedicated to learning & trying out new ideas.

— What’s been the biggest success for the team?

While focusing on growth is extremely important for any Startup it should not come at the cost of unsustainable growth hacks. Over 90% start-ups fail because of this.

For us at VComply, it is extremely important that we prioritize sustainable growth. What we mean by that is, that the business needs to be cashflow positive whilst having a steady and exponential revenue growth but a tight control over the burn-rate.

— What are the biggest challenges for the team?

The biggest challenges for us today is growing the team fast enough to meeting with the growing customer demand & ensuring that we continue to stay relevant & establish ourselves as thought leaders in the industry.

— What milestone are you most proud of so far?

Partnering and working with large enterprise customers and banks very early on & winning their trust and support for our product.

— What advice would you give to other founders?

While there are many exciting things you could be working on within your startup, it is extremely important that you focus on building the right team! The right team creates all the difference in the growth journey of your Startup & is the single most important factor underpinning its success.