Now BuyHatke and Spend Carefully

UntitledPrasahnt,Gaurav and Shrikant three guys thought in Hatke ( different) way and launched buyhatke.com, a E-commerce site but with a twist. BuyHatke is a one stop solution to finding, comparing your dream product online, with minimum damage to your credit card. The website dynamically grabs results from various online shopping portals and provides the best deal to the customer who can then directly be redirected to the shopping portal offering the best deal and completes the purchase. buyhatke.com  is being studied as a case study at one of world’s leading management institute the Indian School of Business (Ranked 12 globally) for its phenomenal innovation.The innovation was chosen among the top 100 innovations from all over the world to be a part of the Moscow International Forum for Innovative Development in 2012 to setup its office in Russia. Here is brief of the conversation that we had with the team.

1) When and How buyhatke.com was started? What was the rationale behind the venture?

The start has a really interesting story. Our (the founding team’s – Gaurav and Prashant ) friends’ birthday was approaching and we thought we could gift him an iPod. So we started scouting online. And we just could not boil down on a store. Some website said this store is great, some said the other one’s better –every online store was giving a different price and different delivery times and different discounts and there was no place where I could gauge reliability. After 3 hours of painstaking effort we ordered an I-Pod to find out that we could have saved 300 Rs. more from xyz store and the order would get delayed by 5 days – meaning it would arrive after my friends’ birthday was over. It was an intensely frustrating experience which turned into the start of a truly awesome journey when I decided to put an end to this misery along-with Prashant and solve this huge customer pain-point by sowing in the seeds of India’s most exhaustive product and price discovery service with the hatke team.

I met Prashant in the first few days when we were on the lookout for an amazing tech guy to this forward- and he is simply one of the best developers kgp has ever produced and that I say even after knowing it includes the likes of Mr. Panda the founder of Google panda algorithm. We met Srikanth after realizing that our design sense was not great at that time and we had an amazing guy at IIT who was awesome at UI and UX. We approached him and then the work started in full flow. We have been working for the past 15 months now and the journey has been tremendous to say the least. The fire in the belly has risen further and the bonding strengthened more. The egoless nature of the founding team has helped us brave of any challenges we were posed and we are ready for more. Bring them on.

 2) What is your business model and revenue model?

With the outbreak of e-commerce websites, the online shopper finds himself more confused than ever – and ends up wasting a lot of time trying to fish out the best offers and deals online. The pre-existing monopoly of e-commerce has long been destroyed, and there are hundreds of players in each category of product. That leaves the customer in a swamp – as he is trying to buy a product which >100 websites are offering, each with its own set of competitive pricing and better offers.

This leaves the consumer with two options – either he can simply log on to the most reliable portal in the segment he is looking to buy into, and purchase directly from there – in this scenario, the consumer often ends up missing the best and cheapest deal. The second option is to scout through the multiple websites offering the desired product, and then zero in onto the best deal – while this lets a person get the best deal, he ends up wasting plenty of time scouting around.

And in most cases, it is not possible for the consumer to actually sift through the various sites one by one and get quoted prices. So, he might skip most of the websites, and only cover a few. There he runs the risk of again paying extra for a product and missing out on the best deal possible.

BuyHatke addresses this very problem! It fetches the consumer the best deal for the consumer with no effort or input by the consumer.

 3) What is the soucrce of your funding and how have been revenue till date?

The venture has been bootstrraped till date with about 2.5 lakhs as an initial investment. We broke even 3 months back and since then cash flow has been good. Yes we have been approached previously but we bootstrapped, broke even and are scaling fast. For us revenue comes from these 3 sources:

  • Affiliate
  • Advertisement
  • Exclusive home page listing for retailers

Revenue has been growing 50% month on month and we expect to atleast have a 25% growth in the next few months.

Buyhatke

4) How did Kolkata as a location helped you grow as a business? Why have you guys now relocated to Bangalore?

We started with our office being registered at Kolkata. We were by that time students at the Indian Institute of Technology Kharagpur and hence Kolkata sounded a favorable place to start place. Apart from that the connections with amazing advisors from Kolkata like Dr. Shurjo Ghosh helped us gain better insights at business. According to the startup world report Bangalore is listed as the 9th most favorable city in the world in terms of starting a tech business. Also many of my friends have come here at Bangalore and they provide an immense support.

 5) Who are your major competitors and what is your strategy?

To the expansive vision we have no one as such. Some price comparison sites are out there but we are the fastest growing (Already among the top 1000 http://www.alexa.com/siteinfo/buyhatke.com#trafficstats) and the most exhaustive product and price discovery portal in India.

6) Do you have any expansion plans?

Many are there. Can’t divulge them. But our first and foremost priority is to serve on our mission to deliver the Ultimate Shopping Experience to our users and we also have a section on our website where if any user is unsatisfied we can try our 100% smile guanratee where we resolve any issue within 6 hours. The user just needs to give his contact details and we promptly resolve the issue.

7) What is your USP, when compared to other price comparison portals?

Other price comparison portals are limited in the amount of products they cover. Some are restricted to mobiles, some only to electronics. BuyHatke is India’s most exhaustive product and price discovery platform covering each and every product that is sold online in India. Check for yourself. Also we cover over 47 credible portals which is very high as compared to other price search engines. Our display model is unique and we not only help the user do price comparison but also help him discover relevant products.

8) Any new features that are going to be launched soon?

An amazing chrome extension. If you shop online and haven’t seen this you are missing something big. It ensures you the best price always. The extension helps you get the best price by price comparison from over 47 portals and also helps you set price alerts so you can know when the prices are lowered on portals like flipkart, amazon, snapdeal and other major websites. The extension has received an amazing response with over 2000 users in a short span and a superb rating of 4.9/5. Even big movie stars like Mr. Ronnie Screwvala have applauded us for our effort.

 We also recently had launched A simple and easy to use mobile comparison platform  . It helps you understand which mobile would be the best fit for you.

Some amazing development on the website are coming. We have launched a dedicated portal for book lovers which can be seen here  in order to inch closer in our mission to deliver the ultimate shopping experience. This books portal gives price comparison for books from 16 portals – the highest in India, shows book previews, shows price trend for the fluctuation in prices of books and also helps you set alerts so you get to know when the price of a book is lowest.

9) Why did you name it buyhatke? buyhatke1

BuyHatke stands for buying product in a Hatke way. We have made shopping all the more intuitive and have the navigation just your fingertips. We give you the pleasures of physical shopping just a click away. Our name reflects that the service is for those Hatke shoppers who take intelligent shopping decisions & enjoy exploring the hatke options available.

10) Favourite quote that you follow

BuyHatke stands for buying product in a Hatke ( Different) way. We have made shopping all the more intuitive and have the navigation just your fingertips. We give you the pleasures of physical shopping just a click away. Our name reflects that the service is for those Hatke shoppers who take intelligent shopping decisions & enjoy exploring the hatke options available.

Amisha Singh (127 Posts)

Avid Blogger, Digital Marketing Enthusiast, Entrepreneur, Product & Project Strategist, Nature Lover, Foodie.