We are publishing an interview of Mr. Nachiket Dhande, CTO, Livenapt.
Please tell us about the founders
I handle the technical division of Livenapt. As a coding and machine learning enthusiast, I found myself apt for this position. I am keenly interested in Financial management, and Business development as a whole. These are some of the reasons why I joined the company as a co-founder. Although new to entrepreneurship, I am genuinely interested in it.
Shubham Jadhav, the CEO and marketing head, has always been intrigued by businesses and how they work. He is a club manager E-cell Vnit, and worked actively for the progress of the club. His passion for doing business is profound.
We started working together on this project a month ago the startup weekend. This idea was actually tailor made for The startup weekend. The weekend was a profound experience , although the startup did not progress well. We developed a lot of contacts in the process.
What is the problem you are trying to solve? Can you share with us any insights that led you to believe that this is a big enough problem?
Basically Shubham had this experience we he was in a mall. He was goofing around with friends when accidentally he broke his glasses. Since he a had a high optical number that he had to service his glasses as soon as possible. Now even though he had his glasses in warranty, he could not get them serviced since he did not have an invoice to show the date and time of purchase. This struck him that he could work on this and create this a into a business idea.
We finally decided that we will create an online invoice manager for corporate people since they have to claim a lot of reimbursements from the accounts department regularly. The major issue that they face is loosing bills.
What is the uniqueness about your Startup?
Our startup is really unique in the case which we want to save the work of a specific customer segment and make the reimbursement process relatively easy for him.
What is the revenue model? What is the logic behind it? What is the model you are following – Free / Freemium / Premium etc. ? Explain your thought process.
We basically chose the freemium model because it gives us two advantages, namely:
- Large target audience.
- Benefits of exceptional service to few people.
- Also most of the apps which function today successfully are freemium based models.
Who are the consumers that you are targeting? How is this going to affect them?
The consumer segment that we are targeting is the corporate worker in the age group of 18-35, irrespective of gender, and who frequently travel a lot on company tours. This is going to help them to reduce the time and money spent on reimbursement. Also it will help to claim some bills which they were unable to do without online processes.
What is the big picture of your startup? Will it lead to something bigger? If so, how?
The total addressable market that we have estimated in India is about 15,000 CR INR, out of which 181 CR is the market we have segmented. In the current scenario we plan to address the market of 12,00,000 INR initially while planning to expand with a clearly defined market entry strategy.
What is the success story of your startup in your own words?
We both being from non technical background in app development,we found it rather difficult for us to convince people about the idea! Also we were quite skeptical about the process of understanding how to make an application.
Still the fire in the idea led us to doing all sorts of things we couldn’t to do without the idea at all. The process of building a startup was really an enlightening one .