This Delhi-based startup helps e-commerce companies generate GMV worth $3M
This is the era of the startup. There are thousands of ideas floating around. Amidst these ideas, many appear similar, and only a few unique. But if you look closely, you will find that two ideas which appear similar at first glance might be quite different from each other, and there is a lot of brainstorming going on in order to maintain this uniqueness.
Dealsnprice, co-founded by Nishit Dayal and Sumit Gupta, brought similar uniqueness into its platform by merging the cash-back, price comparison and coupon segments. “There is no other platform which compiles the three segments to offer the customer a unique solution. In fact, looking at our rapid growth, one of our three-year-old competitors in the cash-back space has moved into price comparison too. Similarly, our extreme focus on the mobile platform has forced another competitor to have a mobile site,” says Sumit Gupta, Co-founder, Dealsnprice.
Dealsnprice was launched in August 2014. It started as a two-person company and has scaled up to a 20+ member team in a span of nine months.
The venture capitalizes on the globally flourishing industry of online coupons and comparison, and price comparison marketing. The industry pegs around 15% of India’s e-tailing market. “There are hundreds of players in deals and coupons, but price comparison segment has only five to six major players,” says Sumit.
The internet penetration via mobile phones is increasing manifold. Dealsnprice is also targeting the smartphone users as 65% of its traffic comes from mobile. “The website is mobile responsive and our number of repeat users is growing continuously. Since customers are getting cash back, therefore user engagement is very high and customers are visiting repeatedly. Repeated customers on our platform form as high as 35% of total visits. We understand that automated personalization is the future of this market. We are really working on the mobile platform, which will help us to personalize deals and offers based on individual preferences,” said Sumit.
Talking about the stiff competition in this segment, Sumit says pricing in e-commerce is very dynamic, as marketplace sellers keeps on changing price due to intense competition for top-selling products. The websitefeeds real-time APIs to reflect accurate pricing for most searched products, thus providing updated information to the customer.
The venture considers itself among the top 10 affiliate sites in India. “We generate a gross merchandise volume of worth $3 million for various e-commerce companies. The revenue has been growing tenfold on a Q-o-Q basis, and we have been improving our product experience on a continuous basis,” says Sumit.
Dealsnprice is an angel funded company. The website took off with a capital of $0.5 million. It has been in discussion with couple of investors for further investments. Being a profitable venture and growing rapidly, it claims to capture the eyeballs of interested investors.
Taking on Challenges
The current challenge Dealsnprice faces is different from the challenge it faced initially. “Earlier, we were struggling to tie up with e-commerce players. But today, the major challenge is acquisition of new customers and multiplying the growth that we have seen in last 6 months. Besides, the industry is very competitive, and innovation is pushing key players towards acquiring larger sections of the business pie. You have to be really flexible to cater to this dynamic environment,” said Sumit.
Growth and aspirations
Dealsnprice is on a hiring spree across all departments. It aspires to be a company with very high levels of employee satisfaction. It claims to believe firmly in the effectiveness of people in executing the tasks allocated to them.
“We are getting aggressively involved in the mobile space, and plan to enhance the current value that we offer as a product. We also plan to get into media ads very soon,” said Sumit.