Mumbai-based Geekscraft jumps into the gadget repair services market, looks for an edge
Four friends from IIM B and NMIMS University, Deependra Singh, Shivendra Singh, Vinit Gupta, and Ravi Tripathi have analysed that the appliance and gadget repair market in India is still unorganized, and hence, untapped. The available information sources and online classifieds are not enough to locate a good technician or get quality service within a reasonable amount of time.
Deependra Singh, one of the Co-founders of Geekscraft, says,
We thought of redefining services for this segment by coming up with a business that focuses on providing good technicians for gadget repairs at one’s doorstep.
Creating a brand
Geekscraft seeks to establish itself as a brand to reckon with when it comes to door-step repair services in India with superior customer service, commitment, and quality repairs. The brand name ‘Geekscraft’ is an amalgamation of words Geeks [nerds of technology] and Craft [collection of good things].
Geekscraft is a self-funded venture that started in January, 2015, with a seed capital of Rs. 5 lakhs.
With a meagre capital of Rs. 5 lakhs, we had to design our website, backend, servers, register our company (along with other legal formalities), marketing, and other expenses. We faced major challenges in optimizing our limited seed capital.
The value of the local services industry in India is pegged at $60 billion a year. Competition in this space is healthy with players like Doormint, Handyhome, HouseJoy, UrbanClap , TaskBob, LocalOye, and many more striving hard to gain a competitive edge.
Deependra states, "With rising internet penetration and purchasing power, we expect the demand for our services to keep rising. Competition is definitely there but we would rather like to look at it as something that will drive us to innovate ahead of our peers and gain an edge."
The daily household requirements - and the problems faced - by the employed workforce, and the vast number of electronic gadgets and appliances in use simply translate into an ever increasing demand for electronics repair and handyman services.
Geekscraft is witnessing traction of around 30 to 40 calls per month. The team consists of nine members. Apart from the founders, the other key members include Keerthi Chetty, who handles Marketing and Communciations; Sagar Raut, who is the CTO; Deep Narayan, who heads the Creative team; and Abhinav Shirvasta and Ayush Das, who are in charge of Operations.
"We have envisioned a definitive vision for our future: we believe every individual is important and is capable of carrying out the tasks and responsibilities assigned," said Deependra.
Geekscraft provides services for all types of electronics: gadgets like Computers/Laptops, Mobiles, LED/LCD TVs, AC, Refrigerators, Washing Machines, Hobs & Chimneys, UPS & Inverters, Home Theatres, Printers, etc. It also provides handyman services like cleaning, pest control, plumbing, electrical repairs and installations, carpentry services, etc.
Speaking about the business model, Deependra says,
We are currently following a business model wherein we levy surcharge on the services requests processed. We charge for the services undertaken and not for providing leads. We are also implementing some crucial strategies to accrue more inquiries not only on a monthly basis, but also on a weekly basis!
As of now, the target market of Geekscraft is Mumbai, but it will soon expand its business into Bengaluru, Delhi, and Pune. Since inception, it has served more than 100 customers and has achieved a turnover of Rs. 50,000. In the current fiscal year, it has earned a turnover of over Rs. 100,000 in the first quarter (AMJ). It is looking to increase its revenue; and is also trying to raise seed capital at the same time.