Despite being plagued by a lack of adequate resources, Suman Kumar, Co-founder of Maptags, hailing from a village in Bihar called Dasaut, didn’t let anything deter him from pursuing his startup dreams.
So, what is Maptags and the story behind its name?
Maptags allows you to shorten your physical address to your favourite word as a unique link. It thus helps you share your address as easily as sharing a link. The company is headquartered in Bengaluru and was founded in March 2015.
Suman tells YourStory, “Since we were addressing Address, we were clear that the company name should start from the word ‘Map’. Then, our CEO, Krishna Yogi, suggested adding the word ‘Tag’, and that's how we came up with the name ‘Maptags’.”
Pain point addressed
Addresses are often long, ugly, confusing and hard to remember. Remembering addresses with perfect accuracy is very difficult when dealing with several at once. All this results in significant costs for businesses in terms of address verification. Now, Maptags promises to decrease that burden significantly.
Krishna added, “One specific reason for creating Maptags was to solve the pain of getting the correct location when I went for job interviews. I realised that no matter how good the address is, it's still a pain, because you need to type it into Google Maps and search. There was no simpler way of pinpointing a location.”
Maptags is a smart address and smart contacting platform. It helps you share your address as a single word, URL or QR code. You can also add your contact details, including your social media profiles.
Currently, Maptags has three products:
Smart Address - It converts your long address into a simple URL.
Quick Address API - Quick address API for startups in the e-commerce and hyperlocal segments. It allows the user to fill the address in a matter of seconds rather than minutes. It helps you boost conversion by 5 to 15 percent.
Instant Chat - It is a C2B messaging platform. It helps you chat with a business without violating your consumer’s privacy. So they do not need to reveal their number or social profile.
Scope and market size
According to their market research, 75 percent of the world’s population suffers from poor or non-existent address systems.
Current monetisation modes
Maptags claims to have crossed a revenue of $5,000 this financial year.
Its main revenue sources are:
-Subscription on Premium and Special Maptags
-Commission on Maptags sales.
-Quick address API sales.
-Paid Advance Analytics.
Maptags has been bootstrapped till now, and claims to have enough capital for the next two years,
On this topic, Suman says, “For now, there is nothing called work-life balance. In fact, I want to work 24 hours a day, which is not possible. However, I still work for an average of 16 hours per day."
In response to questions on his hobbies, he further added, “Generally, I love biopic movies. Steve Jobs, The Fifth Estate and The Startup are my favourite movies. I love to read any book related to entrepreneurs and entrepreneurship. Dream with Your Eyes Open, Leaders Eat Last, Zero to One, Influence and Rework are some of my favourite books.”