Mumbai-based martech startup Growisto is helping brands drive online retail growth
IIT Bombay graduates Kiran Patil and Pritesh Mittal founded Nearfox, a discovery platform that helps citizens make discoveries across categories like food, shopping, beauty, fashion, fitness, entertainment, and local travel, in 2015. However, the startup shut shop in 2016.
Pritesh says, while the startup was shutdown in just a year, they realised the guidance and values of companies like Coverfox and Toppr through SEO consulting. “Hence, we decided to start an agency specialising in SEO services,” he says.
In 2016, the duo launched Growisto. The Mumbai-based startup is a retail ecommerce marketing and technology company, which focuses on leveraging technology and data to drive online retail growth.
The startup helps brands and private labels to grow their businesses on platforms such as Amazon as well as their own website.
The four-year-old startup has some well-known clients like PUMA and Victorinox. In the past, it has worked with clients such as LBB, Bewakoof, upGrad, MakeMyTrip, OYO, Acko, Standard Chartered, Coverfox, Manyavar, Fynd, etc.
What does it do?
Growisto’s key focus area includes ecommerce website development, Amazon marketing, website marketing, Amazon business intelligence tools, and identifying unauthorised sellers, counterfeit products, and pricing issues.
“One of our initial challenges was hiring. We were not able to get the right people from the industry. We rejected many people from a culture point of view even though they were strong technically. We solved this problem by recruiting people who are a culture fit and have the potential in terms of learning capabilities even though they weren't technically strong,” says Pritesh.
How does it work?
The team is focussed on a consultative approach. Kiran explains that experts from Growisto team have discussions with clients on their ecommerce business goals. Later, a thorough action plan is created, which is then executed by the team.
“On a monthly basis, our experts touch base with the clients’ senior stakeholders to realign on the action plan (if required). This approach helps us to not only be flexible but also be relevant to our clients’ needs at all times,” explains Kiran.
Additionally, our execution team has a weekly discussion with the client. Kiran says the team sends a detailed report to the client a day prior to the discussion, which helps them make the most of the discussion and keep it power-packed and impactful.
“Instead of presenting the numbers, we present the findings and discuss the way forward. Any ad-hoc changes to the plan basis the weekly observations are discussed and taken up during these discussions. This helps us to work in a collaborative fashion with our clients and make the most of their time,” adds Kiran.
He adds that every client needs a customised solution. Growisto has detailed discussions to not only understand the goals but also set realistic targets for the business. Using a consultative approach even before signing the contract, the startup creates the action plan and defines the KPIs.
Like any other agency, Growisto works on a monthly retainer basis but with a flexible effort-based model.
“We work very closely with our client teams through the weekly catchups to discuss the insights and align on the way forward. At the end of every month, we also have a strategy call where the senior-most stakeholder from the client team has a discussion with our senior team members. Given the dynamic nature of the industry, these catchups help us to align on the business objectives efficiently,” says Kiran.
The market and competition
Digital marketing as a field is not new. There are many companies working in the space. There is Kochi-based OnPageOne Digital Agency that delivers customised solutions to enterprise customers while diligently measuring returns on ad spends. There is also Indore-based Digitalastic.
Digital marketing is evolving rapidly. According to the International Journal of Advanced Research Foundation, it has been a golden period for the growth of digital marketing in India since 2013, and the trend will continue until the end of this year.
From 69 million online shoppers in 2016 to more than 100 million in 2017, India has seen a stark rise in its internet population.
“While we are at the forefront of this evolution, there are times when we do not have the right answers to our clients’ problem statements. In such scenarios, it is the never say die attitude combined with honesty that helps us to give our best to our clients. We believe in absolute transparency while working with our clients,” says Kiran.
Client base and growth
Some of the startup’s clients are PUMA, Victorinox, Justrite Safety Group, Yoga Bars, Monsoon Harvest, Freakins, etc. It also works with brands such as Estalon, GuruNanda, Puriya, Pure Label Nutrition, Hawaii Nutrition Company, etc. in the USA, and help them grow their business online.
Additionally, the team has also been working with early-stage startups and helping them grow their ecommerce sales. In the last 12 months, the team has been working with startups such as Pilgrim, Man Matters, Bold Care, House of Makeup, &Me, Morgan Cosmetics, The Good Cow Co., etc.
The team of over 80 people claims to have seen a 1,700 percent growth in the last four years. Growisto works on an hourly pricing model.
The team has raised funding from Globevestor Angel Fund and a host of other investors that include Devendra Rane, ex-CTO of Coverfox, Ravi Jain, Co-founder of GenY Medium; and a few others.
“Right now, Growisto has established itself as one of the top ecommerce marketing and technology services company. We will keep innovating, develop products and offerings to help brands and private labels. We also plan to scale our team 3x in the next two years,” says Kiran.