How a stubborn & never give up attitude founder succeeded in the business even fate turned down 2 times in the start up journey.Venkata
In 2011 when I was in Australia I decided to visit my parents in India. Then I planned for one month visit in Dussera & Diwali festival time. After 3 days of my arriving in India, my father took a decision to buy a property in Hyderabad. Then we started property hunting in Hyderabad for 2 weeks. Later we got a beautiful property but my thoughts were running around problems we faced during hunting for properties. Then I changed my decision to not buy property at that moment.
I decided to know what happens in real estate India...so I cancel my return tickets to Australia and stay back for nine months. In these nine months first 3 months spent on market survey, builders and agents survey. Then I came to a conclusion to start the business immediately with the funds in my account (which is supposed to buy a property).
Next 6 months were a tragedy in my story. First I took an office and gave money to a friend for software developing. Time is running out but the final software was not delivered. In the eighth month, I realized that I was deceived by him. He didn't refund the money but I adamantly decided to move forward. But my parents and well wishers suggested me to go back Australia and come with sufficient support and money.
After nine months I went to Australia and worked daily 15 hours hardly for nine months. One fine day one of my friend in Australia asked me to send the business plan. Within two days after I sent him a plan, he came with a money of $2500 as advance. This is the first stone laid by him, later one more friend from the USA came to invest. Day by day people are adding to investors club and within a month of December 2012 total 5 with a sum of $25,000 raised.
Then I thought that this is the right time to start the company. I returned to India on 26th January 2013. All works are started in the month of February and completed by March 31st, 2013. Then we launched our services in Hyderabad on April 5th, 2013 with the telephone number of 040 222 222 24. We integrated everything very well to provide uninterrupted service like cloud call center, cloud hosting by AWS.
In August 2013, REDIAL took a big turning point with the investment proposal came from a well-known CONSTRUCTIONS company in Hyderabad. They have invested $40,000 besides 5 of us raised other $16000. The total capital we raised is $80,000.
In August 2014, REDIAL in need of funds again. This time also that constructions company came forward to raise another $80,000. With the total capital of $1,60,000, REDIAL is serving its services to two states Andhra Pradesh and Telangana and is in the position of getting 10000 calls every month and delivering more than 25000 leads to sellers.
In this period REDIAL is in peaks of getting more traction and revenue generation, but in Nov 2014 our main investor Construction company got raided by income tax department which fined them around Rs.4.5 crores. This affects us in terms of their investment commitment in Aug 2014, and REDIAL left with no options to move ahead as this period is beginning of REDIAL’s income returns. So REDIAL was temporarily closed on 05th Dec 2014 due to lack of funds.
Apart from the closure of REDIAL, Rs.18.5 Lacs debts left to me by all partners. Later on, I cleared them in term wise. But the question is about my career whether to continue the business or return to Australia. I was under pressure from all sides of family members to go back to Australia. But as I said that I am a stubborn person with never give up mind. So decided to continue the game, also decided to separate from partners to form a new entity.
So started new entity Near Estate (Adwire solutions Pvt Ltd) on Oct 26th, 2016. This time big blow to the business in the form of demonetization on Nov 8th after 15 days since inception of the new company. I was totally collapsed and went through depression for 1 month. But I don't know something driving me to start the business again. I think it is nothing but had a taste of fruitful results in the end of REDIAL journey.
Before coming out from REDIAL I have introduced 6 HELP DESK OUTLETS at 6 registration offices in Hyderabad. Investment for this concept also made by myself. Very soon after starting up these outlets draws attention entire Real estate group in Hyd. It brings attention from even cat A builders to cat c builders. And I have witnessed the traction which is equal to which we spent Rs.30 Lacs per month on promotions before with a monthly expenditure of just Rs.1.5 lac.
So this was a huge success to me in terms of traction and income as well. One day I got a mail from India’s top venture capital firm SAIF PARTNERS. They have shown interest in Help Desk Outlets and asked me to expand more increase the traction further. But this time I approached my partners and shown them about this conversation with Saif partners. So I requested them to support financially for expanding this outlets network. Unfortunately, they have turned their faces down. Soon I realize that this partnership was unethical and decided to quit from it to start on my own.
So waited for almost 8 months for market stabilization after demonetization to re start the business. In July 2017 Near Estate started with single HELP DESK OUTLET in Hyderabad with a mission to expand it to 20 outlets in Hyderabad.
The main aim of Outlets is to help buyers to get free property purchase assistance while buying properties with 0% commission fees with services including property searching, buying, providing home loans and registration assistance.
And at the same time, to help 5 Lac real estate brokers in India who currently has no hope for fixed monthly income. Each and every month is a nightmare for them to survive their family by doing this business. So in order to overcome this problem, NearEstate.in came up with an idea of having their own franchise at every sub registrar office. With the help of these franchises network, NearEstate.in will show them endless business opportunities for getting fixed monthly income in terms of Exclusive Properties & project agreements as well as exclusive home loans.