The online platforms have become massively successful among the customers and suppliers as it is readily available and open to all. Startups like PaTaaK is exactly aiming at this predominant feature of the targeted audience through a virtual platform where marketing and sales can be carried out with extreme ease.
The highlighted aim and focus of PaTaaK is to develop an online domain where products and services are traded with people who are interested and are in need of the same. Such facilities are not existing within the South Asian community in the United States which the PaTaaK team wishes to exploit and bridge the gap between the existing demands with supply. Let us now partake in an in-depth study about the said company and its business from the viewpoint of the founder of the firm.
The History of PaTaaK
Not so long back, in August 2016, the idea of developing a virtual platform especially one that can be useful for South Asian based in US popped up in the mind of Jaipal, the founder of PaTaaK. He wanted to create something similar to Amazon but explicitly for only South Asians so that they can sell and buy things in a secure and safe environment.
Jaipal knew that his idea would face several challenges, but his consistent and robust decision to launch such a platform made him ready to face all-comers. As for every new business, money is a huge factor. Jaipal too had to face his first challenge in the segment of finances. He merely had no budget at the time of the establishment of the startup.
He appointed his first employee Rajiv and together with his assistance, both worked for three months to build the idea which was then executed to perfection. At last, by June, his hard work paid off, and that’s when they finally realized that PaTaaK was officially an established business idea which had some serious potential.
With the idea of PaTaaK established, the time had come where concrete investment was required to bring the project to life. Hence, a number of target investors were approached who contributed significantly and helped Jaipal to build the foundation of PaTaaK.
Jaipal later stated “I think I already have mentioned how this idea emerged. Also, the name PaTaaK came to me back in August. It means fast. We wanted to build a digital marketplace which was going to be fast and easy.” When he was asked about the Eureka moment, he handled it with a graceful reply “As far as the Eureka moment is concerned, that would have to be when we got our primary account. To be specific, on March 15, 2018. It was a huge challenge which we conquered. There were a lot many discussions, convincing and many plays and processes in between. But at the end of the day, all had a fruitful impact. Today when looking back, we are happy to know that we have crossed 100 clients.”
The Backbone of the Team PaTaaK
The whole PaTaaK family started framing with the very first employee recruitment along with the founder. It was Rajiv, now the vice president of the company who had been beside Jaipal from the initial stage of the company’s formation. The ideas, concepts and the culture formulated by the founder, were all executed by Rajiv. This enthusiastic and true teamwork spirit put forth by these two initial partners is the primary reasons for PaTaaK’s success today.
Rajiv also had a significant hand in the recruitment of next set of employees. The team now has 18 employees working to improve their sales on targeted customers and segments. The core members of PaTaaK family are:
Mr. Jaipal: This is Mr. Jaipal’s very first startup in the field of information technology. Despite this, the veteran entrepreneur already had other three start-ups in different market segments.
Rajiv: The very first hired employee in PaTaaK. This 25-year-old youngster is now the position of the Vice President of the company. He is a major contributor to the growth of the corporation.
The Overall Growth of the Company towards Success
Building up a startup is extremely challenging, especially when the capital investment is limited. The founder says “The initial days were most challenging. When working with Rajiv, we had to work with almost a null budget till December [The first year of operations]. We were pending with two years payroll with only a minimal number of investors who believed in our idea and those were the only scope for our budget.”
With these investors helping, PaTaaK was able to launch a platform, and gradually it started showing the results. The considerable advancement in the technology made things easier starting from training to presentations and/ or any issues. When the point it focused on revenue matter, though the expenses for the first 12 months was around $35,000, the next 12 months $70,000, “we are not able to cover almost 80% of the expense we incurred” says the founder.
He added up to his point that “Funding is necessarily an important aspect as far as a startup is concerned. Significant funding was from my side alone. But I had few friends who tried to offer have a small financial aid. Now, the revenue generated is able to overcome the funding issues.
The Next Phases of PaTaaK
This year, 2020, is an exciting year for the PaTaaK family as it looks forth to get officially launched. The company will be launched soon, and for the marketing and branding, it had coupled with OOEvents.com where all South Asian events would go digital soon as a result of this. It makes sure that they make a reasonable position in the Indian IT industry as well. PaTaaK also has two subsidiaries going by the name of JAiCOUPONS.com, a listing site which was initiated in 2017 and WebRowdy, a digital media agency established in 2018.
The company is planning to expand and nurture their success by different strategies implemented by their management teams in order to boost the overall startup ideas so that they can make PaTaaK to the first.