How Buyhatke, the idea of three final year IITians helps online buyers to save money?
Buyhatke is a price comparison portal for online shopping in India. It was started in July 2012 by three IITians Gaurav Dahake, Prashant Singh and Srikanth Sethumadhavan when they were in final year at IIT Kharagpur. Buyhatke now has a catalogue of over 40 million products from over 400 websites in India, while they were covering around 50 websites back in 2013.
Why we chose Buyhatke as Startup of the Week?
• Started by final year students which drag the attention of masses.
• Around 19000 fans over the social media platform Facebook.
• Around 2500 followers over Twitter.
• Scans over an inventory of more than 30 million products over the web.
• Receives over 500K unique page-views per month.
• Receives over 3 million visitors to the website each month.
• More than 15000 users use its extension on daily basis.
• The Company managessales of over Rs. 3 crores per month for various e-commerce sites.
• Till date the company has made over 50 crore + in savings for its users and have 100K + active users.
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1) How an engineering graduate started Fratmart, a marketplace like OLX for college students?
The idea behind Buyhatke
The idea of Buyhatke came in existence when an IIT Kharagpur student named Gaurav Dahake had to buy an i-pod for his friend’s birthday as a gift. After browsing the web for over 3 frustrating hours, he ordered a phone which ironically was delivered after the birthday. This incident hit the mind of Gaurav and he thought that ordering through another site might have done the job and also he could have got a better deal.
This pain point kept nagging him and he along with hisdeveloper friend Prashant Singh took the initiative to solve this customer pain-point. Thus the result was the birth of a startup “Buyhatke”, an online product and price discovery platform. Very soon after the conceptualization of the idea, they got their UI UX expert Srikanth Sethumadhavan as well who was from the same IIT and then ball was set rolling.
As starting a business for a student during his study is a hard task, these trios also faced a challenging start. However they managed a capital amount of Rs 2 lakh, and broke even a few months back.
Buyhatke runs over an inventory of more than 4 crore products over the web and claims to receive over 500K unique page-views per month. Gaurav Dahake exposed that currently 60% of the traffic comes from their extension and website, while the other 40% is from their mobile app. They also have a strong mobile presence with apps across Android, iOS and Windows Phone.
Revenues come for the company via three modes — from affiliate, advertisements, and exclusive home age listing for retailers.
The company receives over 1.5 million visitors to the website each month. It is growing swiftly and its extension for various browsers has received crazy reviews and ratings. More than 15000 users use its extension on daily basis. Currently the company is managing sales of over Rs. 3 crores per month for various e-commerce sites.
Funding and Future Plans
Till date the company has made over 40 crore + in savings for its users and have 100K + active users. Its browser add-on is a global first in terms of the features it offers.
Buyhatke had earlier raised investment of $1 million from well-known investors like Kris Gopalkrishnan, Japanese e-commerce and Investment Company BEENOS.
Buyhatke day by day is improving their mobile app, expanding their team and also developing a new product. The team currently comprises of 20+ members and they have plan to triple the count by this year’s end.
[su_box title=”More from DSIM:-” box_color=”#c7c7c7″ title_color=”#000000″ radius=”5″]1) An Interview with Founder & CEO of Ketto.org, Mr. Varun Sheth
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