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Name: Kanchan Sukhija
Location: Delhi, India
Industry: Consumer Goods
Reason for starting? It started with a common problem – trying to make the best and most profitable purchase online. After a lot of research across a number of websites, I was confident that the product I bought was of the best quality and at the most competitive price. It was later discovered that another portal which I had missed was offering the same product at an even lesser cost. Despite the efforts and the time put in, I felt I had lost.
I decided to solve this problem by creating CompareMunafa.com which offers all options at one stop and allows customers to make the best decision. We also added the feature of Munafa “loyalty” points for customers at every purchase. Compare Munafa is a venture of GPA Group and was officially launched in October 2015 with an idea to provide its customers a better, more convenient buying option through a one-stop shop. Compare Munafa is one-stop destination where buyers save time, effort and money with every purchase. It aims to be a satisfying and joyful online Mall.
Related: Read about another online entrepreneur here.
How do you define success? Seeing your idea develop into something that is of daily help to the public at large is how I would like to define success for CompareMunafa.com.
Biggest success: There have been many milestones and awards so far along with the motivating growth of our customer base. But the biggest success is yet to come. We are currently projecting 3, 00,000 visits per month in FY 2016-2017. Based on average sales we are projecting sales of INR 16,000,000 per month. We are actively looking for funding; however we have plans in place to operate smoothly if funding is delayed.
What is your top challenge and how you have addressed it? The best way is to develop financial projections that are rooted in verifiable assumptions. Entrepreneurs often feel that they are compelled to exaggerate projections to look like their businesses can reach a billion dollars of market value in a few years. There’s no point in a set of projections that aren’t based on reality. One way to build a set of realistic projections is to start with business drivers that can be discussed and debated with investors.
Related: Why Male Investors Should ‘Get’ Women-Led Companies
Who is your most important role model? My family is my biggest strength. They have always encouraged my decisions and inspired me in every situation. My father once told me “If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” I have learnt from him that nothing is impossible. I take inspiration from everyone and everything!
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Edited by The Story Exchange