They say ‘You are born alone and die alone’ but in-between these two states of life, we engage day in and day out with many people in different settings, across different mediums to be rightfully termed ‘social creatures’. On this path between the two extremes, it is not about what we are doing rather who we are doing it with, that makes our experience enjoyable. Whether at school, college, office, club or in a locality, on various occasions like birthdays, anniversaries, farewells, parties, housewarming, baby showers, weddings to activities like attending movies, events and so on, we like doing things in a group making our experiences more social.
Often daily life problems are picked up by opportunists and turned into a useful product. Something similar can be said about the duo of Ankit Singh and Rohit Taneja who are working towards eliminating the use of ugly phrase “you owe me”. Ankit Singh completed his studies from Delhi College of Engineering and went on to Faculty of Management Studies. He previously worked at Intuit and P&G. Rohit Taneja, product designer at MyPoolin comes from a solid background of IIT Delhi and was working for Sony in Japan.
“Long time back, in campus, we observed our own buddy chasing others for pending money and this was the pain point. This is the fact that the current flow of bank transfers in India and other solutions are not at all seamless” – says Ankit Singh, the Founder of mypoolin.com.
They came up with the interesting product – MyPoolin which signifies their pool of friends or group of friends with whom they interacted with on a day-to-day basis. These may be colleagues collecting money for a gift, buddies settling their dinner bills or even neighbors settling their festivities collection.
How it works
To make our experiences social and enjoyable, we pool in money where usually, a single person in the group would take the lead, collecting money from all and accounting the money flow. This often leads to uncomfortable “You owe me” situations where one person chases others for their share. Tabulating all payee on mundane, non-automated spreadsheets, painstakingly updating them and the nightmarish net-banking with never-ending digits ranging from account number to IFSC to MICR to card block and what not codes and imagine registering 15 net banking payee, this was a perfect recipe for something that has been too much of a hassle and was not something to look forward to. With MyPoolin:
- Simply put in a purpose and target amount to get started with pool.
- Add people and they contribute, all in a single click
- Get collected money transferred to a bank account or
- Get a voucher equal to the collected value to spend online on their partner sites.
Industry and Challenges
MyPoolin offers a social angle to the solution, hence making it a fun activity. It provides benefit of being able to redeem the money directly online on 90+ partner sites. Mostly the competitors are from US like Venmo and paypal. Venmo is definitely interesting for the US audience. Asian Market is still to reach that level.
The early bird gets the worm, but the second mouse gets the cheese
Being the first business to market is as perilous as it is popular and being a new market creator is also a challenge as the customer needs to be educated about the concept. Hiring people was not an easy task for Ankit and Rohit. This was the biggest challenge for them. “Now we have amazing people in the team” – mentions Ankit.
Their main advertising till date has been primarily word of mouth and campus & corporate activities. Also the network of their affiliates online helps a lot.
Few words for aspiring entrepreneurs
“Aim for the toughest problems and revolutionary solutions as there is no point in just bringing an incremental improvement to an industry.”