Failures teach lessons. It also hones one’s skills. By 2014 it, was clear that the whole world wanted apps, and that they needed engineers to build them for rich user-experiences. Anshul set up shop in Jaipur and employed Android and iOS engineers to deliver services to global clients. Upside9 connected with businesses in the US and India to deliver apps as per their request. She invested Rs 15 lakh in the business, which began to generate revenues straight away. She would charge her clients based on a milestone or on a upfront basis to deliver their apps. However, she realised that she had to take her own bets too. She used the money generated from the services business to fund her own ideas.
She brainstormed with her team and began jotting down experiences and services that the Indian consumer could explore. The first app she launched was Karosell, a platform for people to sell their “used” accessories, books, and paraphernalia. The app is a month old and the Upside9 team is out raising money to market the idea.
The competition
Pre-owned sales are the highest in cars and electronic items. Adoption across other segments has been less rapid. “The Karosell app will focus on smaller accessories like collectibles and books,” says Anshul. She adds that it’s a market, which is not yet been explored in India and could be scaled up over a couple of years.
According to Technopak the fashion accessories market is valued at $3.4 billion in India alone. Greendust is the largest company in India to sell pre-owned electronics. The company has raised $40 million from Vertex Ventures and Kleiner Perkins Caulfield and Byers. So fund raising in this segment has generated some interest and Upside9 can raise money if it hones its business model.
Upside9 will guarantee the quality of the product by partnering with various agencies, who will verify quality of the product. The Karosell platform will allow buyers to negotiate with the seller directly. The price discovery happens through a chat module in the app. The app is available on iOS and Android.
AliBaba, the billion-dollar Chinese company, connects sellers directly with buyers through a chat module. The data collected from this social community of sellers and buyers is very powerful to customise products according to individual preferences.
“Such businesses have to figure out guaranteeing quality and also manage customer services better,” says Harminder Sahni, founder of Wazir Advisors.
However, the real challenge for Anshul will be scaling up. While app services continue to be bring revenues, Upside9’s apps would need capital for marketing. The Karosell app will require some mechanism to build trust should be built in by the company for consumers to buy pre-owned items. Credibility could go away in an instance if the items delivered are fake or damaged.
“Such businesses have potential if there is reasonable acceptance by consumers. But it is a risky business, which is dependent on the entrepreneur’s ability to build the market,” says Mohandas Pai, MD of Aarin Capital.
Anshul has learnt from her previous startups that entrepreneurship is continuous learning. She definitely has the appetite for risk. Otherwise, she would not be an entrepreneur. The studio model of Upside9, through which they will launch their apps, could work if the apps are able to create a market of their own. The first launch, Karosell, needs a lot of testing beyond Jaipur and Delhi. Once it is accepted by four cities, then the company could raise capital easily. Perhaps the biggest upside is Anshul and her determination not to accept failure.
She brainstormed with her team and began jotting down experiences and services that the Indian consumer could explore. The first app she launched was Karosell, a platform for people to sell their “used” accessories, books, and paraphernalia. The app is a month old and the Upside9 team is out raising money to market the idea.
The competition
Pre-owned sales are the highest in cars and electronic items. Adoption across other segments has been less rapid. “The Karosell app will focus on smaller accessories like collectibles and books,” says Anshul. She adds that it’s a market, which is not yet been explored in India and could be scaled up over a couple of years.
According to Technopak the fashion accessories market is valued at $3.4 billion in India alone. Greendust is the largest company in India to sell pre-owned electronics. The company has raised $40 million from Vertex Ventures and Kleiner Perkins Caulfield and Byers. So fund raising in this segment has generated some interest and Upside9 can raise money if it hones its business model.
Upside9 will guarantee the quality of the product by partnering with various agencies, who will verify quality of the product. The Karosell platform will allow buyers to negotiate with the seller directly. The price discovery happens through a chat module in the app. The app is available on iOS and Android.
AliBaba, the billion-dollar Chinese company, connects sellers directly with buyers through a chat module. The data collected from this social community of sellers and buyers is very powerful to customise products according to individual preferences.
“Such businesses have to figure out guaranteeing quality and also manage customer services better,” says Harminder Sahni, founder of Wazir Advisors.
However, the real challenge for Anshul will be scaling up. While app services continue to be bring revenues, Upside9’s apps would need capital for marketing. The Karosell app will require some mechanism to build trust should be built in by the company for consumers to buy pre-owned items. Credibility could go away in an instance if the items delivered are fake or damaged.
“Such businesses have potential if there is reasonable acceptance by consumers. But it is a risky business, which is dependent on the entrepreneur’s ability to build the market,” says Mohandas Pai, MD of Aarin Capital.
Anshul has learnt from her previous startups that entrepreneurship is continuous learning. She definitely has the appetite for risk. Otherwise, she would not be an entrepreneur. The studio model of Upside9, through which they will launch their apps, could work if the apps are able to create a market of their own. The first launch, Karosell, needs a lot of testing beyond Jaipur and Delhi. Once it is accepted by four cities, then the company could raise capital easily. Perhaps the biggest upside is Anshul and her determination not to accept failure.
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