Ankit Singh and Rohit Taneja met for the first time at Harvard University at an HPAIR conference in 2012. Later on, they met again at Technion in Israel for an entrepreneurial project. Little did they know that their complementary skills would match to make MyPoolin.
MyPoolin is the smartest and fastest way to collect and settle money among friends in a group. It is a safe, secure, and robust platform for payments as their payment partners are PayU and Mobikwik who have great security setup for financial transactions. The idea revolves around social mobile payments and was generated out of the need to easy transfer of money.
“MyPoolin enforces the verb ‘pool’ and the act of pooling among friends. The prefix ‘My’ gives the user a personal touch,” say the founders.
Ankit has an MBA in Marketing and Strategy from Faculty of Management Studies, Delhi University (Batch of 2014). An aero-modeling enthusiast, he is in love with airplanes.
Rohit has Engineering degree from IIT, Delhi. He worked with Sony in Japan in Product Design for 2 years. Rohit is an avid traveler and spends weekends with his Raspberry Pi.
Based out of Gurgaon, the company started in June 2014 with an initial investment of Rs 2 lakh. “The startup capital came from our personal savings”, says Ankit. The biggest expense was on the sales that they did. With a hope to break even soon, they are targeting college students and working professionals in their mid-20. “We are reaching our potential customers through online mediums in targeted forums and at grassroots college level with Campus ambassadors,” adds Rohit.
“We started MyPoolin to solve the pain point of uncomfortable ‘you owe me’s among friends while settling money and make the process of collection better and simpler,” he adds. They have around INR 50,000 worth weekly transactions on the platform.
It was started as a B2B company planting plugins on e-commerce websites and got good clients like Jewelsouk-Gitanjali, YepME, Jabong, and Catapooolt. With their 3 biggest challenges being hiring, sales, and marketing, they still managed to hit 30,000 INR collection mark within first week of the launch. They were also among Top 50 startups in Asia at e27 Echelon Summit in Singapore. They plan to invest more into hiring good talent in their team and raise funding soon. The firm will release an android app by the end of Feb and plan to associate with payments among friends.
As a message for future entrepreneurs, they say, “Validate your idea before you set off to code or develop anything and when you do get preliminary validation, iterate with minimum and most important features.”