Bengaluru: e-Commerce industry seems to consolidate dramatically, as its fundraising activities reaching the zenith. The latest to join the bandwagon is JustLikeNew, an e-Commerce platform and it has raised Rs.1 crore in pre-Series A round of funding led by the angel investors, including industry veterans like Aneesh Reddy – Co-Founder & CEO, Capillary Technologies; Sanjiv Bhatia – Member of Harvard Business School Angels and Consumer Internet Investor; Vikas Tandon – Managing Director, Indigo Consulting and Vikas Saluguti – Investment Banker along with other senior alumni from IIM-Ahmadabad.
Incorporated in 2014 by XLRI Jamshedpur alumni – Ajit Panigrahi and Rahul Agarwal, JustLikeNew offers one-product category of smartphones and tablet. The firm aims to reform the electronics after-sales-service and renovate goods industry in India. Today, the firm has an advanced integrated IT system in place with auto ticketing, live SMS, toll-free and CRM. The firm claims to launch its operations eight months back and have received tremendous response from early adopters.
Speaking about the funding, Sanjiv Bhatia, Member - HBS Angels, Serial Entrepreneur & Consumer Internet Investor, says, “My investment rationale for putting startup capital in JustLikeNew can be summarized as - I believe Ajit and Rahul have created an innovative, process-driven, customer friendly business model that will disrupt the large unorganized market for mobile phone repairs. They are building a ‘trusted’ brand of on-demand repair services that can be scaled further to disrupt other related segments”.
In an exclusive interview with startupcity.com, Ajit Panigrahi, Co-Founder, JustLikeNew, says, “Currently operational in Hyderabad and Bangalore, we are looking at expanding geographically to top 10 cities of India in the coming 12 months. We are greatly excited about how we have productized the service and the concept of purchasing service on our platform. In the next five years however, we want to build a brand which is synonymous with trust. JustLikeNew.in has to be the go to place across India for people looking at getting things fixed”.
Concerning its unique strategies, he says, “The after-sales-service industry in India - especially for the evolving categories like electronics (Smartphone’s/tablets) is currently a big pain for the customers. We are trying to organize this huge unorganized market. We’ve received good initial response, because of the lack of professional players in this sector who can provide transparency in pricing and excellent customer service”.
When asked about the e-Commerce business, he comments, “The nature of the business is such that we except to grow by acquiring new customers and see less of repeat business. Once we successfully repair a product, we provide a guaranteed service and the customer not coming back to us means a job well done by us. Having said that, it’s a huge referral based/word of mouth service, if a customer is truly delighted, he refers friends and family invariably that leads from referrals account for almost 35 percent of our orders”.
Commenting on the success of the startup, he adds, “Coming from established corporate, we had to unlearn few things. We discovered that instead of trying to build the best product first in a lab, build just a MVP and validate it in market. Customers with their feedback will help you build a much better product”.