Alok Patel, CTo, Wizzy
Alok Patel, CTO, Wizzy
, shares his startup journey from idea to execution to overcome challenges, in an interview with 100X.VC team.
We’ve been running a Development agency before started working on Wizzy. During that period we have worked on lots of ecommerce projects, and one of the clients wanted to improve their site search experience so we started looking for search solutions built for eCommerce sites. We found a couple of good search solutions in the market but those were not built specifically for eCommerce sites. And those were too difficult to implement with very less support for Indian customers. We tried to find Indian companies which provide such solutions but those were not upto the mark and were not clearly solving the problem. That was the time we got an idea to build a search engine specifically for eCommerce websites.
We both love software products, and always wanted to build one. Finding the problem from our own customers gave us confidence to work on this idea and execute it. We developed an MVP within 4 months for go-to-market and in the next 4 months our first paid customer helped us transform into a product for many.
The decision to seek venture capital seed funding is driven by our aim to building a strong team, acquiring high-value customers, and expanding our network. We wanted the funds to attract top talent, fuel operational growth, optimize customer acquisition, and forge strategic industry connections, ensuring our sustained success in a competitive market.
At the outset of our journey, 100X has been instrumental in guiding our strategy by emphasizing the importance of focusing on one thing at a time. The invaluable advice from Mr. Sanjay, urging us to 'build inch wide, and a mile deep,' has been a cornerstone in shaping our approach. With their support, we've learned to think big and deploy funds judiciously, ensuring optimal use for maximum impact. The networking opportunities provided by 100X have opened doors to key industry connections, fostering collaboration and growth. Moreover, their involvement in our iSafe sequel funding round has not only provided financial backing but also served as a testament to the confidence 100X has in our vision, further fueling our determination to succeed.
Yes, we started selling the product specifically for the apparel industry then we realized the product is beneficial to other industries such as Health & Wellness, Food Tech, Home & Decor etc…
We encountered several challenges during our journey and proactively addressed them to ensure sustained growth. Team recruitment posed an initial hurdle, and to overcome it, we leveraged our experience by hiring fresh graduates directly from colleges, nurturing their talents from the ground up.Navigating the complexities of pricing strategy was eased with valuable insights from Mr. Yagnesh, providing clarity and a structured approach. Defining our target segment was streamlined with the guidance of Mr. Ninad, helping us formalize our focus.
In terms of Go-To-Market (GTM), we initially explored multiple avenues and products. Through strategic evaluation, we narrowed down our focus to two key areas, streamlining our efforts for more impactful market penetration.
At present, our startup has achieved significant milestones, solidifying our position as the number one Search Solution for eCommerce in India. Our team has expanded from the initial two co-founders to a robust team of 17, fostering diverse expertise and innovation.
We've experienced remarkable revenue growth, with a 15x increase, underscoring the market demand for our solution. Handling over 100 million search queries monthly, our platform has become a vital tool for eCommerce businesses. Moreover, our distribution solution is now accessible through Magento Marketplace and Shopify App Store, featuring direct API access, enhancing our reach and impact in the market.
As founders, our goals for the next 1-2 years include a substantial increase in revenue and clientele, aiming for a 20x growth. We aspire to further solidify our market presence by processing over 100 million queries daily, showcasing the scalability and demand for our solution. Additionally, our strategic vision involves positioning our startup as the leading player in developed economies, with a specific focus on achieving number one status in key markets such as the UK, USA, and Australia. This entails not only expanding our user base but also deepening our impact and influence within these economies.
Our motivation stems from several sources that drive our commitment to innovation and excellence. Firstly, the invaluable feedback from our customers serves as a constant source of inspiration, pushing us to continuously improve and refine our search algorithm based on real-world needs.
The dynamic nature of solving everyday problems, ranging from operational challenges to financial intricacies, keeps us engaged and energized. Building a product that reaches 10-20 million end users each month is a significant motivator, emphasizing the real-world impact of our efforts. Furthermore, witnessing the tangible return on investment for our customers fuels our dedication. The knowledge that our product contributes directly to the success of each brand keeps us motivated to delve deeper, ensuring we provide maximum value and impact for our clients.
As fellow founders in the SaaS sector, we understand the challenges and excitement that come with building a startup. Embrace a 'Build for a month, take feedback, and repeat' cycle, allowing you to adapt quickly to market needs and refine your offering.
Follow the 'Inch Wide and Mile Deep' methodology - focus intensely on a specific area of expertise before expanding. Your network is a valuable asset; nurture it, as your net worth often hinges on the relationships you cultivate within the industry.
Consider exploring VC funding early on to validate your concept and accelerate growth. However, don't lose sight of the core: keep building your product. Distractions abound, but staying focused on your product and vision will be your guiding force. Remember, the journey is a marathon, not a sprint; perseverance and commitment to your goals will set you on a path to long-term success in the SaaS space.
About Alok Patel:
As a kid, Alok was always captivated by the world of computers. His coding journey began in the 10th grade, where he delved into a myriad of coding skills – mastering the intricacies of Frontend, Backend, and Databases, one skill at a time.
By the 11th grade, Alok had already earned his first dollar through a side hustle, balancing entrepreneurship with my academic pursuits. This early exposure laid the foundation for a dual commitment to both studies and business.
Stepping into the realm of a non-tech family business provided invaluable hands-on experience. Learning to communicate effectively with customers became a crucial skill in the initial days, bridging the gap between technology and user needs.
His trajectory took an exciting turn when He was hired as the first tech hire at a health tech startup called KiviHealth. He saw the journey from ground zero to achieving $1 million in revenue.
Before building with Wizzy, Alok embarked on several product ideas. These ventures, though not successful, provided invaluable lessons in execution and conviction. Each failure was a stepping stone towards building the resilience and determination that define my entrepreneurial spirit.
Today, as the founder of Wizzy, He continues to channel his passion for technology and innovation, creating solutions that make a meaningful impact. His journey is a testament to the belief that every experience, success, and failure alike, contributes to the growth and evolution of an entrepreneur.
