Start-ups get quirky to win over young India
Quirky seems to be the name of the game this season for start-ups. They are not only coming up with whacky names to grab attention but are also stretching the definition of e-commerce.
If you are planning a pre-nuptial bachelor’s party for a friend in, say, Bangkok with its famed nightlife, a start-up called Kinkpin.in is there to guide you through it. The portal is a one-stop shop for adult lifestyle products and accessories and has started offering bachelor party packages. Kinkpin has collaborated with BangkokBachelor, a Thailand-based company for custom-made trips.
“Quirky sells, and we are the height of being that. While people were initially sceptical, we have been able to make the adult lifestyle industry look like the need of the hour,” said Reetinder Singh, co-founder of Kinkpin. The company plans to introduce Las Vegas and European packages soon.
If one does not have the money for such trips, EarlySalary.com is the site to check out. The company uses new-age technology along with the user’s “social worth score” to approve and process loans. The start-up provides loans from ~10,000 to ~1 lakh for a maximum period of 30 days and charges interest of ~7 per day. If a person takes a loan of ~10,000 and pays back the next day, he needs to pay ~7 extra.
“We are a non-banking financial company and hope to be a replacement for the credit card,” said Akshay Mehrotra, co-founder and CEO of EarlySalary.
Then there are others like Bark N Bond. As the name suggests, it brings people closer to their pets. The start-up that launched in 2012 organises training camps for “pet parents” and obedience training for dogs. Bark N Bond founder Pranita Balar, a canine trainer and behaviourist, said, “I started making profits after the first year itself. Quirky start-ups are doing well.”
It is a growth trajectory Singh of Kinkpin is eyeing. “Youngsters are looking for premium services and we are filling the void,” he said. Kinkpin offers seven packages, including a Hangover II pack inspired by the movie. The package includes services like personal bodyguards and VIP clubbing. The year-old company has already broken even.
EarlySalary, too, is tapping the youth aggressively. “Our plan is to disburse 30,000 loans a month by the end of this year. We aim to bring a quick solution to instant cash requirements and help sustain lifestyles,” said Mehrotra of EarlySalary.
The social worth score, the algorithm that EarlySalary uses, allows a loan decision in 10 minutes. The company said young professionals tended to spend more than they earned and usually faced a crunch in the second half of the month. “EarlySalary is an easy solution for last-minute cash requirements. It works like cash withdrawals from a credit card or a salary advance.”
And guess what the company asks for in documentation besides the regular PAN and bank account number. Well, the user must share his Facebook and LinkedIn login details to get that new-age quickfix loan.