PaTaaK and its rise- This startup is making the online sales and purchase procedure easier for the South Asian Community in the United States of America
In today's times, the world operates digitally. Online trading has become popular among businesses as consumers are actively making their presence felt on various digital platforms. This is what start-ups like PaTaaK are doing. It offers its target viewers a virtual platform where trade as well as exchange can be initiated with ease.
The ultimate goal of PaTaaK is to provide a virtual market to people where they can sell, resell and buy products that they need. This type of amenity is not present in the United States for the people of South Asian community. This is precisely what PaTaaK looks to offer.
PaTaaK and its incorporation- Founder’s word for all
In August 2016, Jaipal got an idea. He thought of creating a platform where people from the South Asian community could sell and buy products safely. The idea was to offer online services to South Asians people based in the United States. However, the service is for all whether people live abroad or South Asia.
It was a challenge for Jaipal as he knew that it would be difficult for him to achieve this, but his decision was firm on his mind. However, the first and foremost issue was money. There was a budget contain which needed to be addressed immediately. He pitched the idea to some software organizations however, he did not receive any positive feedbacks initially.
This was the time when he recruited his first employee Rajiv. For the first three months, they worked on idea and planning, and after that, they started to build an application for their idea. After all, they finally developed the application by June, and they were now in a position to showcase their efforts. This is the time when PaTaaK came as an official name in the market.
The first investment came early after the company’s launch. The idea was to do something different, and for that, they had to make a lot of effort. The explanation of the company to people was necessary in order to clarify the idea of PaTaaK. Jaipal quoted “We initially faced some rejections, but the arrival of first investment made us believe that people had their faith on us."
"I have explained my idea and how I came up with it. In addition to this, PaTaaK, the name came into my mind back in August. The word PaTaaK is the other name for fast, and this was my primary intention to build the application. I wanted to build a virtual marketplace that is not only easy but also fast”.
When Jaipal was asked about his Eureka moment, Jaipal said, "I think my Eureka moment was when our first investment arrived. Still, I remember the date that is 15th March 2018. The initial struggles made us stronger as we learnt a lot about ourselves and our idea. Today our company has more than 100 customers”.
The PaTaaK team- The backers who push our company
Rajiv who was the first employee is now the vice president of PaTaaK supported the founder. There is immense respect for the 25-year-old employee by the founder, and he treats all other employees as co-founder of his firm.
The founder created the idea, the culture, and the concept, however, it was Rajiv who helped the founder and executed all the plans. This is the understanding level and their teamwork that made the company reach all new heights. The combined efforts of the two individuals made it possible for the start-up to attain success in the long run.
The configuration of an initial list of employees was also conducted by none other than Rajiv. PaTaaK has now 20 members, and it is considered home by the 18 individuals as they target audiences in a new segment. The PaTaaK team consists of:
Jaipal - This is the first startup by Mr. Jaipal in the IT field. However, he has other three startups as well, and they are in other segments of the market.
Rajiv - He is now the Vice President of PaTaaK, and is an essential part of the organization.
The firm’s investment and its growth
The starting of a business is difficult, and one has to face challenges in initial days as there is limited investment scope. The PaTaaK’s founder expressed his thoughts on this topic “The startup is very challenging. Hence when Rajiv came on board, we two were working on the idea at a low budget that was almost negligible until 30th November. We also had a few small investors who believed in our firm and it’s potential. They helped us with our initial budget".
The short term investors helped PaTaaK to generate results that were good in number, and they got our platform up and running. "I thank the technology that made our work easier. We were able to connect with new investors and pitch our idea which eventually helped us to set up in the long run. The initial two months had expenses of $35,000. The following 12 months was more than $70.000. Now we have crossed 80% of the revenue so far.” Said the founder.
Jaipal also added "We were also fortunate enough that we got adequate support from friends and family members who believed in us and our idea and made the decision of short term investment.”
The official launch of PaTaaK is in 2020. It has coupled itself with OOEvents.com where all the organizers from the South Asian community will come online and work together. Now with two relevant subsidiaries namely JAiCOUPONS.com, a listing site which was started in 2017 and WebRowdy, a digital media agency established in 2018, PaTaaK now is expanding and moving forward in the global economy at a very fast rate [no-puns intended]. PaTaaK is looking forward to making its presence in the Indian market in the IT industry. All these initiatives and aspects will help PaTaaK to reach a new success level.