professionalsaathi
EventBeep is a startup founded by Rakhi Paul, Saurabh Mangrorkar, and Venkatesh Prasad. Rakhi Paul owns 30% of the equity, Saurabh Mangrorkar owns 40% of the equity, and Venkatesh Prasad owns the remaining 30% of the equity.
The founders of EventBeep - Saurabh, Venkatesh, and Rakhi - each bring their unique experiences and skill sets to the startup. Saurabh, in particular, got exposure to the business world at a young age of 14-15 and was able to earn enough to pay for his college fees on his own. This early exposure to the business world gave him valuable insights into how businesses operate and the challenges they face.
Venkatesh, on the other hand, had a passion for computer science and technology, which he developed from a young age. With his expertise in the technology department, he looks after the technical aspects of EventBeep.
Rakhi, meanwhile, had a strong interest in clubs and societies during her college years. She actively participated in these clubs and helped her friends connect with mentors, which eventually led her to become an entrepreneur. Rakhi has been an inspiration for her fellow co-founders as she overcame the lack of family support and left home to pursue her entrepreneurial dreams.
Together, the founders of EventBeep have a diverse range of experiences and expertise that complement each other. They have come together with the common goal of helping students who study in colleges other than IITs or similar such colleges by providing them with a comprehensive solution that addresses their academic and career needs.
The aim of EventBeep is to provide a comprehensive solution to students who study in colleges other than IITs or similar such colleges. The startup recognizes that students who attend non-premier colleges often do not have access to the same level of resources and opportunities as their counterparts in top colleges. As a result, these students may face challenges in staying on track with their academic commitments, connecting with a community of like-minded students and mentors, and gaining practical experience through internships and job opportunities.
To address these challenges, EventBeep has developed an application that provides students with a three-step solution. The first step is to digitize the college of the respective students in a more engaging way. This helps students stay on top of their academic commitments, such as assignment submission dates, notes, and exam schedules. Students are incentivized to complete their tasks by earning coins that can be used to buy products from the app.
The second step is to create a community where students can interact with students from top colleges and work together on projects. This helps students to expand their network and collaborate with like-minded individuals. The app also connects students to top mentors who can guide them in their academic and career pursuits.
The third step is to provide industrial and practical exposure to the students. The app brings in companies where they can list their internships and job vacancy information. This helps students to gain practical experience and contribute to their growth.
students who study in colleges other than IITs or similar such colleges. The startup aims to generate revenue through a combination of different revenue streams.
One of the main sources of revenue for EventBeep is through its digital marketplace. The app provides students with an opportunity to earn coins by completing academic tasks and then use these coins to buy products from the app. EventBeep can generate revenue by taking a percentage of the revenue generated from the sale of products on its digital marketplace.
Another source of revenue for EventBeep is through its partnerships with companies. The app brings in companies that can list their internship and job vacancies on the platform. These partnerships can generate revenue for EventBeep through a variety of ways, such as charging companies a fee for posting their vacancies, charging a percentage of the salary of the students hired through the app, or taking a percentage of the revenue generated from the partnership.
Additionally, EventBeep can generate revenue by providing premium features to its users. The app can offer paid subscriptions that provide access to exclusive features and services, such as access to premium mentors, personalized coaching, and more.
Lastly, EventBeep can generate revenue by monetizing user data through advertising. The app can leverage user data to provide targeted advertising to its users and generate revenue through advertising fees.
EventBeep has a multifaceted approach to generating revenue. The startup generates revenue through a combination of charging colleges for gamification and digitalization of campus, charging brands for advertising and brand campaigns, integrating Ed-Tech courses, and ticketing for events, workshops, and seminars.
One of the main sources of revenue for EventBeep is charging colleges for gamification and digitalization of their campus. The app provides a platform for colleges to engage their students and digitize their campus in a more engaging way. The app is provided to colleges as a free module for the first one or two years, after which colleges are charged for the continued use of the platform. This revenue stream provides a steady source of income for the startup and allows them to continue developing and improving the app.
Another source of revenue for EventBeep is through advertising and brand campaigns. The startup can leverage its user base to provide targeted advertising to its users and charge brands for advertising on the platform. This revenue stream provides a way for brands to reach a targeted audience and for EventBeep to generate revenue.
The integration of Ed-Tech courses is another way EventBeep generates revenue. The startup can integrate courses from third-party providers and charge users for access to these courses. This provides users with access to high-quality educational content and provides a source of revenue for EventBeep.
Finally, EventBeep can generate revenue through ticketing for events, workshops, and seminars. The app provides a platform for event organizers to list their events and sell tickets to users. This revenue stream provides a way for event organizers to reach a wider audience and for EventBeep to generate revenue by charging a fee for each ticket sold.
The startup started with an initial community of 10,000 members and has grown to a present community of 60,000 members. This is a testament to the value that the app provides to its users and the effectiveness of its marketing strategy.
In terms of engagement, EventBeep has impressive figures, with 1800 daily active users, ~4500 weekly active users, and 9000 monthly active users. These figures show that the app is effective in keeping users engaged over time, with a significant proportion of users logging in daily.
In terms of revenue, EventBeep has generated INR 65,00,000 in the past six months. This is an impressive figure for a startup that is still in its early stages and shows that the startup has a solid revenue model in place.
Finally, the engagement time of 20 minutes every day is a strong indicator of the value that the app provides to its users. It shows that users are spending a significant amount of time on the platform, which is a positive sign for the long-term growth of the startup.
EventBeep had an interesting journey on Shark Tanks India, with multiple sharks showing interest in investing in the startup. Ashneer, Peyush, and Aman all offered 30 lakhs for 2% equity in the startup, with Ashneer also offering an additional 10 lakhs for secondary shares. However, Anupam and Namita stepped out of the deal.
During the negotiations, the sharks gave some valuable suggestions to the EventBeep team. Ashneer suggested giving credit to students instead of points, which could potentially improve user engagement. Aman Gupta suggested focusing on community building, which could help to increase the number of users and improve user retention. Peyush suggested focusing on technology, which could help to improve the app's functionality and user experience.
In the end, the EventBeep team was able to negotiate a deal with the sharks for 30 lakhs for 3% equity. This was a great outcome for the startup and provided them with the funding they needed to continue growing and developing their platform.
At Professional Saathi, we offer a range of business consultancy services that help businesses improve their performance, achieve growth, and overcome challenges.
We Empower Businesses with Expert Consultancy Services
Copyright 2024 © Created By KTPG PROFESSIONAL SAATHI CORPORATE CONSULTANT PRIVATE LIMITED, All Rights Reserved.
Leave Your Comment