Funngrow: The Platform for Teenagers to Monetize Their Skills

Funngrow is a startup founded by Anik Jain, Payel Jain, and Vea Jain, who are a family from Mumbai. The company provides a unique platform for teenagers who want to earn money by showcasing their skills. Funngrow provides opportunities for these teenagers to earn money by completing tasks and gaining hands-on experience.

Funngrow works by providing jobs from various companies that are looking for specific skills. The platform matches these jobs with teenagers who have those skills, and once they complete the tasks, they can earn money. The money earned by the teenagers is stored in a Funngro card that is provided by the company.

AIM OF THE STARTUP

The aim of Funngrow, a startup founded by Anik Jain, Payel Jain, and Vea Jain from Mumbai, is to provide a platform for teenagers to earn money by showcasing their skills. The founders recognized that many teenagers want to explore their skills and earn money at the same time. However, they often lack opportunities and resources to do so.

Funngrow aims to bridge this gap by providing a platform where companies can outsource work to teenagers based on their specific skills. Through the platform, teenagers can gain valuable hands-on experience and earn money, which can be useful for their future careers.

Furthermore, Funngrow aims to make the process of outsourcing work to individuals more efficient for companies. The platform matches companies with individuals who have the required skills, reducing the time and resources needed to recruit and screen candidates.

BUSINESS MODEL

The business model of Funngrow is based on providing a platform for teenagers to earn money by showcasing their skills. The platform matches companies that need specific skills with teenagers who possess those skills. The teenagers can then complete the assigned tasks and earn money, which is stored in a Funngro card provided by the company.

Funngrow earns revenue by charging a commission on the earnings of teenagers who use their platform. The commission charged is a percentage of the amount earned by the teenager for completing the task assigned by the company.

Funngrow's success is based on its ability to attract companies that need to outsource work to individuals with specific skills. The platform has been successful in registering with over 170 companies across various industries such as digital marketing, EdTech, gaming, and B2C. This allows Funngrow to offer a variety of opportunities to teenagers with different skills.

Moreover, Funngrow's model is attractive to teenagers who are looking to earn money and gain experience. The platform provides them with a flexible work schedule and opportunities to learn new skills, which can be valuable for their future careers.

TARGET MARKET

The target market of Funngrow, a startup based in Mumbai, is primarily teenagers who are looking to earn money by showcasing their skills. The platform is designed to provide a flexible and convenient way for teenagers to find work opportunities that match their skills.

Funngrow's platform is particularly attractive to teenagers who are interested in digital marketing, EdTech, gaming, and B2C industries, as these are the primary industries that the platform serves. These teenagers are typically between the ages of 14 and 18 and are looking for a way to earn money while also gaining valuable experience that can be useful for their future careers.

In addition to teenagers, Funngrow also targets companies that need to outsource work to individuals with specific skills. The platform offers companies a convenient way to find individuals with the skills they need, reducing the time and resources needed for recruitment and screening.

SALES AND REVENUE

Funngrow earns a commission of 10% on the earnings of teenagers who complete tasks assigned by the companies registered on its platform. The company's average project value is approximately 2000 rupees.

Funngrow's revenue is estimated to be 1.5 lakhs rupees per month, which is the amount earned from the commission charged on the projects completed by teenagers. However, the company also has an expenditure of 2.5 lakhs rupees per month. This means that the company is currently operating at a loss, with a monthly deficit of 1 lakh rupees.

In order to cover the expenditure and achieve profitability, Funngrow needs to increase the number of teenagers using the platform and the number of companies registered on the platform. This would increase the number of projects completed and the commission earned by the company.

The information also states that Funngrow has raised a CCD of 25 lakhs rupees. This indicates that the company has secured funding from investors to support its operations and growth. The funds raised can be used to invest in marketing and advertising efforts to attract more users and companies to the platform, as well as to cover the current operating losses until profitability is achieved.

FUNDING IN SHARK TANKS INDIA

Funngrow appeared on Shark Tanks India seeking an investment of 50 lakhs for 1.25% equity in the company.

Namita and Amit were among the investors who made an offer to invest in Funngrow. Initially, they offered 25 lakhs rupees for 10% equity and 25 lakhs debt at 12% interest. However, they modified their offer to 50 lakhs in exchange for 4.16% equity in the company.

After evaluating the offers, the owners of Funngrow accepted the final offer from Namita and Amit. The deal was finalized for an investment of 50 lakhs rupees in exchange for 4.16% equity in the company.

This investment will likely provide the company with the necessary funds to expand its operations, increase its user base, and secure more partnerships with companies. The partnership with Namita and Amit could also bring additional expertise and resources to Funngrow, allowing the company to accelerate its growth and achieve its goals more quickly.