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Haqdarshak is a startup founded by Aniket Doegar with a mission to help people in India access government schemes and programs. The platform is available on both mobile and web, and it provides information about the eligibility criteria for various government schemes. It also supports beneficiaries in accessing these schemes by using their extensive agent network.
Haqdarshak is addressing a critical need in India where around 90 crore people come from marginalized and below-poverty-line families. The government provides over 13,000 schemes and programs to help these individuals, but many people are not aware of these programs or are unable to access them due to the lack of information.
The aim of the startup, Haqdarshak, is to bridge the information gap and provide support to marginalized and below-poverty-line families in accessing government schemes and programs in India. The startup's mission is to make beneficiaries aware of the various government schemes available to them and help them navigate the eligibility criteria and application process. Haqdarshak aims to become the best social security company in India within the next 10 years and ensure that all 90 crore beneficiaries have access to government schemes that can help them improve their livelihoods.
The business model of Haqdarshak involves partnering with various stakeholders, including government departments, non-profit organizations, and corporates, to reach out to the target market. The startup generates revenue through various sources, such as fees paid by beneficiaries for services provided, commissions from government departments for disbursing benefits, and funding from corporates and non-profits for social impact initiatives.
The target market of Haqdarshak is the marginalized and below-poverty-line families in India who are eligible for government schemes and programs. According to the government of India, there are around 90 crore such beneficiaries who can benefit from various schemes, but many are unable to access these schemes due to a lack of information or resources.
Haqdarshak aims to make the process of accessing government schemes easier for these beneficiaries by providing them with information and support through their platform. The startup's target market also includes micro-businesses, which can benefit from government schemes, but are often unaware of the process or find it challenging to apply.
Haqdarshak, a social enterprise that helps marginalized and below-poverty-line families in India access government schemes and programs, has been able to generate significant revenue through its B2B revenue model. The app contains 40 to 45 questions regarding the basic information of the beneficiary, which helps the company to assess the eligibility of the beneficiaries for various government schemes.
As of now, Haqdarshak has 200 employees working in the company, including 150 part-time agents. The company has also trained 25,000 agents who actively work towards assisting beneficiaries in accessing various government schemes. Aniket Doegar, the founder of the company, holds 34% equity share, while the remaining 60% is shared between ESOPs and investors.
Haqdarshak has raised funding of ?1.25 crores at a valuation of 10 crores and ?6.6 crores at a valuation of 30 crores. The startup's revenue model is B2B, and it has had 110 corporate contacts so far. The company has been able to generate significant revenue, with sales of 15.5 crores in FY 21-22. The projected sales for FY 22-23 are expected to double to 30 crores.
The startup's EBITDA (Earnings before interest, taxes, depreciation, and amortization) is 7%, which is a healthy margin in the B2B sector. With its innovative business model and impressive growth potential, Haqdarshak is poised for further growth in the coming years.
The founder, Aniket Doegar, made an initial ask of 1 crore for 0.5% equity of the company at a valuation of 200 crores.
During the pitch, the startup received offers and counter-offers from three investors - Peyush, Namita, and Aman. Peyush gave an offer of 1 crore for 2% equity at the valuation of 50 crores. Namita and Aman gave an offer of 50 lacs for 1% equity at the valuation of 50 crores, along with 50 lacs debt at a 10% interest rate.
In response, Aniket made an offer to all three investors, Namita, Aman, and Piyush, to come together at 1 crore for 1.5% equity of the company at the valuation of 66.7 crores. However, the investors revised their offer to 1 crore at 2% equity.
Ultimately, the deal was closed with Namita, Aman, and Piyush for 1 crore at 2% equity and a valuation of 50 crores. This funding has allowed Haqdarshak to continue its mission of providing support to those in need of government schemes and programs. The company has been able to expand its operations and has experienced impressive growth, with projected sales of 30 crores in FY 22-23. The startup's journey shows the importance of perseverance, negotiation skills, and the ability to assess different funding options to secure the best deal for the company's growth.
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