Scholify's Journey on Shark Tanks India: Lessons Learned

Scholify is a startup founded by Mayank Parekh, a 30-year-old entrepreneur from Bangalore. The idea for Scholify was born out of Mayank's realization that there was a significant gap between students and the scholarships available in the country. He saw an opportunity to bridge this gap by leveraging the boom in corporate social responsibility (CSR) and launched Scholify.

AIM

The aim of Scholify, the startup founded by Mayank Parekh, is to bridge the gap between students and scholarships in the country. Scholify provides a platform that matches students with scholarships that fit their needs in just three easy steps. The startup's mission is to democratize education and make the scholarship application process easy and accessible for students who are unaware of the available scholarships.

Additionally, Scholify aims to become a unicorn company, which is a startup that achieves a valuation of over $1 billion. The company's founders and team are working towards this goal by continuously improving the platform and expanding its reach to more students across the country. By achieving this goal, Scholify can make an even greater impact in the education sector, helping more students access the scholarships they need to achieve their educational goals.

BUSINESS MODEL

The business model of Scholify is based on providing a platform that connects students with scholarship opportunities. The platform is free to use for students, but Scholify charges a commission to scholarship providers for each successful match. This commission is how Scholify generates revenue.

Scholify's commission structure varies based on the type of scholarship and the requirements of the scholarship provider. For example, a scholarship provider may offer a commission of 5% for a need-based scholarship, while a merit-based scholarship may offer a commission of 10%. Scholify's commission rates are competitive and designed to attract scholarship providers while also making it financially viable for the startup.

In addition to generating revenue from commissions, Scholify also partners with companies and organizations to offer sponsored scholarships. These sponsored scholarships can be promoted on the Scholify platform, providing an additional revenue stream for the startup.

Scholify's business model is based on connecting students with scholarships and generating revenue through commissions and sponsored scholarships. This model has allowed Scholify to scale quickly and register a large number of students while also providing a valuable service to scholarship providers.

TARGET MARKET

The target market of Scholify is students in India who are looking for scholarship opportunities. Specifically, Scholify targets students who may not be aware of the scholarship options available to them or may find it challenging to navigate the scholarship application process.

Scholify's platform is designed to be user-friendly and accessible to all students, regardless of their academic background or financial situation. The startup's focus on democratizing education and making scholarship opportunities more accessible means that the target market is broad, encompassing students from all socioeconomic backgrounds and academic levels.

Scholify also targets scholarship providers, including companies and organizations that offer scholarships to students. By partnering with these scholarship providers, Scholify can expand its reach and offer even more opportunities for students to access scholarships.

SALES AND REVENUE

Scholify, the startup founded by Mayank Parekh, has seen significant growth in its sales and gross profits since its inception. The company's current valuation is 6.67 crore, which is a testament to the startup's success in the education sector.

One way that Scholify generates revenue is by introducing a subscription fee for students. The subscription fee is economical, making it accessible to a wide range of students. The fee provides students with access to a range of benefits, including personalized scholarship recommendations, application support, and exclusive scholarship opportunities.

Scholify also conducts a scholarship test quarterly for subscription students, which holds 75% of the revenue. This test is designed to help students improve their scholarship application skills and increase their chances of receiving a scholarship.

JOURNEY IN SHARK TANKS INDIA

Scholify, the startup founded by Mayank Parekh, had a chance to pitch their business on Shark Tanks India. The pitchers approached the sharks with an ask of 50 lakhs for 7.5% equity of the company.

However, despite the initial interest from the sharks, no final deal was made. All the sharks stepped out, indicating that they were not interested in investing in Scholify at that time.

During the pitch, Shark Ashneer gave a valuable lesson on the importance of execution in business. He emphasized that execution is critical and comes above strategy and honesty. The market always informs you about the business, and if you don't pay attention to the execution, you will face losses. Execution is the differentiator, and strategy alone will not be enough to succeed.

While Scholify may not have secured a deal on Shark Tanks India, the startup's journey on the show is a valuable reminder of the importance of execution in business. By continuing to focus on providing high-quality services to students and scholarship providers, Scholify can continue to grow and achieve its mission of making education more accessible and affordable for all students.