Entrepreneurship is not always about building products or selling them but sometimes it’s just about bringing the vendors to the consumers or vice versa. Partha Neog, an ISB Hyderabad alumnus, rightly decided to bridge the gap between brand stores and employees of giant corporate through his venture thedealspoint.com, leaving behind his plush job at 99acres.com. Partha explains the concept of his business, “We saw that branded stores like HomeShop18, Inkfruit.com etc. wanted to offer good deals to employees from big companies. We have facilitated this process by bringing the employees and stores together. Employees have access to all the deals through our site. We provide credentials to all the employees of the company with whom we sign an agreement through which they can bag good deals.”
Companies whom thedealspoint.com have aboard include GE, Aricent, Mu Sigma and HCL among others since its inception in January 2011. When thedealspoint.com signs a contract with any company, it gets access to send credentials and mails to the employees on their official email ID. And when the employee logs in to thedealspoint.com, they get access to the latest deals available on the portal. Explaining the marketing strategy, Partha says, “We send mailers once in a week to the employees informing them about the deals available. But to get the offers they have to through our site or redeem the coupon codes sent by us,” explains Partha. Deals could be like 5% off on Redbus.in or Rs 500 off on purchase worth Rs. 2,500 on Myntra.com. Vendors who want to create a niche market by targeting employees get a big market to sell goods and the employees get all the deals at a single shop.
Cofounded by two people, thedealspoint.com is a bootstrapped venture looking out for angel funding. K.C. Ramakrishnan, the other co-founder and an engineer by qualification, owned a software outsourcing company founding thedealspoint.com. The money doled out by angel investors will help them expand their business and the team which currently has four members. Based out of Delhi, the company hope to break even in February 2013. Talking about their revenue model, Partha shares, “When any service or product go through us, we earn a commission that has been agreed upon. We will be phasing out the commission model and are betting on the subscription model where we will focus on brand management. It will be a potential source of revenue for us in future.” thedealspoint.com also wants to build a mobile platform to tap the growing smartphone market in India. Offering more customised deals and telling consumers about the latest deals available on their credit and debit cards, is also on the cards, says Partha.