How Important It Is For A Start-up To Have A Business Model? | SupportBiz

Sales and Marketing

How Important It Is For A Start-up To Have A Business Model?

We understand the value of time in today’s fast-paced world, says Swati Bhargava of PepperTap
A lot of angel investors from India and abroad are keen on encouraging startups. According to a report, India is the world’s fastest growing eco-system for start-ups. But to drive business every organisation needs to overcome certain challenges. Business strategy explains how a company's financial strategy is aligned to business growth.
PepperTap, a 2014 startup, recently raised $36 million in its Series B funding from Snapdeal, Sequoia India, SAIF and other new investors. They have introduced Live chat features in their app that will allow users to interact with the support staff and have their queries answered in a jiffy. In addition, PepperTap has also introduced the PepperCash feature which is a virtual in-app currency. This enables customers to get refunds for returned orders instantly. It cuts any credit/debit card related issues, making the experience of ordering grocery on mobile smoother and more seamless. The two new features enhance the customer experience and have been a huge hit with the time-pressed grocery shopper.
As Swati Bhargava, AVP – Consumer Experience, PepperTap, said, “We understand the value of time in today’s fast-paced world. This explains the overwhelming response to our Live Chat feature in the cities where we have introduced this. Whether it’s about pricing, timelines, quality of products, availability of specific brands or any other enquiry, no customer query will now remain unaddressed. We’re leveraging a unique technology that will reinforce our consumer-focussed approach and allow us to create a seamless channel of communication between our staff and customers. We’re the first hyperlocal brand in India to offer this facility to online grocery shoppers simply because we know how every customer values a quick, efficient and convenient home needs service provider”. Therefore, proper business strategy is very important to execute in the business as this helps the company to grow.
Rohan Arora, founder of Bueno a food tech start-up, thought of shutting the business several times but every time he ended up evolving their business model to emerge stronger. As Rohan states: "After receiving $600k Pre-Series A funding from Angel investors we intend to create lasting value and hence in the last 3 years we have seen many ups and downs in our journey and  have been on the verge of closing down at least 5-6 times. We have evolved our business model each time to come out stronger and were determined to stick it out & deliver a sustainable business model which can build a great & lasting business”. 
Picture courtesy: Pascal Thauvin (freeimages)