Interview with Madhukar Manpuria, Founder at MyNewCar

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[This interview is sponsored by workspot.in , India’s leading aggregator of co-working spaces, meeting rooms and shared offices. If you have additional office space and are looking to rent it, please do list it on workspot.in. If you are looking for space for your startup, do visit workspot.in]

 

The world is seeing an online revolution and everything from clothes to electronics to food is available to be purchased online. The new category which is being added to this ever increasing list is of Cars. There have been portals for buying used cars but now you can even make online purchase of a brand new car. The start-up which is making it possible is MyNewCar.

MyNewCar.in is a Multi-Brand online showroom providing everything in terms of consumer needs; car comparisons, ordering test drive, financing, leasing and even booking a new car. The start-up which was founded by Madhukar Manpuria, a Kellogg-WHU alumni, is allowing hassle free booking of a new car with amazing offers by paying a refundable booking amount which is as low as 5000 INR. The start-up provides unbiased information at every step and assists the customers in getting the best deals during their car purchase journey.

We recently got an opportunity to interview Madhukar on behalf of the Digifire readers. Let’s see what he has to say.

What motivated you to start the company and what is it all about?

I am very passionate about cars and automobile industry. I have experienced the time consuming and painful car buying experience involving multiple parties and haggling and negotiating with them. Car buying is an emotional journey that should be accompanied by joy and happiness. More often than not, this exciting journey turns into a time consuming stressful experience creating quite a hassle. Our mission is to simplify the car buying process to a joyful experience by providing convenience & value to our customers.

What is the current Team Size?

We are currently a team of about 20 members and are rapidly expanding to increase our team size.

How did you hire your initial team?

During my Kellogg-WHU Executive MBA Program, I met Jürgen Thom and Christoph Behrendt. At that time, we were all working on different ideas. The three of us started discussing our ideas together, including MyNewCar. During our module in Hongkong, we decided that we should join forces. We “sealed the deal” with a handshake and formed DreamzVentures GmbH which put in the seed funding for MyNewCar.in. Moreover, I pitched the idea to my friends and network in India and formed the initial team consisting of 4 team members namely Konica Lishoy, Ankit Momaya, Himanshu Chanda and Snigdha Bhuia, taking charge of Design, Market Research, Development and setting up the Operations. Moreover, while pitching the idea to the car manufacturers, I met Mr Arvind Sinha who has more than 27 years of multi functional expertise in Indian automotive industry. At that time, he was heading the Corporate Sales for one of the leading car manufacturers in India. He saw the potential in MyNewCar which addresses some of the key challenges faced by the Automotive Industry.  He decided to join us as the Managing Director.  We launched our micro website during the December 2014 GOSF (Great Online Shopping Festival) organized by Google India with the help of the initial team formed from our network.

Which recruiting channels work best for you? Referrals/Job Boards/ Staffing Agencies?

We started building our team on referrals and are currently hiring from Referrals, Agencies and Business Schools depending upon the position.

What are the key factors that you look for in a potential candidate?

We look for people who share our core values of Trust, Discipline, Transparency, Communication and Customer Satisfaction. We hire candidates who are passionate about cars and are “Auto-motivated”. We consider our team members to be our biggest strength and hire people who share our vision and want to be a part of our success story but are ready to take up the challenges to reach our vision.

According to you how much is the competition in your vertical? How big is the industry? Who all are your competitors and what are your views on them?

India is the world’s 6th largest producer of cars with around 3 million cars sold in 2015. Based on the numerous market studies, India is expected to be among the ‘Global Big 3’ car manufacturers with about 11.7 million cars produced by 2030. The online market penetration for new cars is in its infancy with MyNewCar being India’s first tech start-up in the automotive sector, creating a one stop online ecosystem for new car buyers. We expect about 5-7% of car buyers purchasing their cars online by 2020. Most of the competitors started as used car marketplace and are moving towards providing information about new cars for car buyers. We focus on creating a One-Shop Online ecosystem with our channel partners and providing the new car buyers a hassle free car buying experience.  We welcome healthy competition to join us in solving the problems faced by new car buyers in India.

What are your marketing strategies? Do you take help of Social platforms to promote? Which channels have been very effective? Which marketing channels have been super flops?

Our Marketing strategy focuses on building trust and awareness with the consumers. We focus on digital channels besides referrals as more than 80% of car buyers search for their cars online. We use multiple channels within the digital space including Search Engine, Social Platforms and our Partner websites. The effectiveness of the channel depends on the objective that a campaign wants to achieve.

What has been your experience with paid marketing channels?

More and more companies are increasing their spending towards paid digital marketing channels rather than traditional offline marketing channels. Paid marketing channels help display the relevant advertisement to the customers effectively.

Can you elaborate on the Challenges in promoting your website / App?

One of the biggest challenges while promoting is to build trust with the customers while increasing the awareness among them. Besides that it is very important to engage the customers and understand the problems faced by the car buyers in India

What is the current traction? Can you share some numbers on Usage and Revenue?

We have sold more than 300 cars since the proper launch of our portal in March 2015 with GMV exceeding Rs 20 crores.

Based on your experience would you have any advice to the new Entrepreneurs/Startups?

Become an Entrepreneur if you want to try solving some of the problems that people encounter and if you are really passionate about it. During the course of that pursuit, if you make money then it’s totally fine. But you can’t become an entrepreneur just to make money. The most important ingredient for a successful start-up is to have the right team and build your product in collaboration with your customers while keeping laser sharp focus.

 

[This interview is sponsored by workspot.in , India’s leading aggregator of co-working spaces, meeting rooms and shared offices. If you have additional office space and are looking to rent it, please do list it on workspot.in. If you are looking for space for your startup, do visit workspot.in]

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