tickexams- a timepass startup

The story of tickexams (a poor startup by poor people for people) aims to put in words the struggle of a start-up in general and ed-tech in specific. Directly going to the story.

Day 1–58:- Maybe later if I get time and mood to write.

Day 58:- We (actually I) met a prospective investor today. As I always do, I try to reach early although the cab missed the right turn and we have to come through the wrong side. I was well dressed in all blazers etc (Founder look).

The conversation started with greetings ( ‘As-salaam’ since he was a Muslim too :p). I gave him my business card and we started the ‘timepass discussion’ since we were waiting for one more person to join us. It went around successful business stories, startup story’s, book names (traction), and a few random conversation about vague topics.

Entered the second guy. He had a scholar look. Sleeve jacket over formals. His look was a perfect blend of gray and white. Big pentagonal transparent classes. I gave him a brief (but detail) intro of myself.

In short- Engineer Graduate- UPSC IAS Aspirant-Grofers deputy area manager-Educator at Unacademy and Byju’s, Dr Rajkumar academy for civil services— Master in Public Policy-Director at VOGO Automotive Pvt Ltd- Founder tickexams.

I started my presentation (ppt). This was the third time, I was giving the same presentation. I realized a few more mistakes to be corrected for a future investor pitch.

Review:-
1. We are doing too many things, we need to concentrate on the product for competitive exams only. I replied it is because of demand from the market.
2.Our pitch is not VC or Angel investor
3. We need a rich co-founder or partner to help us with money now.
4. Our B2S and B2B collaboration is a good idea.
5. We need a lot of improvement and guidance ( but he didn't tell me how and who will give)
6. Our Profit and Loss statement needs improvement
7. There is no rationale behind our valuation certificate ( But he contradicted it by saying we should raise $1 million and not 40 lakhs ). It was confusing.
8. Why will a VC will invest in our Startup? I said at 530 users, we are valued at 4.5 cr and once we get traction, our valuation will become four times and he can dilute. He said it's not like that.

Conclusion:-
1. He said, he will submit a positive report about us to the board.
2. Asked us to prepare more for the investor pitch.