“Raised Money at the Idea Stage”: Rashi Menda at Elevate 100
We raised money because of the team, says the founder of Zapyle, Rashi Menda at Elevate 100. Menda spoke about her experience during a panel on the future of internet of things, and using technology to power their businesses.
Rashi Menda got funding just at the idea stage, for her startup Zapyle which uses technology to help women choose what to wear.
“If you know what you are doing and are solving a real problem-and you know your audience, you will find investors,” she said.
It always comes down to the team. We raised money at the idea stage because of the team, she says.
“We believe that fashion cannot work without technology. Every consumer has so many options, and they want to make an informed choice,” she says. Her company solves the problem of what women want to wear.
Another panelist who received early success is Ranjana Nair. She set up Raybaby only three months ago. She has already sold 3,000 products, and has partnered with Johnson and Johnson.
What is the secret to success?
I created a good product Ranjana said.
“If you have a great product, things will happen. You don’t need a PR agency,” she says.
That being said internet marketing is required. The company’s first customers were in the US, and they did conduct one month of intense marketing where they were featured in US media.
For Rashi using technology means being able to read data properly. It is because Zapyle does this that they can advise women on what to wear according to their location, schedules and preferences.
The journey to entrepreneurship:
Firstly, there needs to be clarity in your head, says Rashi. Secondly, you have to be able to say that this is what I want. You also shouldn’t be apologetic. Thirdly, I knew that I was solving a real problem for which I needed to be there at every point.
Ranjana candidly said that she was there to make money! But above all, she was driven by the desire to make an impact, and she knew that she needed focus to do it.