Buytheprice.com was an Indian e-commerce website. It was acquired by Tradus.com, backed by South African Media conglomerate Naspers.
In 2004 after 2 years experience at tech giant, Infosys, Ranjith signed up for a post graduate degree in management from IIM Indore, and got the exposure he needed to be an entrepreneur. However, he did not rush into it immediately, and job-hopped from CSC, a technology solutions provider, to eYantra, a brand merchandising solution, between May 2006 and August 2009. However, the latter was a B2B model, while he was interested in a B2C model. So he quit the company as head of e-retail to find out opportunities for his own venture. He spent the next few months fleshing out ideas, identifying potential investors and people to work with. Finally, in December 2009, he was ready to launch his start-up and MyZingo eCommerce Service Private Limited was born. This was the banner under which he floated Buytheprice.com in March 2010.
He was lured by the vast opportunity that physical consumer electronics market promised. To get started, he drummed up a seed capital of Rs 10 lakh, borrowed from friends and family. The initial investment was used to rent a small office at Banjara Hills, Hyderabad, which cost Rs 8,000 a month, and in recruiting a staff of five, of which three were coders and the rest were support staffers. It was a slow start. By May 2010, they were logging transactions, but only 4-5 a day. Worse, about four months into the business, the company needed a cash transfusion. he was helped by Pankaj Maderna, an IIM Indore classmate, who became his first angel investor, lending him Rs 20 lakh, which was invested in marketing.
Though he was in touch with distributors, he faced resistance, and not many were gung-ho about betting on a start-up. They didn’t even have a cash-on-delivery model in place. Before long, they were in dire need of funding yet again. Indian Angel Network invested close to Rs 50 lakh in their venture. They hired better people and invested in marketing and scaling up the product. Their funding and tie-ups with manufacturers enabled them to offer discounts of 5-40% on the market price. This not only helped them grab eyeballs but also generate a revenue. After gaining a bit of recognition, they started expanding their product categories and increased focus on selling. They tied up with deals websites, such as DesiDime and 27Coupons, and distributed their coupons to them. This meant that every time someone shopped through their websites with their coupons, word spread. That helped them gain presence and reduced their marketing costs.
Tradus.com, launched in 2009 and backed by South African Media conglomerate Naspers, had acquired BuythePrice in 2013.