At the pinnacle of the popularity of online trading, there are numerous businesses and consumers who are very much active on online platforms. In order to make the overall concept of buying and selling safer and faster, commercial trading platforms are present where people can indulge in the same.
Taking into account the digital scale on which the world is currently operating, the aim of startups like PaTaaK is quite clear. PaTaaK is a virtual platform for the target audience with the objective of easing the initiation of trade and exchange.
PaTaaK mainly focuses on an online market where products are bought, sold and resold to the consumers who have a requirement of the same. The South Asian community present in the United States does not have such amenities which PaTaaK is planning to accomplish in the long run.
About PaTaaK from the founder himself
On a rainy day back in August 2016 as Jaipal was pondering over his work for the day, the idea of a building a dais for the South Asian community to buy and sell commodities and things safely, occurred to him. The start-up should be on similar lines as Amazon but solely focusing on the South Asians irrespective of whether they lived in their home country or abroad.
On asking Jaipal about the Eureka moment, he said “When we got our first account, that was the Eureka moment, and the date was March 15, 2018. A challenging achievement. With all the talking, convincing and every other thing in between, perhaps we never had to look back after that day. Today we have more than 100 clients to our credit.”
The challenge of a start-up was a huge one for Jaipal which he was aware of. As for any business, money was the prime criteria. He was starting off all alone with hardly any budget. He spoke to a few software companies regarding the application, but again the budget was the problem. During this time Jaipal hired Rajiv as his first employee.
Both of them together toiled for three months to work out an idea and the next few months were used to build an application. Finally, by June, their efforts bore fruit, and the incorporation of PaTaaK officially came into existence. Jaipal wanted to do things differently, and though they received their first investment, they had to put in much of effort to explain to the people what they intended and its necessity.
Jaipal said, “Though there were rejections in the beginning when we received our first investment, we could see that people had confidence in us and things would work out. I think I have already put forth how I arrived at the idea. Anyway, the name PaTaaK also struck me back in August. The meaning of PaTaaK means fast, and that was exactly what I wanted to convey. Building and an online platform having a marketplace that was quick and easy.”
Fuelling the engine of PaTaaK – The Core Team
With the support of the founder, the first employee of the business organization Rajiv is at present the Vice President of the company. The founder has immense respect for the 25-year-old young entrepreneur and regards him as the co-founder of the esteemed organization.
The foundation of the idea, concept and the culture was laid by the founder, but all the execution of plans were done by Rajiv. This is the level of coordination and teamwork among the two of them which raised PaTaaK to a new level today.
Rajiv was instrumental in hiring the first list of employees. With this initial lot of 20 employees, PaTaaK currently houses 18 individuals who are ready to venture out and target a novel set of audience.
PaTaaK has a core team of:
The Founder: In the field of Information Technology, this is Mr Jaipal’s first start-up. The veteran entrepreneur though has another three start-ups to his credit in different market segments.
Rajiv: He is the driving force of the company and is the 25-year-old young Vice President of PaTaaK. His hard work has helped the firm to be a bigger and better driving force in the information technology sector.
Company’s investment and growth
Initiating a start-up can be extremely challenging with limited investment during the initial days. Regarding this, the founder of PaTaaK expressed, “Oh, this was obviously the most challenging aspect of establishing PaTaaK. When Rajiv joined, we were working on a negligible budget till November 30th. We have two years of payroll to our credit. There were few small investors who believed in the idea and supported us with the budget.”
The support of short term investors helped PaTaaK achieve the required platform and slowly started to generate results in the long run. “Doing things have become much easier now, thanks to technology. Whether it is training or presentation, the issue of any type can be resolved by staying in one place. The revenue for the first 12 months is around $35000 expense. The next 12 months crossed $70,000. We are just around the corner, about 80% of it now.” Claimed the PaTaaK founder.
He continued, “It was surely boot-strapped funding. Maximum funding was done by me with few friends putting in some minimal funds. The sales revenues are encouraging. In all the funding is basically from friends and families.”
Looking into the Future of PaTaaK
PaTaaK is looking forward excitingly to its official launch in two thousand nineteen. PaTaaK will be making its mark in the Indian IT Industry by coupling itself with OOEvent.com which will consist of all online South Asian events. The company also has two subsidiaries, namely JAiCOUPONS.com, a listing site which was started in 2017 and WebRowdy, a digital media agency incorporated in 2018. Simultaneously the management is working on 4-5 other ventures which will provide a boost to the start-up idea, that is PaTaaK, and raise it to a new level of success.