Mumbai: Most people aren’t too attached to a brand, so they are going to shop wherever they get cashback. This is the present day norm. Companies don’t spend too much time in building their brands and applying pull marketing to their products anymore. Don’t know how long the companies can sustain this kind of programme, but from a customer point of view, it couldn’t be better. Cashback programmes are run to incentivize new customer acquisition or to increase the frequency of transaction among existing customers. Almost all apps offer cashbacks nowadays. But what Harneet Ahuja and Jagdish Malik did with the cashback they received is astonishing. Harneet and Jagdish were able to fund their own startup with the cashback received from 100 startup apps installed in their smartphone.
The idea which started as a hobby of ordering everything online later transformed into a big investment tool for both of them. Harneet and Jagdish, who met for the first time at a B-School, and became friends thereafter, were regular users of all e-commerce and food delivery apps. They used to transact on one app and when no more cashbacks were available they used to swiftly shift to another app. This cycle continued until one fine day they realized the potential of all such cashbacks. This is when they started installing every small app which was launched in the market.
They started keeping tabs on all cashback offers in the market and after a period of 4 years, finally, they had enough money to start their own company. harneet and Jagdish have started their own e-commerce company with no outside funding and no debt. They are pretty clear that the working capital will also be derived from regular cashback offers and they have a team of youngsters who are busy using apps to get more and more funding.
The idea is surely going to inspire many youngsters in the country who are busy using apps without realizing the true potential.