1. How your company started?
The company came out of stealth mode in September 2013 with the release of the Indix Product Intelligence app. Since then, we’ve evolved into a Data-as-a-Service business model. We’ve grown from about 35 to over 70 employees worldwide. We have also raised a total of $32 million in three rounds of funding.
The last one in March 2015 was led by Nokia Growth Partners, Nexus Venture Partners, and Avalon Ventures.
2. What was the vision behind it?
Indix is building the world’s first Product Information Marketplace.
We want to become a universal hub for product data so brands, retailers, commerce enablers, and developers can get easy access to reliable product information whenever they need it.
Businesses can use this data to power product search and discovery on their commerce sites, analyze the market and competition, develop Product-Aware apps, and build innovative commerce models.
3. Describes the services that you offer to your customers and in what way they are unique ?
We aggregate product information from all over the web through crawling, getting feeds from partners and customers, and other sources. The data is then structured, cleansed, normalized, and organized around key pivots like a standardized brand dictionary, and a common category taxonomy across the sources.
It is programmatically accessible through the Indix Product API and feeds. Our competitive difference lies in the scale, depth, and freshness of data that we have. With more than 35 billion product offers from 1,000+ sites and 50,000+ brands, only Indix has the scale and quality of product information needed to improve decisions on product assortment and pricing as well as power the next generation of digital commerce.
4. What are the difficulties which you have faced or you are facing?
Building a company from scratch is always a challenge, and the challenges are different based on each stage of the company.
When we first started, the challenges were around getting the right team on board and speaking to as many potential customers as possible to get a good understanding of the market.
After we got our first product out, it was around how we could sign on the first handful of customers and really make sure they loved the product. Now, it’s about how we scale the business.
One of the bigger challenges we faced was when we doubled the size of the team over a six-month period.
We underestimated the need for processes and structure and learned only after how challenging it was to quickly get a large group of people simultaneously integrated into our culture.
5. How your company is helping India to grow?
We started the company in Chennai with the idea of building a billion-dollar business from India, and we’re still working towards that. In that way, we are one of the many examples of Indian companies that are operating globally.
We are also working on technology problems that few others are working on worldwide. This gives Indian engineers an opportunity to solve hard problems in forward-looking technologies without
leaving the country. We believe we’re setting an example of not only being the best in India, but the best worldwide.
6. Your view on Startup India Campaign
It is encouraging to see the government take an interest helping address the issues that entrepreneurs and startups face in India.
While the startup community has grown significantly in the last couple of years, there are still several hurdles startups face today that the government could address (taxation, IP, etc.). Addressing these issues could significantly accelerate the growth of the startup ecosystem in India.
The Startup India Campaign has started to address some of these issues, but we would like to see more progress made and in a shorter time frame.
7. Our Message to entrepreneurs.
Don’t embark on the journey of building a company alone. It’s important to find one or two people with complementary skill sets and experience to join you.
Checkout some of our office time images in the slide view format :