Founded in 2014 by Mridhul Prakash and Sunny Thandassery, BluSynergy aims to transform the way organizations bill and collect dues from their customers/stakeholders.
With customized solutions for its clients, the company has forged key relationships with various banks and payment gateway partners. We chat with Mridhul about the venture. An excerpt from the interview:
- What made you start your venture?
The idea of BluSynergy came to Sunny Thandassery several years ago. He had been working in the United States for decades with financial and billing systems in multiple senior roles architecting key technology platforms.
He brought up the idea with me, I, at the time, had decided to pursue my interest in the insurance space in India- focusing on providing insurance to vehicles. This was around the time policybazaar was moving towards vehicle insurance in a big way.
Since the insurance industry is strictly monitored by the IRDA, the business model envisioned was not workable as IRDA had laid down guidelines on the maximum revenue a licensed, third party could legitimately make. A lot of “new age” companies were coming into existence focusing on multiple niches providing various types of services. Investors were seen pouring money into these startups.
Some of these good ideas didn’t seem to have a revenue monetization strategy. It became apparent that the majority of these companies would need to have a revenue model to help them make money.
These companies would also need to be nimble and flexible to change based on market requirements. It was decided to provide a billing and payment collection system focused on the growth economies of Asia – with a focus on India.
Bill due notification (via email, SMS and even voice calls) for startups was a key feature for startups to be able to behave like big companies. Our clients’ customers can now get even a voice notification stating that their invoice is due or has been past due (as the case may be). Our standard offering provides email notification and the SMS and/or Voice notifications are available in the premium product.
- What has been the key to your business’s success?
We have a product that can help make companies lives easier – by enhancing revenue management opportunities while at the same time reducing the order to cash cycle.
- What are the major challenges in your line of business and how did/do you overcome them?
Finding the right talent – who shares the same value system while having the required skills for the job.
- Do you have a mentor who guides/advices you on matters of the business?
Our Customer First philosophy has helped guide us in most cases in the business (described in detail below). In addition, we have several seasoned business people – some of whom encourage us to take on more risk, while others advise caution. This way we have a mix of both opinions and that has helped us keep our sanity.
- Have you benefitted from the use of any specific technology for your regular operations?
We have tried to use best of breed for our operations. They have enabled us to optimize our operations.
- What strategy do you follow for Customer Satisfaction & Expansion?
We have a “Customer First” policy. We encourage our team members to put themselves in the position of customers and think. This helps team members adopt an empathetic approach to business – which ends up in “Customer Delight”.
- What, according to you, are the top 3 skills needed to be a successful entrepreneur?
- Ability to “see the forest from the trees”
- Ability to take critical decisions in a timely manner (take a gamble)
- Be a people person.