iXiGo was launched in 2007 and the company grew organically (didn’t spend any money in Google adwords) and built a consumer brand in travel space. iXiGo raised funding from BAF Spectrum. From our interview with Aloke’s (in 2009):
Angel-groups / Seed / Very-early stage investors in India are still a riddle to me. I met 4 such funds several times over several months in 2007 and none of them even started discussing terms, but all of them continued showing some interest every time we met. On the other hand, I had a signed term-sheet with BAF Spectrum within 4 weeks of the first call with them. So, my experience (which might be biased) is that Indian seed-stage investors end up wasting a lot of the entrepreneur’s time. Seed-stage investing should be about investing in a strong team, a large target market and a nifty product. If our seed investors waste time questioning which approach to take, discussing reasons why you will fail, spending weeks on building financial models and looking for revenue growth, we are never going to fund the next Google in India. In addition, what I have heard is that in India, seed terms look a lot more like VC investment terms, which means the entrepreneur probably does not have much space left after his next round.
Later, iXiGo raised $18.5mn from SAIF Partners & MakeMyTrip (read our coverage of iXiGo funding) and couple of months back, the company announced some of the new initiatives they are working on (Trip Planner), which actually is the most ambitious project for the company.
At UnPluggd, Aloke will share iXiGo journey – importantly, how the company was able to achieve traction without spending in advertising $$s and most importantly, why you should not rest on laurels. To give you an example, iXiGo has changed its homepage to reflect the new found ambition – which surely means that a lot of users will just drop off after the visit to homepage.
So how does one decide a drastic step like this?
How do you shake up things (when nothing is going wrong)?
Aloke’s topic is : Fifty Shades of Orange !