Noida: The newest kid on eCommerce Startup block, GharAyaMeraMochi.com, has received the biggest venture-capital funding for startups yet. With $50 Million, it is now set to become the choicest destination for those who want to shop for the best and the cheapest shoe-repair service right from the comfort of their homes.
In a recent interview, when asked about what sets GharAyaMeraMochi.com apart from other eCommerce Startups, Founder and CEO Nutan Diwaniya replied, “It’s different from other eCom sites in that it fulfills one of the basic needs of an Indian woman. Most Indian women select their footwear on the basis of its aesthetics and not quality. After wearing a new pair of sandals just once or twice, most of them experience a separated heel or a severed strap. Dumping a new pair of sandals in the bin isn’t really an option for any thrifty Indian woman and so she goes out looking for a Mochi. The process of getting her sandals repaired is fraught with difficulties such as time-management and price-haggling, and its outcome is usually uncertain.”
But how did Nutan Diwaniya get this 50 Million Dollar Idea?
“I am a woman, you see?” She said.
We saw and nodded.
“I have 38 pairs of sandals in my shoe-cupboard, and at any given moment, at least two are in need of repair. I’ve know the agony and the pain of the buy-wear-repair-wear-repair cycle, firsthand.”
For Diwaniya, the idea occurred quite serendipitously. She had just returned from the market, having gotten her newest pair of sandals repaired, when her neighbored popped her head out of the door and they started talking. The conversation obviously gravitated toward Mrs. Diwaniya’s repaired sandals, and her neighbor then did what neighbors usually do. She made Mrs. Diwaniya experience the sick feeling that Marketing Gurus call, the Post-Purchase Dissonance or Buyer’s Remorse. According to her neighbor, she could’ve got it done for just a third of what she paid, had she gone to her Mochi.
According to Nutan Diwaniya at GharAyaMeraMochi.com, a lady with broken sandals could use a map-based application to find the cobblers in her vicinity, compare their prices and determine if any of them is offering any discount, view the ratings left by previous customers, and then have their chosen Mochi pay a house-visit, at a convenient time. There is also a 24×7 Express Response Service (ERS), which could be availed of by paying just 10% extra.
When asked if she thought that her venture had a future, or whether it was part of the eCom Startup bubble that some say could implode soon, she quirked her eyebrow and said, “the $50M is in, isn’t it? And it’s all Equity!”
Then, almost abruptly, Mrs. Diwaniya left. We heard a leather-strap snap somewhere.