Buyhatke Company Profile

Background

Company Overview

Buyhatke, established in 2012 by IIT Kharagpur alumni Gaurav Dahake, Prashant Singh, and Srikanth Sethumadhavan, is a dynamic product and price discovery platform. The company aims to revolutionize online shopping by providing users with comprehensive tools to compare prices, track price histories, and access genuine coupons across a vast array of products. By aggregating data from numerous e-commerce platforms, Buyhatke empowers consumers to make informed purchasing decisions, ensuring they secure the best deals available.

Mission and Vision

Buyhatke's mission is to simplify the online shopping experience by offering a seamless and efficient platform for price comparison and deal discovery. The company's vision is to become the ultimate personal shopping assistant, leveraging advanced technologies to understand user preferences and automate the shopping process, thereby enhancing customer satisfaction and savings.

Key Strategic Focus

Core Objectives

Price Comparison and Discovery: Provide users with real-time price comparisons across multiple e-commerce platforms to identify the best deals.

Price Tracking and Alerts: Offer tools to monitor price fluctuations and notify users of significant price drops.

Coupon and Deal Aggregation: Curate and present valid coupons and promotional offers to maximize user savings.

Automated Shopping Assistance: Develop AI-driven solutions to automate purchasing processes, ensuring optimal pricing and convenience.

Primary Markets

Buyhatke primarily targets the Indian online shopping market, catering to a diverse consumer base seeking value and efficiency in their purchasing decisions. The platform's services are also extended to global markets, including the United States, Canada, Brazil, the United Kingdom, and others, through compatibility with various international e-commerce websites.

Financials and Funding

Funding History

Seed Funding (2015): In May 2015, Buyhatke secured its first round of funding, raising $1 million from Infosys co-founder Kris Gopalakrishnan and Japanese e-commerce company Beenos. The investment was aimed at marketing initiatives, product development, and team expansion.

Utilization of Capital

The funds raised have been strategically allocated to enhance the platform's features, expand the product catalog, improve user experience, and scale operations to accommodate a growing user base.

Technological Platform and Innovation

Proprietary Technologies

AI-Driven Personalization: Buyhatke employs artificial intelligence to analyze user shopping preferences, enabling the platform to offer tailored recommendations and automate purchasing decisions.

Price Tracking Tools: The platform features advanced price tracking mechanisms that monitor price trends and notify users of favorable purchasing opportunities.

Browser Extensions and Mobile Applications: Buyhatke offers browser extensions and mobile apps compatible with multiple platforms, providing users with seamless access to its services across devices.

Scientific Methodologies

Data Aggregation Algorithms: Utilizes sophisticated algorithms to aggregate and compare data from over 200 top websites in India and more than 30 leading websites in the US, ensuring comprehensive and accurate price comparisons.

Machine Learning Models: Employs machine learning techniques to predict price fluctuations and identify optimal purchasing times for users.

Leadership Team

Gaurav Dahake: Co-founder and Chief Executive Officer. An IIT Kharagpur graduate, Gaurav has been instrumental in steering Buyhatke's strategic direction and technological advancements.

Prashant Singh: Co-founder. Also an alumnus of IIT Kharagpur, Prashant has played a pivotal role in product development and operational management.

Srikanth Sethumadhavan: Co-founder and Chief Design Lead. With a background in design from IIT Kharagpur, Srikanth has been key in shaping the user experience and interface design of Buyhatke's platforms.

Competitor Profile

Market Insights and Dynamics

The online price comparison and deal discovery market in India is highly competitive, with several players offering similar services. The market is characterized by rapid technological advancements and evolving consumer preferences, necessitating continuous innovation and adaptation.

Competitor Analysis

Xerve.in: Offers price comparison and additional discounts across various categories, including fashion, electronics, and home appliances.

Pricehistory.app: Provides price tracking tools and historical price data for products on platforms like Amazon and Flipkart.

91mobiles.com: Specializes in mobile phone comparisons, reviews, and price tracking, catering to tech-savvy consumers.

MySmartPrice.com: Offers comprehensive price comparisons and product information across multiple categories, including electronics and home appliances.

Strategic Collaborations and Partnerships

Buyhatke has established partnerships with numerous e-commerce platforms to aggregate data and provide users with accurate and up-to-date information. These collaborations enhance the platform's ability to offer comprehensive price comparisons and access to exclusive deals.

Operational Insights

Competitive Advantages

Comprehensive Product Catalog: With over 30 million products from more than 300 websites, Buyhatke offers one of the most extensive product ranges in the market.

User-Centric Features: Innovative tools like price drop alerts, automated cart optimization, and personalized recommendations set Buyhatke apart from competitors.

Global Reach: Compatibility with international e-commerce platforms allows Buyhatke to serve a diverse and widespread user base.

Strategic Opportunities and Future Directions

Expansion Plans

Enhanced AI Capabilities: Investing in advanced AI technologies to further personalize user experiences and automate shopping processes.

Market Penetration: Expanding services to additional international markets and increasing partnerships with global e-commerce platforms.

Monetization Strategies: Exploring user-centric revenue models, such as a small percentage fee based on user savings, to maintain unbiased service offerings.

Future Objectives

Buyhatke aims to solidify its position as a leading personal shopping assistant by continuously innovating and adapting to market trends. The company is committed to enhancing user satisfaction through technological advancements and strategic partnerships, ensuring sustained growth and competitiveness in the evolving e-commerce landscape.