By Srinath Srinivasan
Gurgaon-based Appinventiv, a bootstrapped startup which makes applications for businesses in different sectors, stands out among today’s Indian startups. While most startups usually focus on one sector and try to develop expertise in it, either eyeing a large market share or sustained operations over the years ahead, Appinventiv operates in over 20 sectors, ranging from blockchain, retail, healthcare, hospitality to social networking.
Saurabh Singh, director, Appinventiv, says the secret behind its success is its investment in research and development and believing in its in-house teams. “When we started expanding our scope, we started scouting for talent who would study the market and give us a realistic picture of which technology to focus on and which sectors are looking for the technology,” says Singh.
Due to this, Appinventiv is able to manage acquiring clients and the gestation period to develop product/service base on a technology and take it to market. Being bootstrapped also helps the app development company to take quick decisions when it comes to venturing into new territories. This is also the reason Singh believes Appinventiv was able to go through the Covid-related lockdown relatively unscathed. “Banking, financial services and insurance (BFSI) and healthcare were sectors that grew greatly and enabled our business during the lockdown. We prioritised them. In the recovery ahead, we expect more digital adoption and believe technologies such as blockchain will see more traction,” he says.
In addition, Appinventiv has enabled early-stage startup businesses by helping them go through the initial phase of funding and further scaling by strategising digital operations. According to Singh, the company has helped its startup clients raise cummulative funds worth around $650 million, to date. “One of the things we focus on, once the business plan is set for a client, is to roll out its product as soon as possible,” he says.
Some of the top clients of Appinventiv include Ikea, Melltoo and Domino’s Pizza. Today, it has over 500 employees working from India, USA, Australia and UAE. Appinventiv has clocked over 75% growth in revenue in the first half of FY 2020-21 compared to the first half of FY 2019-2020 when the company’s revenues stood at Rs 40 crore. It aims to clock Rs 100 crore in revenue in FY 21-22.
When it comes to hiring talent, the app development company hires tech graduates and even ones without a degree. “Today, we are in a position to find talent irrespective of their qualification. Skills have taken the front seat compared to degrees, today,” he says.