Proptech Start-up ‘FretBox’ Making Daily Life Easy For Hostels And PGs
In order to make daily life easier for housing communities by providing with optimum security, excellent communication and facility management, Fretbox -- a Proptech SaaS start-up was co-founded by Ashish Gupta, Bishnu Sahoo, Sidharth Kaul, and Pranjul Gupta.
Co-Founder and CEO Ashish Gupta shares how the team of four members created a SaaS company to help people smoothening daily chores, with Opportunity India.
Where Did You Get The Idea For Your Business?
Ashish Gupta: Numerous sources can yield business concepts. My business idea came from my partner, after identifying a gap in the market. The PG and Hostel market requires to be professionally managed, technologically advanced digital solutions tailored to each students’ way of life.
What type of services your company is providing?
Ashish Gupta: FretBox is a Prop-tech SaaS for hostels, and PGs. FretBox is a mobile app-based solution that aims to solve the security, communication, assistance, and financial challenges of hostels in over 1,000 universities and more than 5,000 educational campuses in India. Led by me, CTO Bishnu Sahoo, and COO Sidharth Kaul, FretBox has committed to the Digital India mission by 100 per cent digital transformation of these hostels in coming years. Three co-living chains of 45 PGs together recently signed with FretBox for the digital transformation of the premises.
What challenges did you face in running this business?
Ashish Gupta: Variety of obstacles confronts expanding enterprises. Fresh issues, possibilities arise as a business expands, necessitating different answers; what worked last year, or quarter might not be the best course of action today. For business to expand and prosper, you must be aware of and adept at avoiding frequent trap of expansion. It is imperative you take care that your actions today don't end up causing more issues in the future. Making the most of opportunities will enable you to produce long-term, sustainable growth. To name a few, Keeping up with the market, Planning ahead and cash flow and financial management.
What is the lesson learnt so far in this journey?
Ashish Gupta: So far, during the journey of our business, we have learnt that no matter what expectations others may have of you, always have faith in your own abilities and strengths. Right now we are at positive cash revenue and revenue model is validated across all locations.
Did you raise funds? If yes, how difficult was it or what type of difficulties you faced?
Ashish Gupta: Yes, recently. However, it's not just about fundraising but having selecting the best investor, finding the proper investor and persuading them to invest in your firm is a very, very difficult task. Investors may not see things as you do because they have different preferences. They are subject to limitations regarding their ability to take certain risks, the timing of their investments, and other factors. Finding the ideal investor who is enthusiastic about your project and has complete faith in you is really challenging. We are planning geographical expansion of our business in India, and aims provide new gate management services.
What tips would you like to give to budding entrepreneurs in the same business?
Ashish Gupta: I would like to suggest a few tips. Finding a market gap is important, Be aware of your audience. Never undervalue the influence of a strong business plan, Drive-test your concept, accept criticism, and learn from your errors, Create a robust network and make sure your funds are in order.
FretBox is an all-rounder application that has multiple features like a notice board, visitor log, booking amenities, digital assistant, surveyor, account and security desk, and much more. On top of this, they also have an AI that enables a 24x7 customer service where it is fully capable of answering all the common questions without the assistance of a company agent. The international template of the FretBox application comes with easy adaptations and rapid scalability options, with its own key product features such as the propriety advertising engine and customised customer-centric feature selections.