By Murali K.R., Getextrabux founder
Elevator Pitch: Getextrabux is an online shopping portal which has partnered with more than 150-plus online leading stores like Myntra.com, Jabong, Snapdeal, Groupon, Indiatimes Shopping, Flipkart, Zovi, Babyoye.com, Yepme.com, Freecharge, Firstcry.com, etc., with more than 100,000 products to choose from. Getextrabux is a leading shopping window which provides rewards and real cash back on every purchase made through us at your favorite stores we have tied-up with.
Product/Service Description
From attire to wall posters, and online ticketing to recharge, one has access to a wide range of products. You choose a store, grab the discounts and deals from the retailer, and on top of this you ‘get extra bux’ (real cash back) from them on every successful purchase made.
Online stores like Flipkart, Myntra and Snapdeal will pay us a commission for every sale made through our portal and we will give back close to 90 percent of the commission to our customers for their loyalty.
Founders’ Story
The men behind the scenes are Mohammed Wasim, who holds the experience of running a software firm, and me—Murali K.R. I worked as a financial analyst for Northern Trust before working on Getextrabux. We both hold a master’s degree from Australia.
Post-graduation, we had the opportunity to stay and work in Australia, but we headed back home as we wished to create better employment opportunities for our own people and also do something that would benefit the masses.
Together we have worked on developing close to 40 ecommerce portals for clients all across the world in technologies like Drupal, Creloaded, WordPress and Codeignitor.
The cash back on shopping concept is new to the Indian crowd; however, in the USA there are more than 20 websites which work on the cash back concept. This motivated us to start working on such a concept. Hence, we designed and developed Getextrabux for the Indian market. Our main motive is that people can save better while they shop.
During our initial days, we had a soft launch only for family and friends and had got some minor feedback. However, after working on those bugs, we went live. It’s been two months since our launch, and we have grabbed 500 sign-ups.
Market Opportunity
The Indian market has rocketed sky-high in terms of online shopping, which gives us an opportunity to make online shopping more beneficial. As a matter of fact, who would not want to save money while shopping?
This Diwali, the ecommerce portals made more than 5,000 crores in terms of online transactions in just a couple of days. According to recent studies, the number of online shoppers in India will grow 60 percent by 2015 to reach 39 million, and the size of the ecommerce market will be at $70 billion.
So, the more we create awareness about our cash back concept, more people can save their hard-earned money
How We Differentiate From the Competition
While there are many cash back websites in India, Getextrabux has grown as a one-stop option among smart shoppers. Our online shopping portal operates on a straight-forward and fairly simple assertion. Despite being new to the market, we have a rather different approach in contrast to other coupon websites in India. We simply believe in availing you with cash back to make your shopping experience more pleasurable.
The customers also have the option of donating their cash back earnings to charity.
Marketing/Promotion Strategy
We are focused on going viral and target the tech-savvy audience from this era onwards. We are using Facebook and Google ads to create more awareness and get a large market share. We are currently working on our next feature, which is a price-comparison engine where people can search for a particular product and get the lowest price available in the market from over 150 stores.
Business Model
For each order you place, we get sales commissions from the stores, out of which 90 percent of the amount is transferred as cash back to your account maintained with Getextrabux. This is how the process goes on and brings lucrative opportunity with each product.
Cash back is generally a percentage of the total cost you pay for buying a product. For instance, you choose a store, Myntra.com, through Getextrabux.com. You purchase a pair of sneakers at Rs. 500. The MRP of the sneakers might be Rs 1,000, but you have used a coupon code or discount voucher of 50 percent and at checkout your final price is Rs 500. Once this is paid and the order is processed successfully, Myntra.com will pay an affiliate commission of 12 percent, i.e. Rs 60. This commission varies from store-to-store and product category as well. This process will take between 30-to-60 days. Out of this 60 rupees commission received, Getextrabux will pay back 50 rupees back to you as cash back.
Current Needs
We are trying to find some good developers and designers.
We are looking for some funding from Angel investors—required: $500,000-to-$800,000.
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Website: www.getextrabux.com
Founders: Murali K.R., Mohamed Wasim Raja
Headquarters: Bangalore, India
Investors: Bootstrapped
Year Founded: 2013
Employees: 10
Twitter: @Getextrabux
Facebook: facebook.com/Getextrabux.India
