How about an opportunity to own a smartphone or an electronic gadget at just 1% of its maximum retail price?
Dreampot, an e-commerce application developed by a Kochi-based start-up, offers that probability through a concept that it regards as ‘an alternative way to shop’ by gamifying the e-commerce experience.
“The best price offer gets unlocked to all users who pay 1% of the offer price. When the number of such potential buyers of a product reaches 100, we apply an algorithm to select a winner who gets to bag it without making any further payment. However, the remaining 99 users do not lose what they have paid but get to redeem it either fully or partially on the same or other products over a period,” says Azhar Seyad, founder CEO of Dreampot.
Till now, the app has recorded 3.65 lakh downloads and shipped products to 25 States across the country. The app predominantly offers smartphones, electronic gadgets, and small home appliances. The app has listed all the nearly 2,000 winners, who are predominantly from Kerala, which remains the focal area of the start-up.
“We are rated 4.3 stars with more than 10,000 reviews on Play Store, it shows how people are enjoying using our app,” says Nizaj Salim, Cheif Experience Officer, Dreampot.
Dreampot is among the 15 start-ups from India selected for the Scale up Game being organised by the Department of International Trade of the United Kingdom as part of its entrepreneurship programme. The event, being held in Birmingham between March 4 and 10, will feature multiple events and networking opportunities.
“They were looking for innovative start-ups with a model fit for scaling up globally. The idea is to get those start-ups to develop that model in the U.K. ecosystem,” says Mr. Seyad.
Though Dreampot turned functional in July 2021, it achieved traction around last August. Though registered with Startup India and the Kerala Startup Mission, the start-up has not applied for funds from any of these agencies.
“We are planning to scale up, the response has been tremendous with minimum market efforts in Kerala. With the response and traction we have received, we are now looking to raise funds to fuel our growth further in Kerala and other markets. The focus will be on marketing and improving the tech,” says Lijil Lakshman, CFO, Dreampot
