Companies grow when the world needs them and they survive as long as they can address a real life problem that matters. Funcart.in also took birth to solve a major problem. It is an online store catering to the needs of kids’ parties, baby showers, bachelorette parties, stag parties, youngsters, theme parties etc. This New Delhi based startup founded in March 2015 recently received funding of USD 70,000 through HNIs. Today, in this session, we have with us Ritika Nangia, the founder of Funcart.in. Ritika speaks about the real life problem which she is addressing with the help of her dream venture Funcart.in.
Hi Ritika, we are happy to have you with us today in this session at conflatingVisions. Please tell us about yourself.
I come from a convent educated school Mater Dei convent and thereafter did my Bachelors in Commerce (Honours) degree from the reputed Jesus & Mary College (JMC), Delhi University. I pursued Masters in Fashion Management (M.F.M) from National Institute of Fashion Technology (NIFT), New Delhi and was the topper in NIFT. For specialization in International Business & Strategic Management, I went to Harvard University, Boston and got myself a certificate in these courses.
Being a scorpion, I am a very strong personality and always had the leadership traits in me, right from school days. I was the treasurer and secretary in JMC and organized entrepreneurial fests in my college days. I held leadership positions throughout my academic career and even in Harvard, I was the only Indian nominated to be on the cover page of Harvard’s prospectus.
Please tell us about your entrepreneurial venture Funcart.in.
Funcart.in is an online store catering to the needs of kids’ parties, baby showers, bachelorette parties, stag parties, youngsters, theme parties etc. We primarily deal in party supplies and fun items for adults and kids alike. Due to pester power, kids are the influences in many families, so I did see a lot of growth in the kids segment. Adults also party, like they do in the west and now we have the concept of baby shower, bachelorette parties, and bridal shower. Gifting on these occasions is very important and had become a big trend. I saw this as a sunrise industry and it will surely grow.
What were you doing before incorporating Funcart.in?
I was previously working in my family export business. I was heading an entire division on my own.
What made you launch such a venture?
I wanted to do something totally of my own. In 2014, I was married and thereafter thought of exploring new ideas in the ecommerce line. I really enjoyed planning events and making people happy, and all of these pieces fell into place with the creation of Funcart.in. I really thought the mom and pop stores dealing in party supplies are burning a hole in the pockets by supplying stuff at exorbitant prices. At the same time, you do not get the full range and the variety one is looking for. That is when, in the summer of 2014 was the birth of my baby Funcart.in.
How much fund went into you Funcart.in till date? What were the sources?
We initially invested $20,000 to start the business. We have recently received funding for the first time through HNI’s of $70,000 this year.
Do you maintain your own inventory?
Yes we do.
How big is your present team?
We started from a 2 members team, grown to seven member team and are planning to add more very soon.
How big you wish to become in the next 5 years?
I have never liked this question. During interviews I was asked where do you see yourself in 5 years? Not in my wildest dreams could I have imagined I would be here, answering this question however keeping your question into consideration our current focus is to expand our reach and hopefully 5 years down the lane a lot will be happening at Funcart.in.
How do you build a successful customer base?
We have always catered to the growing demand of adding new themes and increasing the variety of products, which in return is very well appreciated by our clientele and has them coming back for more. Parties are something where you try not repeating a theme and we help them by offering an array of themes that no other store can offer that too at a reasonable price.
What has been your most satisfying moment as an entrepreneur?
The sense of achievement when your idea clicks to the audience and when you receive positive and happy review from each of your client is one of the best feelings my entrepreneurial venture brought to my life.
Ritika have you faced any failures in your entrepreneurial journey so far? If yes, what lessons have you learned from them?
The biggest hurdle we faced in ecommerce is primarily the logistics. Logistics is not in our hands and being a third party organization, it sometimes becomes difficult for us to coordinate and understand the status of various shipments. Even the best of companies can lose shipments or delay shipments. Therefore, you really cannot guarantee your customer a definite time. That is why to be on the safer side, we advise all our clients to order 5-7 days in advance if ordering from remote areas and 3-5 days in advance if ordering from metros.
And, one last question of this session Ritika, if you have had one wish…
I am a pretty content person and knock on wood, I have been blessed in abundance. I doubt I have more wishes to make.