Founder Interview: Faida.com

Faida.com, a young Jaipur based startup is redefining how online shopping is done by bringing in cashless transactions that build on simple exchange of one good for another.

Who is the team behind faida.com and how did the idea conceptualise?

Faida.com is founded by Mr. Gaurav Jain and Mr. Vipul Paliwal with a vision to offer a win-win experience to its consumers/users through a unique market place model. Gaurav is the brain behind this unique concept. While he was in America, Gaurav realized that unlike in the US, Indians are much more attached to their stuff and seldom throw it away. It is here that the old concept of barter came to my mind. This would help us declutter our homes and exchange stuff we don’t need and at the same time help recycle and have something we need in exchange.

Vipul Paliwal faida.com

Vipul Paliwal – Co-founder, faida.com

This kind of bartering is quite new to India – what has been the consumer response till now? What are typical exchanges that you are witnessing?

This is a totally new concept and we have received a fantastic response. We have had more than 1 Lac Page views so far, and the number of product listings is growing by the day. Practically anything and everything is something people love to barter. Electronic items and décor related products are hot on the exchange list.

What is happening on the quality control front – how do you ensure correct items are exchanged in right condition? Plus, how does this work legally since there is no payment transaction, how does the ownership transfer?

Faida works in the following way:
You have to list your unwanted items at Faida.com. Then select item/items of your interest offered by another user. You then send an exchange request to that user. When your request is accepted, meet them up and inspect each other’s items, Exchange or reject items. We advise our customers to exchange within the city to ensure that both sides meet each other and ensure that they are getting what they need.
This works better as no cash is involved and exchanging is better than buying/ selling because it promotes recycling or reusability. A win, win situation is realized at Faida.com when one’s clutter is useful to another without any involvement of money. Exchange can benefit two parties alike.
Plus, how does this work legally since there is no payment transaction, how does the ownership transfer?
We are a Marketplace model where we bring people who have common interests / products to exchange together. Therefore, technically we do not have any answerability towards the legal aspect of the business. The people meet amongst themselves and decide on their own about whether they want to go ahead after checking the condition of the product in question, and then mutually transfer ownership.

This type of two way marketplace is notoriously difficult to get started since you need both sides to be present right from the beginning. How did you get the initial users?

The initial few users were got by running an offline campaign where we had door to door listing service in top few cities of India. Seeing their products listed on Faida.com, users themselves started logging on to the site and later got involved with the concept at a deeper level.

What has been your growth like and what are the future plans?

Faida.com was founded in the March 2015 and so far, we have been going as per plans. We are continuously improving our UI based on user feedback and introducing many new features in the site, like chat and online help. We shall also be coming up with our app in some time.

What is your one tip for aspiring entrepreneurs?

Hard work and unique concepts are the key to success in any business. Aspiring entrepreneurs should have a clear focus and know what services or products are in demand. Unique concepts always attract people and to give your brand a boost work on the trust factor to build it up.

Deepak
 

A bit of education, a byte of startups.

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