Nitin Khanna, Founder & CEO, MotorHunk
A New-Age AutoMobile Accessory Platform In Path-Breaking Journey
Founded in April 2018, MotoHunk is a brainchild endeavor by Founder and CEO Nitin Khanna, a next-generation visionary focused on breaking through the realms of traditional business practices in the automobile industry.
The futuristic leader's career started as an online seller for automobile accessories in mid-2015. Post devoting years of his life to his work, he focused on the feedback from various customers on regular basis and recognized various issues and problems customers were facing during their online purchase.
He discovered a surprising fact about the automobile segment, which implied that the segment comprises not even 1% of the total market online in India. Eventually, he came up with the idea of creating a platform or a channel where he and his team can resolve this issue and can provide a better experience to the users.
The automobile enthusiast since childhood transitioned his passion into his career as he completed his graduation in mechanical and automation. In building their dynamic team, he was accompanied by MotorHunk's senior management team equipped with profound experience in the same industry.
Today, they are heading the industry as a leading player savouring their position following the core principle of educating their clientele with the latest technology, the right quality of product, and provide them with the best deals.
In an exclusive interview with the visionary, Nitin Khanna conversed with The CEO Magazine's Editor Purnima Narang about his journey, challenges, and future ahead. Here are the edited excerpts:
Nitin: The value proposition of our company is to provide the right quality of products at the right prices and we help them to find the right product by the set of algorithms that are best suited to their cars or bikes.
Nitin: Motorhunk has already established itself in the market and now, has a substantial customer base across Pan India. And the biggest challenge we are facing is that the current market still works in an old-school manner and no one wants to get out of their comfort zone.
So, we must push the people to get them to realize the need for digitalization in the given sector. To make our growth exponential we are looking for some great funding options also.
Nitin: As a start-up, we initially focused on only the B2C segment of customers and we are facing a hard time getting new customers every day. We are into the business where the repeat cycle of customers is long. So, we cannot rely on the existing customer base for our continuing operations and growth.
Therefore, we had to get new customers every day to keep going. However, getting new customers every day into the frame is a difficult task and consumes a lot of marketing budget.
Hence, to decrease our dependency on funding for initial times we had introduced the B2B segment in our business model which allows us the business of superior ticket size and also our retained business.
Looking back, this has been the turning point for our business and helped us maintain substantial cash flow into our business.
Nitin: MotorHunk's values can be simply summarized by our tagline i.e "Your Automobile Styling Expert" which depicts that we are representing our self as an expert and not as a company that is interested only in selling goods to its customer.
We, at MotorHunk, work continuously towards providing the best guidance to our customers and let them decide which product is best suitable for them.
Additionally, we also keep them posted with the latest technology and marketing trends and what's the suitable price point for any given item it should not be overpriced or compromised in terms of quality.
Nitin: We have a bouquet of new ideas which we are going to implement on time to time basis. However, in this process, we assure our clients that every single step we are going to take forward will be the trendsetter. We are poised to smash the bounds of various old-school methods that are followed hitherto.
Nitin: "We should just focus upon building a strong brand and continuously improve our services for the betterment of our customers," is the best piece of advice I have received. Once we start doing this we will be witnessing substantial growth in our company as the customers will be happy to deal with us.
Nitin: For us, in the current scenario, success means the stage we had achieved to date. In the past 3 years of Motorhunk, we have successfully navigated through a journey from the time of actually having only a concept in our mind to executing it and now, to reach a place wherein we have crossed 1 million INR organically monthly sales target PAN India.
Even we would be happy to share that we had successfully served our services and delivered the products to our customers at more than 1500 pin codes in India till date.
Nitin: Until now our entire company is self-funded. But, yes we are actively looking for funding now especially for VC funding. This is sourced from our well-established business model and it's working great. Now, the funding will allow us to have a vertical graph of growth in next coming years.
Nitin: A piece of advice that I would like to share with the young entrepreneurs is none of the business ideas works on the paper, it has to be in execution from today itself and there is no tomorrow.
You cannot wait on-road for all the signals to be green for the next 10 KM at the same time, there will be some obstructions (Red Signals) in your way, but that will halt you for some time only, they cannot stop you permanently from reaching you at your final destination.
Secondly, never stop learning. It helps you to grow better every time you learn something new. For myself, the way we used to work a year back and the way we work today is completely different.
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