As part of our relentless pursuit to identify and share with our community some of the unique and compelling startup stories from the ecosystem, this week we spoke to Team Takeoff to understand more about their journey, their vision and the way forward. Takeoff is India’s first-ever mutual fund distribution platform for non-individuals. Let’s read their unique story.
Excerpts from our exclusive interview with the team:
We are aware of your contribution to the ecosystem, tell us a little bit about your startup and the problems you guys are solving.
There is no doubt about the fact that mutual funds are an excellent source of investment. High returns with minimal efforts? Who would not want that?
It comes as no surprise that the Indian mutual fund industry is growing so fast. Between 2011 and 2021, the assets under management have grown over five-fold. There are a plethora of solutions out there that facilitate retail investments in mutual funds and optimise the process. But when it comes to non-individuals, there is just avoid.”
This is the problem that Takeoff aims to solve. As per the latest statistics, non-individuals contributed to only 0.8% of the total investor accounts.
In spite of that, they made up 46% of the total assets. Can you imagine how fast the industry would grow if we managed to increase non-individual participation?
Takeoff has launched an all-inclusive platform through which non-individuals can onboard easily and invest in any scheme from any AMC at any time.”
The platform has been crafted exclusively with the ever-changing needs of businesses in mind and has reduced the process from months of paperwork and documentation to a few minutes with a few clicks.
‘Takeoff’ is such a unique name; talk us through more about it, please?
Takeoff provides a gateway to investors. It is a launching pad of sorts through which non-individuals can enter the mutual fund investment space and earn sky-high returns.
The name indicates the fact that you are entering a different dimension. All the previous issues about offline documentation, limited choices will be left behind.
Takeoff is the beginning, it is the first step to the rest of your life.”
During this COVID-19 crisis, what are the measures you have undertaken to continue your business without disruption?
Our platform was entirely ideated and created during the COVID-19 crisis. We started the process while in work-from-home mode. In October 2020, we moved to Hyderabad. To limit exposure to COVID-19, our small team rented a house together and we commenced our home office from the same location.
It is only now that the COVID-19 situation is slightly better that we have expanded our team. Even then, all our team members are vaccinated, at least partially. We ensure masks and social distancing to limit exposure.
How do you manage to keep going despite the challenges? What drives the team?
We started working on this platform with a common vision – to create a comprehensive solution for all non-individuals in India. The injustice of the current scenario rankles us.
Why are retail investors getting all the benefits while institutional investors are left out in the rain to fend for themselves?
Do they not deserve access to the limitless bounties of mutual funds?
If the investment process for retail investors is as easy as online shopping, why should it be any different for non-individuals?
We are a diverse group of misfits from different parts of the country. We have come together with one common goal – to add our own mark to the fintech space. We believe it is our responsibility as educated conscientious adults to find solutions to the problems that exist around us. After all, is that not what innovation is all about?
If we can contribute even a little bit to the mutual fund investment space, we will know that our efforts have not been in vain.
What has worked well for you so far?
To reach success, it is very important that the goals of the team align with the goals of the company. In that regard, we have been very lucky to have acquired a stellar team who have poured their hearts into making this product.
You must find common ground. Our team members all share an innate love for problem-solving. The satisfaction you get when you solve a nagging issue in the system is incomparable – that is what drives us, and that is what rewards us.
Correctly identifying the skills of an employee has enabled us to involve them in the right team.
We don’t believe that the marks you get or the degrees that you acquire can truly define your worth. People work best when they can relate themselves with their work and immerse themselves wholly in the creation process.”
This attitude has worked for us and has helped us acquire the best team that we could have asked for.
What is one strategy that you guys believe has helped you grow as a team/startup?
The only strategy that works, in this case, is to attach yourself to the product. You are not a separate disjointed piece in the puzzle – you are the puzzle itself. If you can start identifying yourself with your product, true magic happens. It is no longer just a job – it becomes personal.
Our team and our startup have grown to what it is today because we managed to find common ground. We eat, sleep and breathe our product, and that is why we have managed to solve the issues we encountered along the way.
Our team has a problem-solving mentality – once we face a roadblock, we keep thinking about it and tossing and turning with different approaches until we find one that works. There is no tried and tested method – you have to have the courage to experiment and to deal with the pitfalls.”
This strategy has helped us grow – both in the personal sense and as a team.
In your opinion,what is more necessary: An idea or a good team for a successful startup?
The idea is the starting point – it is the fountainhead from which the process commences. However, to make a startup successful, you need to be able to execute the idea. This process is about a hundred times more difficult.
The importance of a good team is, therefore, paramount for a successful startup. While you need people with vision, without people who have the skillset to make those visions a reality, you are just a group of dreamers.
We have been blessed with a very talented team. They are the reason we are here today.
What advice would you give students and young professionals who want to have a successful career?
The only advice, although it may seem cliched, is to find your interest and follow it. Don’t be afraid to spend some time discovering what your passion is.
To have a successful career, you need to give it your all – the work does not end when you log out for the day. You have to devote yourself – mind, body and soul – to find success. If you find a job for the sake of finding a job, you will not be able to find mental satisfaction. The joy you get from following your interest is indescribable – everyone deserves to experience it in their lifetime.
BrilliantRead is committed to bringing stories from the startup ecosystem, stories that reshape our perspective, add value to our community and be a constant source of motivation not just for our community but also for the whole ecosystem of entrepreneurs and aspiring individuals.
Note: If you have a similar story to share with our audience and would like to be featured on our online magazine, then please write to us at [email protected], we will review your story and extend an invitation to feature if it is worth publishing.
