Inc. india co cubes.com cover feature_dec.2011

19,779 views

Published on

Published in: Career, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
19,779
On SlideShare
0
From Embeds
0
Number of Embeds
18,350
Actions
Shares
0
Downloads
18
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Inc. india co cubes.com cover feature_dec.2011

  1. 1. CROWDFUNDING EVERYTHING YOU NEED TO KNOW Page 54The Magazine for Growing Com e g in w g ompanies PLUSHOW TOACE SOCIALMEDIA...AND HOW ACELEBRITYCAN HELP,FOR A PRICEPage 40 Harpre Grover preet rover who co unded ho co-founded CoCubes with his C s college buddy, y Vibhor Vibho e Goyal. Cool, UNDER 40 Amar Goel, founde , maa e nder, Komli Media has om Me ia, ha m acquired fiv cquir c e five com anies compan in 15 months. Meet the young guns behind some of INDIA’S MOST EXCITING VENTURES PAGE 26December 2011 | 150 | Volume 02 | Issue 10A 9.9 Media Publication
  2. 2. AMEERA SHAH 34 METROPOLIS HEALTHCARE | NITIN GUPTA 34 AND ROHAN GUPTA 32 ATTERO RECYCLING | DEVAL SANGHAVI SINHA 30 EKO | HARPREET GROVER 28 AND VIBHORE GOYAL 30 COCUBES | ANEESH REDDY 27 AND KRISHNA MEHRA 27 CAPIL- VIBHORE GOYAL AND HARPREET GROVER CoCubes For helping students find jobs, and companies, talent Vibhore Goyal and Harpreet Grover understand what makes people work—money, challenges and some wholehearted fun. It’s a considerable skill to have when your company connects col- leges and corporates across India, to help young graduates get great jobs. CoCubes, founded by college buddies Goyal and Grover, uses technology to make campus recruitments more efficient and transparent. Bigger cities and established campus towns like Delhi, Mumbai and Bengaluru have got their placement processes down to a fine art. But tier-II and III cities have an abysmal information asymmetry between recruiters and job-seekers, they say. A failed campus visit costs a company upwards of `1 lakh and many are hesitant to go to col- leges that haven’t pitched well. “Colleges don’t know what process goes into shortlisting them forABHISHEK & ANUBHAV SINHA recruitment and whether they’ll be selected or not,”explains Grover. It’s this gap that CoCubesEKO wishes to bridge—helping corporates get young blood into their companies, while bringing downFor banking on unemployment at the same time—in an environment akin to a war-like hunt for talent. Grover came up with the idea of CoCubes in 2007, when he was working with Inductis, athe ‘unbanked’ financial analytics firm, after completing his engineering from IIT Bombay. A placement offi-Understanding financial empow- cer from a remote college in Maharashtra visited him to invite the HR for recruitment. Threeerment was a deeply personal months later, he discovered that the company never visited the college because it was toughexperience for Abhishek Sinha, to reach the campus. So he called up Goyal, hisCEO of EKO: a financial inclusion geeky roommate from college, to see if theystart-up. In 2007, Sinha, who co- could do something about it. Goyal suggested an online model to bridgefounded EKO with brother Anub-hav, received a hefty cheque after “Around 10 lakh the information gap. “Around 10 lakh studentsselling his stake in his first ven- students gradu- graduate in India every year. About one lakh good jobs are available,” explains Goyal. Armedture. He splurged on restaurantsand exponential salary hikes for ate in India every with this insight, the two got to work and devel-his domestic staff. “Seeing them year. About one oped cocubes.com. It’s simple to use—place- ment officers upload student resumes andfeel empowered felt incredible,”he says. That emotion, coupled lakh good jobs marksheets online, ensuring firms get accesswith his last project—a mobile are available.” to authentic records, and students can “follow” companies they’re interested in. To add that funcommerce solution—at his tele-com firm, got the brothers think- quotient, students can upload video resumes toing about how the unbanked pep up their profiles.could be brought into the financial Alerts—dates of company visits and hiring formalities—are sent via SMSes. Instead of firmssystem using mobile phones. paying CoCubes per recruitment, Grover and Goyal only charge colleges `700 per final yearThus, EKO was born to act as a student registered on their platform. Till 2010, however, they charged corporates ` 5,000 perbank’s back-end for new account campus visit. By making it free for them, their turnover shot up from `40 lakh in FY 2009-10holders. To open an account, all a to `2.5 crore in FY 2010-11. The founders say the brainwave to turn around the company’sperson needed was a mobile revenue model came from the sales team, which is why they are as passionate about theirnumber and an ID. own hiring procedure as their clients’. “The one question we always ask before recruiting When the Sinhas went to someone is—tell us one thing you’ve done in your life that makes you proud,”says Goyal.banks, they encountered a bias. “That hunger to do something you can be proud of, is more important than any degree you“They had schemes for financial may hold or where you may come from,” finishes Grover. —Ira Swastiinclusion but treated people asbeneficiaries and not customers,” Sinha says. But, things don’t change fast especially in a highly-regulatedsector. So, the brothers went ahead helping banks fulfil their CSR targets, mainly to prove their technologyworked. EKO inked a breakthrough contract with the SBI in 2009, and started a mini savings bank accountscheme with them in Delhi. Account holders could withdraw and deposit money with these “mini accounts”. In2010, ICICI Bank also enlisted them. Today, more than one million people across 1,500 EKO centres—often runout of existing commercial establishments like chemist or grocer shops—in the NCR, Bihar, Jharkhand andUP, have new accounts, often their first ever. Over `1,500 crore has been transacted on these EKO accounts.The idea has attracted investors—`6.4 core by 4B Capital and $5.5 million infusion led by Creation Investmentsrecently. Sinha says EKO is still struggling with proof of concept. “We’ve proved that customers are willing to becharged for our services. We don’t need to be just cost centres.” —Shreyasi Singh34 | INC. | DECEMBER 2011
  3. 3. 36 AND NEERA NUNDY 36 DASRA | AMAR GOEL 35 KOMLI MEDIA | NAVEEN TEWARI 32 INMOBI | ABHISHEK SINHA 34 AND ANUBHAVLARY TECHNOLOGIES | INDERPREET S.WADHWA 39 AZURE POWER | SACHIN BANSAL 30 AND BINNY BANSAL 28 FLIPKART Standing Tall Ameera Shah thrives in the crucible that is entrepreneurship. Well Connected Vibhore Goyal and Harpreet Grover have made finding jobs and employees, a breeze. PHOTOGRAPH BY SUBHOJIT PAUL DECEMBER 2011 | INC. | 35

×