Do you know that only 8% of global IT product companies with market value of more than a billion dollars have a presence in India? The downside of this is that Indian enterprises do not get the benefit of these new-age solutions and a choice of competitive solutions in the marketplace.
Why is it that companies do not want to enter India, hailed as the most exciting and fastest growing market in the world? “This is the question that bothered us and which is why Lyncbiz came into existence,” says Sandeep Mathur, managing director of Lyncbiz, a Mumbai-based start-up founded by six former Oracle senior sales employees. “We realised that there are many firms who offer consultancy around market entry strategy for India, but there are none who can execute on that strategy.”
Mathur is a leading figure in India’s tech industry and a former managing director of Oracle India. He has also led large multicultural sales teams in IT firms such as IBM and TCS.
As a sales and management consulting firm, Lyncbiz helps products and services companies to engage, enable and execute their sales strategies for faster time to market and growth. “From our inception in 2015, we have worked with several global companies from Europe and United States and helped them in getting their first set of customers, partners and exploring the Indian marketplace; all of this at a fraction of the cost had those companies decided to open offices in India,” says Mathur.
The founders of Lyncbiz have the critical India selling experience. Throughout his career, Mathur has been engaged in high growth opportunities within the software product space, whether to kick-start new sales teams, open up new geographies/opportunities or take growth into the next orbit. “India is a tough market to enter, survive and thrive; Lyncbiz not only creates the strategy, it executes using its own sales team eventually leading to establishing a local joint venture relationship with the global company,” he adds.
Lyncbiz is also committed to working with Indian business-to-business start-ups and taking them to global markets. Mathur, who quit his corporate career to become an angel investor and an entrepreneur a few years ago, is quick to come up with some interesting statistics: In 2015 alone, more than 1,000 new product companies were born in India; the funding scenario has also changed significantly. From 2010 to 2014, around $500 million of venture capital money was invested; however, from 2015 till the first quarter of 2017, $1.5 billion has been pumped into this sector, clearly showing the uptrend in this segment.
“Having met with many of the founders of product companies it was clear to us that the innovation and quality of the products was world-class, but what these entrepreneurs lacked was understanding of the global markets, product-pricing and packaging, monetisation strategies to be adopted, how to market and sell the product, recruiting and managing a sales force,” he adds.
Lyncbiz is now looking to start working with six to seven entrepreneurs in India, who have horizontal solutions targeted at the global SMB marketplace. “Once the companies sign up, Lyncbiz would essentially become an extension of their organisation; not just taking care of the sales and marketing function but also giving them advice on monetisation strategies, feedback on how to develop the product further and making introductions for funding, if required,” he adds.
Lyncbiz is also working closely with the government ecosystem to make sure that India is not just known as an IT back-office but rather for producing the best products. Says Mathur, “This opportunity is several times bigger than the IT services industry that we see today, some studies have shown that India’s product ecosystem could be $100 billion by 2025 and in its wake creating 5 million jobs.”
LyncBiz recently partnered with Safeguards International, a US-based payroll management firm, and Claned, a Finland-based artificial intelligence firm. LyncBiz will help them expand their operations in India. On funding for his venture, Mathur says, “Right at the inception of Lyncbiz, we had raised a $1 million round and don’t see the need to raise any more capital rounds for now since the company has been profitable in its first full financial year. Our revenue in Q1, 2017 already surpasses what we had achieved in the previous year period,” he adds.