2000 Crore का Startup क्यों Fail होगया 🔥 | Askmebazaar Failure Story | Business Case Study

Some mistake can ruin our life as well as the lives of our near and dear ones. Why did this Rs. 2000 Crore start up fail? What were the mistakes committed by these people? Was it possible to correct these mistakes? And what are those three business lessons that we should learn from this? 1990s was the period of India when we faced financial crisis; there was recession everywhere, .

People were unemployed and government didn't have enough money to run the country. And then country realized that if there are no businessmen in country then country's situation will never improve. With this the SMEs emerged in our country; SME means Small & Medium Enterprise Some SMEs like Reliance, Infosys, Biocon have grown very big in future. But still there were many small businesses. .

Yellow pages were developed to support all these businesses; yellow pages were mainly telephone directories through which people used to contact these businesses; do you remember this scene from the movie Herapheri? Hello! Chandu Solanki speaking; Is Devi Prasad at home? Who is Devi Prasad? .

Yes, these are the yellow pages. In India Get it info services ltd. were the pioneers in this field and within few years this company reached more than 50 cities and then something happened, something changed with which everything was not like before; internet revolution which changed everything. Today you can order anything that you want at your home but that wasn't the scenario in 2010 at all. .

And looking at this opportunity in market ask me was establised. Askme.com was started by network18 group. It was growing at annual growth of 120%. And then in the year 2013, something happened because of which the fate of this start up changed overnight; askme.com was acquired by Get it info services and with that their growth speed reached 200%. The start up had revenue of Rs. 26 Crore .

In 2012-13, and it increased to Rs. 50 Crore in 2014. Now ask me had become the fastest growing start up of India; and then on 24th August 2016 all the employees of ask me received one email and 4000 people were unemployed overnight. So it all begins in the year 2013 when ask me bazaar was launched. Amazon and flipkart offers a digital space to all their sellers where they can list their products. .

Whereas ask me bazaar was offering an opportunity to list their entire store online to all its businesses. And within no time there were 6 Lakh orders per month on ask me bazaar. But the sellers who sold their products they never got the money on time. And the customers who wanted refund were never refunded on time. .

Even the logistics companies, which were supplying the goods, never got the payment on time. Do you know why this happened? So the biggest reason behind this is all the company's work was done on excel sheets; because of which things were delayed a lot. Sellers were not able to sell the goods and customers could not buy them. This is the ask me website, now I know .

You must be having this question in mind how come so much of traffic on such a useless website? So the biggest reason behind this is The management of the company. Now see carefully, these are the ads from ask me. They are so beautiful because the 90% of the top management are from marketing background. Because of which the portfolio of the company .

Grew, the geographical area of the company grew, and there was exponential growth in user base of the company. In 1997, Steve Jobs returned to Apple and was appointed as interim CEO. Apple was then having a loss of $ 1 Billion. Do you know what is the first thing that Steve Jobs did after returning to Apple? He first of all stopped the production of all .

The products that apple was doing at that time; and kept only laptop and computer division. These were the businesses of ask me group, askme.com which was a local search platform. Askmebazaar.com which was an online e commerce portal; askmefurniture – a online furniture platform for which Mebelkart was acquired for $20 Million. Askmegrocery – online grocery platform .

For which Best at lowest was acquired at $10 Million. Oh Aunty, ask me! Ask me pay which is a payment portal and ask me fin which is fintech platform for businesses so that they can get the loan. Brother, this is so cool. Yes, see, how cool it is? The loss of Rs. 54 Crore in 2012 reached to .

Rs. 300 Crore in 2015. But the loss of Rs. 300 Crore is not big for a start up, even the flipkart is having a loss of Rs. 3000 Crore. So see, askme.com was acquired by Get it info service in 2013; the parent company of Get it info service is Astro holdings which has 98.5% holdings in Get it info services. And they were majorly funding the ask me. But in 2016 when Astro stopped its funding .

Then ask me platform just vanished. Now the most important thing, what are the three business lessons that we can learn from this? So if you want to gift anything to your employees, to your friends, to your loved ones then always consider a gift which will be useful for them; and many such amazing gifts are available on Socksoho. So for your employees, for your business .

Associates and for your loved ones you can check out Sock Soho, the link is in the description; and don't forget to use my coupon code Aditya85. With this you will get 10% off on all your purchases. So what are the three important lessons? Number one, One thing at a time. Diversification is very dangerous if you can't handle it. .

Vision and focus should be very important for you; in life as well as in businesses. Whatever work you are doing, do it with vision and with proper focus; don't pay attention everywhere, things get worsened. 2nd lesson is Every expertise is equally valuable. May it be technology, marketing, HR or Finance; if we consider the example of ask me, then their most of the executive were from .

Marketing background. No one focused on technology. They had no proper CTO who can look after tech. Also they didn't focus on finances. If they had hired a good employee for Finance then they may not have faced this situation. And the last lesson is Avoid concentration of control; in your business as well as in life. Never let concentration of control happen. .

If there is concentration of control in business means a single person is having too much power then he will control the entire business. In case of ask me, the investor Get it info services, their parent company was controlling the entire business, because they were the major investors. Don't give total control of your life to anyone, he can deteriorate your life. Every business requires so many business .

Strategies, but what are those business strategies; to understand this see the video on right otherwise see the one on left.