Startups and entrepreneurship have seen a boom in the last two decades. While the established MNCs do remain the primary choice of many for a settled career, there are several enthusiasts who rather preferred to explore their strengths. One such entrepreneur is Mr Navneet Singh who has been holding the dest as the co-founder of more than one firms. Let’s find out a lot more about the CEO of Nuvoex and co-founder of PepperTap.
|Date of birth||N/A|
|Hobbies||Reading Blogs, watching movies, getting to know about gadgets|
|Graduation||B.Sc. Natural Sciences – Training Ship Chanakya, Mumbai (1997-2000)|
|Post Graduation||MBA Finance (PGP) – Indian Institute of Management, Ahmedabad (2004-2006)|
Residence Contact Details
Office Contact Details
|Office Address||D -126 (D Block)
Near Mayom Hospital
South City 1, Gurugram, 122001 (India)
|Office Phone Number||91 88 8208 9000|
|Official Email IDemail@example.com|
|Founded||Founder & CEO
Co-Founder & CEO
Founder & CEO
|Also worked with||VP, Strategy
Navneet Singh and Milind Sharma started PepperTap in 2014 with a mission to change the way we shop everyday. The hassle of parking, bargaining with shopkeepers, standing in ques for billing and everything else associated with everyday grocery shopping was seen as an opportunity by these two young men who wished to revolutionize the way we shop.
Navneet Singh is also the co-founder of NuvoEx along with Milind. He has held position of importance in different companies and is known for his business strategies. No wonder in August 2015, PepperTap was announced as the ‘Startup of the week’ by Delhi School of Internet Marketing. The venture worked on a 100% “no-inventory” model. This meant that no stocks were acquired, no commodities were purchased, rather the magic of logistics was applied to make available the commodities we buy everyday at a cheap price, at your doorsteps. One app was doing this all, connecting the local vendors with the consumers directly.
Navneet Singh met Milind at Delhivery, where they identified the potential of reverse logistics and e-commerce, thereafter starting NuvoEx. Noticing that grocery delivery system can prove to be a profitable avenue, they proposed the idea to investors and got a seed funding immediately. The previous company’s success had built credibility and trust among the investors and buyers, which played a vital role in PepperTap’s establishment and success.
The idea was converted into a startup on November 26, 2014 and received ten orders on the first day. The number eventually grew to ten thousand a day and then twenty thousand orders per day. The unique business model was inspired from Instacart in US – The supermarkets are partnered and the customers get to see on their apps, lists of commodities offered by nearest vendors. It was challenging to develop such an app as the price as well as availability of commodities was to be updated on a regular basis.
The idea got popular and almost immediately routine orders were placed. Forty to fifty-five percent of daily sales was from repeat customers that proves the idea was successful and accepted by consumers. Weekend sale went upto fourteen thousand orders a day.
The Gurgaon based startup expanded to Pune, Chennai, Hyderabad, Bangalore and delivered in seventeen cities. The team size soared to thousand employees, and the company could offer more than ten thousand products online i.e through website and the mobile app. The categories on the website were constantly added and included fruits, vegetables, meat, dog food, cosmetics etc. Navneet Singh was sure that they didn’t want to take it to food delivery services as that requires a very quick delivery. He kept his goal set with grocery as the primary article for sale. However, in this matter, they never looked back. The company projected to include thirty more cities on board by 2015 which was successfully accomplished.
The revenue model and business idea impressed the investors and the company received four rounds of funding which in total was fifty-one ($51) million dollars. Sequoia Capital, Saif Partners, Snapdeal were the major investors.
Despite such a great success, the company couldn’t withstand the challenges and in April, 2016, within two years of its establishment was shut down.
- He has been conferred upon by President’s Gold Medal Winner at T.S. Chanakya, India’s premium Merchant Navy Training Institute.
- Navneet loves to spend time with his kid and is a gadget freak.
- His pass-times include watching movies and reading blogs on the latest technology and innovation.