Founded in Delhi in 2014 by Ankit Singh and Rohit Taneja, Mypoolin.com is probably the smartest way for collecting money in a group. The organization solves the problem of money collection (and settling) in a group for various use cases like group -gifting, traveling together, and attending parties/events as a group and even social mini-projects. You can invite along your friends, family or anyone to form a pool.
“They are in the business of payment aggregation and splitting and help in fast and convenient collection (and settling) of money among friends, or colleagues. Within the first 2 weeks of launch, they saw pools of over INR 50,000 being formed by users for corporate parties, gifts for college buddies and weekend getaways.
Rohit, who is IIT-Delhi alumnus, primarily looks after the design and user experiences (UX designs) at the company. With a prior work experience in Sony as a product designer, he gives an insight into his venture saying “We use proprietary algorithms for product/event recommendation and CakePHP application. Made as an API for B2B2C plugins, it is compatible with all major platforms. Also, an android app is on its way to go a step beyond and make payment settlement and collection social and as friction-less and seamless as possible.”
MyPoolin Core Team
With an MBA degree from FMS-Delhi, Ankit handles the business end with focus on strategy and marketing for the company. Prior to setting this up, he has worked in Procter & Gamble and Intuit. He says “We have B2B plugin partners such as Gitanjali – Jewelsouk, Peppercloset, Exotic India Art where we power group gifting of gift vouchers and products. We are also coming up soon on YepME, Jabong, Cox & Kings and other major sites. We have also partnered with crowd funding websites such as Catapooolt for accelerating campaign donations and are soon coming up on milaap.org. Meanwhile, our users keep surprising us with the use-cases for which they use MyPoolin.com for collecting or settling money among their friends. Few of them are group gifting, group trips and movies/events.”
The 3 easy steps you need to follow to get started: ‘Put in the purpose and the target amount to get started with the pool’; ‘Invite people and they contribute, all in a single click’ & ‘Once collected, get the money transferred to your account or redeem online’. That’s it!
User invites friends to chip in money for a target amount via Facebook or E-mail. All invitees are directed to the site and can see who all have been invited for the event, how much has each invitee contributed and how much money has been collected. In case of group-gifting, order is placed only when the entire amount is collected or the group wants to cash out. Also, the amount is refunded in full in case the group event is cancelled.
Rohit adds “Currently we are in bootstrapped mode. The first 3 months were critical as we tried to soak in all the critical feedback and iterate the product. It was very exciting to develop something that has not been developed before from scratch. Also, it was crucial to remain lean and flexible during this period and focus on developing the product to solve the core pain point for the customers rather than providing multiple ‘nice to have’ features”
With a strong message for future entrepreneurs, Ankit says “Be bold to push out something new into the world but don’t be arrogant. Be humble but don’t be timid. Most importantly, persevere and it always pays off one way or the other.”
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