Abdul Hadi ShaikhCEO of Fxkart.com Published On: Tuesday, July 14, 2015 Views 3150
"Failure is an option here. If things are not failing, you are not innovating enough"
Abdul Hadi Shaikh, the CEO of Fxkart.com is a firm believer of hard-work and has been persistently following this mantra in his entrepreneurial endeavours too.
Fxkart.com is a platform that facilitates foreign exchange trading and simplifies currency exchange for people travelling to and from India. The mobile app of Fxkart.com includes 1000+ dealers and is widely used across India. A commerce graduate from Sri Bhagawan Mahaveer Jain College (Bangalore), this lad has the acumen to attain the highest goals. As quoted in an interview, Abdul looks forward to conquer 100+ pan India dealers, 2000 branches and 6000 customers in near future. This young and zealous mind has lots to tell about this business journey. We explored all in this interview. Read ahead.
Please provide a brief overview of your product/ service.
Fxkart.com is an online aggregator of foreign exchange dealers. We provide you the best exchange rates available in your city by letting you compare rates across dealers who compete for your business, making the rates offered very competitive and the service being completely FREE for you!
What inspired you to build the above product/ service?
In a fast-paced, web-dominated, free world, why do we have to go through the hassle of converting currency by going to a bank or to a small currency broker in some tiny corner of the city, haggle our lungs out to get a great exchange rate, sob over when someone recommends another better exchange rate in some other part of the city and think about the kind of money you have lost and lose your mind on that well planned vacation?
In the current scenario, this market is highly inefficient and has no transparency. With an efficient customer support and better operational capabilities, we don’t wish to disrupt the market but instead work with the market to make it easier for the consumers to reach out to dealers and hence get the best deals on their forex. We bring to you a unique, refreshing and fair method of exchanging foreign currency.
What is your life mantra?
Delivering things more than expected!
What was the most challenging part of your journey till now?
Startups teach you to work your way up. Being an aggregator is the toughest job. You have to reach out the suppliers i.e the dealers and at the same time also create demand. While creating demand is considerably easy but reaching the top dealers in the Forex Industry was quite a challenge. They have nothing to lose but when there are initial shifts in the industry it takes a while for people to get a trend.
How did you overcome those challenges?
As a startup and the mantra being – “Never take no for an Answer”. Keep knocking on people’s doors and sooner or later they will come along & most importantly no one says no to sincerity & perseverance!
Share some details about the investments that you have been able to fetch for the business till now.
We have received a $2M seed funding from our founder Dr Mushtaq Shah and Strategic Advisor Dr Faraz Naqvi. These funds will be used to expand the dealer network and enhance the IT infrastructure of the company, while the core team is already in place. Being a niche service, we will be targeting our customers through strategic marketing plans, partnerships and industry events that hold relevance for us as a brand.
How do you protect yourself from the problem of Brain Drain?
We offer the most competitive salaries , fun work environments and lovely work culture. So there is no reason why people should leave us. But for someone to keep the show running, we hire motivated people who believe in the idea rather than someone who is highly skilled. As skills can be acquired over a period of time but motivation comes from inside and cannot be acquired.
According to you, what are the three qualities an individual must have to achieve success?
- Work Ethic
Share any one habit which you think makes you more productive
Early to bed and early to rise!
Share any one habit which you wish to change in yourself.
May be answering emails in bed!
One tip to success:
Have an open mind, especially with constructive feedback. Be open to new ideas. Be willing to learn. And above all, deliver!
What are your plans for next 3 years?
We launched our services in January & we were a team a 6 people. Now we have scaled up to a 35 member team expanding in all departments. As our bandwidth increases, we have an internal goal to get every RBI licensed forex dealer in India on our portal. No matter where you are in India, we will get you the best rates for your Forex requirement!
What are your top three getaway destinations ?
Hamburg, Santorini & Istanbul.
Share a quote that inspires you the most.
“Failure is an option here. If things are not failing, you are not innovating enough.”- Elon Musk