Sramana Mitra: Let me double-click down on a couple of things before we go much beyond. First and foremost, talk a little bit about your business model. The price point that you described – $25,000 per customer – indicates that you need to sell this product by telesales. Is that correct or did your average
Sramana Mitra: How much runway did you have to raise money at this point? Jyoti Bansal: I had runway. I was managing the expenses carefully. Even though we had funding, I kept the team to less than 10 people until we got to the first set of customers. Once the first set of customers came
Sramana Mitra: You do need to talk to people. The validation that you do in companies like that is the conversations that you bring to the investors. They use that as the validation. Jyoti Bansal: Exactly. That’s what I learned. I should have a lot of conversations with customers. It’s also a challenge. How do
Sramana Mitra: How did you get this off the ground? Did you build something and then go out to raise money? Jyoti Bansal: I was an engineer in my late 20s. I was convinced that there was a need there. First of all, the market was bigger than anyone thought. Then, the approach I was
Sramana Mitra: How do you charge? Is it a per user pricing model? Karl Mehta: The pricing model is exactly like Salesforce or Slack. It’s a per user per month model. It’s close to $5 to $7 per user per month. It ratchets down with volume. If you have more than 10,000 employees, you get
Sramana Mitra: To what extent are your corporate clients specifying what areas they want learning content in, which then drives your strategy of finding people who can produce that content and deliver that content on your network? Karl Mehta: When a corporate client sets up EdCast, they tell us the topics for which they set up
Sramana Mitra: There’s a lot of room for fraud. Karl Mehta: We solved a lot of problems in the payment and transaction space that had never been solved. We didn’t start out to solve the problem. We just wanted to provide a simple service. We built anti-fraud technologies. We built multi-account technologies. The most important things that
Sramana Mitra: As long as you are delivering and executing on what you said you were going to deliver on, there is no shortage of capital. In your case, you have delivered a product. You’ve had customers. Your pricing model is validated. Your business model is validated. You’re ramping up well. These kinds of deals