TruMe is a global platform backed by IoT and offers digital solutions that are critical for productivity at workplace. Pramod N Uniyal, an IIM Ahmedabad alumnus is the Co-founder & CEO of truMe. He talked to FounderLabs on his journey and shared his vision for the company’s future.
Excerpts from his interview.
Tell us something about your background?
I’m an ex-civil servant, who chose to move to private sector after doing my MBA from IIM, Ahmedabad.
I’m a small-town boy – born and brought up in Mussoorie.
I have had the benefit of eclectic education – sciences, humanities and management – as well as a diverse work experience – in public and private sector. I’ve been part of large organizations as well as two startups.
How did you come up with the idea?
The idea that digital identity- instead of physical evidence – could be the harbinger of security, productivity and convenience at workplace was triggered by two elements.
The visible inconvenience and loss of productivity by visitors at receptions of DLF’s business parks, where queue-friction and paperwork were the norm (Pramod was SBU head with DLF till 2015).
The development of India Stack and promise of Aadhar gave us the idea that digital identity attributes could replace the paperwork. All authorization, authentication and access could be based on digital identity. This would be more secure, time saving, would protect privacy and enhance productivity.
We invested almost 500K USD and developed the platform and got it patented. This is how journey started. Today, we have 70 plus paying customers in 12 countries, who use multiple truMe products.
You have more than two decades of experience working with corporates in both private & public sector, How does that experience help you to build truMe ?
It is the kind of deep experience that enables you to create something new. It also gave me a network, felicity with processes and ability to see what works in the long term.
Also, having dealt with people at the senior level, both in public as well as private sectors across all kinds of situations, one gains the confidence, patience and the ability to deal with the uncertainties in ever evolving dynamics of a startup.
How did you win over your first customers and your first business partners?
First customer came our way from our IIMA network. First business partner was out of an organic process where they were convinced that we were on right path.
How has your business pivoted over a period of time and what made you do so?
We have done a couple of major and minor pivots.
First pivot was the decision to move away from hardware, after putting in significant time and resources on development of a proprietary hardware.
Second pivot was during Covid-19, when we decided to focus on products in workplace productivity and hybrid-work domains and move our entire GTM online.
What are your strategies to grow your business?
Twofold – building an online presence, including an online delivery model, and developing channel partners in every major geography in the world. Developing multiple sales engines – both for inbound and outbound traffic – is part of the strategy.
What were the biggest challenges you faced and how did you overcome them?
Our biggest challenge from day one has been lack of capital. IT products need lot of capital upfront. We did use all our savings in building the platform to a level where we could acquire a patent on it. We also got some angel investment at right time. However, we could have grown much faster if we had timely access to capital.
Second, attaining Product-Market fit is another challenge that most startups face, particularly one developing IT products. I’m particularly proud of our approach towards this challenge.
We have co-created each of our products with a paying customer which has ensured that we developed what customers actually needed at a granular level and that we did not go on an ego trip of developing fancy but useless products and features.
What are your goals for the future?
Two big goals – Reaching revenue of USD 100 million by 2027 and becoming a world leader in workplace productivity solutions, particularly in the hybrid-work space.
If you had the chance to do things differently, what would you do?
Start with double the funds in our kitty and not waste a single minute on developing proprietary hardware.
What are some sources for learning you would recommend for entrepreneurs who are just starting?
My first suggestion would be to join local chapter of TiE as it arranges for lots of sessions from entrepreneurs who have been there and done that.
Talking to fellow entrepreneurs is another.
Also, it helps if you can be part of an accelerator program in the beginning. The ecosystem is fast developing and you have multiple options there.
Pramod’s Secrets
What was your biggest ‘A-ha’ moment so far?
First one was the acquisition of our first overseas customer, a large insurance company in Africa, during Covid and another one was when we stumbled upon a niche – retail store chains – and closed 2 big clients in that niche – one in India and one in UAE – in the same month.
What motivates you to keep going?
I believe in destiny and intuitively know that we are going to make it big. I also believe that creation is man’s highest calling and am grateful for this opportunity to create something useful for the stakeholders and the world at large
What advice would you give to a new business owner?
Find something you love to do and then give it enough time and attention to create value for yourself and for the larger society.
Second, always keep your outlook global and ambition high. Be inclusive and expose yourself to all possible perspectives.
Whom did you approach for advice?
TiE-Delhi platform to seek guidance from a lot of experienced people willing to help. Rajan Anandan – Sequoia, Alok Mittal— Indifi and Raman Roy – Quatrro to name a few.
