Learn how to build billion dollar internet businesses
From Sanjeev Bikhchandani, Founder and Executive Vice Chairman Info Edge (INDIA) Ltd 
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How people found sessions with Sanjeev Bikhchandani?
I've always had a great degree of awe and respect for Sanjeev Bikhchandani for having built a successful and impactful business. The opportunity to chat and get actionable advice on building and iterating a product for my customers, surviving risky situations, and fundraising was absolutely insightful!nnThank you Shantanu Mathur,his team at BigShyft and Kitty Agarwal for facilitating this interaction!
Krutika Rastogi
Founder at CodeJude Inc.
Previously Answered Questions
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How should we improve our product?
Keep talking to all your clients, all the end-users, not just the client to whom you sold it. I’ll tell you a story. When we launched Naukri, it was a very simple job listing product, we were taking jobs from newspapers and putting them up on our site in a prescribed format. And then slowly slowly people kept coming and requested to put up jobs and then we raised venture capital and hired a field sales force. And the field sales force went out and met prospective clients. What we did was, we built a yahoo group, that time there was no WhatsApp. It was an email group of all the salespeople, all the tech and product people and the top management. And we told the salespeople that when you go out on sales, whatever the client says just put out bullet points in the group. So, in the beginning all the product ideas were ours, but post-2001, all the product ideas came from customers. The customers tell us what the gap was what they wanted and we just did that. That’s how there was continuous improvement in the product,
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How should one go about choosing an investor?
Investor compatibility is important. Now, a business usually takes a long time to scale. If your investor wants to get out in 3-4 years, you may have a problem. You need people who understand scale. Or, you can have several small investors, and say that we’ll get you out in a Series C.
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How to go about surviving in the covid crises?
1.Assess how much runway you have. 2.Assess the Quality of Your Business 3.Conserve cash Right now it is about survival, Truth is, you don’t know when covid will get over, when the lockdown will end, when your clients will hire, how many will they hire, how will they hire, will they choose you or someone else. That’s all up in the air. Now eventually it will settle down but you have to survive in the meantime. Therefore you should be very conservative in cash and if you can get more money, from your current investors, you should go for it as they know you and hopefully they trust you and you’ve done a good job, and therefore you know, should you need money talk to them early.
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How to use ESOPs as a way to reduce cash burn?
You may think of talking to your employees and saying that do you want to take a salary cut and take a higher ESOP instead? So if somebody who can take a salary cut and can still live and prefers a stock, come and say that. If you want to dilute 5% more for ESOP to enlarge your pool, go ahead and do that if your investors allow it. Provided it enables you to cut cost here and expand your runway.
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What are some characteristics of successful businesses?
Spend time focusing on existing customers: Keep your existing customers happy & satisfied. Moreover, see how many existing clients you can shift to your high ticket sales clients. Get their feedback on your product and improve on it. The Secret Sauce: Have some intellectual property, a secret sauce so that others cannot copy you. It shouldn’t be just a trade secret, rather, try to back it by tech. Focus on what your moat is. (A moat is a distinctive advantage that one firm has over its competitors, allowing it to scale its market share and profitability) Scaling the business: ‘Operational excellence is essential to a business, but for that to happen, you need to sell a great product.’ If you build a great product that creates a virtuous cycle, making users happy to come back to you, they will spread the word. Keep on innovating, keep on being relevant, and keep on evolving.
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How do you build big businesses?
To build a big business like Naukri, there should be a recovery in your sectors and stakeholders. You can not build a big business on the back of financially unhealthy clients. Alongside this, you have to keep innovating, you have to keep evolving.
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Trending on Twitter
Letter to Info Edge shareholders about our investing strategy over the last@fifteen years. What we do and some colour on why we do it NAUKRI_02052022135428_IEILUpdate02052022.pdf - Google Drive https://drive.google.com/file/d/1IcvcXLNYL21zRtUuPjNmBskGQIz4q14n/edit
My first job
Stunning amts of money is now flowing out of India into overseas mkts #anecdotal
- Public Mkts: My investment advisor (big 3 Indian pvt bank) recommends 20% exposure to foreign equity in investment portfolios (v/s 0% 3yr bk)
- Private Mkts: Hundreds of startups moving abroad..
