Indore-based IMAST was started by Akash Joshi and Ankur Pathak in 2016 with an aim to provide customer-centric specifically tailored tech-based solutions. After 8 years, the company has 100+ clients and clocks a revenue of around Rs 1.13 crore.
| Startup Name | IMAST Operations Private Limited |
| Founders | Akash Joshi and Ankur Pathak |
| Industry | Tech-solutions |
| Company Classification | Private Limited |
| Headquarters/based-in | Indore, Madhya Pradesh, India |
| Idea | To provide unified solutions combining various business functions. |
| Revenue | FY23-24 Rs 1.13 crore
Valued at Rs 100 crore |
| Date of Commencement | 2016 |
| Investments | Bootstrapped by savings of the co-founders. |
| Number of Customers | 100+ |
| Number of Employees | 150+ |
Competitors: Accenture, Amdocs, Capgemini, CloudMinds Technology Inc, Digi International, and Domotz.
The Problem: Why Does This Matter?
Working in a corporate field in a stable and high-paying job, Akash Joshi had the urge to do something of his own. Being an excellent student and innovative employee, he won recognition for everything he did. But he was looking for something of his own.
After working at various brands and understanding the interdependent relation of business and technology. This turned out to be the foundation idea of his startup.
The passion to help and bring value to people’s lives, and confidence boosting talks by his Kirloskar colleague Ankur Pathak, turned his route towards entrepreneurship.
The Solution: IMAST Operations Private Limited
Backed with Akash’s experience in sales and marketing communications, and Ankur’s experience in IT and supply chain management, helped in turning their dream into reality.
In 2015, they quit their corporate job and founded IMAST Operations Private Limited in 2016. Bootstrapped with the duo’s savings, this 2-room startup focused on delivering comprehensive cloud solutions and innovative marketing services. The services are specifically tailored for the distributor sector.
Initially, IMAST focused on the pump industry, working with companies like Kirloskar Oil Engine Limited and Varuna Pumps. These projects provided early success in their venture and established a reputation for delivering good results. Soon, with word-of-mouth referrals, their growth knew no bounds.
In 2017, the startup introduced IMAST Loyalty, Distribution Management Systems (DMS), and Sales Force Automation (SFA). These helped in strengthening their digital presence.
Business Model: How Do They Make Money?
In FY23-24, the company’s reported revenue is Rs 1.13 crore.
One of its flagship products is IMAST 360, a solution providing service for HR and customer engagement which enhances sales. Moreover, the operations of the company are strictly client-first approach. Every solution is designed to tailor to enhance the individual growth of each company.
IMAST’s value is around Rs 100 crore with a 95% client retention rate. Working with a team of 150+ employees, IMAST has worked with established industry players like Ashok Leyland, Trident Group, Raymonds, C&S Electric, and Fujifilms.
Challenges/Struggles: What Roadblocks Are They Facing?
COVID-19 pandemic turned out to be a challenging period for this startup too. However, with their dedicated services, IMAST managed to retain all its clients.
Just like any other startup’s CEO, Akash had spent 20 days of the month meeting clients and explaining his services. Then, reaching out to more people, and then again repeating the same process.
Akash was low on funds despite his credibility in the pump industry. The duo avoided unnecessary expenses, used public transport and opted for very economical accommodation options.
Eventually, overcoming all the challenges, IMAST became a tech giant with 100+ clients across different industries in India.
Future Vision: What’s Next?
Walking ahead, the duo aims to take the startup to greater heights, while solving more problems and building better tech-infused solutions. Moreover, after establishing a solid foundation in India, they have plans to expand internationally and explore UAE and US markets.
A Glimpse at the Founders’ Life
Akash is from a small town in Dewas in Madhya Pradesh. He was raised in a humble environment. He always excelled in academics, as we are being told that good academics pave a path to reach big cities.
Encouraged by his good grades in 12th grade, Akash decided to pursue engineering honours and then an MBA from the VMU Salem University. Throughout his educational phase, he was an excellent student because it was a non-negotiable thing for him.
Akash earned jobs in big companies like Reliance Communications, and Hindustan National Glass. Moreover, he delivered tech solutions while working for consultancy firms like PWC, BCG, Accenture, and Vector. Later, he joined Kirloskar Brothers Limited as an Assistant Manager of Marketing Communication, which enhanced Akash’s creativity.
While working in the pump industry, Akash launched India’s 1st Sales Force Automation (SFA) solution for the pump industry to streamline operations and improve efficiency. Moreover, he introduced the 1st plumber loyalty program and a lead-based contractor loyalty program in India. His performance reviews are always rated as Excellent; a distinction that only 7-8% Kirloskar employees had earned.
Other than being the CEO, he is an artist who loved creating portraits and pictures, and also has a passion for public speaking, which earned him several accolades.
Ankur Pathak has a decade+ experience in IT, supply chain, and finance operations. He has provided services to 100+ brands across the globe with his expertise in tech-backed channel transformation and process optimization. Moreover, he has worked with big brands like Siemens, Raymond, and more.
Key Takeaways: Why Should Users Care?
- We should put our knowledge to the best possible use.
- Never hesitate in introducing your ideas and approach.
- A CEO of the startup needs to work as an employee to set up the foundation.
- Approach the right clients with the right plans.
- Never rush the process, prefer a steady pace, but do not lag behind.
