Tell us about yourself and your background
A Masters in Finance & Investments from Nottingham University Business School and PGDIP in Actuarial from the University of Southampton, I worked for 3 years in finance & insurance where I learnt the nuances of the corporate world. But being from a business family, I always had a heart of an Entrepreneur. I feel since I have seen both sides of the coin, it helps me strike the right balance at work.
Tell us about the company you have set up – when did you set it up, what products or services do you provide, what is your target market?
Compare Munafa is the result of our passion and determination to make online shopping more simplified and convenient, where you save your time, effort and money as well. The idea was to create an online mall and it all started with casual meeting at a coffee shop. We are the only online portal that offers price comparison, product discovery, coupons and deals and Munafa points (similar to cashback) with value added features such as price drop alert and price graph on a single platform.
Compare Munafa was officially launched in October 2015. We have already crossed 10,000 registered users and we have affiliate partnership with Flipkart, Snapdeal, Amazon, Jabong, Paytm etc; in total we have 200+ stores and 10,000+ deals and offers available for customers to choose from. Today we are team of 20 talented individuals. The journey was not easy but it was very exciting indeed, as it threw new challenges in the form of opportunities at us every day.
Why did you set up the company? / What drove you to become an Entrepreneur?
Today, everyone is pressed for time and daily needs are way above the basics and money has always been a concern. Compare Munafa not only helps save time and effort but also earn money (cashback) by bringing price comparison, deals and coupons and Munafa points (similar to cashback) on a single platform.
I had purchased a phone online as a gift for my mothers birthday. On the same evening I met my friend Vivek Agarwal who is also the co-founder and happen to mention about the same. I was surprised that the same phone was Rs1000 cheaper on another website and if I had put a little more effort and visited few more sites I could earn cashback as well. This became a point of discussion that evening and a reason for the existance of comparemunafa. I wanted to create a one stop solution for online shopping and Harsh Maur who is Vivek’s brother and the CTO comparemunafa has played a piviotal role.
What has been your biggest challenge in achieving your success?
The journey was not easy but it was very exciting indeed, as it threw new challenges in the form of opportunities at us everyday. The biggest challenge was to convert the idea into a sustainable and profitable business model. This involved a lot of research and refining of the idea. Making a prototype and testing it was very important. Secondly, building a right team, keeping them passionate about work and making the work place inspiring and encouraging to get the best out of everyone is the most challenging.
What has been your greatest achievement so far?
Nothing is more satisfying than shaping up the dream to take it to next level. The greatest achievement so far in my life is the day we launched Compare Munafa. It was just a dream until early last year and now I am living the dream. Every first for Compare Munafa, be it the first registration, the first collaboration or the first employee, is etched in my memory and is a constant motivation to achieve more.
Who has been your biggest inspiration?
My greatest inspiration has been my father. He is a successful businessman and at the same time very humble. He has always encouraged me to follow my dreams and empowered me to take my own decision. I have learnt the basics of business from him and his rich value system have made me the person I am today. He once told me a famous quote – “If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” He has taught me nothing is impossible and we should never give up in life. He is not only an inspiration but also a mentor and my biggest strength.
How do you balance your work life and home life?
Managing your time and leading a disciplined life is the key. Simple things like maintaining a to do list and prioritizing , remove interruptions like turnoff Facebook and Twitter while doing important things in short dealines, keep you desk tidy so you don’t waste time finding a pen etc. This all will help save time and you can spend the same with your family.
I personally believe that women can mutlitasking and can manage both work and home. The support of the family plays an important roll.
What advice do you have for women starting out on their own?
It’s just a mind-set that female entrepreneurs are any different than Men. An entrepreneur is the one who puts in everything they can to achieve their goals. Anyone can work and make money but an entrepreneur (man or woman) is the one who works for his/her passion and includes people (team) to be the part of this journey. To maintain a balance and take the right decision is the tricky part. The experience being an entrepreneur has been a jolly ride. Every business has its highs and lows and there is always learning from every hurdle in your path and happiness in every achievement. The journey takes you through different experiences and emotions; focus, hard work and passion helps you go through each and every step with ease.
Can you recommend any organisations or networking groups that have particularly helped you on your journey?
Comparemunafa.com is a venture backed by GPA Group. GPA Group has left its footprints in various industries. Mr Vivek Agarwal heads the group and is instrumental in its growth. CompareMunafa is also the ALFA start up for Surge 2016 in Bangalore.
If you could ask for one thing to help propel your business what would it be?
Scaling up any business requires money. We have everything in place now and performing very well, all we need to take it to the next level would be funds. We are certainly in no hurry as we believe in our business model and will wait for the right opportunity.
What does the future hold for you?
Well, you need to wait and watch
About Ms.Kanchan:
Ms Kanchan Sukhija is a self learner, highly determined 28 year old young woman entrepreneur. She is the CEO of Compare Munafa, E-Commerce Company. She believes that there is no end of learning, thus takes inspiration from everyone and everything around her.
She is a bachelor’s in business management and masters in finance from Nottingham University Business School and the University of Southampton for Actuarial Science. She is the Co-founder and CEO of Compare Munafa and is instrumental in the smooth functioning and execution of Strategic Goals for the Company.She believes that an investment in Knowledge pays the best interest. It is a gift that no one can take away and every child born in this country deserves this gift. This affirms her association with SUIT as a Treasure, which works towards upliftment of Underprivileged Children. She meditates in the morning followed by yoga and then her day starts. It just helps her to be centered and grounded.
Her early life:
She belongs to a family where until her father; all her forefathers were into job. Her father started his own venture and started a textile business. This has inspired Kanchan to be an Entrepreneur and she learnt all the nitty- gritties of business from her father.
She followed her passion for numbers that kept her in Finance/ Insurance firms for a while. But, she had always a heart of being an Entrepreneur and she wanted to learn all about how to manage the show being at the top-level management. She joined an Insurance firm. This was the beginning of crucial, learning period in her life.
Her Achievements:
In the beginning of her career she joined the company Jardian Lolyds Thompson India where she was recognized for her work and received a spot award within 6months of joining the company.
According to Ms Kanchan Sukhija, life is for learning. She is one such person- learning and taking inspiration from everyone and everything around her. She believes in nurturing the relationship. She believes in being the consumers ourselves before being the face of the brands. According to her “If we can convince ourselves to an action then convincing what we believe in follows quite naturally. That’s we follow the Mantra: Na Sirf Bachao Munafa Bhi Kamao”
About Compare Munafa:
Compare Munafa stands for an Online Portal, which helps to save time, effort and money. It is a one-stop which makes your entire shopping experience a delight. Compare Munafa was the result of burning passion, useful experiences and a drive to follow a dream that couldn’t be thwarted by any circumstance. Compare Munafa represents a community of people and strictly deviates from the normal IT Company route.
Contacting Munafa:
Phone number: +91-9987540511
