New Delhi: Rohit Bansal and Kunal Bahl entered a pact when they were students at the Delhi Public School. That they would acquire degrees and gain relevant work experience, but eventually wind back to work on a shared dream project of their own. 10 years later they have done precisely that. Rohit tucked in an engineering degree from IIT, Delhi and Bahl went to Wharton business school in the US, after which he worked at Microsoft. Cut to 2007 and they are back together, keeping their part of the deal. And ironically, ’deals’ are what their venture, Money Saver, is all about.
Bahl while in the US had what he calls one of his ”Eureka moments” when he saw Entertainment Publications, a leading provider of promotions and discounts – a priced catalogue-booklet that has hundreds of discount coupons of apparel, food, movies and gizmos, selling over 10 million copies a year across 156 cities to consumers who see it as a great bargain, for they recover the cost of the booklet within the first few transactions itself.
Kunal Bahl, CEO, Money Saver is a management graduate from Wharton
”Does India have anything like this?” is the question he put to his former school buddy Rohit, asking him to do a quick survey. Within a week the duo had put a concept together that looked inviting enough for Bahl to move back to India, and 14 months later they have just launched Delhi’s Money Saver guide and within the next six months will follow it up with Hyderabad, Mumbai and Chennai editions.
The booklet which would be valid for a period of six months, prides itself on being India’s largest collection of great offers from over 50 leading brands and restaurants comes with BOGO (Buy one get one free) and other money saving offers from top brands in five segments – lifestyle; retail and services; fine dining; travel and entertainment and casual dining.
Rohit Bansal, COO, Money Saver is from IIT Delhi
The entire model is based on the simple fact that everyone loves to strike a deal, to make a bargain and avail a discount. The research which their focus group discussions revealed was that Indian customers are not price sensitive, they are value sensitive. The perceive value not on the basis of whether they are getting the product cheap but if they are getting it cheaper. Money Saver stretches the concept to make it a win-win for all by feeding on ’dependencies’. Aiming to reach a target group of 15 million potential booklet buyers comprising young professionals, college students and housewives they know that this is exactly the same group that the expanding pool of retailers is trying to reach across the country.