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Vijay Bobba, CEO, i-mint on why he chose Karnataka to begin with
"i-mint, which started off from Bangalore, saw Karnataka as a market with a very high growth potential. So, what was it that tempted i-mint to enter the state and how has the state played a major role in its journey toward growth and success? "
The period of 1980s proved to be magical for Karnataka. It was when Karnataka started emerging as a global leader in the field of IT (Information Technology). Since then everything in the state seems to have revolved around IT. So, in 2003, when i-mint was first conceptualised, the key challenge was to create a unique marketing platform which integrates sales, marketing and technology and becomes the foundation for the programme.
Silicon Valley of India aka Bangalore owing to its pre-eminent position as the leading contributor to India’s IT industry was the obvious choice for i-mint. Since those days, Karnataka has played a major role in i-mint’s journey toward growth and success. Having its operations and technology development based out of Bangalore, i-mint also takes care of its customers and merchants’ needs through a customer service centre, which is also located in Bangalore.
Bangalore also emerged as a winner amongst the pilot studies as well as one of the four launch cities in 2006, when i-mint was officially launched. Today, i-mint has the strongest and widest network of partners and merchants in Bangalore. We follow a “cluster based approach” for merchant tie ups. The intention is to provide quality shopping experience to our members. Currently CMH road and Jayanagar are both i-mint zones in the capital of the state.
Bangalore, with its cosmopolitan and youth centric populace, took to i-mint offerings very quickly. Success has been seen amongst consumers as well as local businesses like GK Vale, M.K. Retail, Sangeetha Mobile et al. Today, i-mint can be experienced in Bangalore across various categories – grocery, fashion apparel, mobiles, photography, restaurants, fuel, travel, telecom, et al. Interestingly, Bangalore ranks second in terms of redemptions of i-mint points from the past few months.
Keeping in line with this winning streak, we soon plan to launch in Mysore, Mangalore and other major cities in Karnataka. A lion share of marketing spends have been reserved to develop i-mint in Karnataka and making it the benchmark market for i-mint. Also, new product concepts are already making headway in Bangalore which includes recent launch of Business to Employee segment as a category. Soon, i-mint will be launching mobile based information retrieval interface to its members. We see Karnataka as a market with a very high potential and also the people living in the capital are leveraging and adopting new concepts and ideas at a much faster pace as compared to other parts of the country.
In retrospect, business focus on Karnataka has been one of our best decisions that we have made. Certainly, Karnataka has been at the forefront of marketing and media innovations. After all, the first private radio station of India, Aakashvani, was started out of Mysore.
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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