Refrens co-founders Mohit Jain and Naman Sarawagi reveal big plans for their young new start up. Below are excerpts from their interview-
What is refrens all about? How is it unique?
Refrens is a business network based on real transactions. We provide a free invoice and payments system to businesses and help them leverage their network to increase lead flow. We are focused on B2B service providers, freelancers and small agencies.
Traditionally, invoicing platforms have been sold as a SaaS tool for a subscription fee but we think there is more value that can be extracted for a business if we give this tool for free. Getting initial users for a networking platform is always challenging. But once you have used Refrens for 4-5 Invoices you will start seeing the value. There are no online platforms helping freelancers and small agencies network for business growth.
How did the idea of Refrens came to your mind?
We have been freelance consultants for internet products to multiple startups. By virtue of the work we did, we would come to know of a lot of business requirements that can be fulfilled by other service providers we knew. Like, an insurance company needed help with a contact center setup and a logistics app needed someone to manage digital marketing for them. We didn’t provide these services on our own but the client would trust our recommendation. A good incentive encouraged us to channelize the lead flow.
Over the years we have experienced the need to channelize a business lead from all 3 points, viz. business, mediator and vendor. This is when we thought that an online networking platform for businesses, which can solve this problem.
What problem is refrens trying to solve?
We are making it easier for B2B service providers to get new clients with minimal efforts. Business on our platform starts with the use of our free invoicing & payment collection system. Once they are engaged, we help them exchange business leads with each other.
What is the revenue model of refrens?
We take a small transaction fee for all payments done through our system. In future, we will be helping large enterprises run their distribution campaign on our platform.
What is the USP of Refrens?
We are a new category in the online market. We are a free SaaS tool that enables networking between validated businesses. B2B networking happens mostly through offline events which are small and fragmented. By being online, we scale the whole thing faster and wider.
What’s the future plans for Refrens?
We will be offering a whole suite of business management software for free to B2B service providers. We are looking to be in at least 5 countries by the end of 2020....