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Revenue Generation How to break-even after getting funding

Mentoring and Incubation helped Saleem look at niche aspects of the business model increasing his product offerings

Saleem Mohammed
Founder, Xcode
  • Company

    Xcode

  • Business

    Healthcare

  • Founded

    2012

  • Headquartered

    Chennai

  • Founders

    Saleem Mohammed

THE COMPANY

In 2012, Saleem Mohammed started Xcode to enter the unchartered market space of genetic based wellness. He bootstrapped the business and later received 2 crores in angel funding through the incubation centre at Vellore Institute of Technology (VIT).

THE CHALLENGE

However, raising funds was relatively easy for Saleem. It was revenue generation and building a customer base in a completely new market space that were roadblocks. He needed to find his way around both challenges to scale his venture and become profitable. Saleem soon realized he needed help, if his business were to survive and grow.

THE SOLUTION

Saleem was incubated at VIT and mentored by Prof. Balachandran, NEN faculty mentor who spearheaded the TBI (Technology Business Incubator) at the institute. With focused mentoring, Saleem changed his business model by increasing his product offerings. He started looking at different channels to acquire more customers. “I started looking at avenues that hadn’t occurred to me earlier,” he said.

Moving from a ‘direct to consumer model’, Saleem started looking at corporate companies and healthcare segments, tying up with health labs and medical centres. “This move ensured a noticeable revenue generation,” he said

 

 

Outcomes

  • Current customers 6500 and counting
  • Sales more than doubled in one year
20102012
Capital20MM
Employees115
Customers16500
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