Flyseas, raised Swift 1.5 Crores at valuation despite Pandemic
Mapstreak Flyseas Private Limited (Official Name) from Patna earned a quick valuation round of 1.5 Crores, within a short span of 3 months, led by Manish Kumar, the company’s co-founder.
At present, Flyseas, a B2B, B2C, and D2C business, operates digitally with 25 members in the team and delivers more than 100 orders a day all across Patna and Muzaffarpur, offering hassle-free shopping for consumers as well as providing a sustainable platform for online businesses.
What inspired Flyseas to step in?
(COVID-19) the pandemic caused a major economic shock on the small business ecosystem with the economic disruptions. A graduate from Birla Institute of Technology and Science, Pilani, 24-year-old Manish Kumar from Bihar, realised the difficulty of logistics and lack of business opportunities in his state, which clicked to his entrepreneurial spirit during the lockdown.
Manish officially launched the platform in August 2021 with his friends Ashish Kumar Babul, Prakash Kumar, Shivam Kumar, and Sumit Kumar to make the last mile online service in India’s Tier 2 or Tier 3 towns.
How do they earn?
Business is an economic activity that requires profit earning through various mediums. Funds are essential to start and carry on business. Any business activity such as planning, purchasing or selling cannot be managed without adequate funds. Same with Flyseas, they earn through multiple services that help them survive and thrive. Major revenue streams of Flyseas are E-Commerce for the faster buying process, cost reduction and flexibility for the customers – Advertising for improving the public outreach of the products available on their platform, Commission on Transactions because compensating enables them to manage payroll expenses and last Subscriptions.
Startups showing interest in Flyseas
It takes two to three years for a business to be profitable on average. A company starts to make profit depending on how it is functioning. The more capital a business needs to provide its products or service, the longer it will take to become profitable. But the way Flyseas works, even despite the pandemic, many startups have started investing in the company. As of now, Qua, Kaarva and CoinDCX have expressed their interest in financial capitulation. And are committed to future financial or materialistic assistance.
Future Plans
A good business plan guides you through each stage of functioning and managing your business. You can use your business roadmap to structure, run or grow your business. With the rapid growth of Flyseas and their optimistic commitments, they are now planning to launch their very first own private label for products like rice, dry fruits, flour, sea buckthorn and more.