Purva Aggarwal is the founder of Good Good Piggy who was seen on the popular TV show Shark Tank India. She is the first female solopreneur in India and the third in the world to launch a firm in the ‘children’s online banking & wallet’ market. Purva is also the India Ambassador for Women in Tech, an international non-profit dedicated to advocating for gender diversity in the technology sector. She has worked as a Financial Analyst in London for a private equity investment advisory firm. It was a pleasure to have her on Ecommerce Guru, and we certainly learnt a lot from her. She had a lot to share with our audience so let’s get started with it.
Question 1- Tell us about your journey and your career so far.
Answer: My entrepreneurship journey started during the lockdown when everyone was sitting at home and waiting for the pandemic to get over. I was a part of Kairos ImpactGen Talent, a global community which selects young people to teach them to think through problems logically and analytically, and guide them through the process of entrepreneurship.
Good Good Piggy, my startup, started with an 80-page word document which I shared with people in my circle for feedback. It received a lot of interest and sounded like a good starting point for a venture. Then I started looking for funding and found some angel investors ready to support me in my journey. I was party funded within a month and we incorporated the company.
A few months down the road, we were standing in Sharjah’s pitching competition in Dubai- the only startup from India on such a vast global platform. People from Switzerland, Japan and many countries were interested in our venture.
Those few months really changed everything for me. Good Good Piggy has come a long way since then and so have I. From an employee to an employer, from thinker to creator- I am astonished myself with how much things can change in such little time.
Question 2- Tell us about your startup “Good Good Piggy”. Is it centred on kids or can anyone use it?
Answer: Financial literacy is essential for everyone. Money management is a life skill that impacts our lifestyle, our behaviour and family for generations to come. It is crucial in building a solid foundation.
Often people can have many negative connotations about money. And yes, while money isn’t the end-all, it is a very important building block. I really want to change this negative association with learning about money and being smart with it.
According to a study done by Cambridge University, money personality is formed by the age of seven. So we need to start talking to kids before that age so they are more receptive to this knowledge. It should be a part of elementary education- at least in a soft way. Previously, our parents used to give us Gullaks. But the world has changed in so many ways since then. Money is now digital and there’s no going back from that. So we need to teach kids about money digitally now.
Good Good Piggy is an app for both parents and kids. Parents can use this as a parenting tool while kids see this app as their own Paytm or GPay. The concept of setting up a savings account for your kid is not really comprehensive because no child can use it. Good Good Piggy fills that gap. The app has a gamified experience and is really simple to use. Above all, it is incredibly secure and is closely monitored by the parents.
With Good Good Piggy, kids can learn important principles that will help them throughout their lives. They will understand the value of money and learn how to save, budget, plan, and spend.
Question 3 – What Will Be Your Advice To Everyone Out There Who Has A Zeal For Entrepreneurship?
Answer: I am supported by a team of highly skilled professionals that excel in their respective industries and are motivated to help us succeed. I recommend that you assemble a high-potential team that will constantly back you up. Look for a mentor or a guardian to advise you and point you in the right direction. Finally, hire people with experience so that you can benefit from their knowledge. It all comes down to finding the right people who will help the firm succeed. Mentorship, guidance, and experience are the three things you need.
Before entrepreneurship, I believe you should first get a job and learn how things are done. Learn about the procedure and your responsibilities. Don’t hurry into entrepreneurship; instead look for more opportunities to learn so that you can apply what you’ve learned in the long run.
Question 4- What Would You Advise People Who Are Stuck With Legal Business Issues?
Answer: There is no shortcut to this. Because you are dealing with the law, you must proceed with caution. The first step will be doing extensive research. You need to learn more about your problem and need to study the laws surrounding the topic. And if nothing seems to be working, seek professional help. Even if you do not perform the first two, consulting with an expert will be beneficial. Do not rely solely on Google for research. If you want to do it yourself, look for credible sources and trustworthy information. There is always the option of consulting an expert. Just don’t take it lightly.
Question 5- What Would Be Your One Piece Of Advice For College Students?
Answer: Youngsters and college students are full of potential and enthusiasm, but they lack direction and supervision. If they are pointed in the right direction, they can accomplish incredible things. Every college student who wants to operate a business should work for a startup, in my opinion. It will give you significant experience and a working knowledge of things that you might not learn in books. And of course, no experience is ever wasted.
I have a three-step method for college students seeking financial advice.
- Use a budgeting tool.
This will help you manage your finances and plan your spending. It will help you to sort out your priorities and divide between your needs and wants.
- Consider ways to boost your earnings.
You have the time and resources to learn while in college. You must work on refining your skills and expanding your knowledge and of course, earn a little more on the side.
- Begin investing now.
This is the most crucial thing you can do, not just in college but in life. Begin saving and investing for financial security. Time is of the essence here.
Question 6- What Are The Different Methods Of Investing?
Answer: I feel that investing should be seen as a goal. Kids are financing their education via loans, so investing might be difficult. So instead of viewing investments as a rigid concept, consider them in terms of your goals. Create an emergency fund. Set a percentage or ratio for your investments. Determine whether you are willing to take risks and if you are willing to invest in products.
Question 7- We Have Heard That You Are Writing A Book, ‘Future Possibilities Of The World’. What Is Your Inspiration Behind The Same?
Answer: I’ve travelled a lot, which has given me experience and exposure to many circumstances all across the world. It has helped me think about how quickly things progress. Through this effort, I want people to be familiar with these possibilities, put a pin on something that attracts them the most and of course for them to read the book.
Question 8- We Have Heard You And Loved You On The ‘on Point Global’ Podcast. Where Can We Find It, And How?
Answer: The podcast can be accessed on Spotify, Apple Podcasts, Google Podcasts, and even the Google search engine. I started this podcast during the pandemic. It started as a way for me to communicate with my friends and have intellectual conversations with them. You may listen in on what’s going on at any time with this podcast!
Question 9 – We Also Got To Know That You Are A Part Of Women In Tech As India’s Ambassador. How Was Your Journey As An Ambassador, And What Gap Do You See Between The Women Of India And The World?
Answer: Women’s lifestyles in India are changing rapidly. They were supposed to marry, have children, and raise them but they were overlooked as individuals. The second issue is a lack of technology. We still have a long way to catch up on.
It is my non-profit motive, and I firmly believe in it. I’d like to see more women flourish and progress in the field of technology and I know we will get there.
Question 10- How Was Your Shark Tank Journey?
Answer: It was huge for us to be there as a three-month-old startup. We weren’t fully operational at the time and it was more of a concept. Out of hundreds of applicants, being chosen and presenting on that stage was a huge accomplishment for us. We managed to gather support and guidance from Namita Thapar. We consider ourselves fortunate to have received so much love and wisdom from everyone on that platform. We cannot deny that it has substantially helped our identity.
Question 11- You Received Significant Feedback From The Sharks. How Did You Take That Kind Of Criticism, And What Do You Advise People To Handle Criticism?
Answer: I was criticised because sharks are loyal to their investments but I am always grateful for criticism. It was all honest input and I learnt a lot from the whole experience. As a three-month-old startup, I was overjoyed to receive the boost. It was exactly what I needed to hear in order for things to take off. And you know, everything they said came from their experience and it’s always about learning and growing.
Question 12- What Future Do You See For Good Good Piggy? Are You Planning To Expand Overseas?
Answer: Because my startup is addressing a worldwide issue, it has the potential to expand internationally. If we see favourable responses and outcomes in India, we will certainly go global. We know that there is literacy and awareness in developed countries. People are more financially aware in some countries than others. If we move abroad, we will concentrate our efforts on developing countries. Even our investors see the potential for our app to enter other markets.
Question 13- What Would You Advise People Who Are Doing The Same Things Or Plan To Do Similar Things?
Answer: I’d be very happy to know that more people want to do similar things. I’d love to help them if I get a chance so we can all grow together. After all, the mission is big and more hands is always great. So if anyone needs a little guidance, I’m always willing to talk.