'Hang in... things take time': Rohit Bansal, Co-Founder, Snapdeal & Titan Capital

What was the problem you were grappling with? 

Early in my entrepreneurial journey, my Co-founder Kunal (Bahl) and I left our well-paying jobs in late 2007 to start a business. We pooled our modest savings and launched a coupon booklet business called MoneySaver. Due to lack of recognition and limited resources, it took us almost 12 months to launch Version 1. By that time, we had naively spent most of our savings printing 50,000 copies of the booklet, convinced that it was a winner. The demand, however, was abysmal. We ended up with depleted savings, no business model, and a demotivating situation. 

Whom did you approach for advice and why? 

We sought advice from our friends and parents. Our parents were supportive of our ambitions despite apprehensions. My father provided valuable insights. 

What was the advice you received? 

My father’s advice was simple yet profound: “Hang in there and give it at least three to four years. It takes time, and you shouldn’t give up before giving it a few more shots.” Initially, I believed our ideas were brilliant, and success was inevitable. However, a failed product taught us the importance of engaging with customers, recognising the unknowns, and launching a minimum viable product (MVP) to iterate quickly instead of investing in an unvalidated idea. My father’s experience, including failed ventures, imparted wisdom. 

How effective was it in resolving the problem? 

The advice was very practical. We persevered for a few more years, continuously refining our ideas and execution methods. Our coupon booklet evolved into a digital format—a transformation that led to the birth of Snapdeal. The transformation, from a struggling coupon booklet business to a successful digital platform, is a testament to the power of perseverance. None of this would have been possible if we had given up.