S0E10: Millionaire Mondays - Mainak Sarkar, Explorex

Millionaire Mondays by Backstage with Millionaires

Book a free demo with Explorex here: https://share.hsforms.com/1wdxFNOxpQZ29F9MpD48e7Acyk5y Explorex’s website: https://explorex.co/ Mainak Sarkar and Pritam Khan started Eatables in 2016 while they were studying at IIT Kharagpur. This startup was their answer to a problem they had discovered while visiting restaurants in Kolkata, wherein many of the restaurant menus that they’d discover online while on campus at IIT Kharagpur were inaccurate and contained incorrect prices or items that were no longer available when they actually travelled to Kolkata. When Mainak Sarkar and Pritam Khan asked restaurants why this was happening, they were told that it would often take a week or two for restaurants to actually update their menus on Zomato. Mainak and Pritam saw this as an opportunity to build a platform which would enable restaurants to quickly and easily update their menus online. Sadly, their platform didn’t see widespread adoption, with only 250 restaurants signing up and 10,000 lifetime downloads overall. They had hoped that if they relocated Eatables to Bengaluru, it would see more adoption, so Mainak dropped out of IIT Kharagpur in 2017 and shifted to Bengaluru. However, only 100 restaurants signed up. Mainak Sarkar and Pritam Khan were devastated. Their startup was failing. Towards the end of 2018, Mainak Sarkar and Pritam Khan decided that offering an app for restaurants to keep their online menus up-to-date wasn’t working, and so they pivoted to providing restaurants with digital menus that their customers could scan with QR codes. However, in 2020, the COVID-19 pandemic hit and stopped Eatable in its tracks. Mainak Sarkar and Pritam Khan had basically been bootstrapping Eatable up until this point, having only raised a small FFF round. However, when the pandemic hit, Mainak asked his mentor for ₹15 lakh and was able to keep the startup alive even though all of Bengaluru’s restaurants were shut. In 2020, Mainak and Pritam applied for Y Combinator for the third time. Their initial attempts had failed because they struggled to get through the interview round due to nerves. However, by their third attempt, they were able to crack the Y Combinator interview and got to be a part of YC’s first remote cohort. Their pitch involved Mainak explaining how Eatable would build an ecosystem for restaurants, solving all of their problems with a single platform. This impressed the team at Y Combinator, and eventually Eatable was able to raise $150,000 from YC. Then, in August of 2020 Explorex raised an $850,000 seed round, bringing their total fundraise to $1M at the end of 2020. In 2021 when restaurants began opening back up again, Mainak and Pritam onboard three breweries in Bengaluru for their MVP, which consisted of an ordering and order management system. Their new customers loved Explorex, and the company realised that they had finally found product/market fit. In 2022, Explorex raised $5 million from angels like Kevin Lin, co-founder of Twitch, James Park, co-founder of Fitbit, and Taher Savliwala, co-founder of Relief Technologies. Today, Explorex powers more than 1,000 restaurants across 15 cities in India, including Easy Tiger, Forty Six Ounces, La Casa, Jook, ShakesBierre, Stories, Vapour, Fire Station, Fox In The Field, Cafe Azzure, Oia, and Tiger Tiger Brewhouse.