Sagar Apte, Founder And CEO At CarIQ- Offering One Solution For All Your Car Needs

Sagar Apte is the founder and CEO at CarIQ, which he started in 2012. Sagar was part of the early team at India’s first multimedia PC manufacturer ‘Cerebra,’ and then India’s first telemedicine company ‘DoctorAnywhere.’ So it was natural for him to look at starting India’s first connected car platform at CarIQ.

CarIQ helps car owners (using their mobile phones) remotely view the location of their cars, get real-time data on how and where the car is being driven, alerts, and next steps if CarIQ detects or predicts a possible failure, and a nationwide roadside assistance program for those emergency moments like a car breakdown or lost keys.

An engineer in computer science with a management course from XLRI, Sagar has over 20 years of experience across diverse domains such as product management, sales, support, operations, and marketing. He is an avid reader of medieval military history and loves driving/traveling.

In an exclusive interview with AsiaTechDaily, Sagar says:

Starting a company is calling. That calling should be to make a difference with your product or service. Unless you can answer whom and how this will make a difference, don’t start. Wait it out.

• Don’t feel entitled. Many potential careers are destroyed because he/she feels entitled
• Focus on deep work. A shallow person can only gain so much
• Leadership is responsibility. It does not need a designation. It needs heart and grit and a little bit of madness. Enjoy it

Read on to know more about Sagar Apte and his journey.

Please tell me about your personal background and What motivated you to get started with your company?

Sagar Apte: I have a graduate degree in computers and a master’s in marketing. I come from a business family and so always wanted to start something in the technology space. But it took me 14 years of working at different enterprises and startups to land with an idea which I could believe sufficiently to start CarIQ.

What is your current main product, and can you share any previous product pivot story to the current product?

Sagar Apte: CarIQ’s main offering is our strong platform for vehicle data collection and analytics. We started off as a hardware company building our own devices to collect data from the vehicle, but mid-way chose to pursue a platform-first strategy. Today we have one of the most mature and leading telematics platforms in SE Asia.

How much money have you raised in total so far? When was the recent funding round?

Sagar Apte: We have raised around 1M$ to date. In our latest round, Varroc Engineering came onboard as a strategic investor. This resulted in a multiple X exit for the early investors as well as a good exit to the early team members as part of ESOP buybacks.

What were the internal decision processes in determining when to begin fund-raising, and what were the logistics for this? And how many investors have you met so far and how did you meet these investors, and which channels worked best for you?

Sagar Apte: We were not sure whether we wanted to raise money. We needed investors who can help craft a growth story more than the money they brought along. We were lucky to have found such investors who opened doors, advised us as well as brought a collective maturity to the board. We identified investors mostly through referrals. Startups who had raised money or worked with these investors gave references which allowed us to a short list. So instead of working with bankers and marketing ourselves, we reached out to fellow startups and asked if they would recommend their investors and, if yes, can they connect.

What are the biggest challenges and obstacles that you have faced in the process of fund-raising? If you had to start over, what would you do differently?

Sagar Apte: Identifying the correct investor is critical. We have at times wasted a lot of time and energy behind investors who we felt were not the right fit. But we were worried about being arrogant and so continued to entertain potential investors whom we did not believe in. What would we do differently? We would be upfront and say no to the investors we did not believe in.

What are your milestones for the next round? And what are your goals for the future?

Sagar Apte: We are now part of a larger group, ‘ Varroc Engineering.’ Luckily we are also cash flow positive. So money raise is not on the cards at the moment. Our goals are to go international and make our mark in the Asian market at large.

How have you attracted users, and with what strategy have you grown your company from the start to now?

Sagar Apte: We depended a lot on organic growth. The book ‘Traction’ worked wonders for us. We used a mix of different channels as we grew in size. The largest enterprise customers came as a result of very focussed content and knowledge-sharing workshops.

Which has been the best marketing software tool for the growth of your startup, and why?

Sagar Apte: LinkedIn was definitely the best marketing tool. I agree it is more of a platform and less of a tool. But it worked wonders in terms of campaigns as well as reach. We do use Hubspot for our marketing automation.

What do most startups get wrong about marketing in general?

Sagar Apte: Every startup have their unique stories, and it would be difficult to generalize. But a recurring theme we have seen is not identifying the target customer. Even if you are wrong, you have to pick your segment and market to them. A blanket approach almost always fails.

How do you plan to expand globally?

Sagar Apte: We have some old school plans such as roadshows. Not sure how those can be implemented given the current pandemic. For the time being, it is all focused on content generation and running online campaigns.

What are the most common mistakes companies make with global expansion?

Sagar Apte: We are yet to make our mistakes. So perhaps next time we speak, I can share our learnings.

How do you handle this COVID-19 outbreak situation for your company’s survival in the future?

Sagar Apte: Luckily, we had implemented a trial work from home a few weeks before the lockdown. So most folks knew what to expect. It was testing time, especially with the pressure to keep the deliveries coming despite all the chaos.

What are the most common mistakes founders make when they start a company?

Sagar Apte: Starting a company is calling. That calling should be to make a difference with your product or service. Unless you can answer whom and how this will make a difference, don’t start. Wait it out.

What’s the best advice you’ve ever received? And What advice do you have for someone who is interested in doing similar things like yours or in a similar direction?

Sagar Apte: Before CarIQ, I was working at a startup, and at one point, things were pretty bleak. Everything was failing, and I asked one of the founders ‘How are you so cheerful and energetic despite all these problems? And he asked, ‘Is there any other way to be? Those words stuck with me. You can’t complain. You have to cheer up, and you have to keep working on the problems. Your team is counting on you.

What are the top-three books or movies (TV series) that changed your life and why?

Sagar Apte:

1. ‘Strategies of Alexander the Great’- explained a lot about team building, audacious goals, and how work starts way before anyone even notices you
2. ‘Crossing the Chasm” One of the finest books on marketing, segmentation, and belief in the chosen market
3. “Strategy of Fat Smoker” a short article on how people choose strategy when it is already late and how to avoid it

How do you keep yourself motivated every day?

Sagar Apte: “Is there any other way to be?”

What are the top three life lessons that you want your (future) sons and daughters to know?

Sagar Apte:

1. Don’t feel entitled. Many potential careers are destroyed because he/she feels entitled
2. Focus on deep work. A shallow person can only gain so much
3. Leadership is responsibility. It does not need a designation. It needs heart and grit and a little bit of madness. Enjoy it

What would you like to be remembered for?

Sagar Apte: That’s a little early. I still have a lot to do and achieve. 🙂

You can follow Sagar Apte here.

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