In the entrepreneurial journey of a startup, there are often critical moments that can threaten its survival. These “near-death” experiences for many startups include the departure of a co-founder, a shortage of funding, increased competition, and the exit of team members.
Unfortunately, Apna Godam, an agritech startup, faced all of these challenges simultaneously at the beginning of 2021, in early stage of the startup. Their co-founder left during their vulnerable phase, which escalated their difficulties. Just when they needed support the most, funding began to dry up, forcing them to make tough decisions, including laying off employees. Meanwhile, their competitors raised significant funding, putting even more pressure on Apna Godam as they struggled with various financial challenges. This combination of setbacks created a near-death moment for the startup, making it a true test of resilience and determination in the face of adversity.
Challenges That Almost Killed Apna Godam
In 2021, when the co-founder of Apna Godam stepped down, it marked a significant turning point for the startup. At that time, the company was still in its early stages and had just launched its app. Their new service was still in a premitive phase. Losing a co-founder was a critical moment for Apna Godam, as they were already facing vulnerabilities. This situation exposed the startup to even more challenges. Founder Sanjay Agarwal was facing incredible difficulty to manage the responsibilities of two people, especially during such tough times.
The role of a co-founder is essential for the growth and stability of a startup. A co-founder complements the founder and helps fill gaps to build a strong foundation for the business. Particulary in the early years, startup focus on establishing their presence in the market while developing a team structure that aligns with their goals. This highlights the importance of having a co-founder who actively contributes to the business’s growth. Without a co-founder to provide support during these critical moments, the entire structure and foundation of a startup can be shaken.
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It was a near death moment for the apna godam, and it was excruciating as startup had ambitious plans to expand into new markets and work with various commodities. The absence of a co-founder created a void that made it challenging to navigate the complexities of growth and change.
How CEO’s Wife Rescued Their Startup
During this challenging period for their startup, the CEO Sanjay Agarwal’s wife, Rekha Agarwal, stepped in and took the matter into her hands. She took on the critical role of managing back-office operations to help her husband navigate the crisis their company was facing. Rekha holds a degree in commerce, but everything about the startup was new to her. Growing up in a business family gave her some understanding of running a business. She was determined to learn everything from the ground up.
Rekha started by handling essential tasks like finance, accounting, and setting operational targets. Over the course of a year and a half, she worked hard to understand all the technologies used by Apna Godam. She learned the ins and outs of the business and embraced this journey with enthusiasm. Her efforts did not go unnoticed. After Rekha joined the team, the startup began to gradually recover.
Under her leadership, Apna Godam applied for licenses to operate spot trading in four states and successfully expanded its reach to all of them. Her transformation from a housewife to a key player in the company has been impressive. Rekha played a vital role in helping her husband run the startup smoothly, especially during a time when everything seemed on the verge of collapse.
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Rekha’s determination to learn and improve her skills was not an easy task. She approached her responsibilities in Apna Godam with commitment and dedication. Her hard work significantly contributed to making Apna Godam a growing business again. This journey highlights how adaptability and a willingness to learn can lead to remarkable achievements, even in tough situations.
After losing their initial team and facing numerous challenges, Sanjay Agarwal managed to stabilize their startup with the support of his wife. Rekha’s efforts were instrumental in saving the company from failing. Together, they have set ambitious goals for the bright future of Apna Godam. They plan to expand Apna Godam into ten more states by 2027. Their ultimate aim is to grow their agritech business across the country while continuing to support farmers. This journey reflects their resilience and commitment to making a positive impact in the agritech sector.
