We Believe In Global Experience, Local Implementation: Founder, ElixirAI
The company's vision is to provide “Un-disrupted” digital transformation services to the State/Government of India departments and also large Indian Business Houses. Incepted in 2015, an AI-enabled solutions provider and an analytics firm focused on delivering transformative, differentiated and mission-critical solutions to private firms, State Governments, Municipal Corporations and other government entities.
Mayurakshi Das, Founder and CEO, ElixirAI opens up and states, "I exited my engagements with the Multinationals and embarked on this courageous journey of working with IAS officers in the Government department".
According to you, what are the current driving trends of the industry? How is the world of technology transforming and becoming a strong medium for the public?
Technology is definitely making the world a better place to exist in. However it is important to limit the use – machines will never take over man. Man and machine should co-exist. The public should use technology to their advantage of making life simpler.
Talk about your USPs. How do you stand unique from your peer competitors?
Most Indian companies and their top officials feel that bringing process efficiencies and digital transformation using technology will completely disrupt their legacy operations. Whereas, this is not the case. We at ElixirAI truly believe that technology enhances humans at work and makes them more efficient. We do not disrupt any company operation or processes and revamp the entire work.
We respect the legacy employees and their experience that has been working thus far – All we are trying to do is bring further efficiencies and simplify day-to-day operations for the company and its users. The public at large will be able to access the government services more effectively and hence public goodwill automatically increases.
We are a team with global experience of over 75 years. We believe in “Global experience, Local implementation”. Our vision is to build and customise boutique solutions for our clients and help them achieve and improve every business problem, which larger digital transformation companies do not do.
What were the key challenges you encountered? How helpful were they for your business development?
A key challenge for all these large business houses and government bodies is to realise that ElixirAI being a smaller company can offer much more value than a big brand.
Now that we have broken into this domain and a couple of very futuristic IAS officers, ElixirAI is well towards a growth spurt.
What are the growth plans to develop further? What are your next big plans
After having delivered Rs. 30 Crore plus of revenue to Pune Municipal Corporation in a short span of 6 months, we are looking to be onboarded onto many more Municipal Corporations. We strongly believe and have proved we will be able to add to the revenue of all Corporations. We would like to work with APEX governing bodies like the Urban Development Board.
On the private side, our close partnership with IFB Industries has increased their sales and customer outreach considerably. We are keenly looking forward to working with similar B2C companies who are looking to increase their store and customer footfall.
What is your monetisation model? Also, share about the funding status.
We are bootstrapped however looking to expand the advisory board and work on Series A funding. Being in the Government business, we are looking for the right Investor with relevant networks.
As an entrepreneur, what has been your biggest learning so far? What part of your work do you enjoy the most?
People, People, People.
Whether is it client relationships or the core team – it is all about people. Treat internal employees as your own, create ownership for the business and they will help in the growth journey.
On the client side, select your target client based on your vision and ideologies. There are visionaries out there who will realise your potential and give you a break. They are 1 in a Million but they are still out there.
Don't stop and keep going, you will build a valuable business one day. Out of every 10 doors that close, 1 will open. Do not believe in discrimination – it’s a fair world. If you expect to be treated differently, then the world will do too.
In your opinion, how critical is it to create value or achieve valuation?
While it is important to achieve valuation, it is key that you do it only after a stable business is set up. Setting up a business with the sole objective of valuation and exit may not create a solid and stable business.
