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Pundarik Ranchhod of ARQINO Digital talks about Business Finance
Arqino is a West London design agency focused on customer experience. Pundarik was previously founder of software consultancy 7irene, sold to US investors in 2007.
Before setting up Arqino, in the earliest days of 7irene, Pundarik and his business partners borrowed money to buy computer equipment for a first project. They received a lot of “no” responses before building a relationship with an angel investor. As the business grew, they became specialists, and built their value, so that the business was an appealing prospect for investors at the time when it was sold.
When founding Arqino Digital, Pundarik and his business partners were able to draw on their previous experiences, and in this instance, secured investment from a much more active partner, a private investor, who was able to offer a lot of advice and support in addition to the financial investment.
Advice from Arqino to other businesses just starting out
“Build a revenue stream yourself, and prove the business case, before going to investors to look for a round of money, so investors can see you are generating revenue yourself. “They will be a lot more willing to part with cash, if they can see the efforts you are making yourself”.
And for scaling the business to the next level?
There was a key mountain when Pundarik and his partners were running 7irene, when they realised they were stretched quite thinly, and in the end decided to become specialists in one technology.
“The best advice I ever received was to stop being a consultancy, and to focus on product instead as a way of standing out from other people in the same marketplace.”
Life was more comfortable at 7irene once there was a buffer of £200,000 in the bank. That is what they are currently aiming for with Arqino Digital.
According to Pundarik, “There are lots of sources of funding available today – many more than when we were first starting out. The Business Finance Guide is really comprehensive, and I’d encourage businesses to use this to look at different sources of funding.”