A startup which started from a room with plastic furniture and now owns two successful ventures- The story of Formula 69 Tech Solutions

Formula 69 Tech Solutions Pvt Ltd. was founded in late 2015 and started as digital agency and later established their two own ventures. In a short span of time Formula 69 served clients like Delta Electronics, Trinity Club, Chamtech Engineering, Coco day, Casio, Good Year Tyres and Renault Automobile and parallelly launched two of their ventures – Social Tahelka, one is an online magazine www.socialtahelka.com and Jewellery 18, which is an online marketplace for fashion and handmade jewelry www.jewellery18.com .

THE JOURNEY: Sharing on how it started, the Co-Founders Varun Garg and Ashutosh Gaur share, “When the company was started it was just a single room with plastic table and a few chairs, but both of us had a clear vision in our mind. We wanted to take the venture to a next level, what so ever challenges come in our way.  Yes, we faced a lot of challenges, but they made our way to successfully setting up our ventures.”

KEY ROLES: Varun is MBA in marketing with a wide experience in advertising and marketing, so he handles the strategic and the planning part of the company while Ashutosh comes from a technical background and manages all the technical in and outs of the projects.

MORE ABOUT THE VENTURES: “Social Tahelka is an e-magazine, which has covered 600 plus articles on multi-genre and also includes around 70 interviews of prominent personalities at a national and international level in various fields. The content of the e-magazine is very interesting and very impressively presented. Our other venture is about fashion and artificial jewelry. For the same our team did market research and found out the gaps in such a competitive market of jewelry, where already big players are doing well. We found out that there is a gap in how and where we can find the vendors, variety of the products resulting in getting good customer base. Our vision is to make it one of the biggest online marketplace for fashion, artificial and handmade jewelry. Our venture has opened the way for the ladies who manufacture jewelry at a very small scale, either at home or with an NGO under employment scheme. They can register themselves with Jewellery18 and thus sell their jewelry products online. Under this special provision manufacturers need neither VAT registration nor service tax nor company registration alike to sell on the other online marketplace. It would definitely result in getting more new variety of jewelry for the customers. As per the plans Jewellery18 will bring jewelry like paper, terracotta, leather, textile, beads, wood, etc. along with a variety of American Diamond, Polki or Kundan.  Best point is their price range from Rs. 199 to Rs. 14,999.

Varun further shares, “He got the idea of Jewellery18 when he was visiting Taj Mahotsav few years back, but he feels idea can be successful when it has a proper research and strategically planned. So he invested a lot of time to make it a concrete plan. His research can be seen even in selecting the name of the venture ‘Jewellery18’, as 18 years of age for a girl is when she moves from school to college and looks like to be funky with a variety of accessories matching her dress, but due to limited pocket money they like to have alternate options of precious jewelry. For buying such variety girls tend to do shopping from places like fashion streets or trade fairs. So it was decided to launch this venture with the name of Jewellery 18.”

Thus, we have learnt from the success of Formula 69 and its ventures that when you do something from the heart and brain and have a support of a good team, neither you nor the idea can be a failure!