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Wednesday, January 25, 2023

Sidharth Jain built an IT augmentation startup after selling his app for $1M 

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Sidharth Jain launched GraffersID, a company that provides IT staff augmentation services to a wide variety of clients. This article explains how he turned a $1 million app into an IT augmentation firm.

Sidharth Jain tried to obtain financing for his web app development business GRAFFERSID, but did not get any money.

Although GraffersID provided IT services to startups, Sidharth was unable to get investors since he was a first-time entrepreneur from a little village near Indore.

But Sidharth had something great for them.  According to him, an amazing product was created while they increased his employees at GraffersID and worked on client app projects.

He says, “We designed an image processing software where you could click a photo of a food, and the app would give you the name of the dish, its caloric values, list of components, and recipe.” .

However, taking this product to the B2C (business-to-consumer) market was too costly for the B2B (business-to-business) organisation.

He adds, “An investor rejected our proposal to invest in us, but they wanted to buy our image processing solution. I didn’t want to sell it, so I just said I’d sell it for a million dollars, knowing the investor would reject it outright.”

According to Sidharth, the investor, who he does not identify, responded, “Sounds excellent, let’s make the transaction,” and finalised the purchase for $1 million.

As a consequence of this unexpected departure, GraffersID was able to build the firm into a non-cloud, Resource-as-a-Service (RaaS) venture.

It is now an IT augmentation organisation that specialises in onboarding remote, verified React and Node.js developers and provides clients with contract services.

According to Sidharth, the company began in Indore in 2018 with an initial investment of around Rs 50,000 and is now producing more than Rs 8 crore in annual sales.

“We interact with 58 Series A+ financed customers, 14 unicorns, ten Fortune 100 organisations, and over 50 ideation stage projects,” he says, emphasising GraffersID’s success.

Clients of GraffersID include Gojek, Coca-Cola, Duolingo, Patreon, and others.

Sidharth explains, “Clients  look for efficient developers who  can start working on a project immediately. Our previous service model of taking on and completing individual projects was not scalable, so we evolved into a RaaS solution and began enabling high-quality developers to work on client projects.”

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