We Help Society To Reap Benefits Of Investing In Crypto: Tushar Gandotra, FiEx
In an interview with BW Disrupt, Tushar Gandotra, Founder and CEO, FiEx, spoke about company, funding, challenges and more
Founded in 2021, FiEx is headquartered in Singapore and is co-founded by Tushar Gandotra and Rajesh Kumar. In an interview with BW Disrupt, Tushar Gandotra, Founder and CEO, FiEx, spoke about company, funding, challenges and more
Please describe FiEx? What is the story behind its inception?
With FiEx, we are building an ecosystem with a NFT Marketplace and a DAX. Our Marketplace is the world's first AR-based NFT marketplace that comes with a unique distinction of offering digital assets in the hybrid avatar. Unlike rival NFT marketplaces which are purely virtual in nature, we bring geopositioned Hybrid NFTs which are trackable on the map. Our Digital Asset Exchange offers a crypto trading facility and users can trade in 200+ digital assets including popular ones like Bitcoin and Ethereum on the platform among others.
The primary motivation behind the venture is to use the technology to bring meaningful changes in the life of the community at large. The blockchain technology is the driving force behind the crypto revolution and using the same, we aim to bring financial awareness and freedom to the doorsteps of millions of people around the globe.
What problem is the startup trying to solve? How does the platform work?
There is a complete lack of credible platforms when it comes to trading of cryptocurrencies and NFTs in the digital domain. Further, the existing platforms charge a very high amount of fees for carrying out transactions in both of these categories of digital assets. Moreover, users often face the indifferent attitude of service providers on their complaints and feedback.
Essentially, FiEx aims to transform this picture by offering an innovative and cutting-edge cryptocurrency and NFT trading platform that puts customers’ interest at the epicentre of all its activities. The platform is credited with world’s first AR-based NFT technology which allows users to track their digital assets on map in a monetizable way. The crypto trading facility offered by FiEx covers all popular cryptocurrencies and charges a very nominal amount for processing the transactions. FiEx also offers a very proactive and responsive customer care cell which is ever ready to help users with their concerns and queries.
Share some detailed insights on your product or service portfolio?
Currently FiEx is focused on offering two primary service platforms: Digital Asset trading platform and NFT marketplace . Both these facilities are soon to be launched and offer many first-in-segment features for better trading experience and enhanced customer satisfaction. The cryptocurrency platform allows investors to sell, buy, or trade a range of cryptocurrencies while the NFT platform of the company is unique in terms of its AR integration. In addition, FiEx also has FiEx Studioz and FiEx labs initiatives with the former being oriented towards business customers while the latter encourages entrepreneurs and startups in web 3.0.
What is the market size and opportunities for players?
Global cryptocurrency market is expected to reach the size of $4.95 Trillion by 2028 while in the case of NFT, the total market capitalization is expected to be around $130.35 billion by 2030. Both these markets are growing exponentially with a CAGR of 12.8% and 22.2% respectively and offer tremendous opportunities on both growth and profitability fronts.
In order to leverage these highly lucrative opportunities, organisations have to invest in building a self-sustainable ecosystem that will help all stakeholders to prosper and derive their share of benefits from the industry. In other words, there is a need to create a win-win situation for all as the all-encompassing ecosystem will ensure that all categories of digital assets grow at a desirable pace.
What is the current funding status of the startup? Is the startup planning to raise further funding in the near future? If so, where will you infuse it?
FiEx has successfully used bootstrapping to fund the startup and initiate its operation. No external money was infused to start its working although with its sights set on the expansion plans, FiEx will raise the money in the future to fund its operations. The company will raise the money through INO and equity route and the plans will be officially revealed as and when the fundraising process begins in the near future. The money will be used for expanding the product offerings and services of FiEx in addition to spending it for new customer acquisition and efforts towards building the creator’s economy.
What are your expansion plans? Are you looking to expand your product or service portfolio? The primary focus of our expansion plan is to expand our products and services with the key focus on acquiring new customers while supporting the nurturing of the creator’s economy. FiEx would like to continue with expanding its cryptocurrency and NFT-trading facilities and the focus of the expansion efforts is to bring more customers to its kitty by spreading the awareness about the digital assets.
The company is planning to expand the service verticals to help traditional web 2.0 companies to transform their business models to web 3.0 for leveraging the enormous opportunities in this emerging space. We also aim to focus on strengthening our existing ecosystem of product and services for delivering better satisfaction to users.
Please share details about the user base and what your future predictions are for it.
Right from the inception, our focus is to launch multiple products and offer users with a constellation of services for enriched and holistic experience. The beta version of the platform is on its way to launch that will allow users to get a first-hand experience of how it’ll transform the crypto industry. We will like to retain this growth rate in the future too and with rising awareness about cryptocurrency and digital assets, For NFTs, we are quite confident that the segment will register at least 3X growth in the near future. As already mentioned above, both cryptocurrency and NFT segments are growing at a very enviable rate, the future promises to present immense opportunities for the entire cryptocurrency and blockchain industry.
What is the core philosophy of the startup? What makes it unique from other players? Who is already present in the space?
We are very passionate about bringing change in the lives of people. This philosophy is sacrosanct to us and we believe that using the blockchain technology, we can accomplish this highly ambitious goal. By offering trading facilities in the cryptocurrency and NFT domains, the platform strives to help people achieve financial freedom through new avenues of growth and profitability.
What is the vision and aim of the startup? What impact does the startup aim to make?
The vision of FiEx is to improve lives by building and implementing services around the web 3.0 technologies. In addition, we aim to emerge as one of the biggest players in the crypto industry by offering a range of products and services to fulfil the latent demand related to consumption of digital assets in the industry. We strive to offer specialised services for business clients to help them achieve Meta Transformation for this business. .
We want to touch the lives of people and offer them better growth opportunities, financial awareness and freedom. The segment of digital assets is prominently becoming an attractive source of revenue and by democratising the segment through the wider participation of the investors, FiEx helps the larger section of the society to reap the benefits of investing in the crypto industry.
How does the startup leverage technology and how is it benefiting?
We use blockchain technology to offer new-age, innovative cryptocurrency and NFT trading platforms to customers. Co-founder Tushar Gandotra has been at the forefront of technology integration initiatives at FiEx, and with his knack for technology and understanding of marketing, the startup is working with the mission of providing superior products and services to the target market at affordable cost. In addition to the consumer market, FiEx is also focusing on the business segment with its verticals such as Fiex Studioz and Fiex Labs. The latter is specifically focused on encouraging innovation in the field of web 3.0 by extending support for startups and new business ventures. This is especially helpful in ensuring the constant innovation and support of the emerging ecosystem in the crypto industry.
How much revenue has the startup generated since its inception? What is the monetisation or revenue model of FiEX?
We are yet to generate a significant amount of revenue although some revenue that we have generated from services will be used to launch our products in the beta stage of test. We aim to make quick progress to achieve the first milestone of attaining the level of break-even for the business. Our business model is based on the monetization of services and currently our crypto and NFT platforms are pillars of our revenue model. In future, we plan to expand the business model by introducing new products and services in the business domain to attract superior financial performance and long term sustainability of the business.
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