Success
In the dynamic world of technology and business, success stories are shaped by vision, determination, and relentless passion. Akash Joshi, the Co-Founder and Director of IMAST Operations Private Limited, is one such visionary entrepreneur who has built a highly successful business from the ground up. With an initial investment of just ₹5 Lakhs and an unwavering belief in his capabilities, he transformed IMAST into a ₹200 Crore enterprise, becoming one of the leading players in the Indian loyalty and sales CRM industry. This is the journey of Akash Joshi — a small-town boy who dared to dream big and created a solution that would impact businesses across India.
Background: A Passion for Technology and Marketing Communication
Born and brought up in Dewas, a small town in Madhya Pradesh, Akash Joshi always had an inquisitive mind. His fascination with technology and how things worked drove him to pursue a degree in Engineering. This was just the beginning of his journey into the world of innovation and business.
After completing his engineering degree, Akash didn’t stop there. He further honed his skills by pursuing an MBA, which provided him with a solid understanding of the business world. Armed with both technical expertise and a strategic mindset, Akash ventured into the corporate world, where he gathered over 15 years of experience.
Throughout his career, Akash worked with some of India’s most reputable companies, including Kirloskar, HNG, and Reliance. His time in these organizations helped him gain valuable insights into the intricacies of business, technology, and customer relationship management (CRM) systems. However, there was always a persistent issue that lingered in his mind—the fragmentation of post-production systems in many organizations.
It was this very issue that drove Akash to take the leap into entrepreneurship.
The Spark for Entrepreneurship: Identifying the Problem
Akash was inspired to become an entrepreneur because of his desire to solve a significant problem that he had encountered throughout his career. Despite the growing adoption of technology, many organizations were still relying on multiple disconnected systems to manage their operations, leading to inefficiencies and frustrations. The challenge of managing loyalty programs, sales, inventory, and customer service on different platforms was a significant burden for many businesses.
Through his experience in CRM and loyalty program management, Akash saw an opportunity to develop an integrated solution that could eliminate the need for multiple disconnected systems. This solution would streamline business operations, improve customer service, and empower organizations to make data-driven decisions based on real-time analytics.
Thus, in 2016, IMAST Operations Private Limited was born.
Inception and Early Struggles
Starting a business from scratch is never easy, and Akash Joshi’s journey was no exception. With a starting capital of just ₹5 Lakhs, Akash had to be strategic and resourceful. The early days were filled with challenges—financial constraints, operational difficulties, and the task of building a team capable of executing his vision. However, Akash’s passion and determination kept him going.
The vision was clear: To create an integrated platform that would help businesses manage their entire sales, loyalty, and customer engagement process on a single system. The product had to be comprehensive yet easy to use, and it had to deliver results that would enhance the overall performance of businesses.
The Birth of IMAST 360 Sales CRM
The culmination of Akash’s vision and years of expertise in loyalty and CRM systems resulted in the development of IMAST 360 Sales CRM, the flagship SaaS-based product offered by IMAST. The product was designed to solve the problem of fragmented business operations by providing a seamless, integrated solution.
IMAST 360 Sales CRM includes multiple modules, including:
- Sales Force Automation (SFA): Automating the sales process for increased efficiency.
- Distributor Management System (DMS): A robust system for managing distributor relationships.
- Loyalty Program Management: A comprehensive solution to manage customer loyalty programs.
- Service Management: Streamlining after-sales services to ensure customer satisfaction.
- Inventory Management: Efficient management of inventory and resources.
Additionally, IMAST offers end-to-end loyalty program management services and reward management services, such as cash rewards, vouchers, and physical gifts.
With these features, IMAST 360 Sales CRM was poised to help businesses save time, reduce costs, and enhance their customer engagement and post-sales processes. This integrated approach was the key differentiator that set IMAST apart in a crowded market.
The Road to Success: Growth and Expansion
In the years following its inception, IMAST quickly gained traction in the market. The product resonated with businesses of all sizes, as it addressed the crucial issue of fragmented systems. By providing a single platform that integrated sales, customer engagement, and after-sales service, IMAST made it easier for businesses to manage their operations efficiently.
The company grew rapidly, expanding its client base across various industries, including manufacturing, retail, healthcare, and more. Today, IMAST serves over 100 clients across 18+ industries, and its innovative solutions have helped these businesses streamline their operations and achieve higher levels of customer satisfaction.
The company’s impressive 95% client retention rate speaks volumes about the quality and reliability of its solutions. The continued success of IMAST can be attributed to Akash’s focus on delivering value to his clients and his commitment to ensuring that the company’s solutions evolve with the changing needs of the market.
As of today, IMAST has grown to a valuation of ₹200 Crores, a testament to the impact it has had on the industry.
Impact on the Market and Society
IMAST’s integrated platform has had a profound impact on businesses across India. By eliminating the need for multiple disconnected systems, IMAST has enabled organizations to save time, reduce operational costs, and improve customer service. The powerful analytics and real-time reporting features have empowered businesses to make data-driven decisions, driving growth and profitability.
Moreover, the company’s focus on customer loyalty and relationship management has helped organizations build stronger connections with their customers, resulting in higher customer retention and satisfaction rates. This has been particularly beneficial in industries where customer retention is key to long-term success.
Beyond the business world, IMAST’s success has also contributed to the economy by creating job opportunities. With a team of over 300 members, IMAST has provided employment to a diverse group of professionals, ranging from software developers to marketing experts, contributing to the growth of the local economy in Indore, Madhya Pradesh.
Unique Selling Proposition (USP)
IMAST’s success can be attributed to its unique approach to solving problems for businesses. The company offers an integrated loyalty and sales platform that not only helps businesses manage their operations but also enhances customer engagement and post-sales service. Some of the standout features of IMAST’s offerings include:
- Real-time, multi-gateway cash reward disbursal: Enabling businesses to reward customers instantly through various payment gateways.
- 48-hour turnaround for custom report creation: Providing businesses with tailored reports to meet their specific needs in a short time.
- Multilingual support: Offering support in multiple languages to cater to a diverse clientele.
- 95%+ client retention: Demonstrating the high quality and reliability of IMAST’s services.
- End-to-end ownership of execution and delivery: Ensuring that clients receive comprehensive support throughout the implementation process.
The Future of IMAST Operations
As IMAST continues to grow and expand, Akash Joshi’s focus remains on innovation and delivering exceptional value to clients. The company is constantly evolving, with plans to further enhance its product offerings and explore new markets. Akash envisions IMAST becoming the leading global provider of loyalty and sales CRM solutions, helping businesses around the world optimize their operations and build lasting customer relationships.
A Journey of Vision, Innovation, and Success
Akash Joshi’s journey from a small-town engineer to the co-founder of a ₹200 Crore enterprise is a true testament to the power of perseverance, vision, and innovation. Through IMAST Operations, Akash has created a solution that not only addresses a critical problem in the market but also empowers businesses to achieve their full potential. Today, IMAST is a leader in the loyalty and sales CRM space, and its success continues to inspire aspiring entrepreneurs across India.
Akash’s story serves as a reminder that with the right mix of passion, determination, and innovation, even the most ambitious dreams can become a reality. As he looks to the future, there’s no doubt that IMAST will continue to pave the way for the next generation of business solutions.
