Mayfield partner Navin Chaddha and Poshmark founder and CEO Manish Chandra met all the method back in 2003, well prior to Poshmark was even a twinkle in his eye. They remained connected throughout the years, through Chandra’s sale of his start-up Kaboodle to Hearst and after he left.
At a breakfast one morning, Chandra told Chaddha he was going to try to do everything from his iPhone for the next six months.
Throughout that time, the concept for Poshmark started to percolate into something more concrete. Chandra, following Kaboodle, understood he wished to do several things in a different way. The very first was develop an engagement and earnings model that was symbiotic, instead of starting with engagement and needing to build out an organization design later. He also knew he wished to start with people first, and develop a founding team that had deep DNA in the style world to pair with his technical background.
He fulfilled Tracy Sun, brought her on, and got to work.
This was back in 2011, and Chandra was absolutely adamant that he wanted Poshmark to be an app, not a website. So adamant, in fact, that during beta he really provided 100 users with video iPods. (He recalled that he only got 20% of them back.)
” Lead with love, and the money comes.” It is among the foundation worths at Poshmark. The business practiced that early on by holding IRL, and after that virtual, celebrations, allowing users to reveal each other their products and produce an engagement cycle that offered pleasure principle. The user base grew from 100 to 150 to 1,000 and so on.
” We still to this day utilize a similar kind of strategy in a far more compressed timeframe as we go to various countries,” stated Chandra. “We focus on building the neighborhood initially and after that scale that community.”
Chaddha and Mayfield led the business’s Series A deal a decade earlier. On the latest episode of Extra Crunch Live, Chandra and Chaddha sat down with us and strolled us through that original Series A pitch deck (which you can check out listed below). They also participated in the Pitch Deck Teardown, giving their expert feedback on decks submitted by the audience. If you ‘d like your deck to be included on a future episode of Extra Crunch Live, struck up this link.
Poshmark’s Series A Deck
Time stamp– 11:00
Poshmark was constructed on a couple fundamental premises. The very first was that the iPhone would change the method we do almost whatever. The second was more pointed: That fashion, at the time underserved by innovation, was a discovery procedure over a direct search process. A decade back, Chandra envisioned a fashion market that mimicked shopping in the real life– stroll into a shop and let natural attraction do its thing– without holding any inventory.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.