Sprink AMA Summary with Decentralized Club ✔️
Dear, Community,
Welcome to the recap of our AMA with Sprink.
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Sprink is about, we are sure this recap is gonna help you. So without further ado, continue reading 😉
✔️Introduction with Sprink : 👉
BILLY:
Q1. Can you provide a brief introduction to the core team behind SPRINK? @riteshdwivedy @ksetu
Kumar Setu:
Sure
We are 3 co-founders. Ritesh and I are batchmates from IIT Kharagpur while Abhishek, my 3rd co-founder is an IHM Bhubaneswar graduate and was part of JustEat (India’s first online food ordering platform), the last startup of Ritesh.
JustEat was the first food ordering platform in India and was very successful, it was acquired by FoodPanda in 2014 and gave great returns to the early backers.
The 3 of us have more than 4 decades of experience amongst us, most of which is spent in building FoodTech businesses. Prior to Sprink, I have run a data analytics and marketing services startup.
Sprink is our second venture. After exiting our previous startups, we started this in 2015. We spent the first 3 years building a science based food production backend so that dishes can be made assembly-ready, eliminating the need for a skilled chef in kitchens.
Using this scalable backend, we launched an Indian Quick Service Restaurant brand Petoo and scaled it across 8 cities of India with 40+ restaurant outlets. .
BILLY:
So we got a winner team working behind SPRINK who got the experience !
Thanks for the introduction to the core team
Q2. What does SPRINK offer that we should be excited about?
Kumar Setu:
Sprink is a meal subscription service designed for busy professionals. We cook homely hygienic food and deliver it to consumers at 0 delivery fee to their homes or offices.
Unlike other on-demand food delivery platforms or aggregators where customers have to order daily and spend a considerable sum on delivery fee for every order.
This becomes unviable for consumers who depend on outside food for all their everyday meals. We deliver our customers great food seamlessly every day at a pre-scheduled time and address “like a clockwork”.
We are slowly extending our services to places and hubs where people stay longer outside their home & office for e.g. Hospitals, Paying Guests, Bus Journey and so on.
Once we have captured the above markets, we would like to expand the target user segment to families by offering DIY Meal Kits subscription service down the line as we use similar kits anyways in our backend to make the menu items for a consistent food taste.
BILLY:
Ahh.. that’s the most needed thing for working professionals and you guys are going even beyond that !
Kumar Setu:
We really believe that we can build Sprink as the default kitchen in people’s lives. With Sprink freeing 6 hours of one’s daily time, one can say no to the kitchen and yes to life.
BILLY:
Yeah !!!
Q3. Can you talk a bit about your prospective customers and how they will gain massively from your products and services ?
Kumar Setu:
This should give you bried understanding of Sprink
Our primary customers are youngsters and busy professionals who have little time to focus on their daily food needs. Everyday food is a necessity but a hassle and spending time preparing for it everyday is an impediment which eats away time that could be better spent in either economic pursuits, hobbies, with family or just relaxing.
As India grows and labour becomes expensive the time an individual spends in their kitchen will continue to reduce. That is where Sprink has the potential to become the default kitchen for our users.
Subscribing to Sprink’s meal not just helps our users get access to affordable and great food, it also frees up a tremendous amount of time from their everyday lives which could be utilised better.
Over the years we have developed the ability to mass produce a wide range of Indian cuisine within factory setups and hence can scale very rapidly to various geographies.
We use our proprietary ready to cook dish components to make great consistent dishes which we eventually want to sell across various channels directly to consumers who want to have their own touch in the food they and their families consume.
With our ready to cook products we will target families while our ready meal subscriptions will target youngsters.
As we have been growing we are seeing new use cases continue to crop up. For example — A large % of our user base comprises senior citizens who stay away from their kids. Some of our buyers stay outside of India and have subscribed meals for their parents staying in Bangalore.
BILLY:
You guys are targeting a very lucrative market which has a very large competition but with services like SPRINK the competition could be easy 😀😀
Kumar Setu:
We love competition, no point playing a game where you can’t kill a competition 😊
BILLY:
Q4. What is further planned for SPRINK in 2021 ?
Kumar Setu:
Oh we have great plans ahead
2021 will be a breakthrough year for our business. COVID has had a tremendous adverse impact on the restaurant industry in 2020. The biggest affected have been the larger caterers (~90% caterers have shutdown).
As offices are beginning to open up there is a dearth of caterers who can provide hygienic food to the employees of these organizations.
It’s easy to cook food which is cheap and unhygienic, or cheap but inconsistent/boring but it’s extremely difficult to cook food which is super affordable and healthy so that it can be consumed everyday, and at the same time has a lot of daily variety so that boredom never sets in without hiring hundreds of staffs.
That’s where our effort and focus on investing 3 years of our initial days purely on research and finding a scientific process to make Indian food easy, scalable and chef-independent is paying off.
In 2021 we will not just scale aggressively in Bangalore but will also launch operations in newer cities. We will also develop new partnerships with platforms to expand our reach.
Our partnership with subscription apps like Milk Basket is live and more such partnerships will follow soon. As travel opens up again we will aggressively scale our partnership with RedBus to target hygiene conscious bus travellers across multiple cities.
Apart from developing partnerships, we believe our own platform will contribute high volumes of orders from both B2B and B2C channels. We are currently in the midst of revamping our platform, you will soon see a fantastic ordering experience on both the web and app.
BILLY:
Very exciting plans ahead. 2021 is jam packed for SPRINK
Thansk for the introduction to SPRINK
🐧Community ask Questions by Twitter ✔️
BILLY:
Twitter question no 1.
Username : @Poyrazyesill
What do you think is the biggest problem SPRINK will solve, which has not been solved by other projects yet, and why is it important to solve this problem?
Kumar Setu:
In terms of the biggest problem asked by @poyrazyesill : People resort to on-demand food ordering platforms like Swiggy and Zomato to order their daily foods and some rely on walking-in to a nearby local eatery. While these platforms are good for taking a break from the monotony of eating daily home/cafeteria food, as these platforms enable customers to discover new restaurants, but discovering restaurants every day for one’s daily meal and paying a delivery fee for every order soon becomes a deterrent.
Delivering a daily meal not just means that the average costs need to be very affordable say close to INR 100 ($2), it also requires the menu to keep changing everyday to ward off any fatigue or monotony, the service needs to be hands free and seamless, while keeping the customer preferences in mind.
And this can’t happen with old ways of cooking food or delivering it.
BILLY:
Twitter question no 2.
Username : @CalebKure
Can you give a brief overview for tokonomics and token supply?Would there be any form burns and buybacks? What does that aim to achieve for you
and does it incIude any form scarcity paths such as stake, store, or burn?
Kumar Setu:
The questions related to application of Sprink outside India is very interesting
That’s a great question and I am glad that you asked. Sprink Token is a utility token and for the people staying in city/country where Sprink operates it works as a great utility because they can use these tokens to subscribe for meals. And as Sprink operates in a space of daily affordable meals, which is not a space limited to one particular geography, Sprink has a vision to go global and solve the problem of daily affordable and hygienic meal beyond India. So in that regard yes, people would be able to use the token for Sprink meal subscription wherever we are present.
But I would like to emphasize that Sprink Token is more than just a utility token. The way we have structured it ensures that token brings both utility value and investment value.
As an investment instrument, Sprink Token has the fine balance of burn and hold which will lead to increase in it’s value. We have built incentive in terms of 1.5% monthly airdrops for those holding the token and incentive in terms of 15% extra recharge value for those burning the token to consume our meals. The hold will reduce token circulation and burn will further reduce the token supply. And as we grow across cities/country the burn will naturally increase because of people burning it for meal subscription.
This should provide enough boost to the token value in the market.
But we are so confident of what we have achieved till now and it’s future possibilities that we have also added another clause under which Sprink will buy back 7.5% of the tokens sold through this listing every quarter through the revenue earned by selling meals. That will provide a direct revenue linked benefit to our early backers and investors. This will further reduce the supply in the market and give huge benefits to those who back us early i.e. now and stay with us.
Hope I have answered this question well.
BILLY:
Twitter question no 3.
Username : @wahiburrohman
looks like Sprink is a good project, with brilliant innovation especially in India. But what benefits do outside Sprink users get? can they buy food also using Sprink in their country?
Kumar Setu:
would move to the 3rd and last question
this I have covered in last question but would rebrief here
The overall pool of tokens issued by Sprink has been capped at 20 Million over lifetime. In the current listing we are releasing 10% of these i.e. 2 million tokens.
Like explained earlier, revenues from Sprink boxed meals business will be directly used to burn(buyback from exchange) 2.5% of the total issued tokens(in public sales) every month.
This provides a direct link between Sprink offline revenue and the token and allows investors from locations where Sprink services are not present right now to benefit from Sprink business growth.
Like I mentioned in the previous answer here’s also a 1.5% monthly airdrop for those holding a minimum of 3000 tokens every month.
And we have also enabled buying directly at bitbns over here https://bitbns.com/trade/#/ascent-ico-launch-purchase/ so that one can save Gas fees
I think that covers all the questions asked over twitter
I loved answering those, some great questions there
BILLY:
Thanks for the detailed answers to the Twitter Questions. Now let me forward the website questions!
🌍 Community ask question by Website 👨💻
BILLY:
Website question no 1.
From : Masarya
When there are 2 types of INR and Sprink token payments, normal users use INR to buy subscriptions rather than opening an account on several exchanges, depositing money to buy tokens and then transferring to the wallet address on the Sprink platform. To fix this, will you introduce P2P in the app?
Kumar Setu:
For Masarya’s question: Sprink tokens can be bought in fully Decentralised way on https://launchonascent.com/#/listing/3 using metamask wallet or on https://bitbns.com/trade/#/ascent-ico-launch-purchase/ to save Gas fees
There won’t be p2p in terms of payment but by default Sprink Token enables one to do p2p gifting using sprink token.
BILLY:
Website question no 2.
From : Kafka Kataliya
Why are you conducting the presale on bitbns ? What are the benefits?
Kumar Setu:
Now coming to the second question here
Bitbns is the biggest Indian Crypto exchange and present globally in over 14 countries (fiat to Crypto). In addition anyone can create a pure Crypto/USDT account. We chose bitbns as we are based in India for maximum reach for our target audience.
BILLY:
Website question no 3.
From : Yakub Tahir
What are the recent achievements that gave Sprink the maximum exposure ?
Kumar Setu:
And now the last question
The business has been growing very steadily over the last few months. Our revenues have grown by 30% in the previous quarter, we have already surpassed our pre-covid revenue numbers despite being present in just 1 city when compared to 8 cities before covid.
We have recently launched subscription plans with Milk Basket, a popular subscription platform. This has instantly given us the ability to reach thousands of prospective customers.
We have also started working with companies like Capgemini to serve boxed meals to their employees. As businesses start to reopen this is a massive opportunity on its own. To give you a perspective the Capgemini alone has more than 1Lakh employees in their offices across India. They are slowly opening their offices and we are their preferred food partner.
And we are excited about all these and a lot of possibilities in future
Ritesh Dwivedy:
Indeed, 2–3 largest corporates in India have enough volumes to help us become one of the largest food brands in India. The oppotunity for daily meals is larger than on demand ordering.
BILLY:
Thanks guys for answering each and every question In details
Kumar Setu:
Our pleasure
Ritesh Dwivedy:
😄 Thank you!
Please refer to this deck for more details
✍️ Telegram live Questions answered by Sprink ✔
⸙ꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋꠋ MR:SAMSUR ︵❣️:
Sir,@riteshdwivedy
Sir,@ksetu
Sir,@cryptoTALK01
All project’s coins have their main Utilities & real-life use! So, Can you tell us what the main role of your coin is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your coin for the long term?
Kumar Setu:
Sprink Tokens can be used to buy real meal subscriptions. That’s the utility part of it. Why you should invest — because it has both utility component and investment component as we have structured it so that token value can go up by using right mix of hold and burn
Hendra sico ©®™ /Sico_SadBoy:
Hi mr. @ksetu
Where is Sprink road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?
Kumar Setu:
Please see the roadmap here: http://token.sprink.online/#roadmap
Alikaa Azzahra:
Where can I buy the #sprink token, is it already on the exchange market?
Ritesh Dwivedy:
Sprink tokens can be bought here : https://launchonascent.com/#/listing/3 using metamask wallet or on https://bitbns.com/trade/#/ascent-ico-launch-purchase
Teuta:
Why Choose SprinkOnline? Can you list the main features SprinkOnline that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Ritesh Dwivedy:
Please see setu’s answer above. Our model is unique because we are a vertically integrated business and not just an aggregator platform
Zafiya Khan:
Typically, investors buy tokens that are likely to increase in price in the future. I saw that, total supply of the token is huge.
So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Kumar Setu:
Current token released isn’t high and future token release is linked to roadmap. And with our commitement to buy bac 7.5% of tokens sold in this listing every quarter, you can’t go wrong. That’s our way of saying thanks for trusting us early so that we can pay back as and when we grow
💐💞Nusrat Jahan💞💐:
Nowdays So many Rug Pulls and exit scam happening . How Users can trust your project and how you are different from others?
Ritesh Dwivedy:
Well, we are a 6 year old company and not a fly by night operation :). Please see our credentials as mentioned by Setu above. We are here to stay, we are here to build the largest Indian foodtech brand. Our commitment to buy 7.5% of tokens quarterly should also help assuage the fear