{"id":10828,"date":"2020-10-21T02:51:41","date_gmt":"2020-10-21T02:51:41","guid":{"rendered":"https:\/\/dev.matsio.com\/matsio\/saasboomi\/?post_type=podcast&p=10828"},"modified":"2023-09-19T13:45:39","modified_gmt":"2023-09-19T13:45:39","slug":"inside-innovaccers-journey-to-100-million-arr-bold-pivots-and-relentless-learning","status":"publish","type":"podcast","link":"https:\/\/dev.matsio.com\/matsio\/saasboomi\/podcast\/inside-innovaccers-journey-to-100-million-arr-bold-pivots-and-relentless-learning\/","title":{"rendered":"Inside Innovaccer\u2019s journey to $100 million ARR; bold pivots and relentless learning"},"content":{"rendered":"\n

Abhinav Shashank pitched a 400-pages report as a trainee inside a Fortune 500 company and managed to get $20 million funding for the same, much before he actually became an entrepreneur. After getting his idea approved, Abhinav<\/a> worked on building the product in Bangalore, scoped out manufacturing in Shanghai apart from spending time in Dallas, U.S., giving him an overall experience in building a truly global product.<\/p>\n\n\n\n

\u201cBy the time I left, it was already a $40 million revenue business,\u201d Abhinav tells me in this podcast.<\/p>\n\n\n\n

Is there a path to doing this on my own, he remembers asking himself around that time.<\/p>\n\n\n\n

For Abhinav, it was almost like doing a startup again, this time, however, without the protection of a Fortune 500 company. Clearly, there is a lot of value in being entrepreneurial, which is mostly underrated.<\/p>\n\n\n\n

An IIT Kharagpur alumni, Abhinav and his batchmates earlier planned to build \u201ca Kharagpur Consulting Group\u201d, on the lines of the famous consulting firm, Boston Consulting Group, he recollects jokingly.<\/p>\n\n\n\n

On a more serious note, Abhinav started looking at the world of big data, which is mostly unstructured, and how to make sense of it for customers.<\/p>\n\n\n\n

\u201cHow do you manage this explosion of information for innovation?\u201d<\/p>\n\n\n\n

The early prototype for Innovaccer<\/a> was aimed at helping academic institutions such as Harvard make sense of information. But when he met Rajan Anandan of Sequoia, thanks to the connection made by Aneesh Reddy of Capillary, the first pivot happened.<\/p>\n\n\n\n

\u201cWhy don\u2019t you build this for the enterprise?\u201d<\/p>\n\n\n\n

Since then, Innovacer has been growing its revenues at over 100% annually and is set to cross the $100 million ARR mark by sometime next year.<\/p>\n\n\n\n

The big opportunity has been to tap into the U.S. healthcare market, which is almost like the fifth largest economy in the world, according to him. And the quality of healthcare data continues to be patchy.<\/p>\n\n\n\n

\u201cThe person you\u2019re trusting with your life knows less about you than your retailer does.\u201d<\/p>\n\n\n\n

Before Innovaccer made its second pivot to focus entirely on the healthcare market, the startup was already doing $4 million in ARR.<\/p>\n\n\n\n

\u201cWe decided to shut down the existing $4 million business, right after the $12 million fundraise from Westbridge,\u201d he recalls. That happened at the first board meeting with Innovaccer\u2019s new investors.<\/p>\n\n\n\n

There are broader entrepreneurial lessons too.<\/p>\n\n\n\n

\u201cAs an entrepreneur, most of your days have their lows. There are only a few of those elusive high points that you are living for that carry you through all the lows,\u201d he says.<\/p>\n\n\n\n

Listen to this podcast with Abhinav of Innovaccer to learn more about managing bold pivots, almost like changing the engines of a plane while still in the flight, and staying bluntly honest to create a $100 million ARR business.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abhinav Shashank pitched a 400-pages report as a trainee inside a Fortune 500 company and managed to get $20 million funding for the same, much before he actually became an entrepreneur. After getting his idea approved, Abhinav worked on building the product in Bangalore, scoped out manufacturing in Shanghai apart from spending time in Dallas, U.S., giving […]<\/p>\n","protected":false},"author":12,"featured_media":11474,"template":"","tags":[],"series":[54],"series-seasons":[11],"class_list":["post-10828","podcast","type-podcast","status-publish","has-post-thumbnail","hentry","series-scale-and-startup-stories","series-seasons-season-1"],"acf":[],"yoast_head":"\nInside Innovaccer\u2019s journey to $100 million ARR; bold pivots and relentless learning - BoomiAI<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside Innovaccer\u2019s journey to $100 million ARR; bold pivots and relentless learning - BoomiAI\" \/>\n<meta property=\"og:description\" content=\"Abhinav Shashank pitched a 400-pages report as a trainee inside a Fortune 500 company and managed to get $20 million funding for the same, much before he actually became an entrepreneur. 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