With World’s 1st AI and ML Powered Annual-Recurring-Subscription-Model, Frinza Is All Set to Disrupt the Global Gifting Industry
Date: 31-07-2020 1:00PM
Category: General, Consumer Interest, Internet, Start Up, Information Technology, Retailers, Sme, Technology, It & Tech
Location: Bengaluru, Karnataka, India
Business Wire India
|FRINZA: Making emotions tangible|
Incorporated in 2018, FRINZA is an aggressively growing online gifting startup that is all set to take the gifting space by storm as it plans to roll out world’s first and one of its kind Artificial Intelligence(AI) and Machine Learning(ML) powered annual-recurring-subscription-model-based one-stop-gifting-solution.
FRINZA is a rapidly growing online gifting organization, that provides premium and a wide range of quality gifts. The gifts range from an exquisite collection of souvenirs, cherry-picked flowers, luscious cakes, scrumptious chocolates, a wide array of personalised products and many meaningful gifting categories planned with a befitting sense of elegance for every occasion.
How does the AI/ML powered annual-recurring-subscription system work?
The user making a purchase through FRINZA’s website or app simply needs to subscribe to an annual-recurring-subscription package depending on their budget and enter the information pertaining to the person they are buying a gift for, in terms of age, gender, interests, profession, personality, occasion, need of recipient and their relationship with them. These details to be entered just once. That’s all.
FRINZA’s AI/ML powered technology will select the perfect personality-occasion-relation specific gift on behalf of the subscriber, thereby saving them from the pain of spending hours on selecting the perfect gift and then the system will also automatically deliver it to the recipient on the day of the occasion. The best part is FRINZA does all this within the budget of the subscriber.
The Leadership Team
FRINZA is the brainchild of Praveen Singh, Founder and CEO who holds an MBA from SIBM, Bengaluru and is also one of the youngest Penguin India authors of the book titled “Locha 20+”.
The idea of FRINZA struck Praveen during his MBA days when he once forgot to wish his girlfriend because of his busy schedule and a forgetting habit. To make up for his mistake he thought of sending her a gift but only ended up spending hours in searching for the perfect gift. What added more to his frustration was that the gift was delivered 2 days late.
That is when Praveen realized that there would be many people facing this issue, and he thought what if he could build a system which would eliminate the pain of spending hours selecting the perfect gift and then delivering it on time.
Truptimayee Lenka is Co-founder and COO of FRINZA. Trupti has done her B.Tech. in E&TC. She has more than 5 Years of experience in order processing, Vendor management, Operations and Logistics in the Gifting Industry.
FRINZA is from those rare businesses that have prospered during this pandemic. FRINZA works on the concept of cloud kitchens and hence they did not see much disturbance in their business.
“There is one curve we have to flatten and then there is another that we have to stay ahead of,” remarks Praveen.
FRINZA made sure that in these testing times, all their staff was monetarily compensated and they also got their medical insurance done. This gave their staff the confidence they needed, and they were able to operate cloud kitchens. As a result, during this lockdown period (Mar-Apr'20) when most businesses were finding it hard to make their ends meet, FRINZA observed the month-on-month (MoM) growth of 103.5%.
FRINZA also has recorded a year-on-year growth (YoY) of +137.6% for the year 2019-20.
“Considering the current pandemic situation, we have decided to diversify our Category & product portfolio, we will now have 60% gifts that will be delivered physically and 40% digitally,” remarks Trupti.
"We have also expanded our product category to include E-greeting cards, kindle books, customized wishes website, personalized- poems, birthday wishes and online performance by favourite celebrities /influencers/artists,” adds Trupti.
The Unparallel advantage
FRINZA has also filed a patent for this AI/ML powered system by the name “SYSTEM AND METHOD FOR SCHEDULING GIFTS” with the Indian patent office. They have also filed a patent for this invention with the World Intellectual Property Organization (WIPO) which is an administrative body for the Patent Cooperation Treaty (PCT). PCT is an international treaty with more than 150 Contracting Countries.
“The biggest advantage of PCT is that it gives us 30 months protection from our local filing date to file patents in the other countries of our choice. This puts us in the driving seat in our plan to make FRINZA - the next Indian Global Consumer Brand,” says Praveen.
“All this has created a mighty entry barrier for the competitors, which gives FRINZA the unparallel advantage of creating a monopoly in the industry,” claims Trupti.
The Grand Plan
Frinza started in 2018, with their website going fully functional only in January 2019. In less than 19 months Frinza expanded its delivery network to more than 650+ cities of India and most cities of the USA, UK, UAE, Canada and Australia. FRINZA aims to add 25+ major gift categories, 1500+ sub categories, more than 10000+ child categories and nearly 5L+ products by the end of year 2021.
Praveen has a mission to make gifting subscriptions as easy, widespread and familiar as milk and newspaper subscriptions.
“As a part of our grand vision ‘of making Frinza a synonym of gifting’, we have also decided to make our annual recurring subscription completely free for the first year and we aim to get more than 1 lakh subscribers within the first week of launch,” remarks Praveen.
“FRINZA is here, not only to deliver gifts, but to dominate, disrupt and redefine the global gifting industry. We are going to change the way the word ‘gift’ is currently perceived,” says Praveen.
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