Biography of Sanjeev Jain: Founder & CEO of Prorata- Entrepreneur
Biography of Sanjeev Jain:
Sanjeev Jain, a visionary entrepreneur, had a humble
beginning in Kishanganj, Bihar. He moved to Kolkata at the age of 16 for higher
education. By 18, he was working at a Chartered Accountant firm to support his
living and education. His early work experiences shaped his entrepreneurial
spirit. By the time he was 22, he had founded his own consulting firm, RABS
& CO., and earned his Chartered Accountant qualification. From there, he
began building a strong career in accounting and finance.
Taking Risks and Shifting to Bengaluru
After running a successful consulting firm in Kolkata,
Sanjeev took a major leap by moving to Bengaluru to dive into the tech startup
world. This was not an easy decision. He was well-established in Kolkata, with
his own home and office. Despite this comfort, he moved to Bengaluru in pursuit
of something bigger. His first tech startup, Ozoprop, aimed to revolutionize
the real estate market but was shut down due to the challenges brought on by
the COVID-19 pandemic.
Inspiration from a Dream Car
During the pandemic, Sanjeev’s son asked when he would buy
his dream car, the Land Rover Defender. This simple question sparked an
epiphany. Although he could afford the car, he realized that owning such a
luxury vehicle didn’t make sense for him, as he already owned two cars, and it
would not be utilized often. This made him question why so many people dream of
owning luxury cars but are unable to do so due to practical issues like money
and time.
The Spark of Prorata
As Sanjeev reflected on the issue of luxury car ownership,
he realized that the dream car was out of reach for most people, even though
many aspired to own one. While researching, he found that only 5% of car sales
in India were for premium and luxury cars, and the rest were for basic commuter
vehicles. This was the moment when the idea for Prorata began to take shape. He
wanted to create a platform that could solve both the affordability of luxury
cars and the lack of time to utilize them.
Building the Concept of Fractional Car Ownership
Prorata was born as a solution to these challenges. The
concept was simple: fractional car ownership. Instead of owning a luxury car
alone, users could share ownership with trusted individuals nearby. By
co-owning a car, users could reduce the financial burden and still enjoy the
luxury vehicles for leisure and lifestyle purposes. The idea was to bring
together like-minded individuals who wanted to enjoy premium cars but didn’t
need them all the time.
Pitching the Idea to Family and Friends
Sanjeev first pitched the idea to his wife and children.
They were thrilled with the concept, which gave him the confidence to move
forward. He then gathered a group of trusted advisors, including Mohit, Sumit,
Naveen, and others, to help bring the idea to life. The team worked together,
with his children even getting involved—his 12-year-old daughter Aaradhya began
coding the website. This sense of family and community became the core of
Prorata’s mission.
The Name ‘Prorata’ and its Meaning
Choosing the right name for the company was crucial. After
much brainstorming, the team settled on the name ‘Prorata,’ meaning “in
proportion” or “fair allocation.” This perfectly reflected the company’s vision
of offering fair and transparent car ownership, where costs and usage are
shared proportionally among co-owners. With this clarity in branding and
mission, Prorata began to take shape as a trustworthy platform.
A Leap of Faith with Shark Tank
Sanjeev’s entrepreneurial journey took another significant
turn when he received a call from the popular TV show, Shark Tank India. At
first, he hesitated, thinking they were too early in their journey and unsure
if they would be able to secure funding. Despite being a pre-revenue company,
Sanjeev decided to take the plunge and apply. After going through several
rounds of auditions and interviews, Prorata was selected for the show, a
pivotal moment for the startup.
The Shark Tank Experience
Appearing on Shark Tank was a nerve-wracking experience for
Sanjeev, as he had never faced cameras before. However, once the pitch began
and the questions from the Sharks started, his confidence grew. He was
well-prepared and able to answer all the queries with clarity. The Sharks were
impressed with his vision, and after a tough negotiation, Anupam Mittal and
Peyush Bansal decided to invest in Prorata.
Biography of Sanjeev Jain: Founder & CEO of Prorata- Entrepreneur/age/net worth/investor/startup/fractional car ownership/startup/shark tank
Prorata’s Post-Shark Tank Growth
After the episode aired, Prorata experienced a surge in app
downloads and customer interest. The exposure provided validation for the
brand, and it also attracted several investors. More than 10 investors,
including VCs and angel investors, reached out to Sanjeev. This marked a major
turning point for the company, with Prorata now receiving the recognition it
deserved and gaining credibility in the market.
A New Chapter for Sanjeev Jain
For Sanjeev, the appearance on Shark Tank was a
life-changing experience. While he wasn’t seeking fame, the exposure brought
about unexpected recognition. He was frequently approached by strangers who
were curious about his business. More importantly, his children were overjoyed
to see their father pitch on national television—a memory that would last a
lifetime. This validation from both the public and investors boosted his
confidence in the business.
The Road Ahead: Scaling and Expansion
With the Shark Tank investment and the boost in credibility,
Sanjeev’s focus shifted to scaling Prorata. The company aimed to deploy 50-100
cars in the coming months, working towards product-market fit. Sanjeev was also
preparing for an institutional round of funding, aiming to raise $2 to $5
million to accelerate growth. The goal was to expand Prorata’s footprint and
reach a larger audience across India.
Prorata’s Business Model and Customer Base
Prorata’s business model revolves around fractional
ownership, where users co-own premium, luxury, and off-road vehicles with
others. The company targets people who want to upgrade their lifestyle but
can’t afford to do so on their own. Prorata also caters to various user needs,
such as those who require a specific vehicle for occasional use or business
purposes. The platform connects users within a 10 km radius to form co-owner
groups.
Prorata’s Unique Selling Proposition
Prorata stands out for its ability to make luxury car
ownership affordable and accessible. The platform allows users to experience a
wide range of cars without the financial strain of buying them outright.
Whether it’s for a road trip, a social event, or a special occasion, Prorata’s
users can access their dream cars with a fair share of costs and
responsibilities. The company’s technology ensures a seamless and transparent
experience for all co-owners.
Looking to the Future
Looking ahead, Sanjeev and his team are committed to
building a sustainable and transparent platform. Their vision is to create a
community-driven service where people can easily access premium cars while
sharing costs. The company aims to expand into multiple cities across India,
reaching more users and fulfilling their dream of owning a luxury car without
the hassle. Through continued innovation and trust, Prorata plans to
revolutionize the automotive ownership experience in India.
A timeline for Sanjeev Jain’s journey based on your provided
story:
1996 (Age 16) – Moves from Kishanganj to Kolkata for higher
education.
1998 (Age 18) – Starts working at a Chartered Accountant
firm to support himself.
2002 (Age 22) – Founds his consulting firm, RABS & CO.,
and qualifies as a Chartered Accountant.
2007 – Shifts to Bengaluru to pursue tech startups, leaving
his established life in Kolkata.
2020 (Pandemic) – Reflects on his son’s question about
buying his dream car, sparking the idea for Prorata.
2021 – Begins developing the concept of fractional car
ownership for Prorata.
2022 – Pitches the idea of Prorata to family, friends, and
advisors, and starts building the platform.
2023 – Appears on Shark Tank India, securing investment from
Anupam Mittal and Peyush Bansal.
Post-Shark Tank (2023) – Sees a surge in app downloads,
customer interest, and investment offers.
2024 – Focuses on scaling Prorata, preparing for an
institutional funding round to accelerate growth.
