Biography of Sourabh Jain: Founder and CEO of The EleFant -Entrepreneur
Biography of Sourabh Jain:
Sourabh Jain's Background and Education
Sourabh Jain is a successful entrepreneur who founded the
EleFant, a pioneering toy rental service, but his journey began with a solid
educational foundation. He became a Chartered Accountant in 2011 after
completing his studies at the Institute of Chartered Accountants of India.
Alongside this, Sourabh also became a Certified Internal Auditor in 2013
through the Institute of Internal Auditors. This academic training in commerce
and auditing equipped him with the expertise to later navigate the world of business
and entrepreneurship.
Journey to Entrepreneurship
Sourabh's career path was built on years of hands-on
experience in various roles that honed his leadership and management skills.
These years of professional development helped him transition into
entrepreneurship. In 2023, he took the plunge and founded the EleFant, a
revolutionary app-based toy rental service aimed at reshaping children's
playtime and learning experiences. This marked a significant shift in Sourabh's
career, moving from finance and auditing to a more innovative, socially
impactful field.
The Vision Behind EleFant
At the EleFant, Sourabh’s mission is clear: to make playtime
more affordable, clutter-free, and sustainable for families. His unique model
allows parents to rent sanitized, age-appropriate toys that are delivered right
to their doorsteps. This system not only offers children a continuous variety
of toys but also makes life easier for parents who no longer need to worry
about storing toys or constantly purchasing new ones.
Empowering Home-Based Librarians
One of the most unique aspects of the EleFant is the
creation of a business opportunity for women in the community. Sourabh’s model
includes empowering home-based women to become librarians, managing toy
inventories from home. These librarians play a key role in the success of the
business, earning income through the management and rental of toys. This
initiative helps support financial independence for women while contributing to
the overall growth of the business.
Sustainability at the Core
Sourabh’s passion for sustainability is reflected in the way
the EleFant operates. By promoting the reuse and circulation of toys, the
company helps reduce the environmental impact of plastic toys, which often end
up as waste. This focus on sustainability not only aligns with the company’s
values but also appeals to families who are becoming more environmentally
conscious.
A Market with Potential
Sourabh is confident that the EleFant is tapping into a
large and growing market. In a world where parents are looking for
cost-effective and sustainable options for their children, the EleFant has
positioned itself as a forward-thinking solution. The subscription model is
designed to provide families with a variety of toys and educational resources,
creating an ever-changing playtime experience that grows with the child.
The Financial Model of EleFant
The financial model behind the EleFant is structured to
ensure sustainability and profitability. The business incurs costs in areas
like toy inventory (₹6 lakh), setup costs (₹50,000), and franchise fees (₹1
lakh). The company’s operational structure includes various costs such as
salaries (28%), marketing (8%), and warehousing (2%). Despite having an EBITDA
of 3%, the company is working towards refining its financial model for future
growth.
Challenges and Profitability Concerns
While the financial structure of the EleFant is solid, its
reliance on subscriptions has raised questions about long-term profitability.
With an EBITDA of 11.3%, the business faces challenges related to the uncertain
nature of subscription-based revenues. Managing cash flow effectively and
ensuring that customer subscriptions remain consistent will be key to the
business’s long-term success.
Shark Tank Pitch
In an effort to grow the business, Sourabh and his
co-founder appeared on Shark Tank India, seeking ₹60 lakh in exchange for 1%
equity, which valued the company at ₹60 crore. While the sharks appreciated the
innovative concept behind the EleFant, their reactions highlighted several
challenges the business might face in scaling and sustaining its model.
Vineeta Singh’s Concerns
Vineeta Singh, a Shark with experience in running a
subscription business, raised concerns about the long-term viability of the
model. She questioned whether Indian parents would commit to paying for toy
rentals on an ongoing basis. The challenge of keeping customers engaged with a
subscription model, which requires advance payments, seemed like a tough hurdle
to overcome.
Biography of Sourabh Jain: Founder and CEO of The EleFant -Entrepreneur# startup#age#net worth#investor#shark tank#toy rental service#The EleFant story
Peyush Bansal’s Product Care Worries
Peyush Bansal, another Shark, pointed out the issue of
product care. In a non-ownership model, customers often do not treat products
with the same care they would if they owned them, leading to potential damage
and high replacement costs. He also highlighted that franchise owners would
need to invest ₹1 lakh every month, creating financial risks for them.
Kunal Bahl’s Value Proposition Doubts
Kunal Bahl expressed doubts about whether the EleFant
offered a true value proposition. He questioned if the pricing made sense for
middle-class families. If purchasing new toys was easier and more affordable
than subscribing to the service, why would parents opt for the rental model?
This concern about pricing and its appeal to the target market remained a
significant challenge.
Aman Gupta’s Subscription Struggle
Aman Gupta, another Shark, echoed similar sentiments
regarding the subscription model. He emphasized that many Indian consumers
prefer to make one-time purchases rather than committing to ongoing payments.
This behavior was something that the EleFant needed to overcome if it wanted to
succeed in the Indian market.
Anupam Mittal’s Scaling Concerns
Anupam Mittal, while praising the concept, highlighted the
operational challenges that would come with scaling the EleFant. Managing
logistics, distribution, and toy rotation across multiple locations would
require significant effort. The complexities of scaling the business while
maintaining a seamless customer experience seemed daunting.
The Sharks’ Decision
In the end, despite the innovative business model and clear
passion from the founders, none of the sharks made an offer. The concerns
raised about scalability, customer behavior, and financial risks outweighed the
potential that the sharks saw in the business. This left Sourabh and his team
to rethink their approach and refine their strategy for the future.
The Road Ahead for EleFant
Despite the setbacks on Shark Tank, Sourabh remains
optimistic about the EleFant’s future. He believes that the toy rental service
has great potential to transform the way children play and learn. With a focus
on sustainability, innovation, and empowering women, Sourabh is committed to
growing the business and overcoming the challenges that lie ahead.
A Vision for the Future
As the EleFant continues to grow, Sourabh’s vision is clear:
to build a business that not only provides value to families but also makes a
positive social impact. By offering an affordable and sustainable solution to
children’s playtime, he hopes to create a more eco-friendly and socially
responsible industry, while also empowering women entrepreneurs. The journey
may be tough, but Sourabh is determined to make the EleFant a success.
Timeline for story
2011 – Sourabh becomes a Chartered Accountant.
2013 – Becomes a Certified Internal Auditor.
2023 – Founding of EleFant, a toy rental service.
2023 – EleFant launches with focus on affordability and
sustainability.
2023 – Empowerment of home-based women as toy librarians.
2023 – EleFant pitches on Shark Tank India seeking ₹60 lakh
for 1% equity.
2023 – Sharks raise concerns, no offer made.
2023 & Beyond – Sourabh refines strategy for future
growth.
