Founded in Delhi in December 2014 by Ankit Singh and Rohit Taneja, Mypoolin.com is the wholesome place where a group of people can plan and pay money together. Usually one of the persons in a group takes the initiative of making a plan but gets stuck paying the bill – and then badgering the rest to pay back! Moreover, the entire coordination and decision making is quite painful and disconnected requiring a lot of effort.
This is precisely what MyPoolin aims to resolve with their very cool and unique approach the problem of money collection (and settling) in a group for various use cases like group -gifting, traveling together, and attending parties/events as a group and even social mini-projects. You can invite along your friends, family or anyone to form a pool or even settle your previous transactions with them in a matter of few taps rather than maintaining a long list or spreadsheets.
The product that is available both as a mobile app (currently – Android with the iOS version on its way by the end of this month) as well as the website, can be divided into 4 simple steps –
Ideas to Explore – The app shows a list of events, movies and various locations around you to explore with friends. You can choose from the suggested items or proceed directly on your own ideas. They also showcase a range of gift cards (with more than 90 brands on board) to choose from in case of a group-gift.
An example of this – ‘Off Roader’ experience for a group of 5 on a 7 km ATV ride for INR 3749 per person.
Discussion and Planning – The organizer selects his/her friends through a single tap from the contact list and adds them to the group. Then they can chat and show their status with a cool ‘toggle’ as a Yes or a No.
Payments – Then the pool can be frozen to just confirm those who had said ‘Yes’. The confirmed members can simply pay up their share then through their linked mobile wallet (like Mobikwik) or pay via their debit card/credit card/net banking. The money remains safe with the respective payment partners (like Mobikwik, PayU) and is transferred collectively as per the step 4 below.
Redeeming – Once ready to cash out, the organizer can redeem the money into his/her bank account (gets transferred within a working day). Or in a more seamless way, the group can spend it directly on any of their 20+ partner sites like Amazon, PVR, Flipkart, Myntra, MakeMyTrip through a voucher code generated within the app/site.
The app is already up on the play store here (was featured in the top 10 new free apps in its category very recently) and it is a product that we love to use in our team!
P.S. The Company has been funded recently by some of India’s top angel investors and is on the road to introduce some more cool features in the time to come.