REGARDING EXPLOREX
The restaurant industry is a significant contributor to the global economy, but it faces several challenges, including outdated software solutions and difficulty in adopting cutting-edge technologies. To address these issues, Explorex was founded in 2020 with the goal of empowering business owners to succeed in the restaurant industry.
Explorex provides a comprehensive ecosystem that includes all the necessary CRM capabilities, invoicing and reporting tools, inventory and vendor management systems, and POS functionalities. Additionally, integrated payment collection tools are included, providing restaurants with an innovative solution for all their operational and financial needs.
Explorex’s mission is to help restaurants drive operational and financial success, while also delivering excellence in customer satisfaction. By redefining the restaurant industry, Explorex aims to help business owners nurture their dreams with care and reach new heights of success.
Explorex is revolutionizing the restaurant industry by providing a comprehensive digital solution that addresses various aspects of restaurant operations. By consolidating order management, operations management, online aggregator management, payment processing, reports and analytics, and guest identification and re-engagement into one system, Explorex is helping restaurants streamline their operations and provide a better experience for both staff and customers.
The company has been successful in increasing revenue for its restaurant partners by at least 15% and decreasing table turnaround time, increasing average ticket size, reducing spoilage and leakage, collecting and analyzing valuable diner data, and enhancing the overall customer experience.
Explorex is committed to empowering restaurant owners and operators to succeed in the digital age. By providing a seamless and efficient solution, Explorex is helping restaurants build customer loyalty, drive revenue growth, and create a better work environment for their staff.
IDEA BEHIND STARTING EXPLOREX
The idea to create Explorex was born in 2017 when Mainak Sarkar and Pritam Khan, two friends from IIT Kharagpur, began brainstorming about potential start-up ventures. They were inspired to tackle the challenges faced by the restaurant industry after working closely with restaurant owners and staff on the ground level.
The restaurant industry was struggling with the limitations of traditional point-of-sale systems, and Mainak and Pritam saw an opportunity to provide a solution that truly met the needs of restaurant owners. In 2020, they founded Explorex Technologies, with the goal of becoming a “beyond software” company that provides innovative solutions for the ever-changing restaurant industry.
Explorex is dedicated to creating an ecosystem that is flexible and adaptable enough to meet the evolving needs of the restaurant industry.
BACKBONE(s) OF EXPLOREX
Explorex Technologies Pvt. Ltd. was founded in 2020 by Mainak Sarkar and Pritam Khan, two friends from IIT Kharagpur. Mainak serves as the co-founder and CEO, while Pritam holds the position of co-founder and CTO.
In addition to Mainak and Pritam, Raj Kumar, the COO, Aritra Basu, the CPO, and Manish Agarwal, the AVP of Operations, are the key personnel behind the success and growth of Explorex Technologies. Their collective experience and expertise in the technology and restaurant industries have been instrumental in developing and executing the company’s innovative solutions.
With a presence in 15+ cities and backing from top investors like YCombinator, Pioneer Fund, and HOF Capital, Explorex is quickly becoming a leading player in the restaurant industry.
COMPANY’S AUGMENTATION
During their initial stage in 2020, Explorex started with 5 restaurant partners with the founders mostly working from home. Headquartered in Bengaluru, the company enjoyed a strong base in the city and expanded its presence in cities like Delhi, Mumbai, and Kolkata.
As of August 2023, Explorex has more than 1000 restaurant partners across 15+ cities in India and has secured USD 6.5 million in funding over pre-seed and seed rounds. Currently, the company operates with more than 100 employees and has moved to a bigger, state-of-the-art office space. Since its inception, Explorex has processed over 500 Crores worth of GMV and is growing at 25% month on month.
CHALLENGES FACED BY THE COMPANY
Entrepreneurship is a challenging journey, and Mainak and Pritam are no strangers to the ups and downs that come with it. In the early days of Explorex, they faced several obstacles, including the difficult task of building a team that was aligned with their vision and shared their core values.
“In our initial days, getting the first ten people was the most difficult part of our entire journey,” Mainak recalls. “Building a team of people who are aligned with your vision and are committed to the core values of the company is extremely difficult.”
Adding to Mainak’s statement, Pritam says, “It was a learning experience. As a result of overcoming these initial hurdles, we now know exactly the kind of people we are looking for in our team and what the restaurant owners and staff really require.”
Despite the challenges, the team at Explorex persevered and continued to work towards their goal. Today, they are a team of over 100 employees who share the same ideology and are passionate about providing innovative solutions for the restaurant industry.
Their hard work has paid off, as they now have over 1000 restaurants across multiple cities working with them, and some have even seen their numbers grow exponentially. The journey from there to here has been a testament to the resilience and determination of the Explorex team.
SCHEMES ADAPTED FOR BUSINESS GROWTH
Explorex’s passion lies in positively disrupting the restaurant industry and making an everlasting impact by democratizing access to necessary tools that help run a restaurant business. The ecosystem designed by Explorex runs on restaurants of every scale and helps manage end-to-end operations. By removing all the obstacles from the process, the company works carefully to offer solutions that not only significantly improve the lives of its workers and customers but also increase the overall efficiency and revenue of the restaurants. The company’s full-stack solution was built with inputs and advice from industry experts for people who were not only concerned about their top and bottom line but also their customers and staff. The suite offerings of Explorex include an order management system, payment integration, analytics and reporting, customer relationship management, table management, employee management, inventory management, online ordering integration, order tracking, promotion management, menu management, waitlist management, table management system, time and attendance tracking, and benefits administration. With its comprehensive and integrated solution, Explorex is poised to make a significant impact on the restaurant industry and improve the lives of its customers and staff.
Explorex’s ecosystem includes a range of tools designed to help restaurants manage their operations more efficiently. One of the key suite offerings is the Digital Menu, which allows end customers to access a well-crafted digital menu via a QR code on their phone. This provides a convenient and seamless ordering experience for diners, while also allowing staff to access the software using their POS terminal or system-registered mobile, which acts as a mobile POS solution.
Inventory & Vendor Management is another key feature of Explorex’s ecosystem. This solution helps manage vendors, purchase orders, GRNs, receipts, and vendor payments in real-time, consolidating data from all locations in one place. Purchase orders are directly sent to vendors via email and SMS, and inputting GRNs eliminates the hassle of managing paper bills. The solution also includes a PAR and expiry setting, as well as the ability to input recipes and know food cost and stock in hand based on the recipe. This feature provides a comprehensive and integrated solution for inventory management, helping restaurants to better manage their stock levels and reduce waste.
Integrated Payment Services is another key feature of Explorex’s full-stack ecosystem. With this service, payments, and checkout are made incredibly easy for end customers. Diners can directly pay from a web app or with a dynamic UPI QR code printed at the bottom of a physical bill. This QR code can be scanned using any UPI app, or stewards can enter the table number in the EDC provided to pay through the card. Upon successful payment, the table is automatically settled. This feature streamlines the payment process and reduces the time and hassle for both customers and staff. It also helps to reduce errors and ensure that payments are processed quickly and accurately.
Restaurant Analytics & Reports is another key feature of Explorex’s full-stack ecosystem. With this feature, restaurants can access an in-depth analysis of their operations, providing valuable insights into how the business is performing. This helps restaurants to make better future strategies and decisions to improve efficiency and growth.
In addition to analytics and reports, Explorex also provides a range of tools to assist restaurant staff in their daily operations. This includes a digitized POS/MPOS solution, a customer re-engagement and recognition tool, and third-party delivery integration. These tools help to increase staff efficiency and streamline operations, making it easier for restaurants to manage their day-to-day tasks.
Explorex is a firm believer in the power of its platform to help restaurant owners run and manage their businesses more effectively. The company is committed to assisting restaurants in realizing untapped potential, and its suite of tools and services is designed to help restaurants achieve their goals. With its comprehensive range of features, Explorex is well-positioned to become a leading provider of restaurant management solutions.
CURRENT NETWORKED SYSTEM
Explorex has a significant presence in the restaurant industry in India, with over 1000 clients in Bengaluru, Kolkata, Delhi, Mumbai, and other cities. Among its clients are some of the biggest and most influential names in the industry, including Oia, 46 Ounces, Stories, Barkaas, Vapour, Shakesbierre, and Fox in the Field.
The solution provided by Explorex is relevant to all types of restaurant businesses, regardless of their size or location. Its suite of tools and services is designed to help restaurants streamline their operations and improve efficiency, making it an ideal choice for businesses of all types.
FUTURE ENDEAVOURS
With over 30 million restaurants in India alone, Explorex has a vast potential market to tap into. The company is rapidly growing and becoming a household name in the industry, as it provides restaurants with the tools and expertise they need to succeed in today’s competitive market.
Explorex is building an ecosystem for the restaurant industry that is designed to help restaurants leverage technology to reap the benefits of increased revenue, better customer experiences, and improved work environments. By providing restaurants with the tools and support they need to stay ahead of the curve, Explorex is helping to drive innovation and growth in the restaurant industry. Whether you’re a small, independent restaurant or a large chain, Explorex has the solutions you need to succeed.
The company’s ultimate plan for the year is to invest in expanding its offerings across India and in product development. The goal is to increase the number of payment volumes and execute a consistent acquisition strategy, promoting the competitive advantage of its services and strengthening its market position.
EXPLOREX AND THEIR CUSTOMER ENGAGEMENT SCHEME
Unlike traditional restaurants, customers of Explorex can access a user-friendly interface and superior design that provides a better customer experience than any of its competitors. With Explorex, customers can easily browse the menu and place their orders, with the added benefit of HQ images, item descriptions, and recommendations to help them make informed choices.
In addition to enhancing the ordering experience, Explorex also provides customers with greater transparency into the food being served to them. With its user-friendly interface, customers can easily call their server and request any additional items or make changes to their orders, reducing wait times and improving the overall dining experience.
The web app also allows customers to pay directly for their meals, with the added convenience of being able to settle their bills and pay in advance. This seamless payment experience not only enhances customer engagement but also increases customer satisfaction, leading to repeat business and positive word-of-mouth marketing. By providing a superior customer experience, Explorex is helping to drive growth and innovation in the restaurant industry.
