CXO today In an exclusive interview with Talukdar, Founder and CEO of Relata.io
When I was a student, I always had a passion for leading various initiatives, whether it was in sports, school, or university government. During a mock session during engineering job season, we got to set up a company and explain our services and offerings. That was the moment I dreamed of having my own organization. Fast forward to 2009, when the Satyam debacle happened and I lost confidence in my salary during the subprime crisis, I became more cautious. After this incident, I started gathering my experience to build my own business.
Since 2010, India has been surrounded by many startup stories and the increased access to global stories through the internet has also inspired us to take the next step. After leaving Xerox in 2013, I started doing freelance consulting and started my first business in 2014. The business didn't last long and the store had to close. By 2019, I realized that my first business was not a startup idea and didn't have the benefit of growing or scaling. And this failure in 2019 was the biggest inspiration for me to start Cognilements. By 2021, we faced many obstacles along the way, moving from a service-oriented business to a product-driven proptech ecosystem. We felt it was time to rebrand to Relata because we believed that the essence of our vision was to strengthen relationships. Empower real estate stakeholders.
2. What makes relata unique compared to other service providers in the same domain?
There are 4Bs in the real estate ecosystem.
Bankers, builders, brokers, buyers. When we started, we found that everyone was focused on everything, not buyers. That's why we focused on building the buyer's journey and also focused on building the platform #CustomerExperience. When building our customer experience platform, we focused on his three key components:
Customer journey optimization
interactive visualization and
Insights and analysis
No other technology company currently focuses on these elements, making us a unique platform. We also understand processes and complete solutions for transacting leads and managing the process from discovery to possession using cutting-edge technology tools. The next generation of buyers are Millennials and Gen Z. They grew up with technology and crave convenience. Customer convenience is at the core of his Relata mission. Our platform is expertly designed to simplify every step of the real estate process, ensuring a smooth and hassle-free experience for all users.
At Relata, we not only understand the importance of customer experience, but all of our product solutions focus on it. This is what makes Relata stand out from the crowd and lets Relata shine as a pioneer in leveraging technology to improve the customer experience in the real estate industry. .
3. What is your technology stack? Can you explain the AI/ML algorithms used?
Our comprehensive technology stack features ReactJS and NextJS for front-end development, and PostgreSQL for robust data management in our proptech product, Relata. Meanwhile, our conversational AI product, REIYA, employs cutting-edge generative AI algorithms. By leveraging machine learning technology, these algorithms dynamically adapt to user interactions, providing personalized responses and continuously improving the conversation experience, thereby increasing user satisfaction and engagement levels. improve.
4. How does your solution perform consumer behavior analysis? Please give me some examples.?
At Relata, we use consumer behavior analytics to provide sales executives with insights that enhance interactions with potential homebuyers and accelerate real estate sales. For example, our Virtual Sales Gallery (VSG) tracks user engagement metrics such as contextual button clicks and scene views. Process this data into intuitive dashboards that help executives understand their preferences and adjust their pitches accordingly. This allows executives to offer customized deals like unit upgrades and preferred views, leading to faster conversions and increased customer satisfaction.
5. What is the market potential of your service and how much impact is it likely to have on your client's business?
The Indian real estate market is estimated to reach $1 trillion by 2030, and overall sales and marketing technology budget is only 0.3%, representing a total addressable market of $30 billion in India alone. Masu. Currently, we are located in Region 1 of India and cater to Category A+ developers. Our expansion plans include Tier 2 regions. Our strategy goes beyond India, prioritizing the development of overseas markets that replicate our Indian operations and optimize initial localization needs. Furthermore, he aims to target more categories of real estate businesses with mid-pyramid products to widen the horizons of his Relata's use in the real estate ecosystem.
6. How long do you think it will take for buyers in the budget segment to use your service? Why?
Currently, maintenance is being carried out on the middle upper part of the pyramid and the upper part of the pyramid. We understood how reality works in the middle and bottom of the pyramid. At relata, we create innovative product lines that are part of our ecosystem that empowers the masses to do high-volume business. India is on its way to becoming a $1 trillion real estate economy, but without technology, we are far from achieving this, and unless small businesses are provided with the right technology tools, growth across the sector will be minimal. It will be a thing. We aim to release mid-pyramid products by June 2024 to support ecosystem requirements.
