Indore Friends Quit Jobs & Built A Rs 100 Cr Tech Solutions Startup

Founded in August 2016 by Akash Joshi and Ankur Pathak, IMAST is a leading tech-solution provider in India based in Indore.

It works clients of the likes of Raymond, Ashok Leyland , Fujifilms , C&S Electric, and has swiftly made it easier for distribution segment players to have 360 degree growth.

Founders

IMAST emerged as a brainchild of Akash Joshi and Ankur Pathak. 

These visionaries, both graduate engineers and MBA first crossed paths 12 years ago during there corporate jobs in organizations like Reliance, Kirloskar and Shakti Pumps.

While Akash's journey led him to the marketing communications department in Kirloskar after Working in Corporate sales in Reliance, Ankur delved into the intricacies of IT and supply chain management in Kirloskar .

Together, they navigated their roles, contributing significantly to tech-based supply chain solutions, inventory management solution, salesforce automations systems and loyalty solutions for various companies.

Venturing Beyond Boundaries: The Birth of IMAST

Fuelled by a wealth of expertise gained during their tenure at Kirloskar, Akash and Ankur took a leap of faith in 2015 and quit their jobs.

They decided to channel their collective experience into something of their own, and thus, IMAST was born in 2016.

Speaking to Startup Pedia during an interview, Akash Joshi said, “We had spent a long tenure at Kirloskar. Everything we did would yield strong results for the company . By 2015, we had become very confident in ourselves and knew that it was the right time to venture out”

Headquartered in Indore, the startup positioned itself as a provider of integrated cloud solutions and marketing services with a singular goal—achieving 360-degree business growth for organizations in the distribution realm.

Initial Journey: Building Momentum in the Pump Segment

In the initial stages, IMAST gained traction through positive recommendations in the pump segment as they were star performers in this industry.

The first feather in their cap came with clients like Varuna Pumps and Kirloskar Oil Engine Limited .

Akash Joshi says, “We knew our services would speak for us. Didn't really market ourselves heavily in the beginning. Strong word-of-mouth recommendations helped us immensely.”

Bolstered by these early successes, their client base expanded organically as more businesses sought their innovative solutions.

Shaping a Digital Future: IMAST

At the core of Akash and Ankur's vision was the digital transformation of channel sales, loyalty programs, and engagement strategies for companies. 

In 2017, IMAST made significant strides by launching key products, including IMAST Loyalty,  SFA, and DMS. 

Resilience Amidst COVID-19

The year 2020 posed unprecedented challenges globally, but IMAST demonstrated exceptional resilience.

With an impressive portfolio of over 50 projects, the startup not only weathered the storm but also achieved a remarkable feat—100% client retention during the tumultuous COVID-19 period.

Growth and Innovation 

In 2022, the team launched IMAST 360, India's first integrated Sales , Hr and Customer Engagement solution. The startup secured its position among the top 5 solutions providers in the country. 

Notably, IMAST has been a bootstrap success story since its inception.

With a focus on players in the distribution segment, IMAST has cultivated an efficient team of 150+ highly skilled members. 

To date, IMAST has an enviable track record with a minimal attrition rate and an outstanding 95% client retention rate.

The startup takes pride in its extensive experience, collaborating with 100+ brands across 18+ industries. 

Currently, IMAST serves a vast network, including 20 million+ channel partners, handling over 5 lakh daily transactions. 

Clients and Numbers

IMAST's success narrative is further illuminated by its collaborations with 100+ clients, including industry giants like Raymonds, Ashok Leyland, Fujifilms, C&S Electric, and Trident Group.

During the interview, Akash Joshi said, “Since the beginning, we have delivered impactful solutions that resonate with diverse business needs. That is our USP.”

As per Akash Joshi, IMAST's revenues will reach Rs 50+ Cr by FY25, with a client base to 200+ and PBT around 25% and a Rs 100 crore valuation - all achieved solely through bootstrapping.

IMAST's Global Aspirations

Looking ahead, IMAST envisions securing additional clients in the domestic market and expanding its footprint to target countries in the United States and UAE.

As per Akash, “We've left a mark on the domestic market even though there's still a lot to be done. Our plan with IMAST is to make it a global tech-solutions provider that businesses can rely on for continuous, smooth growth.”

This strategic approach underscores the company's commitment to continuous growth, innovation, and global impact.

To conclude, IMAST's journey from inception to becoming a leading player in the tech-solution landscape reflects not only the founders' strategic vision but also their resilience, adaptability, and commitment to excellence.