DropDash

Progress records
1
Stage of your startup
Users
When did you start
July 2020
City
Makurdi, Benue State., Nigeria
Definition in 1 sentence
I am using technology to deliver food for restaurants. My startup acts as an intermediary between restaurants and customers.
Elevator pitch
In my community, I observed that the restaurants do not have delivery systems for their food, due to the costs involved in purchasing, and managing delivery vehicles. I have designed a webapp that links restaurants to customers and deliveries are made through any of our delivery personnel.
Are you incorporated?
No
Category
Software
Sector
Food Delivery
How do customers use or interact with your product?
Mobile/Tablet (Android)
Product Demo Video Adress
Video Password
Startup Presentation
Other Documents
Image gallery
Why do you want to attend this program?
I'd love to attend this program to pitch to a panel of investors to seek funding, I'd also love the opportunity to meet and network with like minded individuals especially in the area of technology.
Create Date
Sunday, September 13, 2020 17:33 (Meshach Iortyer)

Business model

Describe the problem you are solving
In my community, I have observed that the restaurants do not have delivery systems for their food. This is due to the costs involved in purchasing and managing delivery vehicles. This challenge compels restaurants to settle solely for the "sit down and eat" models.
I have designed a web app that enables users order food from any restaurant in the city, and have it delivered at their doorstep through any of our delivery personnel. This way, restaurants have increased their sales by 30%!
How are your customers solving that problem today?
Customers are solving the problem
by using the web app to order food from restaurants in the city and get what they want, when they want, and wherever they want. They're also helping restaurants increase their sales, and in the long run, having a positive impact on the economy.
Target custormers - Define customers, who are they
How do you plan to acquire customers?
I plan to acquire customers through intense marketing campaigns. My community consists of over 4million people. Of which the most abundant age groups are ages 15-45 which cover 2.1million of the entire population. Most of these persons arw undergraduates, who are tech savvy and spend most of their time on social media- particularly Facebook.
I intend to target and focus on these category of people, through sponsored ads on social media, email Marketing, as well as other channels of marketing.
What is your revenue model or expected revenue model?
The expected revenue model is to make 10,000 deliveries monthly, with a monthly cash inflow of 2,000,000 naira and an annual income of 7,200,000 naira

Market info

What is your target market?
My target market are ages 15-45 who make up over 2.1million of the population. This demography are mostly the young, and tech savvy. The average time spent by this population on social media and the internet is estimated to be 15hours a day. Majority of them are undergraduates, and members of the working class.
What is your total available market size
$ 200,000,000
What steps have you taken to validate the market?
Due to the current pandemic, restaurant sales have plummetted, and customers are skeptical and are trying to do all they can to prevent public gatherings. Food delivery gives them a preferable option to get what they want while staying safe.
Interviews were also taken, and most customers preferred to have their food come to them for convenience.
Again the service was tested and it resonated among undergraduates, and members of the working class.
Do you have competitors? Please write down the names
Competitor name
Competitor website
Chop now now
Metro Africa Express
Olilifoods
Olilifoods
Olilifoods
Competition: write down competitors and explain
Who are your competitors and how are you different?
Food delivery is an untapped market in my community. As a matter of fact, DropDash is the first food delivery start-up in my location. However, competitors in other states in Nigeria include; chop now now, Olilifoods, Max Nigeria etc.
DropDash differs from these startups because as much as it helps restaurants boost their sales, it also empowers young people to sign up to be delivery personnel and earn money for themselves daily. Hence, tackling the challenge of unemployment in my region.
Traction / KPIs
What progress have you made in the last six months?
In the last six months, DropDash has made a total of 600 deliveries, with a total revenue of 500,000 naira and a net profit of 250,000 naira.
How many customers/users do you currently have?
150
What is your monthly growth rate?
Monthly growth rate is 20%
Describe traction

Finance

How much runway do you have left(Month)?
My startup is profitable
How is equity divided?
Equity type
Name surname
Email
Equity
Founder
Iortyer Ushahemba Meshach
% 57
Employee stock option
Hillary Kaior
% 10
Employee stock option
Foga Amos
% 15
Employee stock option
Beniah Yusuf
% 18
How much money raised since start?
$ 1,000
Revenue lifetime
$ 10,000
Last months revenue
$ 500
Investment round
Target fund to raise
$ 700,000
Equity on offer
% 25
Number of employees
2
Other info Write bullet points (Grants, prizes, acceleration)
Add more comments

Team

Owner member
Yes
Member role
Founder
Name surname
Meshach Iortyer
Title
CEO
Education
Bachelor Degree
School name
Benue State University Makurdi
Birthdate
15 January 1997
City
benue, Nigeria
Short Bio
My name is Iortyer Ushahemba Meshach, and I'm from Benue State Nigeria. I am a graduate of BSc. Microbiology, and also a passionate entrepreneur. I love to cook, and I pretty much enjoy watching people eat my food. Other passions include, travelling, and meeting new people.