VConnect is Nigeria’s and Africa’s largest local search engine that currently has more than 950,0000 registered businesses and millions of monthly users. With just three years in operation, the company now has massive data and wealth of information on SMEs in Nigeria. For the general manager, Deepankar Rustagi — an entrepreneur of Indian descent who calls himself a true Nigerian guy — VConnect is an eye-opener to the potential that SMEs in Nigeria have. He spoke to AFKInsider on the genesis and exodus of VConnect, and how it has grown to become, according to Forbes, one of Africa’s hottest start-ups.
AFKInsider: What inspired the establishment of VConnect?
Deepankar Rustagi: I have lived most of my life in Nigeria, grew up and schooled here; so I know lots of restaurants, hotels, salons, malls and other exciting places in the nation. However, each time I found myself within vicinities I wasn’t familiar with, locating these places was difficult. On several occasions when I had discussions with friends, we wondered why there was no local content on the internet for Nigeria, and thought up several means of bridging the gap.
Nonetheless, the turning point came about four years ago, when some friends who had intentions of visiting Nigeria, had to search for a hotel to lodge in. They had to call on me to help out in the search, after several attempts they had made on the internet yielded results for Lagos in Portugal, and not Lagos, Nigeria.
My friends and I converged again, and brainstormed on the lack of a fast, organised and reliable local source for information in Nigeria; hence the decision to establish VConnect. This is because VConnect’s intended goals would help bridge the information gap that has been left wide for several decades in Nigeria. Today, VConnect provides reliable, comprehensive and up-to-date information on products, services and businesses cited in Nigeria.
AFKInsider: What was VConnect’s vision at launch?
Deepankar Rustagi: Our vision at inauguration was to become the most reliable information provider in Nigeria; our primary goal being the dependable source for information on products, services and businesses online in Nigeria. Indeed, over the years of our establishment, we have been able to focus on this vision and have made extensive accomplishments on it.
AFKInsider: Why Nigeria and not elsewhere?
Deepankar Rustagi: I have great knowledge of Nigeria and take her as my home; hence the decision to establish VConnect, with the aim of solving the information sourcing problem of a country I cherish.
AFKInsider: What strategy has sustained VConnect over the years, as similar past projects failed in Nigeria?
Deepankar Rustagi: It’s my ideology that for one to be successful in whatever one does, one has to be patient, persistent and dedicated. These three attributes in sync with an effective and efficient team working around the clock are indispensable values that are invaluable to the growth of every business.
These and so much more are the strategies that VConnect has applied to ensure its constant growth and sustainability. With our eyes on details, we are very conscious to eliminate possibilities of loopholes and are quick to fix any that arise.
VConnect registers 3,000 businesses daily, thus increasing our relevance and reliability to users and business owners. In addition, we adapt the core essentials, needs and requirements of SMEs and focus all our products on satisfying their wants.
Lastly, being one of the major pioneers of information sourcing in Nigeria, our years of establishment, experience and the ‘pioneering company advantage,’ have always given us a great edge in the market place.
AFKInsider: What achievements have been recorded in VConnect thus far?
Deepankar Rustagi: Several achievements have been recorded here in VConnect. Nonetheless, one of our major achievements is gaining the people’s trust.
At inception, getting information from SME business owners was difficult because they are often reluctant, weary and cautious, as their fears evolve around scams and frauds; nonetheless, we have gained their trust from our efficiency, tact and transparency in delivery.
In addition, as at today, VConnect has more than 950,000 businesses registered on the network and millions of users visit the site monthly to search for information for one purpose or the other. VConnect is the largest local search engine in Nigeria and Africa. We have also successfully registered 25 percent of fixed structured businesses in Nigeria, live on our site.
AFKInsider: Aside from the massive data available on VConnect, what is the company’s overall view about businesses in Nigeria?
Deepankar Rustagi: I observe that businesses in Nigeria have lots of potential.
Nigerians are very dynamic and innovative people who adapt to situations and make the most of opportunities that come their way. Any dedicated and hardworking individual in Nigeria would achieve set goals in good time. In spite of the lack of or minimal basic infrastructure in some situations, they still thrive. Businesses in Nigeria are set to reach the heights; it’s all going to happen in time.
AFKInsider: Who do you consider your major competition and why?
Deepankar Rustagi: We do not have any competition at the moment in Nigeria. VConnect came into existence when there was no local information provider in Nigeria. However, over time, Mocality, backed by Naspers was set up but soon exited the market.
The fact is that this business isn’t just about funding, marketing or advertising; it requires a lot of patience to understand both users and SMEs. What we are doing now, is focusing on satisfying users by making available as much information as possible, whilst ensuring that SMES are developed and given ample opportunities to expand. For us, it’s a win-win situation.
AFKInsider: What is the plan for 2014?
Deepankar Rustagi: Our plans for 2014 include expansion and so much more strategizing. We plan to launch our products in Ghana and are working on upgrading our website to version 3.0. We also plan to engage in a lot of aggressive marketing, bringing VConnect to the mind of every Nigerian. We intend to increase our database, as this would help achieve our goal of having all businesses in Nigeria registered by 2015.
AFKInsider: What could be done to support SMEs in Nigeria?
Deepankar Rustagi: Firstly, most SMEs in Nigeria need financial support. Government and other institutions should set up soft loans to support them.
Secondly, orientation and continuous training is very important. This is because most SMEs need to be informed of new services which can help their businesses grow; and companies like VConnect have been assisting on this aspect, at no cost.
Governments and corporate institutions should organize more seminars and trainings to help re-orientate them. Policies that are SME-friendly are also necessary to aid their growth and development.