In the dynamic landscape of the restaurant industry, where innovation is the key to survival, Explorex has emerged as a trailblazer, reshaping the dining experience for both businesses and consumers. Founded in 2020 by a visionary team led by Mainak Sarkar, Explorex has quickly become a force to be reckoned with, providing a comprehensive, cloud-based software solution that addresses the evolving needs of the restaurant sector.
Bridging the Gap: From Eatables to Explorex
The journey of Explorex began with the launch of Eatables, an early foray into enhancing the restaurant dining experience through QR codes. Despite facing challenges during the onset of the COVID-19 pandemic, the setback became a catalyst for Explorex’s evolution. Mainak Sarkar reflects on the experience, stating, “The closure of Eatables deepened our insight into the industry, allowing us to pinpoint the underlying issues we aimed to resolve.”
In 2020, Explorex was launched, building on the lessons learned from the earlier venture. The company’s mission revolves around democratizing technology and providing innovative tools for more efficient business operations in the hospitality sector. Backed by notable investors, including Y Combinator, Super Angels, Twitch, and Fitbit, Explorex has witnessed remarkable growth, boasting a 115% increase in Gross Merchandise Value (GMV) processed between February 2023 and July 2023.
Revolutionizing B2B Efficiency: Explorex’s Unique Ecosystem Approach
In the current business landscape, the absence of a comprehensive, cloud-based software solution has posed a significant challenge for restaurant owners. Explorex steps in to address this gap with an all-encompassing ecosystem that includes order management, operational supervision, online delivery coordination, secure payment processing, detailed reporting and analytics, guest identification, and re-engagement strategies.
Mainak Sarkar emphasizes, “The strength of Explorex lies in its unifying power, consolidating all critical functions into a single, user-friendly platform.” This holistic approach has led to a 40% decrease in table turnover times and a 30% upsurge in the average bill size. Explorex stands out by offering simplicity, modular flexibility, and seamless integration, setting it apart from other market players.
Competing in a Tech-Driven Landscape: Explorex’s Distinctive Strategy
In a competitive landscape where technology giants are making strides in the restaurant industry, Explorex distinguishes itself through a carefully crafted and proven business strategy. The company’s unique ecosystem approach seamlessly integrates essential tools required to operate a restaurant, catering to businesses of all sizes.
Mainak Sarkar notes, “Our commitment to continuous innovation drives us to consistently offer practical solutions to the operational hurdles experienced by our partners.” Explorex’s dedication to providing a reliable and comprehensive solution positions it as the preferred choice for brands seeking technological excellence in the market.
Explorex places a strong emphasis on risk mitigation and a customer-centric approach. Utilizing powerful data analytics, the company identifies and manages risks in the restaurant industry by examining market trends, consumer preferences, and operational performance. Real-time reporting and analytics empower restaurants to monitor key performance indicators and address concerns proactively.
Mainak Sarkar explains, “Explorex not only reduces risks for restaurant owners but also enhances the overall dining experience, ultimately establishing itself as the industry standard in restaurant innovation.”
Pricing Structure and Revenue Model: Prioritizing Restaurant Success
Explorex adopted a unique pricing strategy, initially not charging for its SaaS products and later redesigning its approach to make the product available at a low price. The upfront setup cost, combined with a per-transaction Merchant Discount Rate (MDR), reflects Explorex’s commitment to aligning pricing with the restaurant’s business activities, making the services both reasonable and directly related to success.
Expanding Presence: From Metro Cities to Tier 2 and Tier 3 Markets
While Explorex is headquartered in Bangalore, its impact extends beyond metro cities to Tier 2 and Tier 3 markets. Mainak Sarkar highlights the company’s significant presence in cities like Bangalore, Mumbai, and Chennai, and its growing traction in non-metro cities like Vellore and Kargil. The company is strategically testing the waters in Goa to explore compatibility with its services.
With a remarkable GMV growth rate of 115%, Explorex aims to rapidly expand its presence across both metro and non-metro cities, catering to the diverse needs of restaurants across India.
Future Vision: Explorex’s Role in Shaping the Industry
As the restaurant industry evolves, Explorex envisions a future centered around customer-centricity, personalization of the dining experience, and a focus on health and sustainability. Mainak Sarkar predicts, “Technology is one way that restaurants may personalize the eating experience,” emphasizing the role of data analytics and machine learning in helping restaurants optimize operations and improve offerings.
Explorex aims to be at the forefront of this technological integration, helping restaurants analyze data on customer behavior and sales to make informed decisions. The company positions itself as a key player in driving the industry toward greater innovation, sustainability, and customer satisfaction.
Looking ahead, Explorex’s ultimate goal is to be ubiquitous, sharing the burden of the majority of restaurants in the country. With plans to extend operations across India, raise payment volumes, and implement a reliable acquisition strategy, Explorex aims to solidify its market position as a leader in restaurant innovation.
Mainak Sarkar shares, “Between February 2023 and July 2023, the total GMV handled climbed by about 115%, making us one of the restaurant industry’s fastest-growing companies.” Explorex’s commitment to constant innovation and addressing the evolving needs of restaurant owners positions it as a driving force in shaping the future of the restaurant industry.
In recognition of its groundbreaking technology, Explorex has already won the Times Business Award for “Best Ecosystem Solution in the Restaurant Industry,” solidifying its position as a key player in the industry.
