Today, tech enthusiasts around the world have been wearing on the potential of Web3 as the next phase of the internet. But Gaurav Kumar (40) and Saurav Kumar (37) already seen the day coming.
With over 15 years of experience in the web development arena, the brothers startedin February 2020 as a Web2 application to help SMEs (Small and Medium Enterprises) and startups create their websites and other digital assets.
Soon, they got exposed to Web3 technologies and saw the immense potential in the field, but at the same time, found that the infrastructure pipeline needed for its adoption is broken. They didn’t waste time and soon pivoted their startup to build products to fix it, anyone enabling to transition from Web2 to Web3 smoothly.
Gaurav tells YourStory, “Consumer adoption of Web3 will start through applications and services which a consumer is already accustomed to in the Web2 environment, like storing photos, files, and videos or starting a blog or a website. But the infrastructure layer fulfilling it is broken. Even storing a file on Web3 requires a user to download software, and use the API (Application Programming Interface) or CLI (Command-line Interface). All the tools are primarily designed to be used by developers and coders.”
“Mainstream adoption of Web3 technologies can only be made possible by building these infrastructure pipelines with simple-to-use interfaces, which a consumer is already familiar with and let the heavy lifting happen in the background,” he adds.
Today, Myraah’s Web3 platform enables users to create, store and manage their Web3 digital assets and NFTs (Non-Fungible Tokens) without writing a single line of code or installing any software.
Gaurav Kumar, CEO and Co-founder, Myraah
Product and offerings
The Pune-based startup allows users to create and manage their digital identity and assets, and enables them to store their documents, music, and videos securely and privately.
Myraah aims to enable seamless Web3 adoption and transition from Web2 through easy to use applications. The startup offers services in English, Hindi, Marathi, Bangla, Gujarati, Kannada, Tamil, Telegu, and Malayalam.
Using Artificial Intelligence (AI), we help SMEs, MSMEs, small businesses, and professional practitioners to create a digital identity in English and several Indian languages. Myraah is driving digital inclusion by helping small businesses in Tier-II cities and smaller towns modernise and have an impactful digital presence to better reach their customers in the local communities,” claims Gaurav.
“We offer no-code tools to enable the creation of Web3 digital identity and digital assets such as logos, brand names, domains, blogs, and websites. Myraah allows the user to manage both private- and public-facing digital assets. Private assets may include files, documents etc – that are not accessible to the world, and public assets include blogs or websites – that can be accessed by anyone,” adds Gaurav.
Leading a team size of 18 members, Gaurav (CEO) tends to juggle many ideas and initiatives while managing various obstacles and maintaining the required momentum. He is in charge of the company’s overall direction.
As chief technology officer (CTO), Saurav is in charge of monitoring the development and enhancement of technology for external customers, vendors, and other clients to help the company improve and grow.
Gaurav completed his MBA from IIM Ahmedabad while Saurav completed his MSc in Mathematics and Scientific Computing from IIT Kanpur. Prior to starting Myraah, both of them have co-founded Flatons – an investment platform.
Hiring talent is one of the major challenges that the startup faced.
Speaking about challenges, Gaurav mentions, “Given we work with Web3 Stack, which is new and at the cutting edge it is difficult to find professionals with expertise. We hire freshers and take them through extensive training plans to build our engineering pipeline.”
YS Design team
Market size and audience
Speaking of the market, Gaurav explains, “Web3 market is just starting out. Web3 products have the potential to replace the complete Web2 ecosystem of products and the internet as we know it. We are working in the Web3 infrastructure domain, which may be worth over $50 billion, given the current size of Web2 companies.”
The company already has a user base of 70,000+, and plans to onboard 500,000 users within this year to subscribe to their Web3 products and services.
Operating in both B2B and B2C domains the startup provides freemium services along with an annual subscription for premium features.
Without disclosing their revenue figures, Gaurav says that its range of subscriptions starts from Rs 1,500 to Rs 10,000 a year – depending on the suite of products users choose to configure.
Funding and way ahead
Myraah has raised $350,000 in pre-seed funding led by entrepreneur and technology enthusiast Arun Balakrishnan, who is the CEO and Co-founder of Xceedance; Xcelerator Venture Partners, a Gurugram-based angel investor; and other angel investors. This funding will assist Myraah in further developing the Web3 platform that allows anyone to create a Web3 digital identity and manage digital assets such as files, photographs, music, videos, notes, papers, NFTs, domains, and websites.
The startup plans to on board 500,000 global users in a year and also build integrations with major blockchain networks allowing anyone to mint NFT right from our platform.
While companies including Wix, GoDaddy, Square Space etc operate in the same space, they are all built on Web2 legacy architecture, while Myraah is building the equivalent in the Web3 world, highlights Gaurav.