Assiduus Global: Assiduus Global is a disruptive force in the world of cross-border e-commerce for global brands. Since its founding in 2018, Assiduus has been dedicated to providing a full-stack tech-enabled middleware for digital distribution and supply chain management for brands, helping them accelerate sales across global marketplaces, including DTC platforms like Shopify. Startup Reporter recently conducted an interview with Dr. Somdutta Singh, Founder and CEO of Assiduus Global.
How would you describe your entrepreneurship journey so far?
I come from a privileged background, with both my parents being well-established doctor. While it was expected that I will follow my parents’ footsteps and become a doctor, I had different aspirations. From a young age, I made a firm decision that the life they had chosen was not the life I envisioned for myself. With unwavering determination, I set out to break tradition and pursue my dreams, becoming the first-gen-entrepreneur.
During my college years, I undertook numerous odd jobs to gain financial independence. I sold chocolates, assisted in creating and distributing marketing flyers, and even learned sewing. After completing my education in India, I ventured to the United States for further studies, where the exposure I gained allowed me to translate my interests and expertise into my first venture—an ad-tech firm.
In 2018, while scaling various D2C private label brands in the US, which I had developed for digital-first platforms like Amazon and Walmart, I encountered the challenges of expanding a brand beyond a specific region. It became apparent to me that cross-border operations posed significant obstacles for brands and business owners, and selling online was an uphill battle. This realization prompted me to establish Assiduus Global.
What inspired you to become an Entrepreneur?
Throughout my journey, I have always been inspired by the profound wisdom of Swami Vivekananda. His words resonate deeply with me, particularly when he said, “Take risks in your life. If you win, you can lead! If you lose, you can guide!” As a teenager, this quote sparked a realization within me. Why couldn’t I be both a winner and a guide? Why couldn’t I pursue my passion while also leading and inspiring others to join me on this remarkable journey? I aspired to be more than just a team member; I yearned to be a leader.
Today, I stand tall as an entrepreneur, driven by the desire to carve my own path and make a meaningful impact. My journey has been fueled by the courage to defy conventions, the determination to chart my own course, and the unwavering belief in my ability to lead and inspire others.
Tell me something about your business – what problems is your business solving and what is the current market size of your product/ service?
Assiduus’s platform solves five main barriers to entry: regulation, data-led demand generation, integration across multiple marketplaces, inventory planning and fulfilment, and access to buyer data and analytics. With a focus on the USA, Canada, India, SEA and GCC & EMEA/UK markets, Assiduus has filed two patents for its middleware tech play and provides for a unified order management system, warehouse management system, integrated shipping platform, and seller qualifier platform that provides actionable insights.
The global Retail E-com market boasts an impressive total addressable market (TAM) of $5 trillion. Assiduus has identified a highly lucrative segment to capture within this vast landscape, resulting in a substantial serviceable obtainable market (SOM) of $140 billion, specific to our ideal target geography and categories.
What amount of external capital have you raised so far and what is your current turnover for this fiscal year 2022-23?
Assiduus has raised $15 million in a Series A funding round led by Pulsar Capital with participation from 9Unicorn, Venture Catalyst, StrongHer VC, Carlos Cashman (Founder of Thrasio), Rajan Navani (JetLine Group of Companies) and others.
Assiduus has had an impressive track record of managing over $300M in GMV globally for clients, with zero attrition in the last four years and 900% growth in 2022 and is ranked No. 8 in Deloitte Fast 50 in 2022 and has been recognized by Inc 5000 as a Top 600 company in 2021.
At such a young age, you were an Entrepreneur, what challenges you had faced and how have you overcome that?
While entrepreneurship remains male-dominated, women have proven their capabilities in leading and running profitable businesses. Investors must view women entrepreneurs in the same light as men. Entrepreneurship goes beyond gender equality; it is fueled by passion and attitude. My supportive family has been there through my highs and lows, instilling confidence and encouraging me to speak up. It’s time to raise your hand, take risks, and inspire others. Failures are merely challenges, and triumph follows perseverance. Being a woman is not a barrier; it’s a compliment. Surround yourself with amazing people who uplift you on the path to success.
Last year itself you raised funding, as a female founder, did you face any difficulties in raising funds? Any anecdotes you would like to share?
As a young entrepreneur in a male-dominated industry, I faced challenges amplified by juggling multiple businesses. I believe that building a strong team and leveraging resources are crucial for success, rather than attempting to handle everything alone. Sadly, women founders face significant obstacles in raising funds, as they are often viewed differently than men. I have questioned male investors about their investments in women-led startups, and the response has been minimal. This highlights the untapped potential of women in entrepreneurship. Investors must evaluate women based on skills and capabilities, without gender bias, to unlock this untamed bastion.
What advice do you give to the other budding entrepreneurs founders (male / female both)?
Women entrepreneurs often face the initial dismissal of their plans as frivolous. In patriarchal India, they battle egos and mental barriers. Instead of fighting bias, find your niche and build a strong support system. Let your work speak louder than gender. Tap into your core strengths, be patient, persevere, and adopt a no-nonsense attitude towards biases. Taking risks and overcoming fear are key aspects of entrepreneurship. It’s not just about gender equality and leadership skills; it’s about the passion and attitude that drives you to achieve the extraordinary.
What are your future plans? Are there any expansion plans? or looking again for a fund raise?
My ultimate vision is to take Assiduus Global public through an IPO on either NASDAQ or NYSE, aiming to shatter stereotypes and inspire the next wave of female entrepreneurs. As the first Asian woman, possibly below the age of 40, to lead an IPO, I aim to pave the way for others to follow.
In the coming five years, I have set a personal goal to invest in 100 companies, with a strong focus on empowering female entrepreneurs. To create a level playing field and foster the growth of innovative ideas, I actively promote funding opportunities that prioritize women-owned enterprises. Together, we can give everyone a chance to thrive and unleash their true potential.
As a philanthropist, what are you doing in giving back to society?
I am deeply committed to sustaining and expanding my philanthropic initiatives via my organization, with the primary goal of empowering underprivileged communities in Tier II and Tier III cities across India.
By leveraging my resources, I strive to create opportunities for entrepreneurs and small business owners within these communities. Through mentorship programs, access to capital, and business development support, we aim to foster an environment where entrepreneurial aspirations can thrive.
Recognizing the pressing need for accessible healthcare, particularly for young children from disadvantaged backgrounds, my foundation has partnered with Ketto.org to support and fund life-saving surgeries. When the COVID-19 pandemic struck, I seized the opportunity to make a difference. In a historic move, I became the first woman entrepreneur in India to launch a Make-in-India COVID-19 protection merchandise line. With unwavering dedication, our organization tirelessly catered to the needs of hundreds of hospitals, government agencies, NGOs, and frontline warriors. By manufacturing and distributing essential protective equipment such as masks, and PPE kits, we played a pivotal role in ensuring the safety and well-being of those at the forefront of the battle against the pandemic.
