Vineeta Singh was a super competitive child while growing up. A gold medalist from DPS, RK Puram and Electrical Engineer from IIT Madras, she went on to pursue her masters from IIM Ahmedabad. “I was only 23 when I passed out of IIM with a campus placement offer of INR 1Cr but I knew that it was the right time to take a big risk like starting up! If I had taken up a high paying job that time, it would have been hard for me to quit as I grow older,” says Vineeta. She started up Fab Bag, a discovery platform for beauty and personal care products.
Started in April 2012, Fab Bag allows customers to subscribe to a monthly bag of curated beauty and personal care products from 100+ international brands for as low as 400/- per month. They are a team of 35 based out of Mumbai and currently service 20,000 customers per month.
“My parents wanted me to take up the investment banking offer and live a comfortable life”
“Like all parents, mine too were a little unhappy when I decided to startup. But they ended up supporting me when they realized that I was irrationally obsessed with the idea of doing my own thing!” says the founder. Vineeta says that her parents raised her to be equal to all the boys in her class. “I know that there is a point in every woman’s life when she has to accept the biological differences and the fact that in all likeliness she will be doing the majority of caregiving for her children, but not thinking about it while growing up made me stronger and made me accomplish much more out of the first 30 years of my life than I would have,” she adds. She advises parents of girl child to raise them equal to the boys.
“Irrespective of what you know about the trade-offs your little girls will have to make, push them as hard as you push your boys, let them have big dreams so that they have the opportunity to reach their potential. Do not shortchange them and cut their wings yourself!”
Vineeta believes that family support is absolutely important while starting up. “My husband helps me with home responsibilities and childcare more than most men do,” says the founder, She feels that husbands and partners of women entrepreneurs can make a huge difference in the woman’s life and help her be stronger. Being an entrepreneur has been challenging for the founder, and like a lot of entrepreneurs, Vineeta feels that capital and talent are the biggest roadblocks in the growth. “Most companies shut down because of lack of access to capital and this is a constant challenge for any entrepreneur,” she says. Apart from this, hiring quality talent is tough in the industry. Fab Bag has been attracting passionate talent and managing their finances well to accelerate their pace. “We have over 70% female employees, and their amazing work culture keeps everyone motivated to perform better,” says Vineeta proudly.
With a 1-year-old son, Vineeta often goes through pangs of guilt when she has to travel for work
“There are times when I break down when he cries, but with the support of my family, I bounce back reminding myself that I am raising him to be a strong, independent, well-loved boy,” says the mother. Through her entrepreneurial journey, Vineeta has grown to be more patient. The founder insists that successful companies are built only if the team is passionate about the difference it will make, and if they are committed to working.
“Don’t think that just because you are a woman, you should be happy to settle for anything small. The moment you start thinking that way, you are capping your own thoughts!”
The founder has grown to accept failures as a part of the startup journey. “I started up with a vision that I could go from starting up to IPO in 5 years. I have learned the hard way that it takes time to build great companies and if you want to be successful, you need to be ready for the long haul,” she says.
Femnistaa wishes Fab Bag the best in their journey!
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Official Website : www.fabbag.com