Mentza [ A New collaborative, Audio startup growing with behavioral science & AI raised US$ 400K]

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dayakarmaisa
indian startups, Internet, P2P, Startups, startups in india Nov 23, 2022 0

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Mentza is an audio-based learning platform. 

What is Mentza?

Mentza is a live-audio platform, with communities engaging in a 20 minutes conversation, Largely a result of behavioral sciences and artificial intelligence, every feature of the platform is being focused on learning in every possible way, founded by a founding team of 6 i.e Anurag Vaish, Anand Parameshwaran, Divya Balakrishnan, Fareesh Vijayarangam, Jayal Shroff, Tapasi Mittal in the year 2020.

The major vision is to, in Anurag’s words  “We’ll create a learning space which is collaborative, social, fun and not structured or lonely”

Startup Mentza
Website mentza.com
Founded 2020
Headquarters Mumbai, India
Products Audio Networking & stories
Revenue Model P2P

How did Mentza start in 2020?

With 5-6 years of experience in Ed-tech, Anurag Vaish along with the other co-founders wanted to create a learning platform that wasn’t as structured, linear, and lonely as an ed-tech.

The idea was to create a learning space where people would learn from each other and they would talk to each other.

As Anurag says “I don’t know of a space that is designed for learning in such a collaborative way”

Since they come from strong behavioral science backgrounds, they used this concept coupled with artificial intelligence to create this collaborative learning platform.

here is a Quick overview of Mentza

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Where does it stand now?

The audio-based, storytelling platform has 6 co-founders, with more than 20 years of experience coming from different backgrounds like design, technology, marketing & research.

Mentza has a team of 27 as of now in 2022, comprising 6 co-founders who are full-time, and other 6 members who are permanent. In addition to this, there are 8 freelancers, building communities.

This Mumbai-based startup has a total active downloads of 100K+ in Google Playstore with a rating of 4.2 as of 2022.

Exclusive Features

  • Bandwith-friendly Platform

To make sure that Mentza remains a safe environment for people to talk, audio has been introduced.

Based on Behavioural sciences, videos make people uncomfortable. Hence, bandwidth-friendly audio is introduced to reach every nook and corner of the globe.

  • AI – Component

The presence of an AI component gives a way to compile and collaborate on the conversations. It gives the user what they want.

  • Private Rooms

Private rooms where the entire conversations are recorded and transcribed for future reference. This creates a “360- degree Expert Network”.

Mentza Targert audience

This P2P startup is for all the people who are creating content passively. It is for them to create content interactively and co-creatively.

As said by Anurag, “In the long run, I’d like people to sacrifice an episode on Netflix and come do a 20-minute conversation on Mentza”

Market Projection

The main focus is to create a user base, hence the primary aim for Mentza is People This is followed by content marketing, expert marketing, and recruitment marketing. Currently, the growth is organic with people creating and uploading content that further attracts a larger audience.

Mentza has recently tied up with the world’s Audio giant Spotify to push its conversations as podcasts on Spotify.

In addition to this, the startup has been a sponsorer in the Jaipur Literary Fest which helped Mentza with wider visibility.

SWOT Analysis

Strength

The biggest strength that Mentza holds is the 20 minutes conversation strategy Since time is the crust, the most meaningful conversations come out of it

The features Mentza has developed from an excellent technical team are unmatchable which keeps it very much ahead in the market.

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Weakness

More listeners have to be generated, The number of content creators and speakers is on a rise. Hence, to have an equalized platform, the number of listeners and learners has to be increased.

Opportunity

Creating a university where lots of people from varied backgrounds and age groups can grow.

Threats

The giant platforms have already been established and have a large existing user base.

Future Expansion Plans

  • Content Marketplace

One of the key revenue sources would be the recorded content since it would be distributed on other platforms like Spotify and would reach a greater audience.

  • Expert Marketplace

The other area of focus would be to build an  Expert marketplace. Mentza will create experts on its platform and later these experts help to monetize the expertise by creating advisory or strategy sessions.

  • Recruitment Marketplace

Another area of focus would be creating hiring opportunities. Since people are learning on the platform, they should be provided with better opportunities, As the AI involvement, Mentza provides the hiring manager with more than just a candidate’s profile.

Initial challenges

One of the major challenges was when Clubhouse created live audio, which ended up getting a bad reputation. Mentza’s Live audio was on its way into the market during the same period, and it was a challenge for the team to showcase this live audio startup with a purpose.

Mentza_ss

To show people that Mentza was a different learning platform with recording, transcribing and portfolio was a challenge.

In addition to this, platforms like Facebook, Twitter, and LinkedIn had also emerged with their live spaces, but as Anurag says “they were a horizontal platform with some additions”

Competition

According to Anurag, ‘I don’t see Twitter, LinkedIn, or Clubhouse as competition because they are not fulfilling the space but we are fulfilling’ 

However, in the coming future, there might be similar platforms but they would be inclined more toward entertainment.

Mentza funding

The initial capital for Mentza was pooled by the founder and co-founders, each investing US$100K-200K.

Later, In late 2021, Mentza has raised US$400K in its Seed Round led by Angel Funding & Venture capital Market giant Inflection Point Ventures[IPV].

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How much funding has Mentza raised to date?

Mentza has raised US$ 400K in its seed round till date from Inflection Point Ventures[IPV]

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