Tezbid: Bridging History and Passion Through Numismatics
- ByStartupStory | September 3, 2023
Amit has worn many hats over his professional career spanning media, financial markets and public policy.
However, when he started his venture tezbid.com, it was in a field completely unrelated to these: Numismatics, or coin collecting. A coin-collector for over thirty years now, Tezbid was a way to bring together a business insight and his love for history.
India offers the widest and most diverse range of coins to a collector, given her rich history, but numismatics in India remains a highly fragmented and unorganized field, says Amit. In fact, it is not uncommon to find a 1000 year-old coin that may cost less than a cup off coffee – a testament to our abundance of history. However, this abundance – hundreds of thousands of varieties to choose from – makes it hard for a collector looking for a specific item, he adds. An online retailer can overcome these hurdles, but you can’t sell antique coins the way you sell groceries.
Tezbid.com is not just a business venture but also a way to take forward his interest in numismatics, and to address many of the challenges that Amit has encountered as a collector. In a union of purpose and passion, Amit’s cofounder in this journey is his father, Mr. TP Bhandari – who started his latest entrepreneurial stint at 75! The father-son duo both hold MBAs from IIM Ahmedabad, though somewhat separated by time – from the 1972 and 2003 batches respectively.
A Journey Rooted in Passion and Purpose
Amit has collected coins for over three decades now, and has always had a fascination for history. For instance, a history student can trace India’s political landscape via the changes in coinage. Similarly, many of the smaller countries around India and in the Indian Ocean region used to peg their currencies to the Indian rupee – a testament to India’s economic footprint just 100 years back! For a collector, knowing this is also an important part of the process. However, most sellers just deal in the physical goods – not the knowledge. Amit’s objective in starting Tezbid.com was to educate as much as retail. New collectors appreciate the depth of knowledge that Tezbid offers.
A Solution to Numismatic Challenges
Coin enthusiasts often faced two significant challenges – the scarcity of specific coins and the need for authentic information. Amit sought to address these challenges through an online only model. As a e-retailer, Tezbid can offer a much wider range of coins as compared to a standalone store. However, two
seemingly identical coins can be very different – depending on mint, date, special marks and even condition. This is not a product that can be sold by a mega-retailers selling groceries. This was the sweet spot. Second, collectors are looking for more than the product – they also want its story, its background etc. This is where Tezbid.com scores.
Turning Vision into Reality
Tezbid.com went live in May 2019, and offers a wide range of Indian coins, pre-Christian era to modern era. It is not just a retail store – collectors often write to us to ask for information regarding specific coins or banknotes – we feel this shows their trust and engagement. Tezbid has been profitable since the first year of operations, and more than 75% of our sales are to repeat customers.
Thriving Amidst Challenges
While the COVID-19 pandemic hit many businesses, we were less affected as we relied on an online only model. One of the ways people tried to deal with the lockdowns was by engaging in their hobbies. As a platform sharing not just products, but also its stories, tezbid.com became a go to destination. Since we are as much a hobby as we are a business, our cost structure has also been lean since the beginning.
A Unique Proposition
What sets Tezbid apart is its specialisation. For instance, Amit’s personal numismatic interest is in coins of the Indian Princely State of Kutch (from 1300s to 1948) and Indo-Portuguese coins (coins of Goa, Daman & Diu – 1498 to 1961). Portuguese first reached India in 1498 – older than the Mughal Empire, and finally left in 1961 – so you can imagine the sheer number and variety of coins they must have minted! Likewise, even in antiquity, Gujarat was a commercial and trading hub with links all over the Indian Ocean – leading to a rich commercial history.
Not surprisingly, these are also the two areas where Tezbid.com has the largest number of offerings compared to any competitor. Moreover, the personal touch – engaging with collectors beyond transactions, exchanging knowledge, and building trust – helps us be more than just a vendor.
Achieving Growth
Since its launch, Tezbid has completed four years of operations. It achieved profitability in the first year of operations. The focus on building trust and engaging customers – growth is a by-product.
Investment and Expansion
The investment in Tezbid has been self-funded. The growth has been steady, and there are no current plans to seek external capital. We can’t serve every collector – but we want to provide the best possible experience to each collector who deals with us.
Looking to the Future
Tezbid’s journey has only just begun. Our ambition is not to be the largest, but the most trusted – we want to be the most trusted supplier of old Indian coins, and a reliable source of information for all collectors, whether or not they buy from us.
Also Read
Follow Startup Story
Related Posts
