RedKangaroo is the pioneering e-commerce platform offering exclusive discounts for products shared with friends and followers. Engage your network, unlock savings, and discover the power of shared deals. Revolutionize how you shop and promote with RedKangaroo. Pulse 2.0 interviewed RedKangaroo founder and CEO Balaji Krishnan to learn more about the company.
Balaji Krishnan’s Background
What is Balaji Krishnan’s background? Balaji said:
“With over two decades of experience in tech and entrepreneurship, I am currently serving as the CEO, not only of RedKangaroo, but also Chill Theaters, Displace, and Frazy. After receiving accolades for Displace, the first truly wireless TV, at CES last year, the team and I are continuing to bring the same energy and fresh ideas across multiple industries. As a serial entrepreneur, all of my companies stemmed from a problem I saw and wanted to fix for my friends, family, and myself. I never really sought out to start a business, but rather wanted to use my skills to develop tools to solve everyday problems, and then the companies grew from there.”
“With a proven track record guiding past companies like DabKick and Snapstick through acquisition, and experience at major tech firms like HP and Oracle, I have a well-rounded view of the tech industry. My background working in research and development for some of the largest names in the industry, as well as building my own companies from the ground up, has provided me with a unique perspective. My technical expertise and experience engaging with the industry from all sides has honed my skills in identifying what consumers are really looking for and provided me with the knowledge to develop innovative features to deliver on these desires.”
Formation Of RedKangaroo
How did the idea for the company come together? Balaji shared:
“RedKangaroo was designed to be an open marketplace that rewards both shoppers and brands for interacting, and is the world’s first organic growth e-commerce platform for brands utilizing social media. Two specific instances sparked the original idea. Firstly, during COVID lockdown, my favorite local boba store was struggling. I offered to help the owners with an investment, but instead they just requested I spread the word about the shop with my friends and neighbors. In return for promoting their company, they offered me a discount on their boba. Next, to promote one of my other companies, Frazy, we sold product in cups marked with instructions for consumers to post to their social channels to get discounts on their next Frazy purchase. This drove growth and added many repeat customers, but the manual tracking of social media accounts and cross-referencing of codes proved to be a bit difficult. RedKangaroo combines those two experiences into a streamlined process. The platform offers discounts, special offers, cashback, and one-of-a-kind experiences to consumers just for promoting the products they love to friends, family, and followers.”
“Additionally, artificial intelligence is the binding factor in all of my business endeavors. With RedKangaroo, and beyond, I am specifically interested in how AI can benefit the consumer at every touchpoint. Though seemingly unconnected on the surface, my companies are all intertwined, dedicated to improving consumers’ daily lives through cutting-edge technology.”
Core Products
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What are the company’s core products and features? Balaji explained:
“RedKangaroo offers staples across electronics, gifts, home/kitchen goods, and beyond, all at discounted prices. Whether they’re looking for an everyday item like a cutting board, or an out-of-the-box gift like a zipline, shoppers can find what they’ll looking for, all at the best price. Each item is priced through an algorithm, comparing the price from other online retailers and determining the right price for our shoppers. The RedKangaroo Wallet is a unique, on-platform feature that houses all forms of cashback, referral bonuses (awarded by inviting friends to shop on the site), and discounts that are available to users. Brands that join RedKangaroo will be investing directly in their customers, encouraging targeted promotions, growing organically and cultivating a supportive, loyal community.”
Challenges Faced
What challenges have Krishnan and the team face in building the company? Balaji acknowledged:
“The e-commerce industry is a particularly interesting one, as a few companies tend to dominate the space. The biggest challenge nearly every start up faces is earning the trust of consumers. Especially in the case of RedKangaroo where shoppers may be wary of discounts; given horror stories with online scams, it could take some convincing to show them the platform is safe and trustworthy. As shoppers have grown used to interacting with e-commerce platforms as a one-way-street, we are also introducing them to a whole new way of shopping. RedKangaroo is firmly committed to providing not only the best for our consumers, but also for brands that sell on our platform. In developing the platform, I ensured that customer interests were taken into account through every step to provide shoppers, and brands, with an experience they will actually enjoy.”
Evolution Of RedKangaroo’s Technology
How has the company’s technology evolved since launching? Balaji noted:
“When RedKangaroo originally launched, discounts were offered to consumers after their purchase, instead of being automatically applied as they are now. Shoppers would only receive a discount if they completed a certain task, which led to a significant number of consumers leaving the site before completing a purchase. Once this pattern was realized, the platform was updated to automatically offer deals to shoppers. Now, when shopping with RedKangaroo, consumers have access to the best deals at all times with the option to increase the amount of money they save with additional actions after the purchase is completed.”
“Earlier this month RedKangaroo launched a unique, social media-first cashback feature, specifically designed to reward shoppers and brands for each purchase. Recent studies have shown that 59% of younger consumers reported finding products they were interested in purchasing on Instagram, and half of shoppers noted that user-generated social content would make them more likely to buy products. Given these findings, the tie between a brand’s growth and organic social media mentions is clear. Tapping into consumer interest in organic content and social media-based shopping, RedKangaroo offers brands increased traffic and gives shoppers big savings and a large selection of goods. RedKangaroo’s innovative approach to cashback offers shoppers monetary incentives for engaging in social media actions that promote the products and brands they have purchased from. After completing a transaction, customers will have the option to perform social media-based tasks, such as following the brand on Instagram, posting about the product on TikTok, or sharing the product information via DM to receive their cashback. Each action has a different monetary amount connected to it, rewarding shoppers with their cashback after completion.”
Differentiation From The Competition
What differentiates the company from its competition? Balaji affirmed:
“As the world’s first e-commerce platform that drives organic growth for brands by rewarding customers for social sharing, RedKangaroo easily distinguishes itself from the competition. Offering products across home goods, electronics, kitchen supplies, and more, all items on RedKangaroo are priced at a discount to provide the best shopping experience for customers. No other e-commerce platform features a cashback system built on rewarding both customers and brands. RedKangaroo is the first and only e-commerce platform to harness the pre-existing consumer interest in social sharing and brands’ desires to increase organic exposure, successfully streamlining this dynamic.”
“With RedKangaroo, brands don’t have to pay to promote their items like they would on Amazon or Temu. Instead, consumers do the promoting for them, bringing in new shoppers without requiring companies to spend on advertising. Additionally, as consumers only promote the products they actually enjoy, RedKangaroo brings a layer of authenticity that influencer marketing campaigns lack. Real shoppers are driving real growth for their favorite companies, saving both parties money in the end.”
Future Company Goals
What are some of the company’s future company goals? Balaji pointed out:
“We are looking forward to a few exciting new features that will be launching later this year. As always, RedKangaroo is innovating with the benefit of the shopper in mind. Currently, we are developing a new way for customers to engage with AI features for the smoothest shopping experience imaginable. RedKangaroo will always be on the forefront of technology designed to reward the consumer and the brand. Our new AI-based innovations will soon provide shoppers with even more discounts and cashback, all while also generating growth for brands.”
Funding
When asking Krishnan about the company’s funding, he revealed:
“Funding for RedKangaroo has come from myself as well as partners at GFR Capital.”
Primary Responsibilities
What are your primary responsibilities? Balaji emphasized:
“As the CEO, I am deeply engaged in every aspect of the company, ensuring that our RedKangaroo is the absolute best it can be. My background in research and development with large tech companies, combined with extensive technical expertise, allows me to immerse myself in the design and development of our platform. I actively participate in coding the website and believe that a successful company requires not only oversight from leadership, but a hands-on approach.”
Significant Milestones
What have been some of the company’s most significant milestones? Balaji concluded:
“Our first major milestone at RedKangaroo was establishing partnerships with wholesalers, enabling us to bring hundreds of thousands of products from tens of thousands of companies directly to consumers at discounted prices. RedKangaroo developed a brand-new way to shop, streamlining the relationship between consumers and brands.”
“Earlier this month, we celebrated the launch of our one-of-a-kind cashback feature, which has proven to be another major accomplishment. This feature not only rewards consumers for their purchases but also encourages them to engage with their favorite brands on social media. By enabling this connection, we create a win-win scenario for both sides of the marketplace, as brands gain loyal customers and shoppers enjoy monetary rewards.”
“We are looking forward to much more growth to come, including some exciting AI features on the horizon.”
