FastBeetle, a courier delivery service startup owned by Sheikh Shamiullah and Abdul Rashid, has become the first business based in Jammu and Kashmir to get funded by the popular reality television show Shark Tank India. The entrepreneurs received funding of 90 Lakh from the founders or “sharks” who judge the business’s potential and invest in the people.
Notably, the founders discovered the reality show when they saw an advertisement on the social media platform LinkedIn. The success of the Kashmir-based entrepreneurs will open doors for several other budding people with business acumen. Shark Tank India is a reality television show which helps entrepreneurs coming from various parts of the country showcase their startups and get a chance to receive funding from seasoned masters and experts in the business world
The startup, FastBeetle started in 2019. Shortly after the start of their business, the Pandemic struck. During the Pandemic, the startup founders shared that they paid the employees’ salaries by dipping into their savings.
The funding they have received from the reality Television show would support the growth of their business. Before they started their own courier delivery business, Shamiullah worked for an E-commerce Company which delivered products all over India. The founder believed that the same could prove to be a good addition to the economy of Kashmir, which prompted them to start their own business.
The founders hope that since they have received a good amount of funding and investment for their business, it will encourage people in the Jammu and Kashmir region to start their businesses. The government officials of the union territory insist that there is a boom in local startups in the state.
In line with this, the government of Jammu and Kashmir is working on a J&K Startup Policy 2023-28. During the five-year term, the government plans to facilitate 3,000 startups in the region. This will help boost the employment opportunities for the local population, create jobs and boost the economy of the Union Territory.