Entrepreneurial Journey of Mr. Prakash Somosundram – Founder and CEO of Pealo Pte. Ltd.

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Recently, team CoAssets seized an opportunity to speak to Mr. Prakash Somosundram, Founder, and CEO of Pealo Pte. Ltd.

Pealo Pte. Ltd. is a Fintech SME that helps other SMEs and Startups raise capital for further growth and expansion. In addition to that, other key services Pealo extends includes, grant advisory, business valuation, etc.

The fifteen minutes tete-a-tete with a person as vibrant and seasoned as Mr. Somosundram turned out to be a very educating, inspiring, and exuberating affair.

The Company and the Man behind it

Pealo Pte. Ltd is a very new Fintech Startup. It started in April 2015 and launched its platform in January 2016. Remarkably, they already have close to 500 companies on their platform. Primarily, Pealo assists other potential SMEs and Startups looking for Corporate Development Solutions by either extending grant advisory work or else by providing them easy access to the market for raising growth capital.

Mr. Prakash Somosundram has an extensive experience of having built, sold and successfully exiting from a business. When asked about his role in the company, Mr. Somosundram exclaimed, “My role is meeting companies, trying to understand their pain points that they are experiencing, and more importantly to understand the life stage that they are at from a business point of view, as well as, from a founder’s perspective. And then kind of advising them what is the best we can help them with, to scale them to the next level.”

Insights on Digital Industry

The previous company Mr. Somosundram chaired was Yolk, a digital advertising agency that he started in September 2001. Yolk eventually got acquired by WPP in December 2010. During the decade-long operation, the company crossed many milestones. The Pealo CEO stated, “The digital industry has grown tremendously. I think when I first started in the industry; there were 300 or 400 design agencies. I think it is much more now.” He further added that agencies today prefer operating in smaller groups and focus on their specialties, which is a healthy trend.

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Mr. Somosundaram’s journey as an entrepreneur

The entrepreneurial streak was there with him since his school days. Mr. Somosundram said, “Whatever I could get my hands on, I will try to sell it for an upside.”  His first venture was selling erasers that had different country flags printed on it. It was during his National Service days when he started assisting one of his friends who was into web design business. Later, while developing a website for his Godpa, he realized that soon there would be many more companies who would want to bring their corporate collaterals on the web.  Right then, he started to build a business around such a service.

Piece of Advice for Startups

Mr. Somosundram dropped out of school to join the startup ecosystem sooner than later. Nonetheless, he affirmed that he wished he could get more guidance when he started first. His advice to startups is that when you decide to become an entrepreneur, it is not a sprint but a marathon. He stated, “Fail fast. Fail Forward.” The CEO specified that it is crucial to learn from each mistake to create something bigger and better. He also exclaimed that it is better to get some industry experience before you join the startup ecosystem, instead of jumping in straight from the school. He alleged, “It is easy to build an application or portal, but commercializing it and getting traction for that, it is a whole different blog in.”

Biggest Challenges

This serial entrepreneur declared that the biggest hurdle he faced through his career was getting investors on board. He affirmed, “When I started my first digital agency, it was very hard to raise capital. Investors were not very used to investing into startups or investing into SMEs.” However, he claimed that things have changed drastically today with umpteen non-traditional funding options readily available around.

The quote Mr. Prakash Somosundaram lives by

The Pealo Founder said that one quote that always comes to his mind is, “I am blessed to be a blessing to others.”  He explained that he believes it is important to bless other people with the experience, time, or resources that one has.

Motivating others through their challenging times is what Mr. Somosundaram does best.

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This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated byCoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please [email protected]

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