Finding amazing products available through online marketplaces should not take time away from real business. Posting items to sell and waiting until someone eventually falls in love with it (assuming your listing is actually visible on a crowded platform), and then dealing with negotiations and shipping is a burdensome inconvenience. Thankfully, Ridit is here to make things a bit easier. The online marketplace allows sellers and buyers to transact at specified times for ease of transaction for both parties. The platform is clean and user friendly for a seamless and efficient transaction experience./
LA TechWatch sat down with CEO and cofounder Ema Chuku to discuss the company and how it plans to expand.
Tell us about the product or service.
Ridit is a time-driven mobile marketplace platform that enables people to buy and sell unused goods at specified times. Ridit’s mission is to efficiently facilitate the art of trading and consumption of consumer goods between consumers and businesses as well.
How is it different?
Ridit is a time-driven marketplace, unlike other platforms. Its unique model is what differentiates it from other competitors.
What market are you attacking and how big is it?
We are attacking the peer-peer consumption market. As of 2016, the peer-peer marketplace is a $100B+ industry.
What is the business model?
Ridit’s primary focused is on C2C (consumer to consumer) or (customer to customer) market.
Tell us a little about your background and what inspired the business?
I have been a consumer product designer for many years now, and my business partner is a senior business and financial analyst (to a major company) so he brings a lot of traditional mentality to the table. Ridit came about from a personal experience in selling many of my unused stuff. Its been a mixed feelings and sometimes its a quick rid of, but many times the process is a drag and unsuccessful. This is where Ridit comes in to tackle that problem. Makes the whole process efficient by setting time for trading to occur at first contact.
Tell us what building your company in LA has been like?
LA is a consumer consumption leading market in the nation. Its a city filled with entrepreneurial spirit. So it makes sense to relocate to LA to build further my goals in consumer product design. Building our company in LA has been nothing short of phenomenal.
What are the milestones that you plan to achieve within six months?
In the next 6 months, we plan to scale our customer base, and raise outside capital to further our team development and operations.
If you could be put in touch with one investor in the community who would it be and why?
Tom Mclnerney. I first came about him and his growth-contribution to a competing startup to my previous venture. I respect his approach to the game and would like an opportunity to introduce Ridit to him.
What does being “Made in LA” mean to you and your company?
LA is a city of distinct culture and innovation. It is no question that I fell in love with the city, especially Downtown LA (where I am based), the moment I relocated here. Like mentioned before, there’s a certain prestige one feels by being part of a city rich with entrepreneurial spirit.
What else can be done to promote early stage entrepreneurship in Los Angeles?
I think more media love. less repetition of old news. There’s a lot of startups here that are not getting the attention deserved to move forward.
Where is the best place in LA to watch the sunset?
I would not think there’s one best place to watch the sunset, when you have The Getty, The Griffith, and the Hollywood Overlook – sometimes on building my rooftop 😉