Listen to Your Team: Interview with Prasad Gundumogula, Founder and CEO of Mondee
I recently went one on one with Prasad Gundumogula, founder and CEO of Mondee.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks, or challenges have been most instrumental to your growth?
Prasad: Thanks for having me, Adam. And sure thing. Prior to Mondee, I built and exited three tech companies - Metaminds, LogixCube, and POD Technologies, where I created highly scalable logistics systems and artificial & business intelligence based-solutions. Today they are used by brands like Lowe’s, Mercedes Benz, General Motors, Home Depot, and more
I’ve always liked to build things and bring to life ideas that could potentially make a difference.
Before launching my first company, a venture in the automobile space, I completed my Master’s Degree in Computer Science.
Adam: How did you come up with your business idea and know it was worth pursuing? What advice do you have for others on how to come up with and test business ideas?
Prasad: Mondee has been a unique venture for me. The idea behind it all started while I was at my last venture. I took notice of the stagnant and previously ultra-dominated travel industry. There wasn’t much change or innovation happening within it, and it became obvious to me that simple, small changes could really enhance the consumer experience but also the experience those on the inside of the industry were having – and that technology was the solution.
Given my academic background in computer science and my experience in launching successful ventures, I couldn’t walk away from this challenge. I knew this was going to be difficult because the industry was used to certain names setting the status quo, and so I strategically decided the best way to make an entrance into the business was by acquiring some of those names. Today, Mondee has successfully acquired 15 travel companies and is revolutionizing the technology used by each and every one. Additionally, our user base spans over 125 million worldwide, which is one of the largest customers based in the travel industry today.
My advice for others would be - if you have an idea that you believe is worth exploring, think about the idea in the most ‘basic’ of ways - think about who, where, when, why, and what. If you can come up with a good use case and answer these questions, which will help to validate the idea and your plan of action, then it's worth exploring. It’s worth noting it is not always easy to truly answer the above questions.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Prasad: I grew Mondee by tuning into the industry’s needs from the get-go. What I mean by this is that I had already identified a problem. I knew there was a need for change, but to get clear on what would bring the largest benefit to the industry, I needed to assess the micro and macro-level issues to really get dialed in.
After my analysis, I knew that using a blend of developing unique technology and growing organically, complemented by an M&A strategy, was ultimately the best route. While this is not one all founders can use when they are launching a new company, it did work for Mondee. I urge founders reading this to take note of what others are doing but ultimately create their own pathway to success and utilize foundational elements of other strategies with a proven track record that can be incorporated.
Mondee has had three large waves of acquisitions in its lifetime. We acquired seven companies at the get-go, followed by another seven during the global pandemic. Earlier this year, we announced the next wave of our acquisition spree and so far have closed one during the first quarter of 2023, with more on the horizon.
Today, Mondee has 17 office locations worldwide and nearly a thousand employees. Mondee’s leadership team has been very diligent about our growth plans to ensure we could run as a “well-oiled machine,” given our team is spread widely across the globe.
In July 2022, we went public. This was the inflection point for us. It was, however, predicated on all the hard work we had done up until that very point.
Adam: What are your best sales and marketing tips?
Prasad: This is a great question. And most certainly an interesting one for us. Mondee is a travel-tech provider, and so our many customers are travel experts (agents, agencies, content creators, influencers and large travel chains).
At Mondee, our marketing strategy is all about capturing lifetime customers and expanding our market share in new and emerging regions. We achieve this by carefully allocating our marketing budget and focusing on the right time in the cycle. We prioritize targeting both existing and prospective customers with specific net rates and incentives, such as offering them complimentary services for a certain number of bookings. This not only helps us retain our current customers but also attracts new customers who are likely to become loyal and valuable over time. As we expand into new regions, we tailor our marketing strategies to the local market by understanding their culture and preferences. This enables us to create targeted campaigns that resonate with potential customers and increase our chances of success. Our goal is to offer our customers travel-related technology solutions and experiences that will help us monetize them at a later point. By efficiently allocating our marketing budget and continuously analyzing the results, we can maximize our return on investment and drive sustainable growth for Mondee. We are committed to creating a loyal customer base that will not only generate revenue for us but also provide positive word-of-mouth and help us expand our business further.
We recently launched an influencer affiliate program for affiliates in our network. This program allows travel professionals to save travelers money while increasing their own revenue. It’s designed to help affiliates thrive in the experiential travel marketplace and is powered by Mondee’s cutting-edge technology. The program offers an exclusive arrangement to provide affiliates with enhanced revenue opportunities and tools designed to increase profitability, expand their product line-up and stay competitive in the ever-evolving market. We recognized the need for a fresh approach to support travel affiliates, agencies and experts in overcoming the growth challenges they face, especially following the global pandemic.
Adam: What are the most important trends in technology that leaders should be aware of and understand? What should they understand about them?
Prasad: Long-term trends in technology that I expect to see over the long-term include:
Use and advancement of AI
Use and the importance of Influencers
Use of integrated technology, such as conversational commerce
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Prasad: Easy. Without a team, there is no one to lead. Therefore, to be an effective leader you need to collaborate, trust and rely on your team of experts. The success of any company relies solely on having the right team and the right people.
Adam: What is your best advice on building, leading, and managing teams?
Prasad: Listen to your team. The most underestimated part of running a company is while you are definitely there to lead the company to achieve its purpose and to grow, having a team of experts dedicated to achieving your vision requires trust and open dialogue.
Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders?
Prasad:
If you don’t enjoy what you are doing, don’t do it. Do not start a venture if you’re not 100% all in. This will be the very thing to make or break your company.
Be prepared to manage expectations and differing opinions.
Be open to pivoting where needed but once the ultimate goal (business plan) is set, do not veer or expand outside of it too quickly. Less is more.
When I started Mondee, I did not think that it was going to grow as big as it has. My main focus was to solve the problem at-hand and get some satisfaction from doing that. I can say in hindsight, and as a result of this mentality, we grew.
Adam: What is the single best piece of advice you have ever received?
Prasad: The best advice I have ever received is to get clear on my mission and stick to it.
And speaking from experience, well, I built Mondee to bring positive and disruptive change to an industry in need of new technology and opportunity.
My goal was to transform the B2B travel market dominated by legacy players through technology while not forgetting to address new-age socio-dynamics and defragmenting the various players within. Complicated much?
My vision to implement long-term and permanent change benefiting every facet of the travel industry, externally and internally, powered my drive and, therefore, the direction of the company.
In summary, I would recommend getting clear on your vision, your mission, and on those founding principles that will undeniably underscore your company’s growth.
Adam Mendler is an entrepreneur, writer, speaker, educator, and nationally-recognized authority on leadership. Adam is the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal-winning athletes, political and military leaders - for intimate half-hour conversations each week. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities, and non-profit organizations. Adam has written extensively on leadership and related topics, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. Adam teaches graduate-level courses on leadership at UCLA and is an advisor to numerous companies and leaders. A Los Angeles native, Adam is a lifelong Angels fan and an avid backgammon player.
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