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  • iThrive: Revolutionizing Health with Mugdha Pradhan’s Visionary Approach

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The health and wellness industry prioritizes holistic well-being, encompassing physical, mental, and emotional health. From fitness and nutrition to mental wellness, it offers diverse solutions for a balanced lifestyle. Gyms, virtual platforms, and wellness retreats cater to individual health needs. With a growing emphasis on preventive healthcare and mindfulness, this industry plays a crucial role in fostering a healthier society.

    In 2022, the worldwide health and wellness market reached a value of USD 5,243.3 billion. Projections indicate substantial growth, with expectations to surpass USD 8,945.3 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 5.5% from 2023 to 2032, according to Precedence Research. This expansion is driven by a heightened focus on preventive healthcare and an increasing awareness of holistic well-being.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Mugdha Pradhan, Founder, and CEO of iThrive, to see how the brand operates in the health and wellness world. We looked at their plans and learned about iThrive’s special way of promoting well-being.

    StartupTalky: What inspired the establishment of iThrive, and how has its vision evolved over time?

    Mugdha Pradhan: After I healed and radically transformed my own health, other people began to consult me for their health problems. I realised I wanted to scale this further and wanted to create a system that could easily help people heal themselves without going through the struggle that I did. Luckily, One of my former clients at the time decided to fund this vision of mine, and that is how iThrive was born.

    Over time, our capacity has increased, and now our vision is to eventually, through our various services and practices, make the whole world free of disease and suffering.

    StartupTalky: Could you share insights into the range of health concerns iThrive addresses and any notable successes in managing chronic ailments within your clientele?

    Mugdha Pradhan: Since our inception in 2019, we have helped over 3000 clients reverse over 174 different health conditions. We started out with mostly cases of weight loss and diabetes and eventually expanded to more and more areas as our knowledge and expertise grew. Our clientele ranges from as young as 2-year-olds right up to 75-year-olds.

    We’ve healed many cases of IBS, IBD, hypertension, metabolic disorders, thyroid and hormonal issues, skin issues like psoriasis, etc.

    StartupTalky: In the pursuit of creating healthier communities, what strategies does iThrive employ?

    Mugdha Pradhan: We do everything in our power to realise our vision of creating healthier, happier, lifestyle-disease-free communities around the world every single day. We know we don’t have the resources to heal every single person on the planet ourselves. That is why we started the academy to train and certify functional nutritionists. Critics remark that it is detrimental to our business because we are creating our own competition- but it actually serves our vision.

    We also do all that we can to make free educational content and media available to create awareness and get the right knowledge about health to the masses. Once you enroll in our program, you get life-long support by getting added to our “Thrive Tribe” community, where you receive regular updates and can get your queries answered.

    Mugdha Pradhan, Founder and CEO of iThrive, Pioneers a Functional Nutrition Approach to Tackle Chronic Health Issues
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    StartupTalky: How does iThrive stay informed about the latest advancements and best practices in the health and wellness industry?

    Mugdha Pradhan: The research department within iThrive Academy and Research Centre updates our treatment protocols and course curriculum on a regular basis. The team keeps itself informed through various resources like published papers, podcasts, and articles put out by leading functional medicine practitioners globally. We have a designated chief knowledge officer who keeps researching and contributing to our knowledge base and treatment protocols.

    StartupTalky: What unique approaches or methodologies does iThrive use to promote overall well-being and address individual health needs?

    Mugdha Pradhan: We have an extensive blood panel that is done as part of our “root cause analysis” procedure, covering a broad range of biomarkers and using specialised interpretation protocols that provide a thorough baseline understanding of the individual’s health. Apart from this, we may use further advanced diagnostics based on the individual’s case.

     We use all the data and the client’s personal preferences to formulate a highly bio-individual treatment plan. Although our practice is based on functional medicine, we incorporate the best parts of multiple other modalities and therapies like circadian rhythm optimization, Ayurveda, sound healing, etc.

    StartupTalky: Could you provide examples of success stories or testimonials from individuals who have experienced positive transformations through iThrive’s programs or services?

    Mugdha Pradhan: As mentioned above, we’ve helped over 3000 individuals reverse their health conditions. You can find testimonials on our social media pages as well as on our website.

    Here are three testimonials for example:




    StartupTalky: What are the important tools and software you use to run iThrive smoothly?

    Mugdha Pradhan: We use Google Workspace for most of our documentation and communication. Our projects and marketing teams make use of a wide variety of new and upcoming tools, and they’re always changing. These include well-known tools like Zoho for CRM, Tally and Jotforms for form automation, Pabbly for automation, Figma and Webflow for web development, and many more.

    StartupTalky: How does iThrive personalize health programs to cater to the diverse needs and concerns of individuals?

    Mugdha Pradhan: As mentioned above, our root cause analysis blood testing, along with further advanced tests, helps amass a large amount of data on each client. This, along with the personal preferences of the client, such as diet and lifestyle preferences, is used to craft a tailored program carefully for them.

    StartupTalky: In what ways does iThrive plan to expand its impact and reach more communities globally in the future?

    Mugdha Pradhan: We’ve rolled out targeted marketing campaigns for overseas audiences in some major countries like the USA, the Middle East, Australia, and Canada. We’ve tied up with labs in some of these countries so that clients can get their tests done easily. We have a major partnership with Rupa Health in the USA, the biggest platform for premium diagnostics in the country. We’re in the process of getting US FDA approval for our supplements as well. We’re working to become more active in biohacking and alternative healthcare communities throughout the world.

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    StartupTalky: What key lessons has your team learned in your journey, and how do these lessons inform your future strategies and initiatives?

    Mugdha Pradhan: We have learned that, as a premium healthcare brand, we can’t compromise on quality in any way when it comes to our products and services. Our supplements use the highest quality ingredients available and are devoid of cheap fillers and harmful additives found in most other brands. We’ve constantly refined our services to make them better, and it’s an ongoing process that will probably always be on. We’ve learned to be open-minded when it comes to our approach and beliefs around healthcare because we’ve been wrong about certain things we were doing, and we’ve rectified them.

    We’ve also learned to make better hiring decisions as we’ve realized shoddy and mediocre work at any step can hamper the quality of the final product.

    StartupTalky: What growth and innovation opportunities does iThrive see in the health and wellness sector in the coming years?

    Mugdha Pradhan: The wellness sector is one of the most booming industries in the world, estimated to be currently worth 4.2 Billion USD globally. With the constant increase in industrialization, our modern urban environment continues to become more and more unfavorable for health. The burden of chronic diseases continues to mount globally. Conventional medicine is corrupted and very inept at countering chronic disease, only offering pharma drugs to suppress symptoms. People are starting to become aware of this, and interest in wellness and preventive healthcare is rising. People are looking for good, evidence-based alternative healthcare options.

    StartupTalky: One tip that you would like to share with individuals seeking to improve their health and well-being, drawing from iThrive’s expertise and experience?

    Mugdha Pradhan: Always get your bloodwork done regularly. Get the data evaluated by a reputable functional medicine practitioner from time to time. Or just learn to do it yourself. And don’t ignore small symptoms like headaches, fatigue, and digestive issues until they become worse and need serious treatment. Don’t wait for your health to break down fully before you start making changes. Take care of it.

    StartupTalky extends its gratitude to Ms. Mugdha Pradhan for dedicating her valuable time and generously sharing her insights with all of us.

    Explore more Recap’23 Interviews here.

  • Sonendra Verma’s AegisCovenant Unveils the Future with Innovation and Integrity in Insurance Industry

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    Insurance is like a safety net for life’s uncertainties. It helps protect people and businesses by offering financial support during unexpected events. The insurance industry is all about managing risks and providing peace of mind, from health to property coverage. By spreading the financial risk, insurance ensures that individuals and businesses can navigate challenges with greater confidence and security.

    In 2022, the Motorcycle Insurance market was valued at USD 64.2 Billion. Projections indicate substantial growth, with the industry expected to reach USD 95.40 Billion by 2032, showcasing a 4.50% compound annual growth rate (CAGR) during the forecast period (2023 – 2032). Additionally, this growth is fueled by increasing demand for comprehensive coverage and innovative insurance solutions in the motorcycle insurance sector.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Sonendra Verma, Founder, and CEO of AegisCovenant, to understand how the brand navigates the insurance industry. We explored their strategies and gained insights into AegisCovenant’s unique operation in this sector.

    StartupTalky: What service does AegisCovenant provide? What was the motivation/vision with which you started?

    Sonendra Verma: We are a B2B2C company facilitating transactions between customers and dealerships for two-wheelers across India. While currently focused on two-wheelers, we are expanding to include private cars, commercial vehicles, and miscellaneous vehicles. Our services also encompass Roadside Assistance benefits alongside insurance. Additionally, we are soon launching a BPO to enhance customer retention efforts. 

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of AegisCovenant?

    In the past year, we’ve started building a dedicated BPO team, adding to our commitment to comprehensive service. Our brand stands out in the RSA and insurance industry by focusing on customer needs, innovative solutions, industry expertise, financial stability, and integrity. We offer bespoke solutions using advanced technology, guaranteeing swift support and transparent handling. Choose us for unmatched customer experiences, tailored solutions, innovation, and trust.” 

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    StartupTalky: How has the insurance industry changed in recent years, and how has AegisCovenant adapted to these changes?

    Sonendra Verma: In recent years, the insurance management industry in India has shifted towards digitalization and personalized services. To adapt, we embraced technology, offering user-friendly online platforms and personalized products. Our focus on quick, data-driven solutions and proactive customer support keeps us aligned with evolving customer needs, ensuring we remain competitive in this dynamic industry. 

    Sonendra Verma: Staying at the forefront of industry trends is crucial for our business. I prioritize continuous learning through industry publications, attending conferences, and actively participating in professional networks. Leveraging technology, I subscribe to relevant newsletters and utilize curated content platforms. Integrating these insights into our business strategy involves regular team discussions, training programs, and fostering a culture that values innovation. This approach ensures that we not only stay informed but also proactively apply the latest advancements to enhance our products/services and maintain a competitive edge in the market. 

    StartupTalky: What key metrics do you track to check AegisCovenant’s growth and performance?

    Sonendra Verma: The success of our business is measured through a combination of key performance indicators (KPIs) and the impact we create. Financial metrics, customer satisfaction, and employee engagement are pivotal indicators. Major achievements include consistent revenue growth, expansion into new markets, and industry recognition. Moreover, our commitment to sustainability and community impact stands out as a significant accomplishment. Ultimately, success is not just about numbers; it’s about the positive influence we exert on the world around us. 

    StartupTalky: What were the most significant challenges AegisCovenant has faced in the past year, and how did you overcome them?

    Sonendra Verma: Market fluctuations demanded a nimble approach. We responded by closely monitoring trends, recalibrating our marketing strategies, and introducing flexible pricing models. Embracing innovation, we leveraged technology to enhance customer engagement, leading to sustained business growth. 

    The commitment of our team was instrumental in overcoming these challenges. Regular communication, upskilling initiatives, and fostering a culture of adaptability were pivotal. As a result, we not only weathered the storm but emerged more agile, connected, and poised for future opportunities.

    StartupTalky: Good service is something everyone is talking about in the service industry. How does AegisCovenant ensure the satisfaction of its clients?

    Sonendra Verma: To ensure our clients’ happiness, we prioritize a customer-centric approach ingrained in our services. We start by understanding their needs and preferences crafting tailored solutions using cutting-edge technology and data-driven insights. Our commitment to quick and transparent service, coupled with a dedicated support team, ensures prompt assistance and hassle-free experiences. By consistently delivering personalized, proactive support and innovative solutions, we aim to exceed our clients’ expectations and foster long-term satisfaction. 

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Sonendra Verma: Our current marketing strategy predominantly centers on B2B networking, fostering strong client relationships as our primary focus. We emphasize personalized interactions and tailored solutions. Additionally, we employ digital channels and content marketing to showcase our expertise. Targeted email campaigns and participation in industry events help expand our network. Our growth hack involves prioritizing exceptional service, leading to organic referrals. By consistently exceeding expectations, we’ve garnered significant business opportunities and bolstered our brand reputation within the B2B domain. 

    StartupTalky: What are the important tools and software you use to run AegisCovenant smoothly?

    Sonendra Verma: We rely on a diverse array of tools and software to ensure smooth business operations across different domains. For internal communications, our primary platforms are Slack and Google, fostering efficient and collaborative interactions among our teams. Our HR processes are managed seamlessly through the Keka portal, providing streamlined human resource management solutions. 

    In our IT department, we harness the power of several tools, such as Postman for API development, Make for task automation, and AWS (Amazon Web Services) for cloud infrastructure. Additionally, our tech stack comprises essential frameworks and languages like React, NodeJs, JavaScript, and NoSQL databases, along with MySQL, enabling us to build and maintain robust, scalable applications. We also utilize Coderbyte to enhance coding skills and VS Code as our preferred integrated development environment (IDE). Collectively, these tools contribute to our operational efficiency and enable us to deliver high-quality products and services. 

    StartupTalky: What opportunities do you see for future growth in the insurance industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Sonendra Verma: Opportunities for insurance industry growth in India and globally lie in evolving consumer needs and technological advancements. In India, rising middle-class demand and government initiatives drive expansion. Globally, InsurTech innovations and digitalization transform the sector. Market behaviors differ—India favors traditional policies, while developed markets seek specialized offerings like cyber insurance. Navigating these distinctions requires tailored strategies embracing technology and innovation for sustained growth in both Indian and global markets. 

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Sonendra Verma: In the past year, our team has gleaned valuable insights that will profoundly shape our future plans and strategies. We’ve learned the importance of agility and adaptability in responding to rapidly changing market dynamics, especially amidst uncertain times. Our focus on enhancing digital capabilities and prioritizing customer-centric approaches has been reinforced. Additionally, we’ve embraced the significance of leveraging data-driven decision-making for more informed strategies. 

    These lessons serve as guiding principles for our future endeavors. Moving forward, we aim to further strengthen our technological infrastructure to remain agile and responsive. Customer-centricity will continue to underpin our strategies, emphasizing personalized experiences and innovative solutions. Moreover, our commitment to leveraging data for informed decision-making will be pivotal in charting a resilient and growth-oriented path in the ever-evolving landscape of our industry.

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Sonendra Verma: Within 3 to 5 years, our brand will have undergone significant evolution, positioning itself as a pioneer and trailblazer within the industry. Our range of products and services will expand substantially, finely attuned to meet the ever-evolving needs of our customers. A robust digital presence will characterize our brand, offering user-friendly online platforms and personalized communication channels for enhanced accessibility and convenience. 

    Our commitment to personalization and customization will undergo further refinement, ensuring that our coverage aligns perfectly with the unique requirements of each individual. Notably, our brand will be renowned for its industry leadership, marked by the cultivation of enduring and meaningful relationships with our customers while actively spearheading positive changes within the industry. 

    Additionally, our brand will extend its influence beyond business realms to make meaningful contributions to social impact initiatives, solidifying our identity as a responsible corporate citizen. This multifaceted evolution will collectively shape our brand into a trusted leader, placing an unwavering focus on the customer, perpetually innovating, and consistently delivering exceptional value within the insurance landscape. 

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    StartupTalky: One tip that you would like to share with another Service company founder?

    Sonendra Verma: Embrace challenges as opportunities and failures as lessons. Persistence and adaptability are your greatest allies on this journey. Surround yourself with a supportive network, seek mentorship, and never underestimate the power of continuous learning. Stay true to your vision, but be flexible in your approach. Success is often a result of resilience, passion, and the willingness to learn from every experience. Remember, every setback is a setup for a comeback. Keep pushing boundaries, and believe in the unique value you bring to the world. Your journey is just as important as your destination. Best of luck!

    StartupTalky extends its gratitude to Mr. Sonendra Verma for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.

  • Shruti Swaroop’s Embrace Consultancy: Navigating DEI Triumphs in Services

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    DEI consultancy specializes in helping organizations create diverse, equitable, and inclusive workplaces. Consultants assess current practices, offer tailored strategies, and provide training to promote equality and foster an environment where everyone feels valued. Embracing DEI principles aligns with social responsibility and enhances innovation by leveraging diverse perspectives and talents within the workforce.

    As minority groups approach majority status by 2045, the pivotal role of DEI Consultancy becomes evident. Companies prioritizing diversity enjoy 2.5 times higher cash flow per employee, and those with diverse management witness a 19 percent revenue boost. DEI Consultancy emerges as a key ally in navigating demographic shifts, unlocking financial advantages, and fostering an inclusive culture for sustained success.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Shruti Swaroop, Founder of Embrace Consultancy. We delved into their strategies and gained insights into Embrace Consultancy’s distinctive approach to Diversity, Equity, and Inclusion (DEI) in the corporate landscape.

    StartupTalky: What service does Embrace Consultancy provide? What was the motivation/vision with which you started?

    Shruti Swaroop: My entrepreneurial journey was accidental. It was a series of happy accidents that led to the inception of Embrace Consultancy, specialising in Diversity, Equity, and Inclusion (DEI) consulting. The journey began serendipitously in 2019, evolving from a freelancing endeavour into a legacy-driven consultancy. 

    With over two decades of Human Resources experience across various geographies, I founded EMBRACE with the intent of enabling organisations to become more inclusive. As an Executive Coach and Diversity Consultant, my primary objective is to help organisations foster inclusive environments that celebrate diversity and ensure equity for all individuals. 

    Born into a defense family, I took diversity and inclusion for granted until I experienced how my gender became both my privilege and my handicap.

    So, the initial motivation transformed into a desire to champion inclusivity, particularly focusing on gender diversity in the workplace. The vision extends beyond business success, aiming to create a lasting impact on individuals and society.

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    StartupTalky: What new services have been added in the past year? What is/are the USP/s of Embrace Consultancy?

    Shruti Swaroop: Embrace Consultancy has expanded its offerings to include comprehensive services like Diversity and Inclusion, Leadership Development, Coaching, Learning Programs, and HR Advisory. The unique selling points lie in the impeccable quality of work, unparalleled responsiveness, and extensive networking. My experience and global interactions with ambassadors contribute to the company’s strength, ensuring it stays at the forefront of DEI best practices. Our diverse range of clients includes corporations, nonprofits, educational institutions, government agencies, and individuals seeking personal growth in the context of DEI. Some of the clients in our portfolio are BAIN & Company, Union Bank of India, ETG, IBM, Google, Cambridge University Press, FICCI, etc. Our core values are Respect, Acceptance, Integrity and Trust. 

    StartupTalky: How has the DEI industry changed in recent years, and how has Embrace Consultancy adapted to these changes?

    Shruti Swaroop: The DEI consultancy landscape has evolved significantly in recent years, with a heightened global focus on inclusive work environments. Embrace Consultancy has always believed that inclusion is about respecting and accepting people for who they are and working towards a common goal. We have been at the forefront of DEI consultancy and adapted by expanding services beyond gender diversity to encompass neurodiversity, abilities, and diverse educational backgrounds. 

    We emphasise the importance of mindset in inclusion, challenging stereotypes, and advocating for talent beyond top-tier institutes. Our global operations in India, Brazil, Canada, the USA, and China demonstrate our adaptability to diverse market behaviors. We not only respond to industry changes but actively shape them.

    Shruti Swaroop: Networking extensively, I engage with global ambassadors, staying informed about best practices worldwide. This approach ensures Embrace remains at the forefront of DEI trends. Regular interactions with leaders, coupled with a commitment to quality, keep us agile and responsive to industry dynamics.

    StratupTalky: What key metrics do you track to check Embrace Consultancy’s growth and performance?

    Shruti Swaroop: Embrace tracks growth through diverse metrics, including revenue, client satisfaction, and the number of successful coaching interventions. The impressive journey from 2019’s 15 lakh top line to this year’s two crore underscores the exponential growth, largely fuelled by word of mouth and repeat clients.

    StartupTalky: What were the most significant challenges Embrace Consultancy has faced in the past year, and how did you overcome them?

    Shruti Swaroop: Navigating the challenges of a small team has been a humbling journey for me. Facing the setback of losing my entire team to KPMG felt like the end of the world, but we rebuilt, reaching a point where I could be on vacation while things ran smoothly in auto mode. Attracting talent to a compact firm proved challenging, prompting me to offer mentorship and growth opportunities. Direct engagement with leaders has become integral to our recruitment strategy.

    Financial hurdles emerged, with delayed dues and skepticism from potential clients due to our status as newcomers. To counter this, our focus shifted towards establishing credibility through unwavering commitment to quality. The continuous effort has been directed towards ensuring and reinforcing quality and credibility.

    Additionally, the five years away from the country posed another hurdle, requiring me to establish a network from scratch. A mentor played a pivotal role, guiding me to connect with people, hone my selling skills, and overcome the challenges of being perceived as a newcomer.

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that Embrace Cosultancy’s clients are happy?

    Shruti Swaroop: Client satisfaction is Embrace’s top priority. The company excels in two crucial aspects: unwavering commitment to quality work and unmatched responsiveness. My personal dedication, always being available for clients, and quick turnaround times contribute to a positive client experience. This approach, coupled with a focus on diversity, equity, and inclusion, ensures not only client success but also societal impact.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Shruti Swaroop: Our marketing strategy revolves around word of mouth. Our clients are our biggest supporters, and we are lucky that we get to leverage our positive track record and client satisfaction. There is no growth hack. We ensure that we are committed to our work. Our extensive network, built over the years, not only contributes to the growth but also positions us as a leader in DEI consultancy.

    StartupTalky: Foreign clients – this is what most service-based companies are looking for. What has been your experience?

    Shruti Swaroop: Our success extends globally, with a network of over 1300 international coaches and facilitators. Operating in Brazil, Canada, the USA, China, and India, our global footprint is a testament to our effectiveness. The demand for DEI services is universal, and our adaptability and relevance on the international stage have helped us grow our network.

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    StartupTalky: What are the important tools and software you use to run your business smoothly?

    Shruti Swaroop: We operate seamlessly with a lean team of six, utilising networking and mentorship for internal diversity work. Internationally, the company employs a robust network of over 6000 facilitators and coaches. This strategy, coupled with a focus on quality and responsiveness, forms the backbone of our smooth business operations.

    StartupTalky: What opportunities do you see for future growth in the DEI industry in India and the world? What kind of difference in market behaviour have you seen between India and the world?

    Shruti Swaroop: We envision continued growth in India and globally, capitalising on the increasing emphasis on diversity, equity, and inclusion. The difference in market behaviour lies in India’s specific focus on gender diversity, challenging stereotypes, and fostering inclusivity. Embrace’s unique approach aligns with both India’s nuances and global DEI trends.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Shruti Swaroop: The past year taught us the value of resilience and adaptability. Overcoming team challenges, financial hurdles, and global disruptions reinforced the importance of quality, credibility, and an unwavering commitment to client satisfaction. These lessons will shape our future plans, ensuring sustained growth and societal impact.

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Shruti Swaroop: We envision organic growth through our proven approach to quality, responsiveness, and inclusivity. We plan to expand our client base through continued client satisfaction and word of mouth. Service offerings will evolve organically to address emerging DEI needs, and team growth will focus on attracting diverse talent through mentoring and growth initiatives.

    StartupTalky: One tip that you would like to share with another Service company founder?

    Shruti Swaroop: Focus on building a brand known for unwavering quality and responsiveness. In the service industry, client satisfaction is paramount, and a strong network contributes significantly to growth. Embrace the power of diversity, not just in service offerings but also in building and nurturing your team. The journey may be challenging, but resilience, adaptability, and a genuine commitment to making a positive impact will pave the way for long-term success.

    StartupTalky extends its gratitude to Ms. Shruti Swaroop for dedicating her valuable time and generously sharing her insights with all of us.

    Explore more Recap’23 Interviews here.

  • AI Firms Say Analysing Use Cases and Robust Data Strategies Key for AI

    One phenomenon that knocked the wind out of everyone’s lungs in 2023 was artificial intelligence! Right from chatbots to AI tools for video and content creation, it has caught everyone’s fancy.

    India wasn’t far behind, as several companies and apps mushroomed, reflecting the global scenario. A NASSCOM report shows that more than 60 Indian startups started shop in April and June 2023. The optimism surrounding AI has rubbed off on investors, too.

    NASSCOM’s India Data Science & AI Skills Report shows spending on AI in India topped $3 billion in 2022 and is expected to jump to $4.2 billion by 2024.

    In fact, Goldman Sachs sees investments in the AI sector topping $160 billion globally by 2025, with India having an advantage of “resilient growth and strong demographics,” which could attract investments from global investors and corporations.

    “The intricate dance of AI and ML capabilities, coupled with multi-channel integration, has propelled businesses toward a future where agility and scalability are paramount,” said Abhijit Dutta, Chief Strategy Officer of Hostbook, a cloud-based accounting services firm that also offers automated business solutions.

    Despite the rapid growth of AI companies, challenges remain when it comes to integrating AI into traditional corporate processes.

    In this article, StartupTalky speaks to a few AI consulting companies that shed light on AI integration in India.

    AI Awareness
    Data Mining Strategy
    Identifying Use Cases
    AI Training

    AI Awareness

    The top challenge faced by AI companies is to dispel myths surrounding AI integration, said Agam Chaudhary, founder and CEO of Two99, a collective of agencies with a focus on advanced e-commerce, technology, and marketing.

    Explaining how they tackle the problem, Chaudhry said, “We show them it’s not a sci-fi flick but a practical tool that can make their lives easier. We bring out the success stories custom-made for their industry. We lay it all out on the table—the good, the bad, and the ethical considerations. Building trust is crucial. We’re like AI consultants, working hand-in-hand with them, understanding their worries, and customizing solutions that fit like a glove,” Chaudhary said.

    Based on client experiences, PwC had listed some myths that clients seemed to express about AI: ‘ businesses don’t need AI, and they are ‘too risky, to name a few.’

    Over time, there seems to be a gradual attitudinal shift towards AI. A survey of 54,000 workers conducted by PwC in September showed that a third of respondents believe AI will help increase productivity and efficiency. More than a quarter said it would help them learn valuable new skills.

    An AI survey by Uplekha found that 61% of Indian companies feel AI will make work more efficient.

    Employee Attitudes on AI by PwC
    Employee Attitudes on AI by PwC

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    Data Mining Strategy

    Data mining is the cornerstone of AI and ML. AI heavily leans on vast sets of existing data and statistics to come up with a near-perfect AI model of content or analysis, which can then be applied to the problems in question.

    According to E&Y India Chairman and CEO Rajiv Memani, India is the second largest generator of data after China, which is an added advantage for training AI models.

    Yet, the availability of clean data sets has been an issue.

    “All three aspects, i.e., clean data, relevant data, and a sufficient amount of data, are important. The models need sufficient data, and for financial risk use cases, they should cover historical data from at least 1-2 economic cycles. In the absence of such data, these AI and ML models produce suboptimal results and end up losing user confidence in using these models,” said Abhinava Bajpai, Co-founder and Head, Acies TechWorks.

    The government is in the process of developing India’s comprehensive AI strategy, which involves building an India Dataset Platform and an AI Compute Platform. 

    Information and Technology Minister Rajeev Chandrasekhar recently elaborated on these, saying that the Indian dataset platform will be one of the largest and most diverse collections of anonymized datasets to train multi-parameter AI models. Meanwhile, the India Compute Platform will create a substantial graphic processing unit (GPU) capacity for enterprises to train AI models under a public-private partnership.

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    Identifying Use Cases

    In a bid to jump onto the AI bandwagon, companies are struggling to adopt specific use cases, AI experts said.

    “I would say that you know, if organizations are looking at adopting AI, look at some of those achievable use cases, which they can then take right and partner with companies to achieve those,” said Rohit Yadava, Chief Operating Officer, MSys Technologies, which offers digitalization services to companies.

    Echoing this view, Sairam Vedam, Chief Marketing Officer of Cigniti Technologies, says, “Our approach has always been to understand the existing data strategy of the company. Also, what is the existing automation strategy of the company because we are a born-testing quality engineering company? So, we look at AI applications through those two lenses. And then, as I said, educate, experiment, experiment in the sense of experiment on use cases.”

    Another report by Deloitte outlined the use cases of AI across six major industries: consumer, energy, resources, and industrial; financial services; government and public services; life sciences and health care; technology; media; and telecommunications.

    For instance, use cases within the consumer goods segment could include aiding content generation, trade promotions, creating new product prototypes, creating an immersive marketing experience, market intelligence through data access, on-demand customer support, and shopping assistants.

    “Performing cost-benefit analysis of AI and ML models before implementing them is important for the continuous and persistent use of such models… The size of the business and revenue and cost impacts need to be considered before implementing AI and ML models,” said Bajpai from Acies Consulting.

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    Global Data Science and AI Installed Talent

    AI Training

    Training staff with AI know-how has now become imperative. This is apparent from the rise in demand for AI training and AI-related upskilling courses.

    “It has become essential for executives to learn AI. Data science training is specifically helpful to train aspirants in AI, and by ensuring the holistic development of executives, these programs can become a game-changer in helping industries realise the true potential of AI,” said Piyush Arora, senior director of business strategy at AI-based learning platform Edvancer.

    Edvancer has seen a 4x rise in applications for AI courses and a 100% increase in interview opportunities for students with data science and AI qualifications.

    A NASSCOM report shows India is currently ranking 2nd in training and hiring AI talent in the world.

    “A major portion of the future talent demand will come from the existing tech workforce through upskilling; learning curves are becoming shorter, and skills are becoming redundant in 18 months,” NASSCOM said, adding that “design thinking” is a key skill to implement AI and not merely the ability to build and run complex algorithms.

    However, all this training comes at a heavy cost.

    A study conducted by the Boston Consulting Group and the Indian Institute of Management-Ahmedabad estimated that just the top 500 Indian companies would require “at least one million hours of training.”

    “Organizations must invest in significant upskilling of mid- and senior-level management on the business aspects of AI, digital transformation, ‘agile’ ways of working, and more. Companies have a choice to prioritize AI and adopt it or perish—and the nature of this technology is such that either scenario would come about very quickly,” the report said.

    The top 500 listed companies would need at least 25,000–30,000 advanced practitioners of AI and ML in the next 3–5 years, including AI professionals, data scientists, data engineers, and enterprise architects, the report said.

    Conclusion

    AI maturity has been a buzzword in 2023, given the boom in AI and its peripheries. According to AI watchers and experts, this maturity will accrue over a period of time with enough use cases to innovate, experiment, and smartly apply collated data. However, the large boom in AI within the country has laid bare the talent and skills gap. Hence, training and upskilling pertinent AI skills must become a priority for companies going forward.

  • Prachi Seksaria of Moora Discusses Sustainable Fashion, Empowering Artisans, and Staying Ahead in Market Trends

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    Nowadays, the fashion market in India is undergoing significant changes. By 2023, the fashion market is expected to be worth .16 billion, growing at a rate of 12.25% each year. This figure could skyrocket to a whopping $25.24 billion by 2028. These shifts in the fashion world are just as thrilling as other changes happening around us.

    One major trend gaining traction is “sustainable fashion,” focusing on clothes that are good for the Earth. Traditional Indian outfits like sarees are becoming part of this movement, seamlessly blending old traditions with new styles. This fusion makes them exceptionally trendy for the future.

    In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Prachi Seksaria, Co-founder of Moora, to understand how the brand navigates the fashion industry. We discussed their strategies and got insights into Moora’s unique way of doing things.

    StartupTalky: Prachi, what products does Moora sell, and what was the motivation or vision behind starting your brand?

    Prachi Seksaria: At Moora, we specialise in handcrafted sarees created by skilled artisans from various regions. Our mission is to reinvent the saree for the modern woman, focusing on comfort and accessibility. Often perceived as complex and uncomfortable, we aim to transform this notion. We believe the saree is an incredibly versatile and lively piece of attire. This sentiment is echoed by the majority of our customers, affirming our vision.

    StartupTalky: Can you highlight specific business strategies that facilitated Moora’s global expansion and accessibility, contributing to positive social impact?

    Prachi Seksaria: As someone who appreciates handmade and handcrafted items, I’ve often encountered the barrier of high prices, sometimes up to ten times more than expected. When founding Moora, it was my firm intention to make handcrafted items affordable and accessible to a broader audience, while ensuring fair compensation for our artisans. We’ve strategically priced our sarees to be within the reach of most urban women. This approach has significantly contributed to our growth, aligning with our vision of bringing handcrafted elegance to more people without compromising on artisanal value.

    StartupTalky: What are the key business factors that contributed to Moora’s revenue milestone and celebrity endorsements, impacting brand recognition and market positioning?

    Prachi Seksaria: Moora’s growth and brand recognition can be attributed to several key factors:

    • Accessibility: We’ve designed our brand to be approachable and inviting, both on our website and our Instagramc page.
    • Relatability: We’ve chosen relatable, everyday individuals as our brand ambassadors, making our brand resonate more with our audience.
    • Product Quality: We’ve invested considerable effort in ensuring the highest quality of our products, from the fabric to the printing process, and our designs. This dedication to quality is reflected in the numerous positive reviews we receive.
    • Brand Personality: We’ve cultivated a brand that feels familiar and personal as if it’s crafted by someone our customers know and trust.
    • Conscious Approach: Right from the start, we’ve been deeply conscious about our choices and practices, ensuring they align with our brand ethos.

    StartupTalky: What are the specific tools and software you use to run Moora’s business smoothly?

    Prachi Seksaria: We use Shopify for our website, Google Business Suite for most of our operational needs, and Canva for graphics.

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    What opportunities do you see for future growth in the fashion industry in India and globally? Have you noticed differences in market behavior within states in India?

    Prachi Seksaria: We’re in the era of sustainability and eco-consciousness. Consumers are increasingly looking for eco-friendly and ethically-made fashion. They want to know where the product is coming from. At Moora, we’ve embraced this by using eco-conscious materials, ethical manufacturing, and fair trade practices.

    Talking about global expansion, the digital era has opened up new avenues for small businesses. E-commerce and social media have given us the ability to reach a wider audience beyond borders, presenting exciting prospects for global market penetration.

    In terms of market behavior within states in India, yes, there are notable differences. Each state has its unique fashion preferences, influenced by culture, traditions, and weather. For example, sarees that sell well in southern states may not sell that well in North India. As we grow, our aim is to offer regional diversity to cater to these varying tastes.

    Prachi Seksaria: We’ve been quick to incorporate sustainable practices into our production. Recognizing the shift towards eco-friendly fashion, we only work with eco-conscious fabrics, such as cotton and silk and our packaging is completely plastic-free. We’re also committed to ethical sourcing and fair labor practices, aligning with the increasing consumer demand for responsible fashion. 

    Additionally, we’ve collaborated with influencers and fashion bloggers to showcase the versatility of sarees in contemporary styles. This has not only boosted our marketing efforts but also helped us connect with younger audiences who may not have considered sarees as their go-to attire.

    Lastly, we’ve introduced modern, lightweight saree designs that are easy to drape and comfortable to wear, making them suitable for various occasions.

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    StartupTalky: What key metrics do you track to check Moora’s growth and performance?

    Prachi Seksaria: Our key focus is on customer satisfaction and customer lifetime value.

    StartupTalky: Can you share insights into the most significant challenges Moora faced in the past year and how the team overcame them?

    Prachi Seksaria: Finding the right artisanal talent who believes in the same quality standards as we do has been a real challenge. It took some trial and error but eventually, we’ve grown a team of artisans who align with our vision.

    StartupTalky: Repeat purchases are crucial for eCommerce brands. How does Moora engage customers to prevent churn, and are there specific retention initiatives or successful loyalty programs?

    Prachi Seksaria: At Moora, we take customer feedback very seriously. As a founder, I speak to customers regularly to understand what they are liking about the product and what is not working for them. I strongly believe that if you provide a good experience and a good product the first time, a customer will not only make repeat purchases but will also become your brand ambassador. A significant percentage of our sales comes through references, and word of mouth. No amount of marketing can bring a customer back if the product isn’t good. Having said that, retention ads have worked well for us too.

    StartupTalky: What are the different strategies Moora uses for marketing, and can you share any growth hacks that have proven successful for the brand?

    Prachi Seksaria: We’ve actively used Instagram for our marketing. The right kind of influencer collaborations can really bring a boost to the brand. For example, our collaboration with Masoom Minawala provided a huge boost to our position in the global market in a very short time.

    StartupTalky: How is your personal business philosophy integrated into Moora’s mission of empowering artisans and creating positive social impact?

    Prachi Seksaria: I’m an art graduate and I believe that any art made by hand is infinitely beautiful. I have a huge respect for artisans who dedicate their entire lives to preserving and mastering their craft. Playing a part in their growth and empowerment is a big part of our mission at Moora.

    StartupTalky: Share key business lessons learned during your entrepreneurial journey. What business advice would you offer to founders entering the fashion industry, focusing on sustainability and accessibility?

    Prachi Seksaria: It is important to try a product yourself or test it with a small group before launching it in the market. Participating in flea markets can be a great way to test a product/idea and understand consumer perception.

    Know your target audience before entering the market. Founders often say that their product is for everyone. But that can’t be true. It is crucial to have a clear understanding of your target market and then adapt the product and offering for that audience.

    StartupTalky extends its gratitude to Ms. Prachi Seksaria for dedicating her valuable time and generously sharing her insights with all of us.

    Explore more Recap’23 Interviews here.

  • Jason Teoh Kheng Swee Discusses Navigating Regulatory Compliance Across Traditional and Digital Platforms

    In an exclusive interview with StartupTalky, Jason Teoh Kheng Swee, Chief Compliance Officer, Revenue Group Berhad, discusses his extensive professional journey, focusing on his expertise in navigating and implementing regulatory compliance measures across traditional and digital platforms. Emphasizing his commitment to prioritizing user experience, Jason shares insights into seamlessly integrating regulatory frameworks into operational strategies.

    The interview highlights Jason’s proactive approach to staying current with evolving digital regulations and showcases his adaptability in responding to dynamic industry landscapes.

    StartupTalky: Jason, could you provide a concise overview of your professional journey? What motivates your daily routines?

    Jason: My professional journey commenced in the retail sector before transitioning into broadcast media, specifically in finance and procurement for the satellite TV company Astro in Malaysia. Subsequently, I entered the private firm sector as a finance manager before contributing over 13 years to the banking industry. Throughout my career, I gained significant exposure to the consumer business, fostering a profound understanding of consumer behavior. This diverse exposure distinguishes me from many compliance officers in financial institutions, as it broadens comprehension beyond the banking realm, thereby enhancing the customer journey experience.

    The motivation driving my commitment to governance is rooted in our substantial contributions to the systemic industry, safeguarding and prioritizing consumers’ best interests, all while recognizing the visibility of our actions to the general public we serve.

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    StartupTalky: With over twenty-five years of experience, can you outline key milestones in your path to success and share your guiding principles or success mantra?

    Jason: My path to success has been characterized by diverse industry exposure, enabling a customer-centric perspective that underscores the significance of the customer journey in all business activities. Profound comprehension of policies and regulations empowers me to integrate governance seamlessly into daily operations. A meticulous attention to detail, coupled with the ability to align business needs with regulatory governance, facilitates the mitigation of risks.

    My success mantra is centered on prioritizing sustainable and logical actions in all endeavors, consistently balancing business requirements and regulatory guidance with tenacity to drive success while effectively managing stakeholders.

    StartupTalky: Share insights into your leadership style. What unique guidelines or methodologies drive your team to success?

    Jason: My leadership approach is centered around consultative collaboration, design thinking, rational decision-making, and objectivity. I engage in collaborative decision-making processes, valuing diverse input, understanding user needs, generating multiple solutions, and pragmatically testing them to ascertain the most effective option.

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    StartupTalky: What advice do you have for emerging industry leaders, based on your experience? Also, could you share your future aspirations?

    Jason: Drawing from my professional journey, I advise budding industry leaders to prioritize humility as an essential quality. Humility involves maintaining modesty and a willingness to learn from anyone, irrespective of their status or position, preventing errors stemming from overconfidence or conceit. Additionally, fostering an open mind is crucial for progress, requiring receptivity to new ideas and perspectives while mitigating the influence of personal biases.

    As the future remains uncertain, I approach it with a flexible mindset, eager to embrace new opportunities and challenges while remaining true to my values as am fortunate to have had leaders that share similar sentiments and impeccable colleagues.

  • Shreya Sharma’s Rest The Case: Redefining Legal Solutions

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The legal industry is fundamental to upholding and interpreting the law, with professionals navigating complex regulations and advocating for justice. Adapting to challenges like cybersecurity and international dynamics it remains essential for maintaining legal structures and ensuring a fair society.

    The legal process outsourcing (LPO) market is projected to attain a value of $38.13 billion by 2027, with an estimated Compound Annual Growth Rate (CAGR) of 26.7%. In 2021, the aggregate disclosed value of pending and closed transactions reached $3.6 trillion, surpassing the 2020 full-year total of $3.59 trillion. The global market for legal services is anticipated to experience a 5.4% CAGR, reaching $1034.53 billion by 2027.

    In our recent interview for Recap’23, we connected with Shreya Sharma, Founder, and CEO of Rest The Case. We delved into Rest The Case’s footprint in the legal sector, uncovering its challenges, customer expansion strategies, future aspirations, and beyond.

    StartupTalky: What service does Rest The Case provide? What was the motivation/vision with which you started?

    Shreya Sharma: With ‘Rest The Case,’ all legal issues are taken care of with just a click of a button. We offer verified lawyers that a client can filter based on location, simplified legal information in their knowledge bank, experience, gender if required, and specialization so that one can find an apt lawyer, ready-to-use document templates that a client can fill up and use immediately, all this in one place. Apart from this, we also offer legal news and bare acts so that people can be informed when they require help. 

    Our CEO, Shreya Sharma, says, “ I got the idea for Rest The Case when I was studying Law in the UK and noticed how law and legal services are very readily available on the internet there. It was easy to find a lawyer and easy to get connected. However, the same thing in India was very difficult. One has to run pillar to post to find a good lawyer who can help them with their legal issues. So, I thought of working out a way in which people all around the country can find a lawyer based on their personalized requirements. Then, when the lockdown happened and I came back home to India, I saw it getting tougher than ever because people required information and help, but there was nowhere to go; that’s when I started working on creating Rest The Case as a One Stop Solution for Legal Information and Services. So that even if a person requires basic information or they required a lawyer for their case, they could find it in one place.”  

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of Rest The Case?

    Shreya Sharma: Over the past year, we’ve expanded our services in several ways. We have enhanced the system of providing high-quality leads to our lawyers. Additionally, we’ve enhanced our knowledge bank with more in-depth articles on complex legal issues and introduced interactive tools to assist users in understanding legal processes better. Our document templates have also seen significant updates to cover a broader spectrum of legal needs. 

    Our USP lies in our comprehensive and user-friendly platform. We offer a seamless connection between clients and lawyers, simplifying legal processes. Providing free legal document templates and simplified legal information remains at the core of our service, ensuring accessibility to legal knowledge for all. 

    Shreya Sharma: The legal industry has seen a shift towards digitalization and increased demand for accessible legal services. To adapt to this, we’ve invested heavily in our platform’s user interface, improved backend systems for lawyer-client matching, and expanded our team of legal experts to ensure the accuracy and depth of our content. 

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    StartupTalky: What key metrics do you track to check Rest The Case’s growth and performance?

    Shreya Sharma: Key metrics we track include user engagement, the number of successful lawyer-client connections, user feedback, content performance, and platform traffic. These metrics help gauge our growth, user satisfaction, and the effectiveness of our services. We constantly analyze metrics from digital media platforms to check the quality of leads and the company’s overall growth. 

    StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that your clients are happy?

    Shreya Sharma: Client satisfaction is our priority. We ensure this by providing reliable legal information, facilitating seamless lawyer-client connections, seeking feedback regularly, and swiftly addressing any concerns or issues raised by our users. 

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Shreya Sharma: Our marketing strategies focus on content creation, SEO optimization, social media engagement, and partnerships with other platforms. 

    StartupTalky: What are the important tools and software you use to run your business smoothly?

    Shreya Sharma: We rely on various tools and software for smooth operations, including CRM systems, analytics tools, content management systems, and communication platforms, ensuring efficiency in managing client and lawyer interactions. 

    StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen between India and the world?

    Shreya Sharma: The future holds immense opportunities, especially in leveraging AI for legal research and expanding globally. India’s market exhibits a hunger for accessible legal services, while globally, there’s a rising demand for cross-border legal assistance. 

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    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Shreya Sharma: Lessons learned include the importance of scalability, adaptability, and continuous innovation. These will guide our future plans in expanding our customer base, diversifying service offerings, and fostering a dynamic team culture. 

    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Shreya Sharma: Expanding our customer base involves targeted marketing, improving our services based on user feedback, and enhancing our platform’s accessibility. We plan to diversify our service offerings by introducing more specialized legal services and expanding our team to accommodate growing demands. We are also planning on expanding our content game by making law easy for people through our podcasts, events, and more.

    StartupTalky extends its gratitude to Ms. Shreya Sharma for dedicating her valuable time and generously sharing her insights with all of us.

    Explore more Recap’23 Interviews here.

  • Fintechs in 2024: Navigating Toward a Brighter Future

    2023 is a year that loan app companies and fintech companies may want to erase from their memory. Fraudulent loan app companies, extortion cases, and a rigorous crackdown by policymakers have meant that the whole cart is being painted black.

    However, some loan app companies and fintech companies continue to pin their hopes on a better 2024 with consumer awareness programs, smarter risk-priced products, and collaborations to clean up the much-tarnished image of the sector. 

    Clean Business
    Risk-based Pricing
    End of a Tunnel

    Clean Business

    Digitization has hit nearly every aspect of life, and credit availability is not very far behind. A report released by banking regulator Reserve Bank of India showed that loans disbursed by banks and non-banking finance companies through the digital mode multiplied 12 times between 2017 and 2020. With the rise in several disbursements, the grim underbelly of several loan app companies has also been exposed.

    Earlier this month, Finance Minister Nirmala Seetharaman intimated the Lok Sabha, saying that between April 2021 and July 2022, Google Play had reviewed up to 4000 loan app companies and had removed more than 2500 loan apps from its Play store. Several debtors have been driven to death by extortion calls and threats, some even being sent morphed pictures of theirs, highlighting the dark side of loan app recovery agents.

    However, some of the more reputed companies are trying their best to clean off this image of loan app companies.

    “We continuously explain to our end consumers through online as well as offline mediums to not fall into offers that look very attractive or that are available through WhatsApp, SMS, and SMS calls,” said Rajesh Shet, founder of gold loan platform company Sahi Bandhu.

    The regulators, too, are putting in all efforts to curb unsolicited apps. Recently, the Ministry of Information and Technology has asked the Reserve Bank of India to have more exhaustive Know-Your-Digital-Finance-App norms.

    “This will ensure that only legitimate and scrutinized financial apps can access and use the Indian banking system, and further, if there is any violation of law, the KYDFA process will help in establishing the traceability and origin of the app for action under the law,” Minister for State for Electronics and Information Technology Rajeev Chandrasekhar told the news website Moneycontrol.com.

    Risk-based Pricing

    The issue of defaults within the loan app universe unravels a chicken-and-egg situation wherein companies are going overboard with selling products, thereby ending up sitting with bad loans on their books.

    “Within the fintech industry, to increase the top line, some companies are trying to sell everything possible, even if customers are not looking for a loan or a credit card. They are trying to cross-sell and try to bring in lucrative deals or offers,” said Brijesh Chokhra, co-founder of the instant loan app company Wecredit.

    Instant student loan app company Kuhoo Founder and Chief Executive Officer Prashant Bhonsle feels lending needs to be dealt with in a nuanced fashion to make it work for both the company and the customer.

    “There are interpretations that a lender will have to do to fully understand, such as the income documents of the customer, the P&L, and the ITR. Some businesses you are evaluating are cash-flow businesses, and some are asset-heavy businesses. How do you interpret that information? And that interpretation is the secret sauce, which varies from lender to lender,” said Bhonsle.

    Talking about Kuhoo’s focus area of student loans, the skill was to evaluate the potential of every student to get a job, Bhonsle said.

    The regulators are, however, not taking any chances. 

    Recently, the RBI asked banks and non-banking finance companies to increase the risk weights on commercial loan exposure and credit card exposures to 125% from 100% earlier. Interestingly, several digital lending apps borrow from NBFCs too.

    Rating agency ICRA recently observed in its press release that co-lending transactions by medium and small non-banking finance companies were “on the rise, largely seen in the unsecured loan segment, with the counterparty mostly being other NBFCs.”

    Attributing to RBI data, Minister of State for Finance Bhagwat Karad said in the Lok Sabha earlier this month that NBFC’s share of credit to the industry was the highest at 12.83 lakh crore INR, registering a 12% rise year on year. This was followed by retail loans at 10.55 lakh crore INR, recording a near 26% rise on the year.

    According to Bhonsle, appropriate “risk-based pricing” holds the key to a successful lending business.

    End of a Tunnel

    Given India’s sustained growth trajectory coupled with the promise held in artificial intelligence and machine learning, 2024 could hold promise for fintech companies.

    “The Indian economy is growing rapidly, and with it, the demand for financial services. The coming years hold immense promise, and innovators across the world should explore these opportunities,” RBI’s Governor Shaktikanta Das said in a speech in September. 

    “Technological innovation has unprecedented potential to make finance more inclusive, competitive, and robust. It is crucial that technological advancements in the world of Fintech evolve in a responsible manner and are truly beneficial to the people at large. It is, therefore, vital for these innovations to be scalable and interoperable,” he added.

    One of the ways to scale up operations for fintech companies would be through mergers, such as the one between the digital lending app Slice and North East Small Finance Bank in October. Touted as a breakthrough strategy to scale up, players are hoping for more such collaborations within the industry.

    “I strongly believe that this industry will have to work closely and collaboratively, keeping common interests in mind. There will be competition, but there are common industry concerns and matters that require collaboration. And then, at some stage, there will not be enough room for many players. That’s when one will have to join hands and see who is good at what. Someone may be very good in tech, and someone may be very good in customer onboarding,” said Shet of Sahibandhu.

    India’s growth prospects also hold promise as far as credit demand is concerned.  Rating agency S&P revised its growth projection for India in 2023–24 to 6.4% from 6% earlier. For the next fiscal, however, it lowered its projection marginally to 6.4% from 6.9% earlier.

    “India as an economy is doing so well, and this asset class (real estate) has shown returns year after year. I do see a lot of innovation on the FinTech side, particularly on the home loan side, because it seems like the norm of the regulators to allow the account aggregator framework to become more popular, which means that digital information will be a lot more freely available to many players who are part of the account aggregator framework,” said Pramod Kathuria, founder and CEO of AI-enabled fintech platform for home loans, Easiloans.

    Conclusion

    Fintech companies and digital lenders are hoping for a more responsible and cheerful 2024. While technological innovations unlock their potential further, the only thing that could put a spanner in their tracks would be unscrupulous lending by themselves.

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  • ThinkerPlace Director Deepti Sharma on Shaping the Future of STEM Education

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    The STEM industry, comprising Science, Technology, Engineering, and Mathematics, fuels innovation and progress in our ever-evolving world. With a growing demand for skilled professionals, STEM fosters critical thinking and creativity, shaping the forefront of technological advancements. It stands as a key pillar, addressing global challenges and propelling us toward a brighter, more interconnected future.

    STEM job growth is rising, with an 8% increase expected between 2017 and 2029. Since 1990, STEM employment has seen a remarkable 79% surge, and the momentum continues with a projected 10.8% growth from 2021 to 2031. This emphasizes the persistent demand for skilled STEM professionals, shaping the future workforce landscape.

    In our recent interview for Recap’23, we connected with Deepti Sharma, Director of ThinkerPlace. We explored ThinkerPlace’s influence in the STEM industry, diving into its challenges, approaches to customer expansion, future aspirations, and beyond.

    StartupTalky: What does ThinkerPlace do? What was the motivation/vision with which you started?

    Deepti Sharma: Our company aims to nurture intelligent minds who can extend their learning abilities and knowledge scope beyond the PURVIEW of their textbooks. Our vision is to equip students with tools to learn from real-world experiences, delving into new-age skills through our S.T.E.M-based Educational DIY Toys. These toys teach coding, automation, robotics, and more, empowering kids to learn beyond books.

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    StartupTalky: What is/are the USP/s of ThinkerPlace?

    Deepti Sharma: Our DIY Kits offer access to a Learning Management System, enabling kids to explore innovative skills like robotics, coding, automation, and IoT. These kits are much more than toys, allowing children to create gadgets, learn from interactive videos and 3D animations, and receive guidance from STEM experts.

    StartupTalky: How has the STEM industry you are in changed in recent years, and how has ThinkerPlace adapted to these changes?

    Deepti Sharma: STEM education is becoming increasingly important in India as the country seeks to become a leader in technology and innovation. We believe that there is a growing awareness of the need for STEM education, and we expect to see more schools and parents prioritizing this type of learning in the coming years. ThinkerPlace can play an important role in shaping the future of STEM-based education in India by creating high-quality products that are accessible to all children. We are committed to working closely with schools and educators to ensure that our products align with their curriculum and learning objectives, and we are constantly looking for ways to improve and innovate our products to meet the changing needs of students and educators. We believe that by providing children with engaging and effective STEM learning experiences, we can help prepare them for success in the digital age and contribute to the growth and development of India’s innovation ecosystem.

    Deepti Sharma: Our research team tracks new toy launches, conducts rigorous tests, and analyzes market trends to understand what resonates with children. This helps us understand our competition and plan our product roadmap and business strategy.

    StartupTalky: What key metrics do you track to check the company’s growth and performance?

    Deepti Sharma: We track metrics like website traffic, conversion rates, social media engagement, repeat customers, and sales performance.

    StartupTalky: What were the most significant challenges your company faced in the past year, and how did you overcome them?

    Deepti Sharma: Adaptation to the changing educational landscape has been a major challenge. We’ve navigated this by innovating our products to align with the evolving needs of schools and educators.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Deepti Sharma: Our marketing activities span across digital channels, workshops with schools to boost STEM awareness, and participation in events and school activities for direct audience interaction.

    Director Deepti Sharma Highlights ThinkerPlace’s Focus on Independent Toy Making in India.
    Developing STEM DIY is a necessary thing for a child’s overall development. Here the director of ThinkerPlace shares the growth aspects of the industry.
    StartupTalkyAkash Kushwaha

    StartupTalky: What are the important tools and software you use to run your business smoothly?

    Deepti Sharma: We use tools like CRM software, accounting software, and Adobe Suite.

    StartupTalky: What opportunities do you see for future growth in your industry in India and the world? What kind of difference in market behavior have you seen within states in India?

    Deepti Sharma: The future of STEM is bright. It is an in-demand stream in our country, and even the government is pushing STEM Learning for children with its new guidelines in the NEP 2020 (National Education Policy 2020). The new guidelines say schools and educational institutes must have a learning system that is more goal-oriented and practical. This will nurture the children toward concept-building and practical thinking. ThinkerPlace has been successful in implementing the same in several schools across the country.

    StartupTalky extends its gratitude to Mrs. Deepti Sharma for dedicating her valuable time and generously sharing her insights with all of us.

    Explore more Recap’23 Interviews here.

  • Innovating Education: Zamit’s Future-Ready Approach with Aarul Malaviya

    StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.

    EdTech, or education technology, is booming. Thanks to the pandemic, companies are creating cool tools like online courses, fun learning games, and AI tutors. It’s making education more personalized, breaking down distance barriers, and making learning super interesting.

    The EdTech industry is projected to experience phenomenal growth in the coming years, with estimates suggesting a compound annual growth rate (CAGR) of 15.2%, potentially reaching a market size of over $605 billion by 2027 (Research and Markets).

    In our recent interview for Recap’23, we connected with Aarul Malaviya, Founder of Zamit. We talked about how Zamit is making waves in the EdTech industry. We covered challenges, strategies for reaching customers, future plans, and more.

    StartupTalky: What service does Zamit provide? What was the motivation/vision with which you started?

    Aarul Malaviya: We help students prepare for tomorrow today! Zamit, a UK-based organisation, specialises in Skills and Knowledge Integrated Learning for students and Teaching Excellence and Relevance Management for Teachers. Using its unique Measure, Improve, and Monitor model, it offers AI-driven Learner Analytics and an impactful ‘iSKiL’ program for students, nurturing over 70 important skills for academic success. The company’s innovative ‘ZQ’ (Zamit Quotient), the world’s first AI-driven, measurable indexing system, replaces traditional standardised tests to focus on the future readiness of students. Our ‘iTERM’ program supports teachers with Continuing Professional Development on over 80 skills, including classroom resources and CPD programs. Furthermore, Zamit collaborates with various schools to deliver customised iSKiL and iTERM programmes and offers international certifications in line with UK standards through Qualifications and Assessments International in the UK, providing educational content of world standards.

    StartupTalky: What new services have been added in the past year? What is/are the USP/s of Zamit?

    Aarul Malaviya: Zamit stands out in the industry by providing unique programmes to guide teachers and students towards greater success, including portfolio-building services, English language assessment, internships, scholarships, and research grants. Moreover, our services align with India’s National Education Policy 2020. For schools, alongside ZQ assessments, Zamit offers teacher development resources, safe recruitment solutions, a marketplace, news, webinars, curated content, ambassador programs, promotions, and awards. We recently added programs such as ‘iTERM’ for teachers and ‘iSKiL’ for students; both programmes are aligned to the Common International Framework of Reference for Future Readiness or CIFR, a gold standard.

    StartupTalky: How has the Edtech industry changed in recent years, and how has Zamit adapted to these changes?

    Aarul Malaviya: Recently, the EdTech industry has undergone a significant transformation fuelled by the latest technological improvements and evolving academic methodologies. This shift has led to the emergence of online platforms that offer flexible learning, personalised education through AI, immersive learning with the integration of Virtual Reality tools, and a renewed emphasis on practical, real-world skills. In response to these developments, Zamit has overhauled its platform to prioritise user-friendliness. The company is now leveraging adaptive technology for personalised learning experiences, integrating Artificial Intelligence algorithms to actively engage students, using machine learning software to analyze data, and assisting teachers and institutions in integrating the required technology. The need to adapt is now crucial for success in the rapidly changing world of education and technology.

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    Aarul Malaviya: Keeping up with the rapid changes in the educational market requires proactive involvement in industry events like conferences and seminars to directly engage and witness emerging trends and insights. Additionally, our research team consistently dives deep into newly released credible publications and research papers, extracting invaluable data from expert case studies. Moreover, cultivating partnerships with academic experts and international and national educationists provides Zamit with access to relevant and current innovations in the field.

    StartupTalky: What key metrics do you track to check Zamit’s growth and performance?

    Aarul Malaviya: For a startup, monitoring key metrics is essential to gauge overall growth. In EdTech, user engagement and retention rates gauge Zamit’s impact on students’ long-term learning. Conversion rates and acquisition costs reflect the efficiency of our marketing campaigns while assessing student assessments and completion rates to evaluate content effectiveness. Analysing user feedback through data analytics guides us in making anticipated platform improvements for sustainable company growth.

    StartupTalky: What were the most significant challenges Zamit faced in the past year, and how did you overcome them?

    Aarul Malaviya: This year, the EdTech world encountered major hurdles amid swift changes in the global academic sphere. While many companies scrambled to adjust to remote learning needs, Zamit made required enhancements to accommodate more users, boosting server capacity and upgrading internet capacity to ensure a seamless experience. Adapting to new-age requirements of teachers and students alike are as important in education as they are involved the rapid development of interactive and compelling digital content. Moreover, improvements in customer support and tutorials aided the transition to remote learning, enabling us to uphold our dedication to delivering high-quality education.

    StartupTalky: Good service is something everyone is talking about in the service industry. How does Zamit ensure that their clients are happy?

    Aarul Malaviya: Delivering top-notch service and ensuring client satisfaction in any other industry. It means actively gathering feedback from principals, teachers, and students through surveys and direct interactions to understand their needs. These insights drive refinements that align with changing learning patterns, shaping the platform accordingly. Additionally, cultivating a community via online forums nurtures a collaborative environment for the whole industry.

    StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.

    Aarul Malaviya: Zamit operates on a comprehensive marketing strategy using multiple communication channels. Content marketing, such as blogs and webinars, highlights our academic expertise, engaging both teachers and learners. Social media amplifies this by sharing informative content and success stories, fostering a robust community. Targeted ads on social platforms not only acquire users but also enhance our visibility through word-of-mouth.

    StartupTalky: Foreign clients – this is what most of the service-based companies are looking for. What has been your experience?

    Aarul Malaviya: Partnering with global institutions such as Qualifications and Assessments International, UK broadens Zamit’s platform to cater to diverse learning needs, embracing cross-cultural exchanges for excellent and up-to-date academic content. Our international presence in UAE drives growth, motivating us to seek strong partnerships and aspire to become a top global educational tech provider.

    StartupTalky: What are the important tools and software you use to run Zamit smoothly?

    Aarul Malaviya: The combination of tools helps us take a comprehensive approach to managing both customer interactions and internal processes. Some of the important tools and software used to run our business smoothly include ZOHO for CRM, campaign management, social media management, ticketing, etc. In addition, we use Sales IQ, Knowlarity, WhatsApp, and Forms for customer interaction. Additional tools such as uKnowva and Asana are used for internal HRMS and project management. Other technical tools include Adobe, Invideo, StreamYard, etc. All these help us gather data and stay ahead of the market.

    StartupTalky: What opportunities do you see for future growth in the Edtech industry in India and the world?

    Aarul Malaviya: With a booming population and wider internet access in India, there is ample room to enhance the accessibility of education, especially in underserved regions. Therefore, online platforms offer flexibility to meet this academic gap. Additionally, AI and machine learning algorithms are poised to elevate student engagement experience. Worldwide, the move towards lifelong learning, driven by job market shifts, is propelling the growth of the EdTech industry.

    StartupTalky: What kind of difference in market behaviour have you seen between India and the world?

    Aarul Malaviya: The EdTech markets in India and globally showcase distinct behaviours. India sees a high demand for affordable coaching and skill development for competitive exams, driven by a large population that aspires to illustrious colleges and jobs. Globally, there’s a wider emphasis on long-term skill-based learning, aligning with industry needs. At the same time, both embrace online learning platforms; global trends favour personalised, tech-driven experiential learning, while Indian students lean more towards fundamental content. Nonetheless, both markets are swiftly adopting digital learning avenues to address learning requirements.

    StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?

    Aarul Malaviya: The company has been conducting extensive research to identify the gaps in the market regarding future readiness skills for students and teachers. Based on the information gathered, we identified a need for a framework that is standardised, measurable, personalised, and modern and that would guide students and teachers towards greater success. Basis this understanding, Zamit’s proprietary model of Measure-Improve-Monitor was developed. The Zamit programmes are founded on this M-I-M model.

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    StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?

    Aarul Malaviya: Our expansion plan revolves around customer outreach and diverse service offerings. Targeted marketing will help us penetrate new markets and fortify existing ones. Prioritising focused assessment and improvement programmes for emerging skills remains advantageous, alongside continuous improvements to our platform and user experience. Based on the encouraging response from the market, we have aggressively begun to expand our team in select cities across India and the UAE. We have a plethora of cloud-based solutions that will help us upscale in regard to technical assistance required for team management while keeping pace with expansion. Some of the tools include ZOHO CRM, Asana, and Odoo.

    StartupTalky: One tip that you would like to share with another Service company founder?

    Aarul Malaviya: Our advice to fellow founders is to always hone your adaptability skills. Education and tech are dynamic, so staying ahead of the curve is crucial in staying relevant. Be flexible in your strategies, be the first one to adopt the latest tech, and constantly keep improving your services based on user feedback, as these aspects will define your future success.

    StartupTalky extends its gratitude to Mr. Aarul Malaviya for dedicating his valuable time and generously sharing his insights with all of us.

    Explore more Recap’23 Interviews here.