In recent years, the gaming industry has seen an amazing rise in popularity, with online games becoming more and more popular among users of all ages. Making a contribution to the gaming industry, RummyCulture is a popular online platform that offers rummy games and tournaments to players in India. With a focus on providing a safe and enjoyable gaming experience, RummyCulture has now become one of the most loved online gaming platforms in the country.
We at StartupTalky interviewed Amit Kushwaha, Head of Brand Strategy, RummyCulture(from the house of Gameskraft), to learn more about the company’s journey, challenges, and strategies. In our interview, Amit shared his insights into the rapidly-evolving gaming industry in India, how RummyCulture has contributed to industry firsts and the company’s commitment to enhancing customer experiences.
Let us now look at Amit’s responses to see what we can learn from our conversation.
StartupTalky: What does RummyCulture do? What was the motivation/vision with which you started?
Amit: RummyCulture is one of India’s leading skill-based online Rummy platforms. Since its launch in 2017, our aim has been to give every player a premium and hassle-free rummy-playing experience across our website, android, and iOS app. Our games are designed in a manner that anybody can play without facing any difficulties. We operate Rummy in multiple variants like Pool, Points, Deals, and multiple tournaments.
The key motivation with which we started, was to provide the best user experience to Rummy players. While there were several other platforms offering the chance to play rummy, we saw a unique opportunity to enhance user experiences in myriad ways such as introducing instant cash withdrawal, multiple variants, and a lot of features to boost user trust including the likes of round-the-clock customer support. We provide 24×7 support to not only VIP or high-value players but to all users. With such meaningful enhancements, we wanted to change the gaming landscape for online Rummy players in India.
StartupTalky: What is/are the USP/s of your products?
Amit: Our biggest focus area has been to provide the best user experience to our players whether it’s in the form of game play, adding cash, its withdrawal, or being one of the most trusted platforms in this space.
A few features which really help us stand apart are:
24×7 customer support in 6 languages to all users.
A ‘History’ feature where users can view the details of their previous 5 games to learn from them.
3P (Player Protection Protocol) – This ensures that each game played on the platform is safe and secure.
RNG & No Bots certification from iTech labs.
We are one of India’s only ISO-certified platforms.
We have the Guinness World Record for organizing the World’s biggest online Rummy tournament. This is a testament to our technological prowess and capabilities in delivering unique customer experiences.
StartupTalky: How has the online gaming industry changed in recent years, and how has RummyCulture adapted to these changes?
Amit: Online gaming has been a rapidly evolving industry in the last few years and we are immensely proud of being at the forefront of that change. Low internet costs combined with affordable high-specification phones with increasing technological capabilities have really helped gaming players penetrate the Indian market. This has also allowed Indian gamers to be exposed to global games which have accordingly shaped their thoughts, references, and outlook on gaming.
RummyCulture has had a front-row seat in this journey and contributed significantly to several industry firsts. We are amongst the first platforms to offer the instant withdrawal of winnings, providing customer support to players across the board, and hosting game play which also works on lower network bandwidth.
As an organization, we keep our ears very close to customer feedback and continue working towards enhancing their experiences on the platform.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the online gaming industry?
Amit: As we said, we keep our ears very close to our customers. Regular customer interactions help us to consistently evolve in line with customer requirements. Features like ‘History’, where players get to study their last 5 games, and ‘Know Your Competitor’ where players can see the profile details of their competitors on the table, were developed post discussions with our players. We also keep a close tab on how the industry is shaping up, not just in India, but at a global level.
As a mantra, we truly believe that we need to be a step ahead of the user need curve to successfully provide them with best-in-class experiences.
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Amit: We are a highly numbers-oriented organization. A few key matrices which are sacrosanct for us include the Traffic on our website, Daily Active users, the Cost at which we acquire users, the Retention Rate of users, and Game play per user, to name a few. There are several other metrics that we thoroughly study, but the ones listed above are non-negotiable for us.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Amit: The biggest challenge that the entire industry faced at large, is that of the trust deficit amongst the general public. In order to combat misconceptions and tackle this challenge, we have focused on our trust-building features such as the ISO certification, RNG, and No bot certification across our communication efforts.
Along with this, we have also focused on several brand-building measures such as partnering with some of the biggest sporting names like Suresh Raina, Abhinav Bindra, and Harbhajan Singh, as our ambassadors. These partnerships have come as part of our larger “Culture of Champions” campaign. This year, we also collaborated with the Vijay Deverekonda starrer movie Liger as part of our brand-building exercise.
We have seen tremendous positive rub-offs from these activities on our UnAided awareness and our ranking on trust features in the brand track. A look at these results boosts our confidence that we’re on the right track when it comes to choosing and investing in our trust-building measures.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Amit: Given the segment that we operate in, growth is significantly dependent on how much trust players have in one’s platform. We firmly believe that the biggest trust factor comes from the product itself, and not just marketing campaigns. That being said, with our strong product, we use various kinds of marketing channels like Facebook, YouTube, and Google ads alongside other tactics such as influencer marketing, movie tie-ups, celeb tie-ups, and playable ads, to name a few.
We don’t really believe in hacks and instead rely entirely on the power of numbers. Our experience shows that referrals have produced very good results not just in terms of the number of users, but also in the quality of users. Good word-of-mouth from players who have played with us is the best form of marketing that we can ask for. We have thus done a lot of work like personalized messaging and personalized offers for players in order to enhance referrals. As a segment, this has seen a lot of traction and growth.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Amit: Today’s business is indeed dependent on a lot of tools and software and we are not immune to those. In addition to in-house technology, we also use a lot of third-party tools for data enhancement, insights, as well as for player communication.
StartupTalky: What opportunities do you see for future growth in the gaming industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Amit: As per the ‘India Gaming Report FY 2022’ released by Lumikai, India’s gaming market, which stood at $2.6 billion in 2022, is expected to grow at a Compound Annual Growth Rate (CAGR) of 27 percent to reach $8.6 billion by 2027. Additionally, for RMG (real money games), future growth is projected to be at a 34% CAGR.
So looking at broad numbers, the gaming industry is really poised to continue being one of India’s sunshine sectors. We are optimistic about the industry’s growth and believe that the Indian gaming sector has the potential to surpass these numbers as well.
In terms of state-level variations, one key trend is that consumers in some of the southern states are more receptive to skilled online card-based games like Rummy as compared to the rest of India, and Fantasy sports have penetrated across the nation.
With the increasing penetration of mobile internet and high-end smartphones, this will increase at a faster growth rate.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Amit: A key learning which we’ve had in previous years and will continue to be relevant for us, is that of paramount focus on player experience. This may sound very cliche but the fact remains that the better our focus is on game play and enhancing overall user experiences, the more we get back in terms of not just higher player retention, but also positive word-of-mouth which in turn helps us acquire new users as well.
Another key learning for us has been to keep a very keen eye on customer acquisition costs. We try to ensure that we do not go beyond a certain value for customer acquisition, which really helps us remain financially sound.
It is not the strongest of the species that survives, nor the most intelligent that outlives. It is the one that is the most adaptable to change. That is what Charles Darwin, the nineteenth-century naturalist had said.
It essentially means that if you are capable of adapting yourself to changing circumstances around you, upskilling yourself, and beating your competitors to the punch, you will most probably survive the generative AI that most people see as replacing their jobs.
Generative artificial intelligence (AI) is a type of machine learning that uses algorithms to create new data, such as text, images, or audio, by learning patterns from existing data (or data sets). It’s an AI tool capable of using input data to self-learn and produce better text, images, audio, etc. Well, I wouldn’t say better, but it is pretty good, and is still in development, still learning. Companies like Google Inc., OpenAI, Midjourney Inc., Microsoft Inc., etc. are heavily investing in Artificial intelligence, and it remains to be seen who makes it more interesting, or say, intelligent.
Why should it have your attention?
There are plenty of reasons for you to be interested in generative AI, the most prominent one being its creative potential. It can create new content based on its input or practicing data set. It is evolving every day, and its ability to come up with more creative content, be it texts, images, or audio, will only get better with time. But that is not all.
It has the potential to analyze its responses. It can self-learn. Various generative AI models use multiple techniques— neural networks, deep learning, and reinforcement learning to learn the patterns and relationships in the data. This will open new dimensions in predictive analytics and how businesses can carry out their day-to-day operations.
What are the chances that Generative AI will replace you at work?
When it comes to technology, there are plenty of reports that suggest that technology has, since 1981, displaced workers faster than it has created jobs. Of course, there is significant uncertainty around the future of generative AI as it is still developing. But its ability to produce content that is literally indistinguishable from original/human-made content is concerning for many, and it should be. But on the same note, it is also true that workforce automation and the resulting job losses will be compensated by creating new jobs.
A report by investment bank Goldman Sachs says that Artificial Intelligence could replace around 300m full-time jobs. It further states that if generative AI delivers its capabilities as promised, the labor market will face substantial disruption.
So, the chances of generative AI replacing jobs are pretty high, but not all jobs— it cannot cook, for now, so we can rule that out.
What kind of jobs Generative AI will replace?
The future of AI’s role in the job market can broadly be put into two categories considering the impact of generative AI in the near- future. Firstly, AI will complement the employees’ work and then will replace the employees. The promised generative AI capabilities are truly charming— a charm that is tempting to companies. Companies always look for ways to reduce labor costs and enhance productivity, and generative AI will provide them with such opportunities.
The fourth industrial revolution– industry 4.0– is about the internet and AI. Combining the Internet of Things (IoT), cloud computing, simulation, additive manufacturing, predictive analytics, Machine Learning (ML), and Big Data will set the course of Industry 4.0. It is also true that not all businesses are using AI as of now, and most works are only partially exposed to artificial intelligence and automation. With AI adoption, companies will get an opportunity to apply some of their freed-up capacity toward highly productive activities and enhance output.
So, it is more likely that replaced workers will be re-employed with improved, higher levels of productivity at hand, as well as new emerging job opportunities. The automation-led growth will also create a demand for labor.
The Goldman Sachs report also highlights two of the most influential Generative AI abilities that will have macroeconomic effects, one being its ability to produce new content that is indistinguishable from the original human-created output and the second being its ability to break down the barriers between machines and humans. Both of these will have a substantial effect on employees and employers around the world.
People who will be most affected by generative AI are the ones whose work involves web scraping to gather relevant data, preparing a clean data set, making sense of data, data processing, data analyzing, making people understand that information, keeping records or documentation, etc. Additionally, generative AI will positively affect the job market in the field of Content writing and editing, Journalism, Law, graphics designing and music, customer services, data entry, administration, bookkeeping, taxing, insurance and loan approval, etc. Chat GPT and Bard will enable even intermediate-skilled people to write articles and essays unless there is significant demand for such work, journalists and content writers will face severe competition.
Will ChatGPT Take Your Job?
The silver lining for Content Writers
Recently I came across a few articles published by CNET— a tech news site— that used AI to write finance articles like ‘What is compound interest’, ‘Does a home equity loan affect private mortgage insurance?’, and many more. It used SEO-friendly keywords, and Google allowed advertisements on these pages. Futurism highlighted this fact— CNET had been quietly publishing AI-generated articles since November last year without any formal announcement. CNET acknowledged this fact and said that it was not a big deal— the readers couldn’t understand if the article was written by AI or a human. But the main problem is AI misrepresenting facts. Many articles contained false information, and CNET had to revise them.
The authorship of the articles isn’t instantly clear when you read the articles, but you will find something like this written in the dropdown description under staff:
“This article was generated using automated technology and thoroughly edited and fact-checked by an editor on our editorial staff.”
But CNET is not the first one to do this. Associated Press also started using AI in 2015. America’s oldest, 24h news agency produced 10 times more articles (3000 articles in a quarter) than it used to by using the automation technology at Automated Insights, a firm known for AI and “robot journalism”.
The silver lining, however, is that AI is still evolving and is not perfect yet. It still makes mistakes on many fundamental topics— finance, polity, and politics. Many people have already pointed out the inability of ChatGPT to write unbiased content when it comes to the Democrats and the Republicans, Donald Trump, and Joe Biden, and even religious figures.
So, as long as you are a creative, rational, objective content writer or journalist, your job is safe, and you will stand out. Undoubtedly, generative AI will replace some folks at work, but it will also provide a massive opportunity for you to reinvent how you work and hopefully complement your work with added creativity and accuracy. As AI and deep learning mature over time, business productivity will correspondingly improve, resulting in more labor demand and new job opportunities.
FAQs
What is Generative AI?
Generative artificial intelligence (AI) is a type of machine learning that uses algorithms to create new data, such as text, images, or audio, by learning patterns from existing data (or data sets).
In which fields may Generative AI affect jobs?
Generative AI will positively affect the job market in the field of Content writing and editing, Journalism, Law, graphics designing and music, customer services, data entry, administration, bookkeeping, taxing, insurance and loan approval, etc.
“AI will fundamentally change every software category, starting with the largest category of all – search,” – Satya Nadella, Chairman and CEO, Microsoft.
It is no secret that Microsoft’s Bing search engine has always been several steps behind Google’s Search Engine. Somehow it did not click with internet users. One might blame the Bing Search interface or how it brings up results, but you know that’s not it. I mean, Forbes tried to sum it up as, “Google was able to attract much better talent due to its reputation of being a more innovative and a more developer-friendly company, and because of its market position. Bing suffered from the anti-Microsoft sentiment among developers and was unable to attract a similar quality of talent.” Additionally, Google has been around for a longer time and has done incredibly well with its search algorithm.
However, the wind of change has finally taken a turn for the better- to an age of Artificial intelligence (AI) and more, particularly, Natural language Processing (NLP) and Machine Learning (ML). In an era when Elon Musk and Bill Gates (Co-founder, Microsoft) are significantly investing in ChatGPT, a conversational AI chatbot that is capable of producing long contextual paragraphs on any given topic (provided it is not about criticizing a certain messenger or Joe Biden or praising Donald Trump), whereas Google Inc. is experimenting with Bard.
Sharing his views on language and AI, Google CEO Sundar Pichai once said,
“Language is core to who we are as human beings. It’s how we understand the world, express ourselves, and communicate with others. And yet, only a fraction of the world’s languages have a digital presence today. This gap poses a threat to preserving cultural diversity, as well as to the development of AI.”
This bard is quite different than Celtic poets and composers, known for singing praises for old English kings in the old English era. This Bard is American, based on Google’s LaMDA (Language Model for Dialogue Applications), performs functions just as ChatGPT but relies on the Google Search engine to produce accurate results (it tries), and it is still learning.
Google’s Bard is “your creative and helpful collaborator, here to supercharge your imagination, boost your productivity, and bring your ideas to life.”
So, the obvious question is who wins when Microsoft and Google, two business giants have come to take your attention, your time, and probably your money (they say time is money, so let’s go with that)? How do you decide the winner in this modern clash of titans? What parameters should be taken into consideration?
The Clash of Titans: Bard vs. Bing chat
When I asked Bard that I wanted to compare these two services– Google’s Bard and Microsoft’s Bing Chat– what do you think it said?
Here is what it came up with:
“Bard is based on Google’s LaMDA language model, while Bing Chat is based on OpenAI’s GPT-4 language model. LaMDA is a newer model than GPT-4, and it is trained on a larger dataset of text and code. This means that Bard may be able to generate more creative and informative text than Bing Chat.
Bard also offers three different drafts of the same response, while Bing Chat only offers one. This gives you more control over the final response, and it can help you to get the information you need more quickly”.
Google’s Bard
Microsoft’s Bing Chat also performed well when I asked the same question:
Well, Google’s Bard replies like ChatGPT (which failed to respond, as seen above). It produces texts, answering your questions with the help of Google’s ‘larger dataset of text and code’– but Microsoft’s Bing Chat answered with the help of resources available on the internet, paragraphically, along with hyperlinks of the websites— it compiled the results from.
Who wins this Clash of Titans?
Well, neither Perseus nor Hades!
Google’s Bard is powered by LaMDA, a language model developed by Google AI, and as a language model, it is still learning. Though it is presumed to provide better results because it uses Google’s large dataset, Microsoft’s Bing Chat, powered by GPT-4, a language model developed by OpenAI, is no less. It has the unique style of producing answers with hyperlinks to web resources which is quite helpful in determining the integrity of the results.
It still does not answer the question!
So, I guess, for now, it depends on individual choices and needs. Microsoft or Google can’t force you to use their search engines (or Bard/Bing AI), and you are free to use any of these. Whether you’re a conservative or a (woke) liberal, a humanist or a feminist, a white cis-male or a trans-person of color— you are free to make your own choice.
The AI Assistant Battle! (2023)
But what about the future? Who wins this battle in the next few years?
Since both Google Inc. and Microsoft Inc. are investing heavily in AI research and development, and both companies will continue to make significant progress in the coming years, as one can presume, ultimately, the winner of the AI battle will depend on which company can develop the most powerful and user-friendly AI technology.
It would probably depend on the capital each company is willing to invest in AI research, its development, and the talent each company can attract to its AI team.
Both Bard and Bing Chat are performing well. Bard hasn’t been yet launched here in India; however, you can use Bing Chat.
FAQs
Which AI Chatbot is better, Google’s Bard or Microsoft’s Bing Chat?
For now, it depends on individual choices and needs, and you are free to use any of these. Both Bard and Bing Chat are performing well. Bard hasn’t been yet launched here in India; however, you can use Bing Chat.
How do Google’s Bard and Microsoft’s Bing Chat reply to a query?
Google’s Bard is powered by LaMDA, a language model developed by Google AI, and as a language model, it is still learning. Though it is presumed to provide better results because it uses Google’s large dataset, Microsoft’s Bing Chat, powered by GPT-4, a language model developed by OpenAI, is no less. It has the unique style of producing answers with hyperlinks to web resources which is quite helpful in determining the integrity of the results.
Video is a display of moving visual media which is an electronic medium of recording, copying, playback, and broadcasting. A photo’s worth a thousand words, so how much more valuable would a video be? Businesses use video marketing to build customer rapport and to promote their brand, services, or products. With the help of video marketing, you can present how-to’s, promote customer testimonials, organize webinars and deliver entertaining content.
According to InMobi’s State of Programmatic Mobile Video Advertising in India report- business advertisers spent more on Video forms of advertising compared to others. They analyzed data from January 2020 to January 2021 on their platform, and based on the statistics, they found that there has been a sharp rise of 365 million mobile video viewers in India alone.
According to Hubspot a US-based software company, 81% of businesses used video as a marketing tool in 2021 which was up from 63% in 2020. To be successful in your business you need to implement referral marketing strategies but often it happens spontaneously as the customers spear about the products or services they like. According to Wordstream, 92% of users watching videos on mobile will share them with others.
Whether you are a new startup or an established business house you can use video marketing to boost conversions and sales. A detailed product video on your landing can increase the conversion rate by 80%.
Not everyone but most digital marketers or those who like being on camera have tried at least once to make their videos and become YouTubers. In other words, we’ve been involved with video production on some level. If you are active on social media you’ve certainly seen that many people post different types of videos on Instagram stories or go live on Facebook from their homes regularly. Hence, it is the right time when you should also start making video content, be it for personal or professional reasons. To influence more people or to attract new customers you need to take your video to the next level. But to do that you just need to have a solid understanding of video editing tools available in the market and what those tools can do.
How to choose the best Video Editing Software?
Once you have decided to use any video-editing software, the first thing you’ll need to consider is the budget and features of the editing software. In order to find the best editing tool, you should first consider software based on your device configuration and suitability.
Once you have considered device configuration then look for features provided by different editing software. Identify based on your usability of the features and type of videos you want to create like for Instagram, Youtube, Facebook, etc. At last, You should consider software based on its user interface and the speed of editing software.
To help you choose the right video editing software for your work. Here we’ll look at the best online video editing tools that you can use to speed up your editing productivity. The list isn’t in any particular order so consider trying them all to see what you’ll like the best.
Final Cut Pro is video editing software which is first developed by Macromedia Inc. and later by Apple Inc. Final Cut Pro runs on Intel-based Mac OS computers which have OS X version 10.9 or later. It allows users to edit more complex projects and work with larger frame sizes. Editors can also add more effects and higher frame rates quickly and easily. Final Cut Pro is built with a modern metal engine that boosts graphics tasks like exporting, real-time effects, and rendering. Besides, Final Cut Pro has an intuitive design and many innovative features such as video noise reduction, Multicam, motion, and compressor, etc. If you want the ultimate editing experience then run Final Cut Pro on the new Mac Pro, the world’s fastest Mac.
Features Offered by Final Cut Pro
Final Cut Pro enables you to edit multiple camera angles simultaneously, making it easy to create dynamic and engaging videos.
The software provides advanced color grading tools, including color wheels, curves, and LUTs, enabling you to achieve a polished and professional look for your videos.
It supports high-resolution formats, including 4K, 5K, and 8K.
It offers a range of customizable motion graphics templates and special effects, enabling you to add visual interest to your videos.
Pricing for Final Cut Pro
It offers a free trial. And, paid version costs $299.99.
When it comes to video/photo editing software, we cannot help but expect an Adobe Product on the list. Adobe Premiere Pro offers you all the smart tools that you need to bring out your creativity through editing. Most video formats are supported ranging from 8K to virtual reality. Also, you can integrate several third-party software including other Adobe products, which it works seamlessly with. Even if you’re an amateur, the Premiere Rush helps you with all the editing and sharing of the exported file across other devices.
Adobe Premiere Pro is an advanced editing software for professionals. To rum Premiere Pro, one needs a Windows or Mac operating system with a high configuration system requirement. If we talk about minimum system requirements then, in order to use this software, you must have at least 8 GBRAM and a 2 GB Graphic Card dedicated to the software. Since it is an industry-standard video editing software, my recommendation would be to keep 16 GB RAM and 4 GB Graphic Card, and an i5 or AMD processor.
If we talk about the learning process of this software, so it is hard to learn, until unless you find a good trainer or classes over Udemy, Coursera, and Youtube. On Adobe Premiere Pro rendering videos is slow despite having a good system configuration compared to other software like Filmora etc.
Adobe Premiere Pro is a part of the Adobe Creative Cloud licensing program. The features of Adobe Premier Pro include high-resolution video editing at up to 10,240 × 8,192 resolution which supports 32 bits per channel color. You can edit videos in both RGB and YUV formats. In addition, Premier Pro includes Audio sample-level editing, a VST audio plug-in, and 5.1 surround sound mixing. It is available for both macOS and Windows. Adobe Premier Pro has a free trial and you can buy it at INR 2,300 per month for one license. Premier Pro is a great app for any type of video editing task to produce broadcast quality, high-definition video.
The cost of using Premiere Pro is high compared to other professional video editing software programs available in the market. You cannot buy this software for a lifetime, so you can only get it on a subscription. If we talk about resources available, like templates or designs, one can get them easily or choose from the software itself.
Features Offered by Adobe Premiere Pro
The industry standard film editor helps you learn to process and edit videos from the ground up, encompassing color gradients, sounds, special effects, and everything else.
Doesn’t matter if the video was shot on an iPhone, GoPro, DSLR, or any other device, Adobe Premiere Pro allows you to edit in any file format with a drag-and-drop interface.
For intuitive edits, trim your video with precision, and add animation along with special effects for transitions and motion effect control in the Essential Graphics panel.
It also allows you to edit and sync audio with your video through the Essential Sound panel, and access the Adobe Stock library to find the required footage.
Implement industry-standard visual effects to your videos and learn film editing skills from the basics, to create impacting effective short films.
Pricing for Adobe Premiere Pro
Premiere Pro from Adobe costs Rs 1675.60 per month, with a month of free usage of Adobe Stock, on the annual plan paid monthly. The annual plan with a one-time payment costs Rs 19,158.48, while the monthly plan costs Rs 2514.48 per month.
iMovie is another video editing software available only for macOS and iOS devices. The features of iMovie include video effects by which you can modify and enhance video color settings, crop and rotate video clips, stabilize shaky videos and add video transitions. You can also change the speed of video clips. iMovie also has multi-clip video effects where you can use a green or blue screen to create a cutaway and use a different clip to replace your current background. With iMovie, you can also create a split-screen and add picture-in-picture (PiP) effects. In addition, you can enhance and manipulate the audio as iMovie allows you to remove background noise and increase audio levels of quiet video clips. The best thing about iMovie is that it is free for macOS and iOS users.
Magisto is an online video editing tool that is available as a web application as well as a mobile app. Magisto uses Artificial Intelligence (AI) technology for automated video editing. It is simple and fast to make videos using Magisto.
According to Magisto, 74% of all Internet traffic is driven by video. The features of Magisto include cross-channel video content hosting and distribution which means you can host and distribute marketing videos optimized for social media, email marketing, content marketing, and video ads.
If you are just a beginner you can create marketing videos and product videos with effectiveness in just minutes as Magisto offers an AI-powered video editor. Magisto has three annual plans, Premium at $4.99 per month, Professional at $9.99 per month, and Business at $34.99 per month. Both Professional and Business plans offer a free trial.
Clipchamp is a freemium video editor which lets you edit, compress, and convert your videos. It is an easy-to-use tool that even provides stock videos to put in your project. Clipchamp lets you export your videos in 480p if you are using their free version.
Besides editing, the platform is capable of video compression, format conversion, and webcam recording. It can be used to trim, crop, and stitch your videos together after you’ve dropped them into the timeline from your pc.
The website is fast and responsive with an editor that looks professional. Users can export their video at 480p SD using the free version which isn’t so bad. To be able to export at 720p and 1080p a subscription to the Creator or Business plan is required.
The website gives you all the basic editing tools you require, along with a library of assets such as backgrounds and images to use. Some of these require you to upgrade your account, but it includes plenty of free resources to choose from. Clipchamp also lets you record your screen and webcam without downloading any additional streaming software such as OBS.
Pros:
Built-in screen recorder.
Direct share to cloud services.
It can be accessed from a browser and you do not need to download anything.
Cons:
Requires signing up and it has a watermark symbol on all stock videos.
Sometimes editing process becomes slow and takes a long time to export edited video.
WeVideo is an online video editing platform that you can access in any browser. In WeVideo you can mix and match more than 600 audio, video, and graphics media formats. The features of WeVideo include a green screen, picture-in-picture (PiP) effects, motion titles, audio editing, support for unlimited tracks, and more. WeVideo is a Google for Education Partner and it is also an exclusive digital storytelling solution for Chromebooks which is Google’s Education Creative Bundle.
Pricing for WeVideo:
WeVideo has four annual plans for individuals and businesses and one custom plan. WeVideo also offers a free trial.
Nero Standard is an all-in-one platform that provides many multimedia solutions you need for your business. It includes editing, converting, organizing, burning, and playing files from any place. Nero Standard makes working on media files very easy and provides a package of a combination of programs that enable the user to edit, convert, burn, and playback videos. The features of Nero Standard include Nero QuickStart, Nero MediaHome, playing, and streaming videos, converting media, DVD and Bluray Authoring, audio and video editing, and more.
Pricing for Nero Video software:
It has a free trial and comes with a price of $ 55.95
Filmora is a video creation and editing application developed by Wondershare. Filmora includes products for a range of users from beginner to intermediate. Common features of Filmora include a timeline, preview window, and effects library, navigated and controlled using a drag-and-drop interface. It enables users to create amazing videos efficiently using a wide range of powerful editing tools. It uses a delightfully intuitive design that makes it easy for anyone to become a great video editor.
Pricing for Filmora:
The Filmora software library is compatible with Windows and macOS computers. Free trials are available to demo the product before purchasing.
DaVinci Resolve is a video editing tool for professionals, that offers editing, color correction, visual effects, motion graphics, and a lot more. DaVinci Resolve is originally developed by da Vinci Systems and later it is developed by Blackmagic Design. Additionally, the commercial version of the application is known as DaVinci Resolve 18 Studio and Blackmagic Design also offers a free version of the software which has fewer features. Resolve is a tool recognized and used by editors industry-wide, for powerful image processing, audio engine, and immersive 3D audio workflows. Moreover, DaVinci Resolve offers users one of the world’s most powerful and advanced NLE with complete media and timeline management tools.
DaVinci Resolve is an amazing video editing software for professionals. It is especially known for color grading. It is advanced and industry-standard editing software. It works on both Windows and Mac operating systems. If we talk about system configuration for this software, is very high. For a better experience, you should at least have i7 or i9 processors and if we talk about recommended configuration for this professional video editing software is 32 GB RAM and a dedicated 4 to 8 GB Graphic Card.
The learning process is hard for DaVinci Resolve, because of the non-availability of the courses on mainstream platforms. The render time of videos is faster compared to Adobe Premiere Pro, and also due to high system configuration requirements.
It has free and paid versions too. DaVinci Resolve has great resources to add, and also you can import from other external sources. You can also do advanced color grading with the help of DaVinci Resolve. Overall you can say after Premiere Pro, DaVinci is the second most preferred video editing software by professionals.
Features Offered by DaVinci Resolve
DaVinci Resolve offers you an easy and intuitive interface with a drag-and-drop video import, and also allows you to mark clips for easy use.
Overlay clips directly into the timeline with options such as insert, overwrite, replace, and rearrange them with swap or shuffle.
The smart trimming tools help you ripple, roll, slip, and slide while trimming between playbacks.
The transition and effects library offers you a plethora of quality plug-ins with the option of dragging and dropping the necessary effect.
Apply 2D/3D titles, animate clips and create a soundtrack, and produce and deliver the content of industry standard with effortless and efficient editing.
Pricing for DaVinci Resolve
The DaVinci Resolve is free to download and is a cross-platform software offering all the basic tools. However, the DaVinci Resolve Studio 18 costs $295 and includes everything on the free version along with some advanced tools such as a neural engine, stereoscope, and other 3D tools.
VideoPad is a video editing application which is developed by NCH Software for individuals and professionals. VideoPad Video Editor has over 50 visual and transition effects which you can use to add a professional touch to your videos. It supports many commonly used file formats which include Audio Video Interleave (AVI), Windows Media Video (WMV), 3GP, and DivX. Using VideoPad you can directly upload videos on YouTube, Flickr, and Facebook. This is one of the fastest video stream processors available in the market. The features of VideoPad include 3D Video Editing, Speed Adjustment, Video Stabilization, and more. It is available for both PC and Mac.
Pricing for VideoPad
VideoPad has a free version and the paid version also has a free trial. The pricing of VideoPad starts at $39.95 as a one-time payment, per user.
HitFilm is a video editing and composing software offered by FXhome. FXhome offers two different versions of HitFilm which are HitFilm Express and HitFilm Pro. HitFilm Express is a free version but it has limited features and HitFilm Pro is the full version that is paid. HitFilm Express has some useful features which help editors to get their job done effectively, the features include a huge number of animal tools, composite shot enhancements, advanced audio editing functionality, add unlimited video and audio tracks, import multiple streams of an audio file, audio mixer, dedicated trimmer and more.
HitFilm Pro is the full version which has some more advanced features including the features of HitFilm Express. HitFilm Pro offers Picture in Picture (PiP) which is a commonly used video style and it also has an adaptive trimmer by which you can re-trim your clips after adding them to your timeline. HitFilm has over 800 unique effects and presets which you can use to create something new as those are customizable.
Pricing for Hitfilm:
Plan
Price
Free
$0
Creator
$7.99/month billed yearly or $12.99 billed monthly
Pro
$12.99/month billed yearly or $19.99 billed monthly
Wondershare UniConverter is one of the best video converters. It comes with some interesting features and a huge number of highly positive user reviews. Wondershare UniConverter is available for Windows 10/8/7/Vista/XP and Mac OS. It allows you to convert videos to 1000 formats with advanced video editing features. You can convert high-quality videos at 30X faster speed. Wondershare UniConverter has many features which include downloading high-quality videos, compressing, editing, burning, transferring videos, adding metadata to videos, and more. In addition, Wondershare UniConverter is easy-to-use and can be used as a video toolbox for any purpose.
Pricing for Wondershare UniConverter:
Wondershare UniConverter has a free trial and three paid plans for individuals & businesses.
CyberLink PowerDirector is a robust and powerful video editing tool, which comes with a suite of features to help with an intuitive workflow. Be it motion tracking, or dynamic keyframe control, PowerDirector gives you all the creative tools you need to create the perfect video with attention to detail. Moreover, you get to embed some quality effects with an expansive audio library, holiday-themed templates, and excellent customer support, which is more than what you can ask of a video editor.
PowerDirector is a mid-level video editing software for beginners and professionals. PowerDirector required system configurations are Intel Core i3 or AMD Phenom II and faster. It works on Windows and Mac both. In order to use this software, you must have at least 4 GBRAM and a 2 GB Graphic Card, though 6 GB RAM is recommended for smooth operation.
The Learning process of this software is average and plenty of courses are available on Udemy, Coursera, and YouTube. It is good for beginners and best for professionals. PowerDirector is packed with features and its video rendering time is great. The cost of using this video editing software is median and it can be easily subscribed.
Features offered by PowerDirector
Create image composites with mask designer and control anchor points with enabled dynamic motion to apply the effects precisely.
PowerDirector offers you customizable motion graphic titles along with sketch animation overlays, the best tools to create understandable tutorial videos.
With the help of color refining and matching, customized 2D objects, and dynamic title disclosures, create an impression that stands out among other plain and animated videos.
The Chroma key engine helps you perform industry-level green screen editing, while the frame-wise motion tracking allows for the best-detailed editing.
Other effects include slow/fast motions, reverse/replay/repeat, white balance, fish eye, and all the basic editing features at their best.
Pinnacle Studio is a powerful and creative video editing software, that helps you enhance videos with advanced keyframes, effects pro-caliber tools, and intuitive and customizable workflows. With the help of Pinnacle Studio, you can stabilize video, split dynamic screen, control keyframes, and adjust motions to create the perfect video with professionalism. Customizable workspace helps you streamline workflow, and offers you an intuitive editing experience.
Pinnacle Studio is advanced video editing software for specialists. It works on both Windows and Mac operating systems. If we talk about system configuration for this software, Intel i5 or i7 is recommended with a minimum of 8 GB RAM and a 2 GB Graphic Card.
Pinnacle Studio is one of the oldest video editing software available in the market. It is highly learnable due to the availability of its courses on mainstream platforms. It has an average rendering speed compared to Adobe and PowerDirector. It is affordable and has unlimited resources. You can also import resources from other sources.
Features Offered by Pinnacle Studio
Pinnacle Studio offers you all the basic tools including trim, split, crop, and rotate among other features, along with some advanced editing options.
It allows you to add titles, graphs, and overlays along with templates, filters, transitions, and color grading beyond the average editor.
Keyframing with advanced precision tools with the tone curve, color wheel and selective vectorscope helps adjust tone, color, and shadow.
Mask Creator helps you isolate and apply effects, while you can also clone characters and objects to enhance storytelling.
You can also layer and combine clips, create illusions and remove distractions and enhance your footage by removing random background people.
Pricing for Pinnacle Studio
Unlike other entries in the list, Pinnacle Studio isn’t available in the form of monthly or annual subscriptions. Instead, it offers a one-time buy at the cost of $104.99, with a discount on its original cost of $129.95
VideoStudio Pro is a video editing software offered by Corel, known for its efficient and easy-to-use interface and award-winning creative features. It helps you combine and manipulate pictures and audio and embed them into videos and choose from over 1500 filters and effects to embed them. Moreover, features like split screen, pan and zoom, lens correction, chroma key, and smart proxy editing allow you to completely transform your videos and enhance them for professional use.
VideoStudio Pro can be used on both Windows and Mac operating systems. VideoStudio’s recommended system configuration is 4GB RAM and 2 GB Graphic Card. If we talk about processors the minimum requirement is Intel Core i3 or AMD A4 series.
VideoStudio Pro is easy to learn and due to its simplicity professional editors use this for their work. Though, it has a high video rendering time compared to other software. It has limited resources and you cannot import resources from outside.
Features Offered by Corel VideoStudio Pro
VideoStudio Pro offers a plethora of innovative tools including HD and 360° video editing across different video formats.
It offers you all the basic editing tools including crop, trims, rotates, aspect ratio, and fish eye distortion along with more advanced editing options.
It allows you to get creative with templates and overlays along with split screen videos and panning and zooming for attention to detail.
With the help of stop motion animation and color grading and correction as well as lens correction, make your video more watchable and add a professional touch.
Moreover, you get a chroma key and green screen editing for creative background ideas along with smart proxy editing and batch processing.
Pricing for Corel VideoStudio Pro
Corel VideoStudio isn’t available in the form of monthly or annual subscriptions, rather can be bought at a price of Rs 6,470.00, which offers you the complete version. The upgrade version can be bought at a price of Rs 5,600.00.
If you’ve ever used Canva to edit your photos you know how clean and simple it is. Canva Video Editor has a very similar interface and can help you edit your videos with ease. It features templates and clipart that can be added with a drag-and-drop interface.
While using native video editing software on the market, users are often overwhelmed with the amount of functionality it comes with. This is where the abstraction in the Canva video editor stands out. It shows users only the tools they need and hides away the rest. This makes the platform more friendly to use and avoids any confusion.
Canva provides you with hundreds of templates to choose from. Pick any template you like and simply drop your videos in. Although some of the templates are paid, you can be sure to find a free template to your liking. That’s almost half the work done right there and gives you more time to tweak your edits. You can trim, add music to your video, and add text and transitions. It’s features like these that make Canva perfect for a quick video edit.
Pros:
Simple interface and anyone who does not have any prior knowledge can use it.
Good collection of budget-friendly video templates. Its templates can be altered based on one’s requirements.
Cons:
Issues when uploading 4K videos.
If your user content is not up to the standards of Canva then Canva can delete your account. As it offers its platform for use only, not for licensing to create individual products.
Powtoon is an online video editor known for its animation-making capabilities. It features a powerful editor that allows anyone to make visually pleasing animations from scratch.
Powtoon can be used to make whiteboard videos, drawings, and cartoon animated visuals. It features a huge collection of pre-made video assets such as characters, images, and backgrounds along with video templates. Getting started is made simple through the use of curated templates.
Apart from animated videos, you can use all the templates and tools for any sort of content creation including social media videos, infographics, and instructional videos.
FlexClip is a minimal online video editing tool that’s more powerful than it seems. It’s got stock images, videos, and media assets such as backgrounds and templates. Using FlexClip you can create amazing videos within a few minutes.
The platform also supports features like cloud syncing after signing up, which means all your progress will be saved automatically. You can open up a browser, sign in and continue your editing progress from any computer. They also provide cloud storage for all your videos, for which you have to upgrade your account.
No signing up is required to use the service but making an account will ensure you get the most value out of the service. Having an account means you can access videos that you’ve previously worked on, as well as some other features. FlexClip is great for creating GIFs, short videos, advertisements, and infographic videos.
The editor follows a design that’s easy to work with and get used to. The cloud integration and stock library mean you have even fewer reasons to leave your browser. You can get your edits done even faster through the use of fully customizable templates.
Pros:
Great collection of stock media
Cloud Syncing
Cons:
Can be slow to load at times
Pricing for Flexclip:
Plan
Yearly Price
Free
$0
Basic
$5.99/month, $71.00/Billed Yearly
Plus
$9.99/month, $119.88/Billed Yearly
Business
$19.99/month, $239.88/Billed Yearly
PowerDirector by CyberLink
Tool Name
PowerDirector by CyberLink
Rating
4.4 out of 5
Free Trial
Available
Platforms supported
Windows, Appstore, and Playstore
CyberLink PowerDirector- Video Editing Software
If you are looking for middle Video editing software in terms of features, then PowerDirector by CyberLink is the one that fulfills your all requirements. PowerDirector by CyberLink is considered one of the fastest rendering software for videos. It has basic to pro-level features along with a variety of features like sound effects, style, music, and other essential tools.
Many people think that PowerDirector is flooded with options and features, which is true in a sense. But if you know your task or you are willing to learn or explore, PowerDirector will be a blessing for your editing career or task.
Pros:
In terms of feature availability, PowerDirector is the best.
PowerDirector is excellent for short video creation.
Cons:
Many people claimed about crashes in editing and they lost projects suddenly.
Video Editing Tutorial – Cyberlink PowerDirector on Windows 10 | The Easiest and Best Software
Pricing for CyberLink PowerDirector:
Plan
Price
PowerDirector Ultimate
₹ 11,499
PowerDirector 365
₹ 3,989/year
Director Suite 365
₹ 7,399/year
Conclusion
In the next coming years, video content is going to change the entire scene of Digital Marketing and content creation. So, whether you are a new startup or a freelancer you must have to adopt the new technologies as soon as possible to succeed. If you are still creating text content then this is the right time to start creating video content too. For this, you would need a video editing tool that suits your requirements, in the above list we’ve included the best video editing tools which are most recommended. Most of the users recommend using Adobe Premier Pro as it has many advanced features. But we suggest you do your research. You just have to visit the websites and see if the specific tool has all the features you need or not. You can also check out the review videos of these tools on YouTube.
If you are already using any other video editing tool or if you want to recommend any tool then let us know in the comment below.
FAQs
Can you edit videos online?
Yes, you can edit videos online without downloading any software.
What do most YouTubers use to edit their videos?
The 3 most popular programs that Youtubers use to edit their videos are iMovie, Final Cut Pro, and Adobe Premiere Pro CC.
What is the best professional video editing software available?
Some professional video editing software are:
Adobe Premiere Pro CC
Final Cut Pro X
Invideo
Wondershare Filmora9
Cyberlink Power Director
Davinci Resolve
Clipchamp
HitFilm Pro
Powtoon
FlexClip
Is Premiere Pro free?
No, but you can download Premiere Pro for free, and trial it for seven days to find out if you like it or not.
How can someone get into video editing without having no prior experience?
If you want to learn video editing and you don’t have any prior experience in this field, you can follow the following steps:
Research on the internet which editing software is good in the market.
Choose one based on the learning content available on Youtube.
Watch all learning videos available on Youtube and try to learn from them.
Approach someone professional in the field and ask for an internship (paid or unpaid)
Do an internship there and work hard, and be observant.
Why consider a Video-editing job in 2023?
Well, video editing is one of the fastest-growing jobs in the world in the freelance industry as well as in the organized industry. Freelance websites like Upwork and Fiverr have mentioned video editing as one of the most highly paid jobs on their platform. According to the U.S. Bureau of Labor Statistics report, the film and video editing industry is anticipated to grow by 14% from 2021 to 2031.
Video editing is a highly learnable skill and demand for video form of content is at the top right now. Almost every other organization is looking for good video creators and editors for their customer outreach operations.
The simplest yet most obvious conclusion would be that it is too early to say whether ChatGPT is a threat to search engines or not. However, we’ll admit that ChatGPT is a powerful tool that has the potential to revolutionize the way we interact with computers. In fact, with the launch of GPT-4, it has done the unimaginable— and, if it delivers on its generative AI capabilities, as promised, it will transform the job market, as reported by Goldman Sachs, an investment bank in the United States.
ChatGPT, developed by OpenAI, is a gigantic language model (LLM) chatbot. It is trained on a massive dataset of text and code and can generate text, translate languages, and write different kinds of creative content. It can answer your questions in an informative way with more context.
With the creation of ChatGPT and seeing its potential to answer people’s questions in a humanized way, some people now believe that ChatGPT could pose a threat to search engines like Google, Bing, and others. The premise is that ChatGPT can generate text that is indistinguishable from human-written text, and it can answer questions more quickly and accurately than search engines, so what is stopping people from not ever going back to the primitive search engines?
Another premise is the fact that ChatGPT can create longer, human-like text and that it could be used to create fake news articles, blog posts, and other forms of content that could be used to deceive people on search engines. This is quite true as there was a case of CNET, a prominent technical news websitethat wrote some AI-generated articles and published them. Google search engine also approved and ranked these articles like it usually does. The problem, however, was that these articles were full of inaccuracies, and most of them had to be revised by human beings.
One more premise is that ChatGPT can answer questions more quickly and accurately than search engines. This means that it could provide users with the information they need faster and more easily. Moreover, it is still under development— having the potential to become even more influential in the future, it could eventually become an even more reliable and efficient way to find information than search engines.
If you think about it, many of these premises are quite founded and make a good case. ChatGPT is quite good, and soon in the future, will be even better with its responses. However, there are still a few good reasons to conclude that ChatGPT is not a threat to Search Engines.
Why Isn’t ChatGPT A Threat To Search Engines?
Now that we have seen some premises on how ChatGPT can be a threat to Search Engines, let me explain how it is not happening, at least not soon.
Firstly, ChatGPT is trained on a restricted dataset of text and code, meaning it may not be able to answer questions about topics that are not covered in its training data. After all, it only knows what it has been trained on so far. Even though it is self-learning and it can improve its responses, its training is primitive in comparison to Google Search Engine (or Bing, for that matter). Google has had the hegemony in the web search area for years now and it has access to a massive dataset of text and code, including books, research papers, articles, websites, and other forms of data, which is constantly being updated.
Secondly, ChatGPT cannot understand the context of a question many times. Although GPT-4 now supports more extended context and can consider about 25000 words as input, it still may not be able to provide the most relevant or helpful answer to a question. Search engines, on the other hand, have access to a much broader range of information than ChatGPT and are better at understanding the nuances of human language. So, a search engine can provide more relevant and helpful search results than ChatGPT.
The Hegemony of Google Search
And lastly, search engines are pervasive. With smartphone penetration at 70.95% in 2023 in India and 72.17% in the USA in 2021, and 67% in 2021 globally, search engines (especially Google Search) have become the go-to option for searching anything and everything online, like it is natural. Google Search engine has a market share of 93.18%, as per Statcounter. This enormous number tells the story of Google’s hegemony over other search engines. Google launched its Android platform in 2007 and quickly gained traction with smartphone manufacturers willing to use the Android operating system. And now, Google is the most used search engine owing to the widespread use of the Android operating system in most developing countries and the most populous countries.
Google’s Market Share
The reason why search engines will remain pervasive and, ChatGPT will not pose a threat is the fact that using search engines comes naturally to people. Every smartphone user, even with little technical knowledge, knows how to use it. Frankly, that is not the case with ChatGPT.
Google Search Engine
Besides, the use of search engines and even preference for search engines also got to do with trust. Search engines like Google Search and Bing Search have been around for quite some time and have gained people’s trust. People can effortlessly look for things they need to look for and even verify that from multiple sources on the internet. ChatGPT is relatively new, and most people do not even know about it.
The last straw is that Google Search and Bing Search are attempting to incorporate AI to help users with better results. Microsoft’s Bing Search is already using GPT-4 LLM in the form of Bing Chat, and Google is launching its AI chatbot named Bard, currently available for use in a few selected countries.
So, search engines are not going anywhere and will remain the first choice for connecting people worldwide to the internet– as always. Sure, ChatGPT is quite helpful and fascinating to use. It is also quite creative with its responses and will complement many people’s works, but it is not a threat to search engines.
FAQs
What are the few premises that people have started to believe that ChatGPT might be a threat to search engines like Google, Bing, etc.?
Below are a few premises that people have started to believe that ChatGPT might be a threat to search engines like Google, Bing, etc. –
ChatGPT can generate text that is indistinguishable from human-written text, and it can answer questions more quickly and accurately than search engines
ChatGPT can create longer, human-like text, and it could be used to create fake news articles, blog posts, and other forms of content that could be used to deceive people on search engines
ChatGPT can answer questions more quickly and accurately than search engines
Why isn’t ChatGPT a threat to search engines?
ChatGPT is trained on a restricted dataset of text and code, meaning it may not be able to answer questions about topics that are not covered in its training data
ChatGPT cannot understand the context of a question many times
CredAble is a leading company that specializes in working capital management solutions for businesses. As a fintech firm, CredAble is dedicated to serving the working capital requirements of large, mid-sized, and emerging corporations, MSMEs, and financial institutions.
Recently, we had the pleasure of interviewing Nirav Choksi, the CEO and co-founder of CredAble, to learn more about his company’s plans, challenges, and strategies. During our conversation, we explored how CredAble has adapted to changes in the working capital management industry and how they are leveraging technology to better serve its clients. Nirav also shared some insights into the company’s growth plans and how they aim to expand their customers and offerings in the future.
Let’s take a look at Nirav’s responses and see what we can learn from our conversation.
StartupTalky: Mr. Nirav, what does CredAble do? What was the motivation/vision with which you started?
Nirav:CredAble is an award-winning AI-powered technology company that is entirely focused on solving the working capital financing challenges of enterprise ecosystems and SMEs. We do this through our working capital financing & SaaS solutions across ecosystems using state-of-the-art technology platforms, deep ERP, and bank integrations.
Eco-systems we cater to include:
Enterprise: Weenable liquidity for vendor/customer ecosystems of Enterprise clients through the CredAble Working Capital Platform.
Financial Institutions: API-based co-branded, white-labelled working capital platform, and embedded credit solutions for financial institutions and their customers.
Small Businesses: Weprovide an all-in-one credit, trade, and cash management platform for small businesses to manage and grow their business.
Trade: We intermediate supply chains within the ecosystem creating liquidity and enabling better working capital cycles.
At the genesis of it all, CredAble was built with the single vision to revolutionize the world of working capital financing. We set out on this journey with ground-level experience of the significant struggles that businesses face in managing working capital. We understand the pain points of businesses in accessing timely credit and managing their finances, like no other.
CredAble is centered around digitizing working capital accessibility entirely, to help businesses of all sizes meet their goals and achieve forecasted growth.
We are on a mission to build scalable products that will transform working capital and financial management for the better and guarantee business growth. In the last few years, we have carved out a space for ourselves on the world stage by focusing on holistic financial inclusion. By leveraging our extensive domain skills, trade finance expertise, key partnerships, and a world-class technology platform, we have been providing innovative working capital and liquidity programs for enterprise supply chains.
StartupTalky: What is/are the USP/s of your products?
Nirav: CredAble is the only player in the market with a 360° tech-enabled working capital product suite for all stakeholders involved. CredAble has managed to build scalable products that will transform working capital and financial management for large enterprises, small and medium businesses, and financial institutions and guarantee business growth.
For Enterprises: We are uniquely positioned to provide solutions across the entire working capital cycle i.e. procurement and receivables.
For MSMEs: We are a one-stop solution for AR/AP Management, business intelligence, and working capital financing.
For Banks: We provide a tech suite that helps banks automate and digitize processes right from KYC and onboarding to disbursements of working capital.
StartupTalky: How has the working capital management industry changed in recent years and how has CredAble adapted to these changes?
Nirav: The working capital industry, in recent years, has witnessed a massive boost thanks to the timely government initiatives aimed at making affordable working capital easily accessible to MSMEs.
Some of the key initiatives in recent times are:
OCEN (Open Credit Enablement Network): To standardize the loan journeys across Financial Institutions and marketplaces
Account Aggregator Network: To provide individuals with greater access and control over their financial records
ONDC (Open Network for Digital Commerce): To standardize operations like cataloguing, inventory management, order management, and order fulfillment
In line with these government objectives, CredAble has built technologies for better implementation of initiatives. For OCEN, CredAble acts as an LSP and based on the new lending protocol infrastructure enables the digital origination, underwriting, and servicing process of loans. With ONDC, CredAble is defining a protocol over which SMEs can avail of quick financing over the ONDC network. This will help the SME in discovering the right credit product for themselves and availing the same through a completely digital process.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the working capital management industry?
Nirav:
Reading and absorbing content from some of the leading journals, like Harvard Business Review
Interacting with industry peers and thought leaders at business conferences and events
Keeping a close watch on government initiatives and implementations
StartupTalky: What key metrics do you track to check the company’s growth and performance?
Nirav: The key metrics vary from business to business. We track metrics across functions; some of the important ones are tied to our enterprise business.
For the enterprise business, we monitor the invoice flows (value and volume wise) on the platform at a daily frequency. Additionally, we track client conversations on an ongoing, newly added, and closed basis every week. This is done for the number of vendors and dealers being added at a mandate level and overall business level. On the embedded credit front, we track ecosystems that we have advanced discussions with for the white label of our platform. On the cross-sell side, where CredAble finances through its own book—we track growth in AUM, interest and fee charges and debt raises. Lastly, on the BaaS side, we track new, advanced, and live clients weekly.
StartupTalky: What were the most significant challenges your company faced in the past year and how did you overcome them?
Nirav: Despite the turbulent times that we are up against, we did not get weighed down by the storm. We have stayed true to our fundamental value system that has been paramount in building highly productive and successful teams across our functions be it product, tech, sales, support, marketing, or human resource.
We have had to tread new frontiers and increase our operational intensity with the introduction of new regulatory guidelines for Fintech companies. This has, in turn, helped in ensuring a regulated growth of better credit products in the market.
We have experienced and successfully overcome many challenging situations such as the funding winter, by coming together as a team, intensifying our investments in transformative technologies, and implementing agile methodologies. All this has helped us accelerate our momentum and make remarkable strides forward to ensure that CredAble remains at the forefront of shaping the future of working capital management.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack which you pulled off.
Nirav: For marketing, due to the plethora of products that we have as well as long lead nurturing periods—our focus for marketing is bifurcated into two core aspects, which are content and brand marketing as well as lifecycle marketing. The ‘business as usual’ activities such as paid ads, etc. keep running through and through.
In terms of content and brand, our focus lies on content gaps that competitors seldom explore with off-beat topics and further aligning that with working capital financing. We have grouped working capital and done an in-depth analysis of NEOM, ISRO, Reliance Petroleum, Whisky Production and to the extent, even the Taliban.
These research pieces are pushing us up on our social visibility as well as through our growing readership, we’re getting the brand name shared and known to a great extent. We do not hard sell our products in content marketing to help readers gain value from our content.
We have employed extensive lifecycle marketing initiatives as well. Our core focus here is to nurture the user from the minute they become a contact, all the way till we reactivate them when they become dormant. At each stage of the user journey as well as lifecycle, we have tailored communication to either keep a lead hot, nurture cold leads, cross-sell products, activate dormant customers, and a lot more.
StartupTalky: What are the important tools and software you use to run your business smoothly?
Nirav: As a technology company, we leverage multiple different tools and software to ensure our products remain state-of-the-art. Some of the tools we deploy are as follows:
Area of Deployment
Tools
Customer analytics and lifecycle management solutions to improve customer engagement
Mixpanel, WebEngage, Firebase, Google Analytics
Business analytics solutions to provide our customers with dynamic business intelligence solutions
Metabase & Knowage
Open source programming stack used for building our software products without having any specific vendor lock-in
Java, Angular, React Native, MySql
Customer identity and financial information verification solutions
Several integrations such as NSDL, GST service providers, Hunter, CIBIL, Experian, MCA, etc. to provide digital-first solutions to fetch customer information faster
Application and infrastructure monitoring solution
New relic, Elastic Logstash Kibana (ELK)
StartupTalky: What opportunities do you see for future growth in the working capital management industry in India and the world? What kind of difference in market behavior have you seen within states in India?
Nirav: Recently, there has been a significant push from the Government towards MSME growth and funding aid. In light of that, we see future growth coming from embedded finance platforms providing integrated offerings to MSMEs including access to financing.
Platforms that provide MSMEs with growth tools such as PAN/GST verification, AR/AP management software, business intelligence tools, and integrated payment solutions will see a huge upside in terms of growth and innovation.
Furthermore, an integrated payments platform offering a powerful collection engine to collect payments & enable payouts, digital e-invoice generation, payment reminders, and automated reconciliation will see a significant uptick.
Lastly, with the Indian economy poised for growth, working capital financing is an untapped market with a huge upside. Over the next 5-10 years, the need for working capital is only likely to grow and as a result, the technologies to support such growth will see a rise in terms of players, products, and offerings.
StartupTalky: What lessons did your team learn in the past year and how will these inform your future plans and strategies?
Nirav: 2022 did not come without its challenges to overcome, but our penchant for hard work and unparalleled commitment have helped CredAble in making a mark on the global stage. The last year was exceptional for us in all aspects of our business.
In times like these, where we are witnessing an unprecedented economic slowdown and the talks of a global recession are gathering steam—we have learned that business continuity is key.
We are focusing on critical areas such as ensuring strategic customer alignment, building revenue-focused teams, accelerating digital transformation, and expediting innovation to keep up with changing market conditions.
StartupTalky: How do you plan to expand the customers, product, and team base in the future?
Nirav: We have realized that success comes by recognizing key opportunities to serve an untapped segment of the market. We have re-aligned our teams and have mapped roles to achieve greater efficiency and we are well-positioned for the long-term win. Our teams have been pivotal in helping CredAble not only remain resilient and maintain our steady success rate but raise it to even greater heights in recent times.
While we have a strong pipeline, we’re gearing up to seize future growth opportunities and expand our global footprint by playing to our strengths and setting clear priorities to redefine the working capital landscape. Backed by a growing customer base, key global partnerships, and a customer-focused organization, we are all set to take on the new year with sharper focus and greater zeal.
StartupTalky: One tip that you would like to share with people reading this article who want to get into entrepreneurship?
Nirav: We often tend to romanticize the idea of launching a tech startup. Building CredAble has been a long and arduous journey marked by a steep learning curve. That said, it has been rewarding in every way.
Hiring the right people with strong skill sets is crucial to smoothly navigate the ups and downs of the journey. Cultivating a thriving culture will help you stay on the right course and achieve benchmark goals. Additionally, while success does favor those that can come up with an innovative idea—in today’s competitive market, it takes more than just having a great idea. It’s imperative to build a shared vision, where everyone on the team is working towards putting that winning idea into action. Never stop innovating—the goal is to always treat customers to superior digital experiences. Your offerings need to constantly evolve alongside shifting market demand and advancements in technology.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Credgenics.
In India, where the credit demand of more than $600 Billion is being met through informal sources, digital lending is set to cross the $100 Billion mark by the end of 2023. Credgenics is a part of the financial industry, especially the lending and debt recovery ecosystem. Anand Agrawal, Mayank Khera, and Rishabh Goel founded Credgenics in 2018.
The SaaS-enabled debt recovery platformofCredgenics was designed to help lessen the burden of the lenders (banks, NBFCs, FinTech) through better data management and ensuring lesser cost and time consumption in the recovery process. At present, over 50 lenders are using the platform, which includes 07 banks with notable names like ICICI, Axis, and HDFC and more than 40 NBFCs, such as LoanTap, Drip Capital, and Udaan, among others. In the last three years, Credgenics has managed to grow MoM by 80–100%.
StartupTalky interviewed Mr. Rishabh Goel, Co-founder & CEO of Credgenics to learn the Startup Story and the roadmap of Credgenics. He also gave insights on the business model, when it originated, funding, growth hacks, working model, and expansion plans.
At Credgenics, the core product is the SaaS platform that comes armed with two unique offerings, the Automated Communication and Digital Legal Notice Module. Its SaaS-enabled debt recovery platform was designed to help lessen the burden of lenders (banks, NBFCs, FinTech) through better data management and ensuring lesser cost and time consumption in the recovery process. The legal module simplifies the entire journey of issuing a legal notice to the borrowers, sending a soft copy via digital channels (SMS, email, and WhatsApp) and physical modes (via courier partners).
Credgenics offers the creditors two solutions —
Where the creditor can purchase its software and undertake the rest of the process, and
The end-to-end recovery where the entire process from data management to Online Dispute Resolution and litigation processes undertaken by Credgenics’ designated teams.
The process entails uploading the data on the platform, generating actions using an automated rule-defining widget, issuing notices, and then approaching borrowers using any of the five modules, such as cloud-based calling, automated communication, and field executive being tracked by the Android app for on-field collection, legal notice, and litigation workflows. Thus, the Credgenics platform becomes a one-stop solution for creditors and their debt recovery woes. Within just a couple of months from its inception, Credgenics could demonstrate a strong product market fit.
Credgenics
Credgenics’ long-term focus is also to strengthen and build further from its present position, which includes equipping itself with a better-enabled team, to growing operations and business by expanding in multiple lending products, apart from the collection angle alone. The plans are also to continue researching and upgrading Credgenics platform features, offerings, and market presence because technology and legal, fields require a constant upgrade. Research and strengthening the core also becomes vital as the judicial and fiscal regulations in the target geographies have to be thoroughly studied, followed by the design and implementation of the Credgenics platform and offerings.
“Our core belief is based on the principle of ethically resolving the bad debt crisis that the economies are dealing with,” says Rishabh Goel, Co-founder & CEO, of Credgenics.
Credgenics is a part of the financial industry, especially the lending and debt recovery ecosystem.
The Debt Recovery Market is expected to grow at a significant pace. The Debt Recovery market provides the various factors that form an important element of the market. It includes the definition and the scope of the market with a detailed explanation of the market drivers, opportunities, restraints, and threats. India has the worst bad-loan ratio after Italy among the world’s 20 largest economies.
In terms of the industry and its growth, since Credgenics has a unique offering, it does not see much competition, especially given its USPs. About Credgenics performance and the metrics, it can be described one by one. Let’s begin with the resolution rate, which has improved by 15–20%. The collection rates are measured in the terms of each DPD resolved within the stipulated time and the success-based module ensures data transparency. Resolution time has improved by 20 days for Credgenics’ clients. The average resolution time is measured by providing concentrated efforts from tele-calling, digital reminders through WhatsApp and Digital Notices, and tracking the EMI repayment and E-mediation. The collection time has improved by 5 times.
The digital disruption introduced by Credgenics saves efficiency in data management and tracking the cases, with dedicated teams per case, ROI for the creditors is compared to the error-prone erstwhile practices.
Credgenics – Founders and Team
Anand Agrawal, Mayank Khera, and Rishabh Goel are the co-founders of Credgenics.
Anand has a strong Computer Science background (owing to B.Tech and M.Tech, both from IIT-Delhi). IIT-D is their alma mater and that is how Rishabh and Anand knew each other. While Rishabh was making his way through Deutsche Bank and Blackrock as an Investment Banker, Anand was working with the founding team of 1mg. Mayank, whom they knew through common friends, has been on the panel of NHRC, he is a certified mediator and a fellow at the World Mediation Organization, Berlin. This resulted in the best fit.
Anand Agrawal | Co-founder & CTO of Credgenics
Anand was emancipated as an entrepreneur after accumulating years of experience in product technology and engineering. Before embarking on this SaaS-based journey, he gained experience as a Lead in the data science team of 1MG and worked with Urban Company. With a keen interest in the fintech ecosystem, Anand is now the Co-Founder and CTO of Credgenics. With a focus on team building, he exhibits thoughtful leadership and entrepreneurship – be it customizing the platform features and offerings (which includes the communication and data projections), or designing and integrating the website for the company, he ensures that the technology can boost the software-based collection process to reduce bad debts.
Mayank Khera | Co-founder & Legal Brain of Credgenics
An Advocate, a certified mediator, and a fellow World Mediation Organisation, Berlin, Mayank has been associated with many social initiatives to provide justice to the underserved. As part of his dedication to giving back to society, he has regularly visited many jails, including Tihar, Jaipur, Amritsar, Ludhiana, and Jodhpur, among others to provide legal assistance to prisoners. For Credgenics, he is the legal brain that helps with the litigations and the legal notices. Be it the case of e-mediations and settlements, or taking the right legal remedy for the defaulters, his word holds weightage.
Rishabh Goel | Co-founder & CEO of Credgenics
Rishabh handles the marketing, business development, customer engagement, apart from the overall decision-making and risk analysis. For this, he is armed with his Charter in Risk Analysis through the U.S. GAARP courses, namely CFA and FRM. This skill added to his B.Tech helps him understand the business and technology aspects.
“Since, all three of us take care of the three important verticals, we take decisions in unison and exhibit the proof of ‘united we stand’ philosophy” Rishabh added.
Credgenics has hired from the fintech and consulting firms, and with more clients being onboarded, it aims to increase its team and establish an organizational culture, where each joiner comes with zeal and expertise. The right attitude also matters and the Credgenics’ HR ensures that the new people enhance the culture.
Currently, Credgenics team comprises 170+ members, where its legal team has more than 8 in-house lawyers including Mayank, as the leader and mentor, and they collaborate with 2200+ lawyers pan India. With the future forecast, Credgenics aims to grow with a direction and enhance its offerings and be more customer-oriented.
Credgenics History – How it Started?
Reminiscing the Initial journey of Credgenics, Rishabh Goel (Co-founder& CEO of Credgenics) says –
“The inspiration came back in 2017 when I was working with Blackrock, where I garnered a better understanding of the lending process, specifically from the recovery and collections angle. The realizations continued while working with Deutsche Bank. The collection processes were still age-old and led to poor recovery rates, thereby leading to the constant increase in the NPA with each loan adding up to delinquency. The whole process was taxing the economy and increasing the judicial load (from the recovery angle). Being good with research and risk analysis, I (Rishabh) researched the problem and solution for two years.
During the research, I studied the mechanics of resolving the debt cases using technology-driven amicable methods and analyzing their efficacy in the long term. Though the process is dynamic and the research and problem-solving is still an everyday process, yet back then I started wondering about the technology-aided solutions and started lending some outline to the idea of what has now become Credgenics.
At this point in time, I came in touch with the Co-founder and CTO Anand Agrawal. IIT Delhi being our alma mater, we together started working on the SaaS platform. Anand had experience owing to his M.Tech and then his work with 1MG and Urban Company. He and I started working on a prototype. At this point, we came in touch with Mayank, an advocate, and the idea of legal tech was added. In 2019 we got our first client and that was where we tested our platform for the first time.
The moratorium in 2020 became the testing time and we got plenitude in terms of clients. Since we work on a success-based module, we charge our clients per the success rate.”
Rishabh continues on Credgenics’ Interesting Investor Journey –
“Credgenics team completed the seed round led by Titan Capital along with a few seasoned investors in May 2020. This was where we had garnered the faith of our investors and began gaining the faith of our lenders.
With growing success, within six months, the young and innovative SaaS platform received INR 27 crore (US$3.5 Million) in a pre-Series A round led by Accel Partners, DMI Alternatives fund with participation from existing investors Titan Capital besides marquee angel investors like Kunal Shah (Founder, CRED), Dilip Khandelwal (MD & Global CIO, Deutsche Bank), Sumit Maniyar (Founder, Rupeek), Ramakanth Sharma (Co-founder, Livspace), Gaurav Agarwal (Co-founder, 1mg), Vivek (Founder, Bounce), Akhil Paul (MD, Caparo Group), Nitin Gupta (ex-Founder, PayU) and Karthik (Ubiquity Capital).”
Credgenics – USP
In India, where the credit demand of more than $600 Billion is being met through informal sources, digital lending is set to cross the $100 Billion mark by the end of 2023. Increased disbursement of credit has also led to a spike in NPAs for both NBFCs and banks. This was an opportunity for Rishabh to put across his knowledge and skillset to work in the Indian market to launch Credgenics, which is at a confluence of legal, technology, and finance.
The biggest challenge the stakeholders noticed was in the data management, which was hardly being updated, and the process was not streamlined. But now, the platform assists lenders in streamlining and digitizing their collections and legal workflows with customized strategies and faster legal solutions for stressed assets.
It also offers Online Dispute Resolution (ODR) and mediation services by becoming an intermediary between its clients and borrowers. The ‘plug-and-play SaaS solution digitizes the entire collections process on an easy-to-use interface and provides an AI-powered personalized collections strategy, which optimizes and automates action through automated communication, field agencies, and legal notices.
There are certain USPs that Credgenics bank on:
Updated Dashboards: The Data Analysis team maintains the data and keeps it organized. This data is then analyzed and the results are reflected on its dashboards that keep the internal teams informed about the status of each borrower case, and the lenders also can keep track of each case’s position. This helps to decide the future course of action.
Automated Communication Model: One ingredient Credgenics vouchs for is the communication channels that it uses which include telecommunication, SMS, online legal notices (which are duly tracked), and the data is updated.
Digital Notices: The other USP is the digital notices model where the defaulters are sent digital notices. They are given the notice through a URL which when clicked helps the team also to track the status. This also helps them to identify the nervousness factor of the borrower. In the future, this becomes potential digital evidence if the creditor files for judicial remedy.
Lawyers on board: Credgenicsnot only has its own Legal Team but also has empanelled lawyers across India who help them with mediation and litigation services, in case the borrower’s account turns delinquent or if the borrower seeks mediation due to a genuine reason behind the inability to pay. During the COVID-19 crisis and the resultant job and market recession, the team has even advised loan restructuring to their client for sensitive cases, so that the client’s risk profile does not suffer, nor does the borrower get entangled in mentally strenuous legal situations.
Credgenics SaaS Platform
Credgenics – Name, Tagline and Logo
The name is very self-explanatory in a way. Cred comes from ‘credit’, which stands for not only the credible platform and services that the team were building but also for the credit building through the technology-aided debt collection for the lending institutions. The ‘Genics’ represents the idea of genesis or evolution of the first such platform that aims at creating dents on the NPA crisis and supports the economy as a debt recovery platform. Also, ‘genetics’ in the scientific language means producing, so to the two IIT-ian Co-founders this came as a natural addition to the ‘cred’.
Credgenics tagline ‘Converting Bad Debts into Good Assets’ is based on the basic principles on which the research and the final outcome of what they call Credgenics, and “I would humbly state that this tagline is what we would like to grow further with” says Rishabh.
Credgenics Logo
About the logo, initially, they just had the CG from CredGenics as its logo. But as Credgenics got bigger and designers joined the team, they decided to redo its logo, and the circular motive where C is wrapped around G is not only symbolic of the name but also of the dent they intend to make on the said vicious loan cycle.
The business model of Credgenics revolves around the SaaS platform, which is a one-stop solution for banks, NBFCs, and fintech, among others who are unable to recover the loan amounts from their borrowers. There are two proposals that it presents to its clients –
One of which is the Software platform alone. Here, the client can choose to use the software model, and using the API integration they can put their data and the platform arranges and manages the data. This data then is used by their in-house calling or legal team to communicate with the borrowers.
The second proposal is to use both its software and the collection services. In this, Credgenics seek their data and integrates it using its API. The data is then used by the telecommunication team initially. Where the data for each payment is managed by the Data Analyst teams and the future plan is discussed by the respective collections and legal teams, whereby, if the borrowers refuse to pay, then legal notices are sent and tracked by Credgenics teams. It offers the Online Dispute Resolutions (ODR) to those interested or maintaining the data for its clients if they need to present it as evidence in the court of law.
Revenue Model of Credgenics | Charges and Payments:
When it comes to Credgenics charges, it charges a lump sum amount for the software platform alone. However, if the client seeks the second proposal which is software and services, then it takes specific numbers of cases from the client and then charges a certain percentage over the entire loan amountrecovered.
What helps the client with loan recovery is the automated platform that makes data management and communication tracking an easy process. Credgenics also customizes solutions for each client and the challenge is actually with the unsecured loans, where the communication is the secret ingredient and the riskier tiers and lack of documentation often makes the data a mammoth task.
Strategies Adopted during Credgenics Launch
“To be fairly honest, when the moratorium was announced, we thought that for a few months we would have to lie low, however, with the collection becoming challenging in the moratorium and post-moratorium phase, we started getting more clients” Rishabh added.
Initially, Credgenics clients came to them to test its platform. It was the performance that not only made them stay but earned them more clients.
Rishabh says – “Word of mouthour name spread. The present success owes a great deal of accolades to the Business Development and Customer Management team as well, who help us spread our reach and retain those we have on board”
The strategies were fairly uncomplicated. The team demonstrated its platform and features, then they would onboard the client with a set of cases on trial. Once that would shine, they would go further.
Now the team has more strategies, such as newsletters, social media engagements, constant customer engagements and problem-solving, and other such channels that help Credgenics with the recognition. As Credgenics is growing, the team aims to involve better engagement strategies.
The biggest challenge that Credgenics faced was reaching out to the borrowers within ethical measures, owing to the pandemic and the pay cuts and job losses it brought along. The other problem that the team identified is language. India is a land of 18 official languages and many dialects. For this, the team brought native speakers, and its notices are also drafted in local languages. This strategy of globalization has not only helped Credgenics bridge a mental distance between the borrowers and collection agents but also make the process more vernacular-oriented, thereby supporting India’s rich ethnic legacy as well.
Legal notices also become a problem because the borrower would either change residence, contact, etc. or can outright deny the receipt of the notices. This makes the door-to-door movement of legal agents a problem and also causes issues in accumulating evidence for the court proceedings. With its URL-enabled digital notices, Credgenics helps the creditors with both notices and evidence.
From the same or similar perspective comes the problem of collection. Credgenics digitized the repayment, thereby reducing the door-to-door collection. This saves the borrowers from embarrassment and saves costs for its clients.
A constant cash flow from the borrower to the creditor is needed to combat the alarming 14.8% NPA, which might grow owing to the global pandemic crisis. Here also, the Credgenics process allows the flow to stay alive, the risk profiles of the creditors to stay afloat, and the CIBIL scores of the borrowers to remain decent.
“We do not intend to see a huge list of defaulters, and that is one problem we combat every day” Rishabh added.
Credgenics – Successful Marketing Campaigns
Since the platform and the offerings were unique and were already a disruption, hence the team did not need an elaborate GTM (go-to-market strategy). The extensive research and the foundational work on the platform and the prevalent condition of the lending ecosystem gave enough input to the founders. Rishabh’s research showed him the loopholes, while Anand’s and Mayank’s expertise helped him fill the gaping holes.
Since the research itself, the founding team kept getting data. This data was utilized and to launch Credgenics as a unique offering, the prospective clients were found using available leads, while for newer leads the professional network over the ecosystem was reached out to. The demonstration sessions were conducted. This GTM was later substantiated by reaching out to more people by content or investor and existing client networks. The implementation of core marketing strategies began later.
The existing lending ecosystem is being disrupted in many ways. To begin with, SaaS platforms are not used to date, as the age-old process of manually floating the data is still being followed by most of the creditors. The platform features data management, which involves tracking the entire system of collection and recovery that each case is going through. The data is then analyzed and shared with the internal teams and the clients. This data also helps in assessing the recovery progress and predicting future possibilities.
The automated communication system is a disruption, where the messages and calls are timely, and The tracked, and yet the privacy measures are duly followed. The other disruption is in the form of Digital Notices. Reducing the manual and strenuous process of lawyers drafting and sending notices, without a proper track of those being received and adhered to had to be reduced. Thus, they came up with digital notices that are triggered when a defaulter case is identified. The notices are tracked through a URL, whereby the receipt is not only recorded but the number of times it is clicked is recorded to predict the nervousness of the borrower. This can also be used in court as evidence if needed.
Credgenics – Growth
Credgenics is located in Delhi and operates its working SaaS-based model from there. At present, It helps more than 40 NBFCs/Fintechs and 7 Banks including HDFC, ICICI Bank, Clix Capital, Shubh Loans, LoanTap, Udaan, MoneyTap, etc., streamline their recovery section with a blend of data-driven technology and legal solutions.
Credgenics – Funding and Investors
Credgenics team completed the seed round led by Titan Capital along with a few seasoned investors in May 2020
In 2020, Credgenics raised $3.5 million in a pre-Series-A round led by Accel Partners, DMI Alternatives fund with participation from existing angel investors Titan Capital.
Credgenics recently raised a substantial funding round of $50 million on August 9, 2023, with investments from Accel and Westbridge Capital.
Credgenics does not consider anyone as a direct competitor who can provide both collection and legal combined recovery suites on a single SaaS platform but can claim CreditMate as one of the competitors.
Tools used by Credgenics to run the Startup
The SaaS platform is Credgenics’ basic tool, where automated communication through SMS, cloud-based telephone calls, and WhatsApp messages are the other tools. For the data integration, the team relies on API, and AI and ML are the key instruments in the platform and the digital processes. The technology-driven team constantly uses permutations and combinations to keep the dashboards, websites, and communication smooth and personalized. Since servers are decentralized, they are relatively worry-free of data calamities.
Credgenics – Awards and Recognitions
Recently, Credgenics founders got featured in Forbes 30 under 30, and have won the Young Entrepreneur awards from Business Mint for two years in a row.
Credgenics – FAQs
What is Credgenics?
At Credgenics, the core product is the SaaS platform that comes armed with two unique offerings, the Automated Communication and Digital Legal Notice Module. Its SaaS-enabled debt recovery platform was designed to help lessen the burden of the lenders
Who are the founders of Credgenics?
Anand Agrawal, Mayank Khera, and Rishabh Goel are the co-founders of Credgenics.
When was Credgenics founded?
Credgenics was founded in 2018.
How much funding has Credgenics raised?
In 2020, Credgenics raised $3.5 million in a pre-Series-A round led by Accel Partners, DMI Alternatives fund with participation from existing angel investors Titan Capital, among others.
How does Credgenics make money?
When it comes to Credgenics’ charges, it charges a lump sum amount for the software platform alone. However, if the client seeks a complete recovery solution, then it takes a specific number of cases from the client and then charges a certain percentage over the recovered loan amount.
Is Credgenics an Indian Company?
Yes, Credgenics is an Indian company and the headquarters in Delhi, India.
Who are Credgenics’ competitors?
Credgenics claims CreditMate as one of the competitors.
Who are the investors in Credgenics?
Titan Capital, Accel Partners, DMI Alternatives fund
Guest blogging isn’t a new link-building strategy. Its impact on the web visibility and traffic is well-known and appreciated by many SEO experts. But one thing is to develop a successful strategy, and another is to sustain and scale. This is where things get a little more complicated. If you haven’t used guest posting services yet, then your answer to scaling is easy – send post to niche blogs. But what if you’ve done that by now?
Any entrepreneur knows that scaling might be harder than starting a business from scratch. Yet things get easier when you know what to do and have a great example in front of you. So how can you scale your guest blogging strategy without putting your current results at risk? That’s what this blog is going to show you.
Is Guest Blogging for Links Still a Good Strategy?
If you’re familiar with SEO, you know how hard Google is trying to fight manipulations with search results. Google Penguin was only the beginning of the war against black-hat SEO practices. Back then, many website owners used reciprocal links to create a win-win situation. Now, it isn’t the best way to get website mentions in the articles because search engines can track and penalize it. Yet, SEO guest blogging is one of the most natural ways to get backlinks.
For sure, the guest blogging strategy has changed over the years, but it is still viable and effective. Many SEO specialists say it is one of the best ways to climb the search engine rankings ladder. What does SEO guest posting have to offer?
Build a sustainable source of organic traffic
Generate backlinks that improve domain authority (DA) and overall SEO
Build a reputation to establish industry leadership
Create a recognizable brand
What Are Some Challenges to Scaling Your Guest Blogging Strategy?
Scaling your guest blogging for links has several obstacles. Some of these challenges might be obvious, such as finding good guest blogging opportunities. Guest posting on webpages with poor reputations is a recipe for disaster. Avoid sites that publish anything and everything. This can get you low-quality links or penalties.
Another challenge is standing out by consistently creating unique content. Coming up with article ideas that are original and valuable isn’t an easy task. But it is the only way to get accepted by those top blogs you should be targeting.
Let’s not forget the less obvious challenge of finding ways to maximize efficiency. Your team has to be well-synchronized to bring you the best results. Besides, you should have a comprehensive strategy to assign precise tasks to everyone.
Important Reminder
Remember that your strategy must begin with quality content to scale your guest posting opportunities. Low-quality guest blogging for links can backfire. What should you do instead?
Share unique perspectives and expert information
Don’t spam.
Use a combination of dofollow and nofollow links to diversify your backlink profile
Don’t overload your content with keywords and links
How to Scale Your SEO Guest Blogging Strategy?
We’ve covered the basics. Now, let’s move on to how you can scale up your guest blogging strategy without harming your current results. Start by adopting the following tips:
Tip 1. Create a Plan
You need a plan to serve you as a map for your SEO guest blogging. You should base this plan on your SEO strategy that defines broad objectives and sets a work standard. Each part of your plan should have actionable steps, a clear goal, and due dates. This will help keep you on track no matter what.
Tip 2. Assemble Your Team
Anything worth doing is worth doing well. This is also true for the guest blogging strategy. While it is tempting to think that you can handle it all by yourself, and maybe you can, working with a team is far more efficient. Assign tasks to different team members depending on their strengths and weaknesses.
Your content managers, writers, editors, and SEO experts need straightforward tasks and targets. Using project management tools like Jira, Asana, or ClickUp can help you create an efficient workflow.
Tip 3. Hire Freelance Writers to Ease Your Load
Hiring freelancers is a great way to outsource your writing for SEO guest posting. You can boost your productivity and get quicker results when you work with a competent agency or writer. Of course, it’s better not to rely entirely on outsourcing unless you work with a professional agency. Otherwise, you might get into the trap of having a freelancer ghost you. Not the best scenario, especially when your deadlines are burning.
Tip 4. Automate and Use AI to Improve Efficiency
Automation can amplify your results and free up time to focus on creating the best strategy for your SEO guest blogging. When it comes to outreach, automation can help you send personalized emails, set up follow-ups, and track your progress. As for AI, it has several drawbacks. Yet, it can speed up some of your routine procedures.
What could you do with the freed-up time? Why not focus on the following:
Researching reputable websites for your niche
Spending more time on creating great pitches
Work on scoring more guest posting opportunities
Tip 5. Pitch! Pitch! Pitch!
The more you pitch, the more opportunities you gain. You have to create great connections with webmasters to make your guest blogging strategy more effective. That’s why don’t try to pitch something that isn’t high-quality. It is your brand image that can get hurt. Always offer several ideas and ask what their preferences are.
Keep track of all the websites you contact. You can create a spreadsheet and fill in all the essential information. Always make some notes to remember any relevant details later on. And then, it’s only a matter of consistency to make your SEO guest blogging work.
Tip 6. Use Second-Tiered Links
What are second-tiered links? These are direct inbound links. In other words, it’s when you link to pages that already have a link to your website. You should be careful with this tactic and avoid applying it to every website that mentions you. Yet, second-tiered links are useful for two reasons. They show appreciation to another website owner while allowing you to build more powerful pages.
Conclusion
Scaling your guest blogging strategy takes time, but it is more than doable. Your main goal should be focusing on quality rather than quantity. Use the best practices we checked today. And always take advantage of new guest posting opportunities to achieve sustainable results. Your efforts will pay off.
Did you know that before ChatGPT, there was an InstructGPT?
Even though it seems like ChatGPT is an overnight success with over 100 million users in January 2023 ever since its launch on November 30, 2022, by San Francisco–based OpenAI Inc.– but it is built on the hard work and research of decades. Just 5 days after it was launched, ChatGPT managed to cross 1M users— a record of its own.
ChatGPT is an extensive language model (LLM) designed to converse. It is capable of natural language processing and understands rhetorical questions and sarcasm. It is a generative AI and can learn from its response. The reasons behind chatGPT’s success are many. Firstly, it is incredibly easy to use. Anyone can type in a question or request, and ChatGPT will respond quite naturally and in an informative manner. It will seem like you are talking to a human. Secondly, it is incredibly versatile as it can be used for multiple tasks, including customer service, education, entertainment, and creative content writing, amongst many other things. And to top it all, it is constantly improving with each response.
ChatGPT is built on top of OpenAI’s GPT-3.5. And GPT-4 foundational large language models (LLMs) have been fine-tuned using supervised and reinforcement learning techniques. But before that, there was an InstructAI, created by OpenAI in response to the growing concern that large language models like GPT-3 that could be used to generate harmful or misleading content as it was not trained to follow user instructions. In short, InstructGPT was aligning language models to follow instructions rather than complete sentences by predicting the next words.
OpenAI says, “ChatGPT is a sibling model to InstructGPT.”
How ChatGPT Came To Be?
As I mentioned before, ChatGPT seems like an overnight hit, but years of research have gone behind its development. Innovators and engineers have been working on generative AI for decades. Though Generative AI has made significant progress over the past few years, researchers began exploring its potential in the 1980s and 1990s. One of the earliest breakthroughs came with the development of recurrent neural networks (RNNs) – a type of AI that can process sequential data such as text and speech. Backpropagation— a pivotal technique for training RNNs— was introduced in a 1986 paper by Geoffrey Hinton and Terrence Sejnowski. By the 1990s, scientists had developed RNNs capable of generating text. In 1991, a method for training RNNs to generate text similar to human-written text was introduced by Yoshua Bengio and Yann LeCun. This was a breakthrough, as it demonstrated that machines could be taught to generate text identical to that which humans produce, and thus began more research and more hard work in the field of generative AI.
In the 2000s, scientists developed transformers, a new type of RNN that is particularly well-suited for natural language processing tasks. The Transformer architecture was first introduced in the paper “Attention Is All You Need” by (Ashish) Vaswani et al. (2017), and later, Ilya Sutskever developed (at Google Brain) the attention mechanism that is used in Transformers. Oriol Vinyals worked on the implementation of Transformers.
Fun Fact: In 2015, Ilya Sutskever joined OpenAI as a research scientist and was promoted to research director in 2016 and became the chief scientist in 2018.
Later, it was Quoc V. Le, who led the team that developed Transformers at Google AI, and the Transformer architecture is now used widely for natural language processing tasks. It has achieved state-of-the-art results on multiple tasks, including machine translation, text summarization, and question-answering.
Recent years have seen the development of increasingly sophisticated models, such as OpenAI’s GPT-2 (2019) and GPT-3 (2020), capable of generating text nearly indistinguishable from that written by humans. OpenAI Inc. trained GPT-2 on a massive dataset of texts and codes of approximately 40GB in size and 1.5 billion parameters. The dataset used to train GPT-3 was even bigger— approx. 570GB of text and 175B parameters. So, this is what powers ChatGPT— decades of hard work and research by a host of scientists and engineers passionate about artificial intelligence.
Some Interesting ChatGPT Statistics and Facts Are As Follows:
The large language model powering ChatGPT, GPT-3 (GPT is short for Generative Pre-trained Transformer), was not trained to get instructions from users.
Before ChatGPT, OpenAI developed InstructGPT.
ChatGPT was trained on a dataset of the size of approx., 570GB.
ChatGPT was launched on November 30, 2022, by San Francisco–based OpenAI, the creator of DALL·E 2 and Whisper AI.
The platform was initially free to the public, and the company had plans to monetize the service later.
ChatGPT doesn’t provide any source about its responses unless specifically prompted.
In January 2023, ChatGPT reached over 100 million users, making it the fastest-growing consumer application to date.
The service works best in English but can also function in other languages like Spanish, French, German, Italian, and Portuguese to varying degrees of accuracy.
No official peer-reviewed technical paper on ChatGPT was published.
The training process for ChatGPT took several months and involved hundreds of GPUs.
The API access to ChatGPT is available in free and paid versions, but the cost of API access ranges from $0.000048 to $0.00072 per token.
It can answer questions with an accuracy of 66% on the SuperGLUE benchmark.
OpenAI says that Chatbot can give wrong answers too.
The maximum ChatGPT users are from the age group of 25-34 years which accounts for roughly 35.3% of total users.
Its responses are limited to 2021 as per its dataset.
The popular website for developers ‘Stack Overflow’ has banned this AI on its platform.
After the United States (19.01%), India (5.42) accounts for the second largest traffic source on the website.
According to SimilarWeb, organic traffic accounts for 88.43% of the traffic on the ChatGPT website. This means that 88.43% of the people who visit the website do so by typing the URL into their browser or clicking on a link in a search engine result. The remaining 11.57% of the traffic comes from other sources, such as social media, direct links, and email.
Netflix took 3.5 years, Facebook took 10 months, Instagram took 2.5 months, whereas ChatGPT took just five days to cross 1 million users.
On February 1, 2023, OpenAI also launched ChatGPT Plus, a more efficient version of ChatGPT, which people can use by purchasing a 20 USD subscription plan. OpenAI hopes to generate 200m USD in revenue by 2023 from this Platform.
ChatGPT: Inside the latest version with OpenAI CEO Sam Altman
ChatGPT’s success is a testament to the power of AI. AI is capable of developing tools that can be beneficial to humans. As AI evolves, we will likely see even more powerful and innovative tools like ChatGPT and ChatGPT Plus. Google might launch Bard AI for all users in May with their annual Google I/O meet. Microsoft has already integrated a sophisticated version of AI, based on the GPT-4 model, in its Bing search engine, and look how much more efficient it has become since then. Wonder what Google can achieve by integrating Bard AI in Google Search!
FAQs
What is Google’s Bard?
Bard is an artificial intelligence chatbot developed by Google, based on the LaMDA (Language Model for Dialogue Applications).
On what techniques is ChatGPT built?
ChatGPT is built on top of OpenAI’s GPT-3.5. And GPT-4 foundational large language models (LLMs) have been fine-tuned using supervised and reinforcement learning techniques.
On November 30, 2022, a company in San Francisco, USA, debuted its most ambitious AI project that is ChatGPT. And within five days of its launch, ChatGPT got 1 million users worldwide. This feat is what Silicon Valley products like Facebook or Instagram could achieve in the past, as even Instagram took 2.5 months to get a 1Million user base.
ChatGPT, developed by OpenAI, became a massive hit and seems like an overnight success. But the research and development powering the GPT model that powers it took decades, going back to the 1980s when people in the field of Artificial Intelligence started working on recurrent neural networks (RNNs) – a sort of AI that can process sequential data such as text and human speech. The breakthrough came in 2017 when some scientists working at Google Brain came up with the Transformer Architecture, which became the basis of OpenAI’s GPT (Generative Pre-Trained Transformer) after GPT-1, GPT-2, GPT-3, we got ChatGPT Chatbot, a generative AI chatbot capable of understanding dialogues and generating creative text content when prompted, poems, speeches, and letters even.
On the other hand, Google, the company with the hegemony in web search over the past two decades, has been actively working on AI since the early 2000s with its Google Brain project and has since made several notable achievements and breakthroughs in the field of AI. As a prominent player in AI, Google has developed numerous AI-driven products and services, which include Google Translate, Google Autocomplete, Google Voice, Google Photos, Google Cloud Natural Language API, Google Cloud Speech API, and the AI chatbot Bard. Beyond this, Google also leads cutting-edge AI research and development and publishes several papers in top AI conferences and journals.
In 2016, a few months after becoming CEO of Google, Sundar Pichai made a sweeping proclamation that Google, whose name had become synonymous with search, would now be an “AI-first” company. After taking the company reins, Mr. Pichai’s announcement was his first order of business at Google’s annual I/O developers’ meet, but believe it or not, Google is not an ‘AI-first’ company at present, and it is playing to catch up with OpenAI, and Microsoft Inc.
On February 6, just a day before Microsoft announced its new Bing Chatbot powered by OpenAI’s ChatGPT, Google’s CEO, in a blog post, announced Bard, an experimental conversational AI service powered by LaMDA (Language Model for Dialogue Applications). The announcement of Bard appeared to be a pretty rushed one. And a factual error about James Webb Space Telescope (JWST) discovering exoplanets (It was the European Southern Observatory’s large telescope that took the first pictures of exoplanets in 2004 and not JWST) in a promotional video for Bard made Google’s parent company Alphabet lose $100 billion (9%) in market value.
So, even though Google has been working on its AI and deep learning developments for quite some time now, it has to cover a lot of ground for generative AI and this AI battle. With so many companies like Microsoft, IBM, Apple, etc., investing heavily in AI and ML research and development, Google certainly has a lot of competitors, and Microsoft’s Bing AI is leading from the first when it comes to challenging Google’s Search Platform.
ChatGPT was created by OpenAI— using a specially tweaked version of OpenAI’s Generative Pre-training Transformer 3 (GPT-3) or GPT-4 (depending on the version)— and Bard AI was created by Google. It was announced in February 2023, just a day before Microsoft announced its new Bing Chatbot powered by OpenAI’s ChatGPT, while ChatGPT was launched in late November 2022. Bard AI uses Google’s Language Model for Dialogue Applications (LaMDA).
If we talk about data sources, ChatGPT has trained on a massive dataset of text, including Wikipedia, books, documents, articles, and content taken from the open internet. However, its sources end in 2021, limiting the latest world events and research. And Bard AI trained on Infiniset, a blend of data (set) including Common Crawl, Wikipedia, documents, and conversations and dialogues from the web. Google claims that Bard will search the web in real-time to find the most recent answers to questions and the latest research. Bard combines the breadth of the world’s knowledge with the power, intelligence, and creativity of Google’s large language models.
ChatGPT is open for free to all users, ChatGPT Plus, the newer, upgraded version of ChatGPT, based on the GPT-4 model, is available for use at a $20/month subscription to include access to more capabilities, access during peak times, longer content, visual inputs, faster response times, and priority access to new features. Google’s Bard AI is free to use, but the access is not publicly available. However, you can join the waitlist, and soon access will be provided.
Now coming to knowledge and accuracy, ChatGPT is ignorant of events after 2021 due to its training data cut-off. But the Bard AI can search the internet for current information and use that to generate responses. However, Bard AI can also make hard-to-spot errors, including the error mentioned below.
When asked about Google’s AI efforts and progress, the company claimed that it launched the GPT-2 and GPT-3 models, which isn’t the case— OpenAI developed and launched them.
GPT-3.5 and GPT-4 – The Large Language Model Powering ChatGPT and ChatGPT Plus
The AI chatbot of ChatGPT works by using natural language processing (NLP) and machine learning algorithms to understand and generate human-like responses when prompted by users. It is based on OpenAI’s Generative Pre-training Transformer’s third version (GPT-3) and uses an extensive neural network trained on a massive dataset of text and codes.
When a user inputs a prompt or query, ChatGPT processes the input using its NLP algorithms to understand the meaning and intent behind the user’s message. It then uses its machine learning algorithms to generate a response based on its training data and the context of the conversation. The response is thus shown to the user in natural language.
GPT-3, the powerful and advanced language model with 175 billion parameters, can generate coherent and contextually appropriate language. GPT-3.5 is an update to GPT-3 that includes new capabilities and improved performance, and GPT-4 is expected to have an even larger vocabulary size and more advanced deep-learning concepts. GPT-4 is capable of analyzing visual inputs and logical interpretation of images. It also accepts up to 25000-word for better context and creates longer, creative content than ChatGPT.
LaMDA – Google’s Language Powering Bard
It was the annual Google I/O event in 2021 that Google announced LaMDA (Language Model for Dialogue Applications). It is an advanced AI language model developed to engage in free-flowing conversations across endless topics and can mimic human dialogue. During its training, LaMDA picked up on several nuances of open-ended conversation to ensure sensible and impressive replies. It can prioritize helpful suggestions and witty retorts, avoiding generic responses such as “Okay” or “I’m not sure.”
To guarantee factual accuracy, Google integrated LaMDA with third-party information sources to source facts and avoid generating conflicting or false information— as concerns were raised over the misinformation generated by existing chatbots.
LaMDA is powered by Google’s Transformer (deep learning) architecture (developed in 2017), which enables the model to “read” multiple words at once and analyze their relationships with one another. Even OpenAI’s GPT models rely on the same Transformer architecture.
Which AI Chatbot is Better – ChatGPT or Google’s Bard?
ChatGPT is the most successful AI chatbot at the moment. It took just five days since its launch on November 30, 2022, to get 100m users, and by January, it had 100m users worldwide. While it is too early to conclude which AI Chatbot— ChatGPT or Google’s Bard— is the better one and who wins the AI battle, it is worth commenting that Bard is still an experiment as claimed by Google and makes factual errors like the one mentioned above. And ChatGPT is limited by its training data set that remains anchored to the past, 2021.
That being said, ChatGPT is now upgraded to the newer version, ChatGPT Plus, and it is much more advantageous when it comes to generating creative content, writing codes, or doing some research work.
It is also worth mentioning that the use of these two AI Chatbots depends upon user needs and how one uses these tools, though a careful approach and fact-checking of some facts, once in a while, is certainly needed.
FAQs
What are the major differences between Google’s Bard and ChatGPT?
ChatGPT was created by OpenAI, whereas Bard AI was created by Google
ChatGPT’s data sources end in 2021, however, Bard claims that it searches in real-time
ChatGPT’s knowledge and accuracy are till 2021 due to its training data cut-off. But the Bard AI can search the internet for current information and use that to generate responses
What are the language models in which ChatGPT and Google’s Bard work?
The AI chatbot of ChatGPT works by using natural language processing (NLP) and machine learning algorithms to understand and generate human-like responses when prompted by users.
While Google’s Bard works by using LaMDA (Language Model for Dialogue Applications).
