Tag: bengaluru

Housejoy- Tech-driven Solutions for all Home-Related Needs

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Though there are several startups in the home-maintenance segment, the sector is still dominated by non-organized players. One of the leading startups in this sector is Housejoy. Housejoy’s end-to-end technology-driven solutions for all home-related needs – right from construction to maintenance are paving a way for an indeed unique experience for its users.

Led by Sanchit Gaurav, Housejoy has kept cutting-edge technology at the core of all solutions and has a transparent and automated end-to-end process. Housejoy’s Construction and Renovation business is growing at the rate of 20% MoM and the growth seems unstoppable. Get an insight into the Success Story of Housejoy, its business model, founders, revenue, funding, competitors and more.

Housejoy – Company Highlights

Startup Name	Housejoy
Headquarter	Bengaluru
Sector	On-Demand Home Services
Co-founders	Arjun Kumar, Sunil Goel
Founded	2015
Area Served	India
Total Funding	$30.3 million
Parent Organization	Sarvaloka Services On Call Pvt Ltd.
Website	housejoy.in

Housejoy – About
Housejoy – Founders and How it Started?
Housejoy Journey and Growth
Housejoy – Name, Tagline and Logo
Housejoy – Business Model and How it Works?
Housejoy – Revenue
Housejoy – Funding and Investors
Housejoy – Startup Challenges
Housejoy – Competitors
Housejoy – Future Plans

Housejoy – About

Started in 2015, Housejoy is a leading tech-driven Construction, Renovation, Interiors and Home Maintenance company catering to all home-related needs of Indian consumers. The company offers end-to-end technology-driven solutions for all home-related needs, from construction to maintenance.

The company is a pioneer in introducing geo-targeted technology when it comes to home services. Housejoy has its services running in 6 cities with more than 10 categories, that too in a highly fragmented sector.

The app and website of Housejoy are akin to a cab booking system where you are first asked to provide your location and then book a service. Once the user selects a location, various services available in that area are displayed to the user. It works similar to food delivery apps like Swiggy and Zomato.

Like many other online platforms, users can pay through online modes, banks, and cash. The app was wildly successful and was known for its reliability with more than 1 million customers and 500,000+ downloads in its initial years.

Housejoy – Founders and How it Started?

Housejoy was founded by Arjun Kumar and Sunil Goel, Sanchit Gaurav in 2015. Housejoy founders Arjun & Sunil quit the startup in 2017.

Arjun Kumar and Sunil Goel, Founders of Housejoy

Saran Chatterjee was the CEO of the company from 2015 till recently, he is now a member of the board. Sanchit Gaurav joined him in 2018. The company is now led by Mr Sanchit Gaurav the CEO and founder of Housejoy.

Sanchit Gaurav, Co-founder and CEO of Housejoy

Sanchit has close to 16 years of experience in the Indian real estate market. A serial entrepreneur, he founded Gaurav Housing Development Private Limited in 2012. He is also a Director at Altima Realty and Infra Private Limited.

Sunil Goel worked in the IT leadership team for two decades in TESCO and eventually switched his job to TutorVista as the head of operations. Sunil launched a video platform to pre-screen candidates before they are hired by a company. This platform was named VU First.

While Sunil was working in TutorVista, he met Arjun. Bookadda was the startup initiated by Arjun and he had raised $5 million in funding for this venture. Bookadda was eventually acquired by Sapna Group.

Arjun had worked for MakeMyTrip. He had experience working in different fields like product development and payment systems at different companies. While Sunil and Arjun were exchanging various ideas for startups, they felt there are several issues with home cleaning and maintenance. It was a realization of the tremendous potential in this field.

After working on their startup for around 3 years, the duo called it to quit. Many uncited sources say that the founders were forced to quit by the board members.

Housejoy has recently made several high-level appointments to its senior leadership team with a focus on innovation and digital transformation, including bringing on board –

Gaurav Joshi as Senior VP, Growth and Strategy
Arpan Biswas, VP, Marketing
Neelima Ronanki as Associate Vice President, Design
Deepak Thakur as Vice President, Product and Technology

Housejoy’s team also includes experienced Designers, Architects, Structural Engineers, Engineers, Site Supervisors, Quality Controllers, and Sales Representatives.

Pallavi Vijaydeep, Lead Interior Architect.
Tibin A is VP, Founder and CEO’s office, Customer Experience and Process Excellence
Priyadarshi M is Head of Sales
Gaurav N is Head of Finance
Sagar P is Head of Human Resources

Housejoy Journey and Growth

Housejoy started as a home maintenance and improvement brand that offered a variety of services including plumbing, carpentry, electrical services, pest control and beauty in five major cities across India. The company has now expanded its offerings to tap the almost $30 billion home construction market in India which is currently dominated by unorganized sector operators.

The conventional, unprofessional and non-tech-based approach often leads to a lot of problems for its consumers. Timelines are not adhered to, handovers get delayed, there is no accountability of schedule or cost-overruns, and at times, plans are altered without the consumer’s approval.

Even the quality and costs of materials used in construction are usually concealed from the customers. Housejoy understands these pain points and is committed to providing clients with a one-stop-shop offering 360-degree home construction and home services solutions.

Housejoy also focuses on bringing specialized beauty and wellness services to the customer’s doorstep. The on-demand salon and beauty services by trained and experienced beauticians include skin care, hair and makeup, and bridal and spa services using high-quality products.

Housejoy – Name, Tagline and Logo

The founders then decided to launch a startup that provides services at home and wanted a name that depicted the offerings. They came up with Housejoy which means the joy of being served at your home with satisfaction.

The logo of Housejoy is the roof of a house and under that roof is a smile which depicts the name Housejoy.

Housejoy – Business Model and How it Works?

Housejoy works on a marketplace business model wherein they charge a commission for the services delivered through their platform. The commission ranges from 5% to 15% depending on the category. Customers can choose a service from either their website or mobile app and book the same. Housejoy works as a mediator between service providers and consumers.

The brand offers its services on its website and mobile app. Customers simply need to choose a service from the available options and book it. The service provider will reach the customer’s house and perform the task. Housejoy works as a mediator where service providers and consumers can find each other and connect.

Housejoy – Revenue

Housejoy reported revenue of INR 136 crore in fiscal (2019-2020) which is 4x times more than in 2018. Housejoy’s Construction and Renovation business is growing at the rate of 20% MoM and their future plans include building 2000 homes in less than two years.

The company has also seen a massive increase in demand for its house sanitization and fumigation services which is expected to continue rising over the course of the next year.

Revenue grew 19% In FY18 i.e. INR 37.85.
In FY 17, revenue was INR 31.79 Crore.
Losses shrunk by 29.44 %, from INR 70.2 crore to INR 49.53 crore in a span of one year ending March 2018.

Housejoy – Funding and Investors

Housejoy has so far raised a total funding of $30.3 million from investors such as Amazon, Matrix Partners, Growth Story, Vertex Ventures, Qualcomm, and others.

Date	Amount	Series	Investors
June 2015	$4 Mn	Series A	Matrix Partners
December 2015	$23 Mn	Series B	Amazon, Matrix Partners, Qualcomm Ventures, ruNet
December 2018	$1.34 Mn	Bridge Round	Matrix Partners
December 2018	$1.58 Mn	Bridge Round	Vertex Ventures, RTP Ventures, Sama Capital,Qualcomm Ventures
December 2018	$327k	Bridge Round	Ganesh Krishnan

Housejoy – Startup Challenges

The construction sector is labour intensive and hands-on. This is one of the foremost challenges that a startup like Housejoy faced in this domain.

“However, we keep everything streamlined with technology and ensure that any loopholes are addressed in a timely manner” says the team at Housejoy

Another challenge was the lockdown imposed after the COVID-19 outbreak which led to the disruption of its services. Initially, Housejoy operated for about a week by reducing the on-site presence of its workforce. However, work has picked up now and it has seen an increase in demand.

In future, the lean organizational structure where the number of on-site or in-house employees will be less will become a norm. The team at Housejoy are also going to focus on further automation of services so that the least possible disruption is caused to its services during any such unforeseen crisis.

Housejoy – Competitors

There are several companies and startups entering the home construction domain. Some competitors of Housejoy in the home-maintenance segment include Urban Company, Brick and Bolt, UrbanPro, Helpr, SBricks, Mr Right, Timesaverz, Bro4u, EasyFix, and Home Triangle.

Despite all the growth, the sector is still dominated by non-organized players. Housejoy’s vast expertise and in-depth understanding of consumer behaviour and needs have helped them create a unique profile. They have kept cutting-edge technology at the core of all solutions and have a transparent and automated end-to-end process. This ensures that all major stakeholders such as customers, sales teams, architects, designers, project managers and on-site engineers as well as the quality control and accounting personnel are on the same page.

Housejoy – Future Plans

Expansion of existing services and the addition of new areas is key for any organization. Housejoy has diversified its portfolio over the years in order to augment the business.

The Covid-19 pandemic highlighted the importance of branching out and innovation, even more. For instance, they have been focusing on constantly strengthening and modifying their service model by following customer feedback and inputs.

Post-Covid too, there will be a lot of focus on personal hygiene and sanitation. More people would opt to buy everything including groceries online. Housejoy has been receiving a lot of demand for organized at-home services and will be focusing on their on-demand beauty services too.

The company recently launched home fumigation services and is gearing up to do all that it can as a brand to ensure it helps its customers while ensuring the sustainability of the business. The overall goal of the platform is to become the largest tech-enabled construction and home services platform in India

Housejoy – FAQs

Is Housejoy shutting down?

No, there were rumours that the company might shut down but Housejoy confirmed that they are not shutting down and are planning to grow their services in India.

Who are the competitors of Housejoy?

The biggest competitors of Housejoy today are UrbanClap, TaskRabbit and Urban Pro.

What is the revenue of Housejoy?

Housejoy had a revenue of INR 136 crore in 2019-2020 which is 4x times more than in 2018. Housejoy’s Construction and renovation business is growing at the rate of 20% MoM.

What is the business model of Housejoy?

Housejoy works on a marketplace business model where the company charges a commission for services delivered through its platform. The commission varies across different categories. Some range from 7% to 10%, others lie in the range of 10% to 15%, and in the case of high ticketing services like construction and renovations, the commission may go up to 20%.

How much funding has Housejoy raised?

Housejoy has raised a total of $30.3 Million of Funding to date. Its most recent funding was led by Matrix Partners, Vertex Ventures, RTP Ventures, Sama Capital, Qualcomm Ventures and Ganesh Krishnan for $3.24 Million.

May 21, 2022

Navi Success Story – Driving Smooth Transition of Financial Services Even Amidst Pandemic!

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

Consumer durable financing demand is expanding across India as the country’s urban population grows, brand awareness grows, and disposable income rises. Because it was the only secure and available choice for customers during the lockdown, internet options reported increased usage of financial services.

The Indian banking system is undergoing an unprecedented shift. Digital lending strategies are getting popular, putting banks’ conventional retail lending procedures on alert.

Even though the transition is pandemic-driven, the technology revolution that swept the financial world in the pre-Covid eras was on the verge of launching digital lending platforms. However, the virus made it grow at an incredible rate.

In 2018, Sachin Bansal and Ankit Agarwal formed a financial services firm based in India called Navi. The headquarters of the company are in Bangalore. Digital personal loans, home loans, healthcare insurance, mutual funds, and microloans are all available through Navi.

The business today has millions of users, more than 3 billion apps downloaded, 825 thousand or more investors, 36 lakh or more satisfied customers, and 105 thousand or more health insurance policies sold to date.

Navi – Company Highlights

Startup Name	Navi Technologies
Also Known As	BAC Acquisitions (BACQ), NAVI Finserv
Legal Name	Navi Technologies Pvt. Ltd.
Headquarters	Bengaluru, Karnataka, India
Industry	Banking, Financial Services, FinTech, Insurance
Founders	Ankit Agarwal, Sachin Bansal
Founded	2018
Areas Served	India
Current CEO	Sachin Bansal
Website	www.navi.com

Navi – About and How it Works?
Navi – Industry
Navi – Founders and Team
Navi – Startup Story
Navi – Name, Logo, and Tagline
Navi – Vision and Mission
Navi – Business Model and Revenue Model
Navi – Funding, and Investors
Navi – Investments
Navi – Acquisitions
Navi – Growth and Revenue
Navi – Products and Services
Navi – Layoffs
Navi – Competitors
Navi – Future Plans

Navi – About and How it Works?

Navi is working on a digital lending platform that will make finance-based services more economical, simple, and relevant to everyone. Navi is a digital lending software that offers you loans up to Rs. 20 lakh in an entirely cashless approach. The company’s platform enables customers to access financial services at a low cost through customer-friendly and innovation-driven enterprises in the financial services, banking, and insurance spaces.

IT and consulting services, non-banking financial services such as loans and microfinance, insurance products, and mutual funds are among Navi’s integrated activities. The Securities and Exchange Board of India has also granted the business a stockbroking and investment advisory license, according to the regulatory filing (SEBI).

The duration of the loans offered by Navi ranges from 3 to 36 months. Navi Finserv also offers 2-wheeler, residential, local business, and educational loans in addition to consumer loans.

Navi works in three simple steps:

Select the loan and EMI amount.
Complete KYC using Aadhar and PAN.
Instantly, money is transferred to your bank account.

Navi – Industry

During the projected period, the digital lending market is estimated to grow at a CAGR of around 11.9% (2022–2026). Because of the COVID-19 outbreak, SMEs all around the world struggled to raise funds to keep their operations running during the crisis period.

An important driver that is driving the industry’s expansion is shifting customer expectations and behavior as a result of the numerous advantages provided by the digitalization of banking and financial services. Consumers come from various backgrounds and will need the loan for several reasons, including personal loans, SME financing, and house loans, among many others.

The lending environment has evolved dramatically over the years because of the fast implementation of digitalization in the BFSI business. In several areas around the world, conventional lending is still practiced. The advantages given by digital solution providers, on the other hand, are progressively paving the way for business adoption of digital lending solutions and services.

Furthermore, various technical improvements, such as the widespread usage of smartphones, have resulted in a rise in the acceptance of digital banking across a variety of end-user industries. Artificial intelligence, machine learning and cloud computing are also beneficial to financial institutions and banks because they can analyze large volumes of client data. This data and information are then compared to produce findings on the appropriate assistance that clients desire, thereby assisting in the development of customer relationships.

Navi – Founders and Team

Navi was founded by Ankit Agarwal and Sachin Bansal in 2018.

Sachin Bansal - Co-founder of Navi — Sachin Bansal – Co-founder of Navi

Ankit Agarwal

Navi’s Chief Financial Officer is Ankit Agarwal. Ankit Agarwal studied computer science at IIT Delhi and then obtained an MBA from Ahmedabad’s Indian Institute of Management. Agarwal was previously the VP at Deutsche Bank. He also served as VP and Director at Bank of America before founding Navi with Sachin Bansal.

Sachin Bansal

Sachin Bansal joined Techspan after finishing his degree and worked there for a few weeks. As a senior software engineer, he joined Amazon.com India in 2006. He quit Amazon in 2007 and co-founded Flipkart with Binny Bansal, his business partner. Bansal had served as the chairman of Flipkart for over 10 years before leaving the company in 2018. The ex-founder of Flipkart then founded Navi in the same year.

Navi Technologies chief Sachin Bansal announced that the company has appointed Vidit Aatrey as its independent director. The co-founder and CEO of Meesho, Aatrey’s appointment has been effective since April 9th, which is still subject to the completion of some formalities. Abhijit Bose, Shripad Nadkarni, and Usha Narayanan are the three other directors named by the company; Bose is the Head of India of WhatsApp and the founder of Ezetap; and Nadkarni has worked with reputed organizations previously like Coca-Cola, Johnson & Johnson, and more. and Narayanan has previous experiences with Lovelock & Lewes Chartered Accountants LLP, PricewaterhouseCoopers, and more.

Navi – Startup Story

After leaving Flipkart in December 2018, Sachin Bansal and an IIT-Delhi alumnus created BACQ Acquisitions Private Limited, which was eventually rebranded ad Navi Technologies Private Limited.

Soon after leaving Flipkart, the co-founder and chairman changed course to continue his mission to make his long-term dream happen. Sachin Bansal had his heart set on another great thing, even as his Flipkart dream came to an end. Bansal’s insatiable pursuit of something new can be observed in the fact that he has only spent a few months since leaving Flipkart without investing in or acquiring a firm, mostly for his current venture, Navi Technologies.

Despite the lockdown, Navi’s founder and CEO invested INR 3,000 crore in his firm and built a personal lending app. Flipkart, like Navi, which has acquired a series of businesses in the last 2 years, was built on a foundation of mergers.

Navi – Name, Logo, and Tagline

Navi stands for “new” which depicts what the company stands for.

The new India is becoming more and more accepting when it comes to the digitalization of financial services and banking, which is what Navi does.

Navi’s tagline says, “Get Instant Loan using Navi.”

Company Logo of Navi

Navi – Vision and Mission

Navi’s mission statement says, “Our mission is to provide financial products and services that are simple, affordable and accessible by building a customer-centric and technology-first organization.”

Navi – Business Model and Revenue Model

When it comes to Navi Technologies Business Model, the company has emphasized technology-enabled financial and banking services, as well as the seamless integration of the neo banking model with traditional banking services and assurance. To gain domain understanding, Sachin Bansal has teamed up with fellow IIT Delhi alumni Ankit Agarwal, who is a banker by profession.

“Building a universal bank is a reflection of our commitment to provide financial services to those who need them most. Our vision is to go beyond what hitherto has been broadly defined as ‘financial inclusion and provide access to formal financial services using technology that people can use intuitively and easily.” – Sachin Bansal.

It’s worth mentioning that Navi only operated for 3 to 4 months in FY19. Navi’s NBFC business provided over 72% of this income in the form of interest income and related fees. The remaining 8% and 20% of revenue came from the insurance industry and advisory services, respectively.

Navi – Funding, and Investors

Navi Technologies has raised funding in over 6 rounds the latest round of funding was raised on May 12, 2022.

Date	Round	Amount	Lead Investors
May 12, 2022	Debt Financing Round	$ 72.62 million	–
Apr 13, 2020	Private Equity Round	$26.51 million	Gaja Capital
Apr 2, 2020	Funding Round	$398.99 million	Sachin Bansal
Jan 10, 2020	Venture Round	$30 million	International Finance Corporation
Nov 14, 2019	Funding Round	$117.97 million	Sachin Bansal
Jan 31, 2019	Angel Round	$7 million	Sachin Bansal

Navi Technologies, a four-year-old financial business helmed by Sachin Bansal, is the latest Indian fintech startup to submit a DRHP with market regulator SEBI. The loan-providing fintech business plans to raise INR 3,350 crore in the public market.

According to the DRHP obtained, the IPO offer would be made only through a new share issued. This means that no firm shareholders will sell their shares during the Initial Public Offering.

While reading the DRHP, the fact that Navi Technologies’ promoter, Sachin Bansal, has a massive 97.39% interest in the business was found. Because the IPO offer does not contain an OFS component, he will keep 97.39% of the stock after the Public Offering. This implies he owns more of his firm than the well-known Nayar family, which runs Nykaa.

Navi – Investments

Navi Technologies has invested in 6 companies.

Date	Organization Name	Round	Amount
Feb 10, 2022	Infra.Market	Debt Financing	$30 million
Jul 24, 2019	Kissht	Debt Financing	$6.06 million
Jul 17, 2019	boAt	Debt Financing	$2.42 million
Jul 3, 2019	Bounce	Debt Financing	$1.2 million
Apr 24, 2019	KrazyBee	Series B	$12.10 million
Mar 29, 2019	Bounce	Debt Financing	$4 million

Navi – Acquisitions

Navi Technologies has acquired 2 businesses to date.

Acquiree Name	About Acquiree	Date	Amount
DHFL General Insurance	DHFL General Insurance. is a Third Party Car Insurance company.	Jan 2, 2020	–
MavenHive	MavenHive is a Bangalore based tech consulting firm.	Dec 26, 2019	–

Navi – Growth and Revenue

Sachin Bansal, who has also been the founder of Flipkart, after getting an offer of $16 billion from Walmart, decided to sell his 5.5% stake in the company for Rs 7650 crore. However, this time with Navi, which he founded with a vision to build a financial services behemoth over the next two decades, he remained steadfast, which is the primary reason behind the growth of Navi Technologies. The company is already in the segments of asset management, insurance, and lending and is further looking to expand its horizons. The founder currently owns 97.39% of the company’s stakes, as per the reports dated April 3, 2022.

The Navi company has launched a metaverse-based fund of funds scheme, Navi Metaverse ETF Fund of Fund, with the help of its mutual fund arm. Anmol Como Broking sponsors the Fund of Fund scheme of Navi, which will be managed by Navi Mutual Fund. The Fund of Fund scheme-owned assets will be managed by Navi AMC Limited.

According to the company’s current documents filed, Sachin Bansal-led Navi Technologies became profitable in the fiscal year 2021, achieving a combined profit of Rs 71 crore. In the previous fiscal year, the firm had lost Rs 8 crore.

On August 18, 2023, Navi reported revenue of Rs. 438.7 crore for the first quarter of FY24 and the previous quarter (Q4 FY23). However, there was a 2.3X increase when compared to the first quarter of the previous fiscal year (Q1 FY23).

Navi Technologies Revenue Breakdown

Navi Technologies Revenue Verticals	FY21	FY20
Interest Income	INR 451 cr	INR 143.02 cr
Other Operating Revenue	INR 235.6 cr	INR 40.3 cr
Insurance Business Revenue	INR 92.4 cr	INR 15.7 cr

Navi’s sales increased by over 143% as the firm’s operations developed and the usage of banking and financial services via internet channels soared during the pandemic. The income was Rs 137 crore, up from Rs 56 crore the previous year, 2020.

The company’s total earnings increased by 251% from Rs 199 crore in FY20 to Rs 779 crore in FY21, demonstrating the company’s expansion.

The expenditures of Navi have increased by 217% year on year, from Rs 219 crore to Rs 673.8 crore (YoY).

Navi Technologies Expenses Breakdown

Navi Technologies Expenses Verticals	FY21	FY20
Employee Benefit Expenses	INR 169.7 cr	INR 61.6 cr
Advertising and Promotional Expenses	INR 38.7 cr	INR 1 cr
Other Operating and Admin Expenses	INR 190 cr	INR 95.58 cr
Impairment Loss on Financial Assets	INR 187.2 cr	INR 23.8 cr
Finance Cost	INR 88.2 cr	INR 37.02 cr

Navi Technologies Financials

Navi Technologies Financial Breakdown	FY21	FY20
Operating Revenue	INR 779 cr	INR 199 cr
Total Expenses	INR 673.8 cr	INR 219 cr
Profit/Loss	Profit of INR 71.2 cr	Loss of INR 8.07 cr
EBITDA Margin	30.15%	22.02%

The EBITDA of Navi improved positively. On a unit level, Navi Technologies has been reported to have spent Rs 0.86 to earn a single rupee of revenue during FY21.

Bansal had broken down the lending business, stating that the company’s microfinance loan book was worth Rs 1,500 crore and its non-microfinance loan book was worth Rs 600 crore. According to Bansal, the company was disbursing loans of Rs 350 crore each month.

“We are now comparing ourselves with banks and NBFCs. That is why we describe ourselves as a financial services company that happens to be good in technology. I don’t like the word fintech, lot of fintechs don’t have (lend from) their own books,” Bansal had said.

Navi – Products and Services

Navi App

Navi app was released in 2020, and according to latest news the Navi Mutual Fund has effectively empowered 1 million Indians on October, 2023 by making investing money on the Navi app simple and reasonable.

Navi – Layoffs

According to sources, Navi just let go of 200 employees across the divisions of technology, products, and analytics on July 13, 2023. Employees had no prior knowledge of layoffs, according to sources. Meanwhile, a recruiter reported that the upper management had downsizing plans and that HR policies were in place to make sure that not much severance was needed to be paid.

Company spokeperson said, “Navi conducts performance appraisals twice a year, which results in expected departures from the company. However, Navi continues to have multiple open positions and the company is expected to continue hiring many new employees this year, including a batch of 150+ campus hires who will be joining in August.”

Navi – Competitors

Navi Technologies’ main rivals include:

Autorite Des Marches Financiers
FIS
Abhipra Capital
Tacotax

Navi – Future Plans

Navi Technologies, owned by Sachin Bansal, is allegedly aiming to file a draft red herring prospectus (DRHP) with SEBI for a 4,000 crore initial public offering (IPO) shortly.

According to sources, the firm plans to make its initial public offering (IPO) in June of this year. The IPO will be conducted purely through fresh share issuance, with no component of an OFS (offer for sale). Bansal owns almost 97% of the firm and will not dilute his holdings in the IPO.

The IPO is intended to aid Navi’s expansion in personal loans, microfinancing, and mutual funds, in addition to its mutual fund operations. Navi is also expected to utilize the funds to fund its expansion goals, which include creating a loan book of 20,000 crores in the next two years and obtaining roughly 15,000 crores in debt from the public markets over the same time frame.

Navi became a public company in February 2022, in preparation for an initial public offering. The fintech firm has enlisted the aid of ICICI Securities, BofA Securities, and Axis Capital to manage its public offering.

FAQs

Who founded Navi?

Sachin Bansal and Ankit Agarwal founded Navi.

When was Navi founded?

Navi was founded by Ankit Agarwal and Sachin Bansal in 2018.

Is Navi NBFC registered?

Navi Finserv (Navi) is an RBI-registered non-banking financial company (NBFC).

How does Navi operate?

Who are Navi founders?

The Navi startup founders are Sachin Bansal and Ankit Agarwal.

May 12, 2022

Top 4 Best Cities for Emerging Startups in India 2022 | Startup Hubs in India
A nascent stage startup is no different from a toddler—it needs to be nurtured with utmost care and conditioned for tackling the challenges that lie ahead. To provide this grooming, several cities in India are preparing themselves for incubating and bolstering entrepreneurial ventures.

The global buzz surrounding the startup mentality has made it more important than ever to create a breeding ground for innovation and creativity, and it’s great to see that India is also taking this seriously. This has given rise to a number of startup hubs across the country, with the quantity increasing continuously.

There has been a paradigm shift when it comes to the importance of 9 to 5 day jobs. Although many Indians still prefer such jobs over conceiving new ventures, some studies report that the number of startups in India has grown over 7 times in the recent decade. Are Indian’s ditching the traditional conception of employment? Quite likely a yes.

According to the reports, the number of Indian startups in 2008 lingered at around 7000. A 2018 study estimated approximately 50,000 startups in existence across India. The startup culture in India has seen tremendous growth. According to a 2021 Global Startup Ecosystem Index by Startup Blink, three cities in India, Bengaluru, Delhi and Mumbai ranked among the top 20 cities globally.

If one was to single out a specific brand or entity that paved way for entrepreneurship in India, it would be Zoho. Then known as AdventNet.inc, Zoho offers productive tools (Document processing, etc.). It began in 1996 and amplified the “startup” trend in India.

Here is a list of some of the best cities for startups in India that are providing startups and initiatives to the pedestal to grow and make name for themselves. With the penetration of more international tech giants, most of these cities are changing into the IT hubs of India.

Top 4 Startup Cities in India
Emerging Startup Cities in India

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Top 4 Startup Cities in India

Bangalore

Bangalore City

Bengaluru, once known as the startup capital of India before it was dethroned by Delhi which added 5000 startups against 4,514 in Bengaluru from 2019 to 2021.

Bengaluru has been the womb to big shots like Ola and Flipkart. The city houses various technical and analytical firms, an enticement for budding and established entrepreneurs.

Rightly christened as the Silicon Valley of India, Bangalore is the perfect amalgamation of the corporate lifestyle and vibrant social life. Home to the country’s top technical and managerial institutions (IIM, Bangalore and IISC) and a strong industry connection, there’s no shortage of opportunities in this city. It is known as the best city for startups in India.

Even freelancers across the country have an inclination towards working out of Bangalore; such is the lure of the city. Other countries are becoming cognizant of the strategic significance of this south Indian city—large organizations are adamant about having at least one of their offices in Bangalore. This creates an extensive network highly beneficial to ventures and initiatives seeking support and guidance.

On the other hand, startups based out of Bangalore are expanding their operations and services beyond India. With the city in dire need of renovation and re-modelling (lack of space and water issues being some reasons for worry), the inevitable transformation of Bengaluru will open up new avenues for entrepreneurs. The city is also among the top IT startups in India.

Delhi

Delhi City

Delhi, the startup capital of India is the center of India that commands the respect of its own, Delhi is the seat of political power and this lends a greater hand to the startup ecosystem flourishing there. Having a stronghold in telecommunication and media, Delhi has been a destination for various entrepreneurship-related meetups and conferences, with the Government of India promoting and publicizing a majority of these events.

The close vicinity to Delhi has enabled both Noida and Gurugram to establish themselves as startup hubs. A trade and commerce place historically, Delhi has seen the rise of tech startups such as Hike and Paytm, food tech startups like Zomato, and Shopclues belonging to the e-commerce segment.

With booming infrastructure and ease of business, Delhi is counted among the top cities for startups in India where foreign behemoths like Samsung are exploiting Noida and Gurugram to the fallest; Samsung recently opened the “world’s largest mobile factory” in Noida. These regions entail a huge potential for growth along with a thriving network of investors and entrepreneurs. The presence of centres of excellence like IIT, DU and IIFT (to name a few) means there’s no shortage of expertise.

Hyderabad

Hyderabad City

Traditionally known as the city of pearls, this city in Southern India is witnessing a rise in foreign investments and the number of successful startups blossoming on its land. Hyderabad can be called the second IT hub of India after Bangalore.

With many international giants like Microsoft, Google, and Uber setting up their offices in Hyderabad, the city is slowly yet steadily catching up with Bengaluru as a startup hub. Top institutes like ISB, IIIT, and BITS being located in Hyderabad is icing on the cake—alumni from these places are directly incubating their ventures in Hyderabad.

The support from the State Government has encouraged entrepreneurs to make the best out of unrealized opportunities Hyderabad has on offer. The State Government is vesting time and money in organizing and setting up conferences, hackathons, state initiatives, and development centres—everything geared towards making Hyderabad synonymous with entrepreneurship. It is even slackening on policies and procedures to showcase the city as a favourable incubator!

Mumbai

Mumbai City

The city of dreams, also the home to some of the world’s wealthiest businessmen, has only recently been dethroned by Bangalore when it comes to India’s favourite startup destination. Mumbai is still the first choice for anyone who is into non-technical startups as it is India’s financial capital.

One of India’s most recognized institutions, IIT Bombay has been instrumental in cultivating the startup ecosystem across the nation, being the birthplace of many wildly successful startups. Moreover, alumni from this esteemed college have gone on to make name for themselves across countries through their initiatives. It’s a proud feeling to say that many globally recognized brands are the outcomes of the toil put in by IIT Bombay grads and post-grads. It is among the best cities for startups in India.

BookMyShow, JustDial, and Cleartrip are only scratch the surface of the plethora of startups to have emanated from this sea-facing city. With conglomerates like L&T and Tata group setting up their offices in Mumbai, the financial hub has seen a steep growth in the economy, employment, and business. But the rising cost of living and real estate in Mumbai has caused a few unicorn enterprises such as Ola to shift base. In spite of such issues, Mumbai will continue to dominate the entrepreneurship segment, come hell or high water.

Emerging Startup Cities in India

With big cities gradually losing their shine and attraction, many emerging startups are focusing on tier 2 cities for growth and sustenance. Some cities have seen a surge in entrepreneurial activities and have made it big in the last 3-4 years. Some of the emerging startup cities in India are:
- Ahmedabad
- Gurugram
- Pune
- Chennai
- Kolkata
- Nagpur
- Chandigarh
- Indore
- Goa
- Bhubaneswar
- Lucknow
- Surat
The Government setting up a tech park called GIFT City in Ahmedabad-Gandhinagar, Pune becoming a smart city, and Chennai emerging as a host to entrepreneurial discussions and events—smaller cities are gaining traction. Cheap land rates, low cost of living, remarkable talent yet to be utilized, and lucrative government policies have made these cities the future of the Indian startup ecosystem.

FAQ

Which city has the most startups in India?

Delhi has dethroned Bengaluru and now ranks in the first position for the most number of startups in India.

Which city is known as the startup capital of india?

Delhi is known as the startup capital of India.

Which is the best city for startups in India?

Some best cities for startups in India are Bengaluru, Delhi, Mumbai, Gurugram, Hyderabad, Noida, and Pune.

What is the best city to start a business in India?

Mumbai, Delhi and Bengaluru are some of the best cities to start a business in India.
February 21, 2022

Recko – Simplifying Financial Operations for Businesses

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 Recko.

Most entrepreneurs stress the challenge of reconciling transactions; it’s one of those necessary evils that everyone has to deal with but no one wants to do. We’ve heard individuals complain about the necessity to reconcile payments over the years in banking and payments. Over last few years, there has been a continual increase in the number of online payments, making it tough for many businesses, banks, and financial firms to keep track of expenses flowing around the organization. Recko is a corporation that specializes in financial reconciliation. Started with the mission to help businesses manage their financial operations with agility, simplicity, and innovation, Recko aids businesses that deal with several legs of payment processing as part of their daily operations in keeping track of and reconciling all financial transactions. Recko has reconciled over 250 million payments valued at over $2 billion in its first year alone.

Recko – Company Highlights

Startup Name	Recko, Inc.
Headquarters	Bangalore, Karnataka, India
Industry	Financial Services, Software, FinTech, SaaS
Founders	Prashant Borde, and Saurya Prakash Sinha
Founded	2017
Current CEO	Saurya Prakash Sinha
Website	www.recko.io

Recko – Latest News
About Recko and How it Works?
Recko – Logo
Recko – Founders and History
Recko – Mission and Vision
Recko – Products and Services
Recko – Business Model & Revenue Model
Recko – Revenue and Growth
Recko – Funding, and Investors
Recko – Competitors
Recko – Challenges Faced
Recko – Future Plans
Recko – FAQs

Recko – Latest News

In October 2021, Recko got acquired by San Francisco-based Fintech company Stripe. Stripe offers a wide array of services including payment and billing services, and tools for managing business operations. By acquiring Recko, Stripe is set to expand its services further. As per the deal, Recko’s entire team will join Stripe’s remote engineering hub and will work to develop and scale Stripe’s products.

About Recko and How it Works?

Through Accounting reconciliation, businesses can keep track of their transactions. With the expansion of business, reconciliation becomes a tough job. Especially with more and more online transactions being done these days, reconciliation has become even more cumbersome. This is where Recko helps.

Recko is a Software as a service reconciliation artificial intelligence-based software that assists finance teams at eCommerce marketplaces and transactional platforms in keeping track of the entire transaction cycle and business deals in order to avoid slipping and tripping hazards.

“The finance department on the merchants’ end is continuously dealing with this complexity of matching the right amount to right order, returns/ replacements and a lot of orders also move between months. All they have excels, spreadsheets and traditional ETL (extract, transform, load) tools which are cumbersome and error-prone. This is where we come into the picture,” said Saurya Prakash Sinha, Recko cofounder and CEO.

Recko was created with the goal of providing financial stability to businesses with significant transaction volumes, such as e-commerce platforms, insurance companies, and banks, by automating the entire reconciliation process. It ensures that each transaction is recorded and that all settlements are completed on time because it is an independent third-party transaction reconciliation layer.

“This also helps when customers have to be refunded as we use many different ways to make a single payment these days (including wallets, vouchers, gift cards, net banking and CC),” added Prashant Borde, cofounder and CTO at Recko.

Besides reconciliation, Recko also helps businesses in commission calculation, Payout creation, and reporting, to aid businesses to track, manage and account money end to end.

Recko’s current team consists of 60 people with extensive experience working for e-commerce and fintech companies such as Flipkart, Amazon, Nutanix, PhonePe, Ola Money, Razorpay, and others.

Recko – Logo

Recko’ s Company Logo

Recko – Founders and History

IIT Gandhinagar alumni Prashant Borde and Saurya Prakash Sinha launched Recko in 2018.

Founders of Recko - Prashant Borde and Saurya Prakash Sinha — Founders of Recko – Prashant Borde and Saurya Prakash Sinha

Prashant and Saurya are serial entrepreneurs and have have robust industry experience. Prashant Borde co-founded shared computing platform GridAnts in 2012, which was later renamed Cubeit. The platform was acquired by Myntra in 2016, after which Prashant joined Jio.

Saurya worked for industry leaders like Flipkart and Phone Pe. In 2015, Saurya co-founded urban logistics and on-demand delivery platform ‘Townrush’, which was later acquired by Grofers. Saurya joined Grofers as AVP(product) after the acquisition of Townrush. In 2017, Saurya founded Recko along with Prashant.

The duo had hands on experience of developing processes that aided the product and finance teams in contributing to the company’s growth and accelerated financial governance. This led them to discover that organizations of all sizes battle to keep track of payments and face manual restrictions when it comes to reconciliation, computations, and scaled monetary operations management. Thus Saurya and Prashant decided to intervene and help businesses to manage their finances better by simplifying reconciliation, commission calculation, Payout creation, and reporting.

According to its founders, Recko reconciled transactions totaling $2 billion in its first year of business. Grofers, Dunzo, FreshMenu, and Meesho are just a few of its clients. It also has different monetizing methods in place, depending on the client’s needs, including volume and per-transaction costs.

Following are some of the primary gaps Recko is trying to close –

Unstructured data in large quantities
Use of a large number of people
Transparency and traceability of operations are lacking.
Time and expense spent on reconciliation have grown.

AI plays a role in resolving these issues on various levels. First, algorithms aid in the extraction of relevant information and analysis from more than 80% of data, which is critical in the financial domain because fintech models would be unable to function without data.

Furthermore, because they can’t always trace an error back to its source, most organizations set aside a specific proportion of revenue error to accommodate for reconciliation checks. To close this gap, Recko automates the reconciliation process, making it possible to track financial data throughout its full lifecycle. It accomplishes this by utilizing APIs to link with payment gateways, banks, and merchant order management systems, allowing firms to track receivables and uncover settlement problems. According to Recko, this reduces manpower investment by 50 percent to 60 percent.

Recko – Mission and Vision

Recko’s mission statement says, “Recko was started with the mission to help businesses manage their financial operations with agility, simplicity, and innovation. Today’s businesses need a collaborative interlock between their finance, product, and business functions to grow exponentially and stay ahead of the competition. Be it reconciliations, payment operations or complex commission calculations; Recko does it all.”

Recko – Products and Services

Reconciliation – Bringing your company’s transactions up to date in terms of accuracy, efficiency, and speed.
Commission Calculation – Automate your entire charge calculating procedure and keep track of external payment SLAs.
Payout – To disburse payments to customers and subcontractors, the company integrates easily with payment partners.

Recko – Business Model & Revenue Model

Recko is a B2B company, and earns revenue by charging subscription fee from its clients.

Without writing a single word of coding programs, Recko allows financial teams to ingest, enrich, and reconcile millions of transactions in hours rather than days. Recko cuts labor by 50 to 60 percent while keeping a close eye on transactions to guarantee money goes to the right parties at the right time with the correct deductions.

Recko is now processing enormous amounts of transactional data to digitize financial control within organizations, as well as developing Machine Learning models to detect abnormalities, risk, and intelligence in the money flow.

Recko – Revenue and Growth

The revenue for the Fiscal Year 2019 was USD 388K, up from USD 186K in the previous year. Recko’s customer’s includes top marketplaces like Grofers, Meesho and Dunzo.

Recko – Funding, and Investors

In its latest round of Series A funding raised on April 2020, Recko received $ 6 million. Vertex Ventures SEA and India led the financing, with Prime Venture Partners joining as an existing investor. Here are Recko’s funding details-

Date	Round	Amount	Lead investors
Apr 2, 2020	Series A	$6M	Vertex Ventures Southeast Asia & India
Aug 27, 2019	Seed Round	–	–
Jun 26, 2019	Seed Round	$1M	Prime Venture Partners

Recko – Competitors

iPaymy, Pulse iD, SAP Concur, Sage Intacct, G2 Deals, Bill.com, Tradeshift, Invoiced, DocuWare, Spendesk, Riovic, and SureCash are among Recko’s main competitors.

Recko – Challenges Faced

The product needed to be stable because the company was working with extremely large data volumes. As they add features to the product, it continues to evolve. The aim is that the number of problems and inconsistencies will decrease as time goes on. Since the platform handles finances, the team at Recko needs to be extra careful so that nothing goes wrong.

“We needed to be precise, and we needed to be correct at scale. The crew spent a significant amount of time double-checking the figures.”, the Recko CEO said.

On the technology side, figuring out how to process these transactions was a significant issue for everyone on the team, since this used to take them over 3-4 days to handle more than 50-60 million transactions. They can now complete it in 30 minutes.

” for reconciliation, we are almost running at 100 million transactions in one hour. So the systems are becoming much faster. The idea is how do we do this at a much cheaper cost and faster. So this is where a lot of investment is going in,” said the CEO, Saurya Prakash Sinha.

Supporting scale was one of the issues they confronted. To make scale and security a basis in the architecture, Prashant says they had to redo a major portion of the first iteration.

Recko – Future Plans

“As we onboarded new customers, we realized that businesses looked at data very differently across industries. We did not want to leave any stone unturned, but we had a mission — to give the best of it. We added analytics, custom reports, commission calculation, and other integrations including storage services, payment gateways, and banks,” says Prashant.

The team quickly began working with clients from various industries and geographical places. Recko introduced geographies such as Southeast Asia and the European Union. Versioning was also released to support audit logs and time travel capabilities that needed to be reworked to allow future growth.

“We are planning to open APIs as well so that they can be integrated deeper into companies’ tech stack to solve a multitude of problems. Our long-term goal is to provide enough insights that enable businesses to make financial decisions in real-time,” says Prashant.

Recko – FAQs

What does Recko do?

When was Recko founded?

Prashant Borde and Saurya Prakash Sinha launched Recko in 2017.

Which companies do Recko compete with?

iPaymy, Pulse iD, SAP Concur, Sage Intacct, G2 Deals, Bill.com, Tradeshift, Invoiced, DocuWare, Spendesk, Riovic, and SureCash are among Recko’s main competitors.

October 26, 2021

Ezetap – End-to-End Digital Payment Solutions

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 Ezetap.

With mobile phones and applications changing the digital landscape, businesses have acknowledged the need for a shift in how they serve their consumers. Mobile point of sale programs, also known as mPOS apps, are becoming increasingly popular, according to industry estimates. Because of technological advancements in Bluetooth and Wi-Fi connectivity, mPOS adoption has been extremely successful all over the world including India. Bangalore-based startup Ezetap is a major mPOS solution provider in India. Here is more about Ezetap, the startup’s journey, and its functions.

Ezetap – Company Highlights

Startup Name	Ezetap Mobile Solutions Private Limited
Headquarters	Bangalore, Karnataka, India
Industry	Financial Services, Software, FinTech, Point of Sale, Mobile Payments
Founders	Abhijit Bose, and Bhaktha Keshavachar
Founded	2011
Current CEO	Byas Nambisan
Website	www.corp.ezetap.com

Ezetap – Latest News
What is Ezetap?
Ezetap – Name, Logo, and Tagline
Ezetap – Founders and History
Ezetap – Mission and Vision
Ezetap – Partnerships
Ezetap – Business Model
Ezetap – Revenue and Growth
Ezetap – Funding and Investors
Ezetap – Acquisitions
Ezetap – Competitors
Ezetap – Challenges Faced
Ezetap – Future Plans
Ezetap – FAQs

Ezetap – Latest News

As of February 2018, Ezetap announced the launch of EzeSmart, a smart GPRS gateway with Aadhaar payment and eKYC that is fully accessible.

EzeSmart, which is based on Ezetap’s global payment acceptance platform, is the first POS terminal in the country that can take all types of payments, including UPI, Bharat QR, and Aadhaar Pay. It can also take payments from a variety of mobile wallets as well as credit and debit cards. It’s a smartphone-integrated terminal that lets companies run any of their system apps on it.

The company stated to the press that EzeSmart is tailored to support the strategic and technical needs of various industrial sectors, including govt., by allowing a person with an Aadhaar-linked bank account to transact conveniently by simply touching their finger on the device’s fingerprint reader. This allows microfinance companies who deploy this terminal to provide services to rural consumers and accept payments online.

What is Ezetap?

Ezetap is one of the first companies that came up with digital payment solutions in India. The company’s first product launched in 2013, was an mPOS card reader that could be connected to a smartphone via the audio jack. Currently, Ezetap has a variety of digital payment solutions that let businesses accept digital payment seamlessly. Ezetap offers tailor-made payment solutions for different sectors like small and large retail shops, eCommerce and logistics companies, and government organizations.

From businesses to cab drivers to supermarkets and pizza delivery drivers, the technology allows anyone to accept cards. Online retailers, insurance companies, restaurants, and hotels are among the clients of the company.

Ezetap started with a single payment offering and pivoted to a SaaS model in 2020. Ezetap’s payment solutions come with many attractive features like multibank acquiring and auto-reconciliation and offer a variety of value-added services that businesses can opt for.

Ezetap – Name, Logo, and Tagline

Ezetap has made making and receiving payments as easy as a tap. That’s where the company name is derived from.

Ezetap’s Company Logo

Ezetap’s tagline is, “Transforming the world of payments”.

Ezetap – Founders and History

Ezetap was founded in 2011 by Abhijit Bose and Bhaktha Keshavachar. Both the founders had previous expertise in payments and hardware firms, and they merged their talents, skills, and knowledge to create this solution.

Abhijit Bose who served as the CEO of Ezetap exited the company in 2018, after which the then CFO of Ezetap, Byas Nambisan took over as the CEO. Presently Byas Nambisan is the CEO of Ezetap.

In 2019 Bhaktha Keshavachar also exited Ezetap to start his own deep tech startup, Chara Technologies.

Founders of Ezetap - Abhijit Bose and Bhaktha Keshavachar — Founders of Ezetap – **Abhijit Bose** and **Bhaktha Keshavachar**

At the start of the decade, Internet connectivity and smartphones were becoming commonplace in India, and e-commerce companies were gradually gaining popularity. Ezetap founders Abhijit Bose and Bhaktha Keshavachar spotted an opportunity to make payments more widely accepted in India. Ezetap became one of the first startups to try to convert Cash on delivery shipments to electronic payments, which was one of the earliest application cases for Ezetap in the year 2013.

“We built an EMV-compliant payment device that could take payments in conjunction with a commercially available smartphone and a card reader designed and assembled in India. We also created a payments SDK that would work behind a company app, hiding the complexity and compliance rigmarole of payments behind the ‘pay’ button,” Bhaktha Chaterjee, Head of Products at Ezetap.

The company chose to stop producing its own gadgets in India in 2018 and instead started sourcing them from overseas manufacturers. The Ezetap team is highly focused on improvising its services, and there are even instances where Ezetap team members accompanied e-commerce delivery agents to the doorsteps of end-users to collect feedback on the payment experience.

Ezetap – Mission and Vision

Ezetap’s mission is to empower businesses to receive payment seamlessly via any mode of payment.

Ezetap’s mission statement says, “Our Mission is to be the single platform through which businesses complete any financial transaction with their customers, supporting every instrument and method that those customers want to use”

Ezetap – Partnerships

Ezetap’s Universal payments banking partners are Citibank, HDFC Bank, American Express, Axis Bank, ICICI Bank, Mashreq Bank, RBL Bank, State Bank of India, and Yes Bank. The State Bank of India also partnered with Ezetap as its MPOS partner, with the goal of expanding electronic payments and micro-ATM to every corner of the country. However, this SBI-Ezetap partnership came to an early end. Recently Ezetap partnered with Axis Bank for Launching the My Vyapaar app, an app dedicated to retail businesses. The app comes with many features like attractive buy now pay later options and encourages digital payment by offering exciting rewards.

Ezetap – Business Model

Ezetap pivoted to a Software-as-a-Service business model, allowing retailers to accept transactions online via physical cards, internet payments, and mobile wallets with a single click via UPI, at a time when PoS firms make money from transaction fees.

The startup has altered the payment procedures of brick-and-mortar merchants, e-commerce players, enterprises, government agencies, and financial inclusion institutions using a Software-as-a-Service payments system.

Ezetap – Revenue and Growth

Ezetap’s operating revenue increased by 3% to Rs 45.06 crore in 2017-18, up from Rs 43.77 crore the previous year. According to the papers, the net loss increased to Rs 40.47 crore from Rs 30.71 crore during the period. From Rs 78.69 crore to Rs 92.17 crore, the company’s expenses climbed by 17%.

During the time, employee benefit expenses, such as provident fund, gratuity, and compensated absences, increased by 14% to Rs 33.33 crore from Rs 29.01 crore.

For the fiscal year 2017-18, total revenue was Rs 51.70 crore, up 7.77 percent from Rs 47.97 crore in 2016-17.

As per some reports, Ezetap’s valuation on June 2021 is $126 Million.

Ezetap – Funding, and Investors

Date	Round	Amount	Lead Investors
Mar 7, 2018	Venture Round	–	Prime Venture Partners
Aug 23, 2017	Series D	$16M	–
Aug 7, 2015	Series C	$23.5M	Social Capital
Mar 20, 2014	Funding Round	–	–
Feb 20, 2014	Series B	$8M	Helion Venture Partners
Nov 1, 2012	Series A	$3.5M	Social Capital

Ezetap – Acquisitions

Acquiree Name	About Acquiree	Date	Amount
FortunePay	FortunePay offers comprehensive end-to-end electronic payment platforms and services to acquiring banks and merchants.	Jun 20, 2017	–
Clinknow	The Best Way To Find Shoppers, Not Just Window Shoppers.	Jun 2, 2014	–

Ezetap – Competitors

The top competitors in Ezetap’s competitive set are Mswipe, Innoviti, Mosambee, Pine Labs, Payswiff, ePaisa, Bijlipay, MobiSwipe, Yoyo Wallet, Obopay, STC Pay, and PayRange.

Ezetap – Challenges Faced

According to Ezetap CEO Byas Nambisan, the traditional challenge was that payments have the friction of MDR charge that requires a specific device and adoption of some software technology. And the company has been at forefront of it, for example driving down the cost of the device. When the company first got into this business, there wasn’t any device available for less than 70 USD. Ezetap was the first to get it below the 50 USD point, which was 3000 INR at that point in time. Now it’s for 800-1000 INR and less, for the device.

There were many merchants who weren’t that ready for the deployment of this mode of payment which also served as a challenge for them. But now, as everything is turning into a digital platform, whether they like it or not, merchants have started deploying the usage of digital payment solutions in their businesses to access their customers from all over the world.

Ezetap – Future Plans

Ezetap’s Universal Payments platform is unusual in that it allows businesses to accept any type of payment, anywhere, on any device, with any banking partner of the consumer’s preference. Customers will have a seamless payment experience thanks to a single integration into an organization’s current infrastructure.

While many large firms, well-known eCommerce, insurance, and mobile companies, have adopted Ezetap and adopted its integrated solution, the company sees great opportunity in developing small and medium enterprises.

Ezetap – FAQs

What does Ezetap do?

Digital payment solutions are developed by Ezetap Mobile Solutions. Ezetap offers a variety of options like POS, mPOS, UPI, and SMS pay options, kiosks with payment modules, etc.

When was Ezetap founded?

Ezetap, a Bengaluru-based startup, was founded in 2011 by Abhijit Bose and Bhaktha Keshavachar.

How does Ezetap make money?

Ezetap is a SaaS company and earns money from subscription fees.

Which companies do Ezetap compete with?

The top competitors in Ezetap’s competitive set are Mswipe, Innoviti, Mosambee, Pine Labs, Payswiff, ePaisa, Bijlipay, MobiSwipe, Yoyo Wallet, Obopay, STC Pay, and PayRange.

October 25, 2021

Finly – Tools to Help Businesses Manage Expenses Better

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 Finly.

Keeping track of expenses and payables is crucial for every business. Account Payable automation or AP automation software simplifies tasks like submitting invoices, managing approvals, and processing payments in a fast, error-free and transparent manner. This is the reason why many businesses are adopting Accounts payable automation these days. As reported by Adroit Market Research, the Account Payable Automation software market will be valued at US $ 4 Billion by 2025. One of the top companies providing this software in India is Finly. Finly also offers software for expense management, e-procurement, budgeting and offers various expense and budget-related insights that can help managers and accounting professionals take important business decisions.

In this article, we have covered all about Finly, its founders, the story behind the inception of the startup, its products, revenue, and plans.

Finly – Company Highlights

Startup Name	Finly
Headquarters	Bengaluru, Karnataka, India
Industry	Financial Services, Accounting, Information Technology, FinTech
Founders	Veekshith Rai and Vivek A G
Founded	2015
Current CEO	Veekshith Rai
Website	www.finly.io

Finly – Latest News
About Finly and How it Works?
Finly – Name and Logo
Finly – Founder and History
Finly – Mission and Vision
Finly – Business Model
Finly – Revenue and Growth
Finly – Funding and Investors
Finly – Competitors
Finly – Challenges Faced
Finly – Future Plans
Finly – FAQs

Finly – Latest News

In December 2019, Finly raised an undisclosed amount of funding from investors like Gemba Capital, AngelList India, Omphalos Ventures, Social Capital, and 91springboard.

We believe the team has built a fantastic SaaS product for the global market,” said Adith Podhar, Gemba Capital managing partner. “With Finly, a CFO can time his payments to better manage cash and capture early payment discounts, reduce invoice processing time and costs, and engage the accounts payable department in more strategic, higher-value activities.” Adith added.

About Finly and How it Works?

Finly is a financial management and governance software business. It provides a platform that enables businesses to automate, get visibility into, and manage their expenditure swiftly.

Finly created cloud-based expenditure management software to automate all corporate payments and transactions. The company’s software allows businesses to use cashless transactions by providing expenditure management, money distribution, digital payments, automated collection, and vendor payments.

Finly began with a simple notion: to help businesses better understand their spending and costs. Finly was created to help your organization establish better procedures, resulting in a system that is much more cost-effective and time-efficient. They believe that by replacing standard cost reporting systems with Finly, they would be able to make the entire process more hassle-free, resulting in higher employee satisfaction.

Finly offers a SaaS component that automates all financial operations within the company. To digitize all external financial transactions, the SaaS component connects with every type of payment instrument in India (UPI/ NEFT/ IMPS/ RTGS/ Prepaid Cards/ Credit Cards) enabling businesses to make seamless transactions.

The SaaS solution allows multiple stakeholders (spender/reviewer/finance team/vendors) to interact and cooperate while giving the finance team comprehensive insight. The solution maintains all internal corporate systems up to date with real-time financial activities.

Finly maintains all corporate business systems in sync and provides the most dynamic reporting on the industry by giving the company comprehensive visibility into its spending. Their objective is to give finance teams technology and analytics that allow them to have powerful insights into their spending, allowing them to make informed strategic decisions and removing any cost management roadblocks as your company grows.

Finly offers software for company cost management, digital cash distribution, vendor payments, and GST-compliant invoicing and payments to assist businesses to automate and simplify their spending.

Finly – Name and Logo

The ‘Fin’ in Finly refers to the company’s financial management and governance software business.

Finly’ s Company Logo

Finly’s tagline says, “Control, Optimize & Strategically Reduce Business Spend By Digitising Accounts Payable Process with a Scalable AP Automation System”

Finly – Founder and History

Veekshith Rai and Vivek A G founded Finly in 2015.

Veekshith Rai - Co-founder and CEO of Finly — Veekshith Rai – Co-founder and CEO of Finly

Veekshith Rai and Vivek A G had been friends since they were adolescents, and after graduating from an engineering school in Bengaluru in 2012, they got interested in digital money. Veekshith worked for Mindfree Labs, and Vivek for Accion, and they both worked in IT. However, after only 3 years, they realized they had arrived at a major revenue opportunity: expenditure management.

Finly, a company expenditure, and cost management solution, was born out of this need.

“Before settling on this concept, we had honed in on five challenges we were interested in solving,” Veekshith explains. “We put together pitch decks and contacted industry experts, investors, and advisers. We froze upon Finly and developed a prototype to obtain our first set of clients after feedback, numerous revisions, and a lot of deep ideation.”

During the initial stage, the founders narrowed down possible clients regarding the problem and other factors and shared the product concept with Chief financial officers. After receiving a partial payment, they began development on the system and rolled it out in stages.

Finly – Mission and Vision

Finly’s mission and vision statement say, “Finly Corporation is committed to providing our clients with a high-quality product and outstanding service. When clients use any of our goods or services to develop projects, we try to offer them security and peace of mind. We strive to be at the forefront of innovative technology and manufacturing processes.”

Finly – Business Model

Finly is focusing on the B2B market since the B2C market has been significantly disrupted by technology like UPI and applications such as PayTM and PhonePe, which have reduced reliance on cash.

Businesses, on the other hand, continue to rely on traditional payment processing systems. This is mainly because of two reasons: banks’ ongoing concentration on major operations and their failure to consumerize modern banking technology with software commodities that address current business demands.

Finly’s business model is built on a per-user, per-month cost that is determined by the module selected by the client. They also demand a transaction fee, which is determined by the form of transaction utilized by the company.

“Payments, an integral part of financial operations, remain disconnected from current processes. But payment technologies like UPI, currently open only to the B2C segment, will further drive adoption of digital payments when rolled out to the B2B segment,” says Vivek.

Finly – Revenue and Growth

Finly’s yearly revenue is now projected to be $7.1 million.
Finly’s revenue per employee is expected to be $145,000.

The founders invested little more than Rs 1 crore in the firm, which is producing close to Rs 7 crore in revenue. The founders however have not confirmed the company’s revenue.

Finly – Funding and Investors

Finly raised an undisclosed amount of funding in December 2019.

Date	Round	Amount	Lead Investors
Dec 21, 2019	Seed Round	–	Das42 Capital, Gemba Capital, Social Capital, 91springboard

Finly – Competitors

Finly is a SaaS company that competes with Expensify, SAP Concur, Zoho, Pleo, G2 Storefront, Happay, and Fyle.

Finly – Challenges Faced

According to Veekshith, the road ahead isn’t really a bed of roses.

Changing the habits of finance teams is one of the company’s difficulties. However, Finly combats this challenge with a robust customer success staff that follows up with its clients after the transaction.
The other challenge for the company is having strong business professionals with a mix of sales, technology, and financial skills.

Finly – Future Plans

Finly presently works with over 100 clients, and is working to increase the client base. The company will add more intelligent products to its suite in future.

V Ganapathy, CEO of Axilor Ventures, says: “This market is a big opportunity and this startup helps clients track all their financial expenses. We believe Finly has figured out the market reach and is scaling fast.”

Finly gives CFOs and finance teams comprehensive insight and control over payables. All while improving Finance Teams’ productivity by over 80% via the use of a sophisticated Finance Communication Framework to automate tedious and repetitive procedures and ease wireless communication within Finance Teams. With its intelligent software Finly is all set to change the way Finance teams across industries work.

Speaking about Finly’s vision, co-founder Vivek AG says, “We think that the future generation of finance teams will not spend time on manual labor for day-to-day activities such as processing vendor payments, reconciling invoices, tracking advances, and so on. Finly will assist finance teams in important duties such as analyzing and tracking vital indicators related to the company’s growth.”

Finly – FAQs

What does Finly do?

Finly is a financial management and governance software business. It provides a platform that enables businesses to automate, get visibility into, and manage their expenditure.

Who founded Finly?

Veekshith Rai and Vivek A G founded Finly in 2015.

How does Finly make money?

Their business model is built on a per-user, per-month cost that is determined by the module selected by the client. They also demand a transaction fee, which is determined by the form of transaction utilized by the company.

Which companies do Finly compete with?

Finly is a SaaS company that competes with Expensify, SAP Concur, Expensify, Zoho, Pleo, G2 Storefront, Happay, and Fyle.

October 18, 2021

KredX – The Ultimate Invoice Discounting Tool For Businesses
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 KredX.

Invoice Discounting, also known as Invoice Bill Discounting, is a method for a business to get working profits by issuing an invoice to a lender at a lower price than that mentioned on the bill. In this setup, the seller obtains the payments well ahead of the bill’s due date and can put the money to good use in his enterprise.

KredX, headquartered in Bangalore, Karnataka, is a web-based invoice discounting tool that allows businesses to fundraise for their operating expenses.

KredX – Company Highlights

Startup Name KredX

Headquarters Bangalore, Karnataka

Industry FinTech, Financial Services

Founded Sep, 2015

Founders Anurag Jain, Manish Kumar

Website www.kredx.in

KredX – Latest News
About KredX and How it Works?
KredX – Mission and Vision
KredX – Name, Logo and Tagline
KredX – Founder and History
KredX – Products and Services
KredX – Business Model
KredX – Revenue And Growth
KredX – Funding and Investors
KredX – Acquisitions
KredX – Competitors
KredX – Challenges Faced
KredX – Future Plans
KredX – FAQs

KredX – Latest News

As of December 2019, KredX, an invoice discounting platform, has raised $26 million (nearly INR 184 crore) in Series-B fundraising led by Tiger Global Management, with participation from previous investors. In 2016, Sequoia Capital and Prime Venture Partners invested INR 40 crore in the company’s Series-A investment. The Bengaluru-based venture assists businesses with short-term financing needs by paying bills and receivables.

According to the company’s most recent data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country. Scott Shleifer, Partner at Tiger Global, remarked, “I believe the firm (KredX) has developed an efficient and reliable loan marketplace connecting Indian companies with institutional investors.”

About KredX and How it Works?

KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral. The business’s platform provides an investing software that connects micro, small, and medium-sized businesses seeking working capital with individual lenders, allowing firms to obtain working money quickly by selling outstanding receivables.

KredX is a platform where company owners can sell invoices raised on large cap firms and investors can buy them. By purchasing these future income flows, investors wishing to invest money for a short period of time (1-3 months) can earn substantial returns. It creates a whole new financial asset class by combining advanced software with credit underwriting and data and analytics expertise. This platform allows business owners searching for a cash advance on invoices raised against big-name institutions to sell these outstanding bills at attractive rates.

KredX assisted the business in managing its finances while maintaining that its client relationships were not jeopardized. They were able to grow and develop their business by partnering with KredX, raising liquidity without affecting the balance sheet. KredX’ s customized methods and structured solutions assisted the organization in effectively allocating resources for its expansion needs.

KredX – Mission and Vision

KredX was founded in 2015 with the sole purpose of assisting businesses with their working capital needs by leveraging an asset that sits dormant on their balance sheet in the form of accounts receivable.

KredX – Name, Logo and Tagline

KredX’ s Company Logo

KredX believes in improving people’s lives through its intuitive and innovative products, and its work culture reflects this belief. The team is dedicated to achieving the “all work and must-play” aim.

KredX – Founder and History

Anurag Jain is the Founder and Executive Director of KredX. KredX was founded in 2015 with the sole purpose of assisting businesses in overcoming cash flow difficulties and hence boosting growth.

The KredX range of products grew from an invoice discount platform to handle greater concerns including early payments for corporate treasuries through Early Payments Technology and Growth Capital solutions. At present, KredX is India’s biggest cash flow solution provider, providing unique capital solutions to businesses and their suppliers while also providing investors with a unique opportunity to make low-risk, high-return investments.

With just INR 2 lakh in the capital, the company that began with the goal of providing cost-effective goods and solutions in all areas of IT has developed into a professionally run supply-chain specialist with a revenue of INR 3400 crore.

On a daily basis, the company’s unshakable devotion to customer experience, irrepressible desire for excellence, seamless coordination among team members, and solid business ethics lead to a large and diverse clientele. The payment cycle can be pushed out across a few weeks in such instances. Dealing with major vendors whose payment timeframes may fluctuate, ultimately influencing their finances, is important to any company’s business growth.

KredX – Products and Services

The KredX Product Suite is a collection of following KredX products:
- Working Cash Solution – Enabling businesses to obtain working capital in a short period of time while also giving investors with a lucrative return on their investment.
- Growth Capital Solution – KredX’ s growth capital solutions assist firms in overcoming obstacles by offering upfront funding for expansion and growth.
- Early Payments Technology — A cloud-based technology solution that allows businesses to make discounted early payments to their vendors.
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KredX – Business Model

KredX is a digital invoice discounting platform that allows businesses to acquire funds for working capital needs at advantageous terms by selling outstanding bills raised against blue-chip firms, while also giving investors a unique short-term investment opportunity.

The KredX business model is an alternative investment model in which you can begin investing with a minimum of 3 Lacs for a short period of time and expect a fixed return at the end of the investment period, which can range from 30 to 90 days. Annual returns range from 12 percent to 20 percent (as per their marketing material).

KredX – Revenue And Growth

At present, KredX’ s revenue is $31 Million. Through its network of lenders, digital lender KredX said it will disburse INR 1,000 crore in loans in the fiscal year 2021 through its revenue-based financing (RBF) product, with an emphasis on consumer brands and software-as-a-service (SaaS) firms.

Through its revenue-based financing product, KredX has disbursed loans to a number of brands trying to sell on e-commerce platforms like Flipkart, Amazon, and Myntra in the last two years.

KredX – Funding and Investors

Date Round Amount Lead Investors

Dec 11, 2019 Series B $26M Tiger Global Management

Oct 25, 2016 Series A $6.3M Sequoia Capital India

Apr 13, 2016 Seed Round $750K –

KredX – Acquisitions

Acquiree Name About Acquiree Date Amount

Hummingbill Hummingbill is a B2B invoice platform that helps vendors and enterprises run more efficiently, using email plugins. Mar 1, 2017 –

KredX – Competitors

Top Competitors of KredX are :
- SAP Concur.
- Webexpenses.
- Replicon PSA.
- Bill.com.
- SAP Ariba.
- Spendesk.
- Stampli.
- AvidXchange
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KredX – Challenges Faced

The organisation tried a variety of financial aid options in search of solutions to meet their needs, but there were a number of issues with the options, the most significant of which was the time needed in the process. There are various issues with the offerings, the most significant of which is the amount of time required to complete the process. Other disadvantages included:
- Reduced the funding limit in accordance with existing policies and procedures.
- To access standard offerings, the organization had to provide collateral and financial information.
- Other types of short- and long-term financing were prohibitively expensive.
- Obtaining capital for liquidity and expansion is a challenge.
KredX – Future Plans

“Being in the B2B payment ecosystem, our transaction processing volume has crossed $2.4 billion annually and is forecast to double in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company,” said Anurag Jain, executive director, KredX.

More than 120 companies use the platform, including Tata Croma, Future Group, and Vedanta. The company intends to use the additional funds to hire senior executives in order to accelerate its expansion. It also plans to use the capital to develop new products and make acquisitions.

According to the company’s data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country.

” I believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.

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KredX – FAQs

What does KredX do?

KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral.

Who founded KredX?

Anurag Jain founded KredX in 2015.

Where is KredX headquartered?

KredX is headquartered in Bangalore, Karnataka.

Which companies do KredX compete with?

KredX competes with SAP Concur, Webexpenses, Replicon PSA, Bill.com, SAP Ariba, Spendesk, Stampli, and AvidXchange.
June 2, 2021

Startup Name	KredX
Headquarters	Bangalore, Karnataka
Industry	FinTech, Financial Services
Founded	Sep, 2015
Founders	Anurag Jain, Manish Kumar
Website	www.kredx.in

Date	Round	Amount	Lead Investors
Dec 11, 2019	Series B	$26M	Tiger Global Management
Oct 25, 2016	Series A	$6.3M	Sequoia Capital India
Apr 13, 2016	Seed Round	$750K	–