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Tag: fintech startups

  • Story of RBP Finivis – Promotes the Theory of Financial Inclusion

    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 Rural Banking Programme (RBP) Finivis.

    Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. It launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements, and saw 700 plus subscribers downloading the app on the first day of launch. Founded by husband-wife duo, Sam and Sanaya Gupta, RBP Finivis is a business correspondent to Fino Payment Bank, ICICI Bank, SBM Bank India, along with a few contracts still in the pipeline with India Post and Utkarsh Small Finance Bank.

    StartupTalky interviewed Mr. Sam Gupta, Founder & CEO of RBP Finivis to know the startup story of the organization. He also gave insights on the fintech industry, how RBP Finivis was incorporated, its business model, growth, future plans, and more.

    RBP Finivis – Company Highlights

    Startup Name Rural Banking Programme (RBP) Finivis Pvt Ltd.
    Founders Sam Gupta, Sanaya Gupta
    Headquarters Gurgaon
    Industry Fintech, Digital Payments
    Website rbpfinivis.com

    RBP Finivis – About and Vision
    RBP Finivis – Fintech Industry Details
    RBP Finivis History – How it Started
    RBP Finivis – Product/Service
    RBP Finivis – Founders and Team
    RBP Finivis – Name and Logo
    RBP Finivis – Business Model and Revenue Model
    RBP Finivis – Launch and Marketing Strategy
    RBP Finivis – Challenges Faced
    RBP Finivis – Current Status
    RBP Finivis – Funding
    RBP Finivis – Acquisitions
    RBP Finivis – Competitors
    RBP Finivis – Recognition and Achievements
    RBP Finivis – Future Plans
    RBP Finivis – FAQs

    RBP Finivis – About and Vision

    Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a Fintech firm that promotes the theory of financial inclusion. It offers few products in the B2C segment which are unique and have an edge over technology where it redeems cash backs given to subscribers via the web, app, and cards, etc. Today, India is converging into digital payments and a cashless economy, and the platform RBP Finivis is totally focused on providing digital services in this payment sector.

    The company’s short-term goal includes bringing door-step banking to the unbanked and to scale-up its business volume. Long term goal is to create a consistent flow of services with value-added products. The company’s core belief is to work hard with honesty and be true to one’s work.

    RBP Finivis – Fintech Industry Details

    Fintech is transforming how financial services are being packaged and delivered to consumers from an experience, access, and cost-saving perspective. According to the market, one cannot calculate the actual figure of the market because most of the Retailers have a minimum of two to three IDs for different companies.

    As per media reports, there are about 8 Tier I cities, 26 Tier-II cities, 33 Tier III cities, and over 5,000 Tier IV towns, while there are more than 638,000 villages in the country. India is currently the 4th largest retail market in the world and is further expected to grow to $1.3 Crores.

    It’s well known that the demonetization of the currency has raised digital transactions while the month-on-month rise may not be as high. According to the market, so many startups are already providing financial services through POS, Micro ATM, AePS, and various digital banking solutions. RBP is also part of this journey, it almost covers 6% of this market. But still, there is the scope of a 40% vacant market presence in India where RBP Finivis can reach easily with its products.

    Fintech Industry in India | History | Growth | Future
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    RBP Finivis History – How it Started

    Since the start, Sam has had a passion for online sales. He completed his studies in Electronic Commerce Operations Management (ECOM) in 1998. In 2004, Sam launched a website with unlimited web space with email which was six months before Google launched Gmail.

    In 2006, Sam founded Netmax.tv for online movie streaming but could not do big due to lack of funding. In 2015, he created and founded MEGO for the recharge business which was high in this era. Having over 23 years of exposure in countries like Hong Kong, Singapore, Thailand, Malaysia, and Dubai, Sam came back to India in 2019 from Kuala Lumpur and incorporated RBP Finivis Pvt. Ltd.

    The team has constantly followed the prime players like PayTM on their products and business strategies and MEGO products were created keeping in mind the requirement of subscribers with cashback offers.

    Coming to financial inclusion, happened due to research on subscribers’ needs and market base. As per their business study, AePS, mATM, DMT, and recharge were highly demanded. MEGO products like MEGO Selfie, MEGO Zone, MEGO Ginni, and MEGO Bars are designed on the same pattern ready to be launched, the team is just awaiting relaxation on the Covid lockdown.

    Friends and professionals experts in eCommerce gave them a go-ahead on the idea shared with them as these products were unique and in demand. They have also incorporated redeeming of cash backs from the web and app to cards.

    RBP Finivis – Product/Service

    Products are offered as devices, apps, and web-like AePS, mATM, and DMT. These products are offered as doorstep banking. Its user-friendly app and web are its main USP. Also, it has added real-time settlement which is unique and innovative. The team is also launching other MEGO products with cash backs and coupons. RBP Fintech Pvt. Ltd. is a wholly-owned subsidiary of RBP Finivis Pvt. Ltd.

    RBP Finivis – Founders and Team

    Husband – Wife duo, Sam and Sanaya Gupta are the founders of RBP Finivis Pvt Ltd. Sam takes care of IT, Sales, and Marketing while Sanaya takes care of Administration, Management, and Finance.

    RBP Finivis Founders
    Sam Gupta – Founder & CEO, RBP Finivis Pvt Ltd

    Mr. Sam Gupta and Mrs. Sanaya Gupta are married for 16 years and both have followed the eCommerce business very closely. Sam completed his studies in 1988 and went to launch a website in 2004 offering unlimited web space with email ID 6 months before Google launched Gmail. Then in 2007, launched a website for online movie streaming but could not do much due to the lack of funding. The idea of MEGO was conceived in 2015 offering recharge and cash backs and finally was officially launched on 4th January 2021.

    The company has a highly qualified and experienced tech team with over 10 years of work experience in the same industry in-house. It has 34 employees onboard in India and 3 employees in Singapore.

    “The team here is provided with the coolest work environment and 180-degree views of Himachal Hills with full sunlight to bring out better talent at work. We have an in-house HR who constantly brings in young and experienced talent on board in the team” Says Sam Gupta, Founder & CEO, RBP Finivis Pvt Ltd.

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    Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. Its new product MEGO makes the best use of it.

    RBP Finivis Logo

    MEGO was a short catchy and easy name and represented Me Going, as a short form it came up with MEGO. It plans to launch a male and female mascot which subscribers can customize according to their liking and this mascot will appear on the screen of subscribers offering discounts and coupons using GPS Tracking.

    RBP Finivis – Business Model and Revenue Model

    RBP Finivis operates on a SaaS and BaaS module and is offering the best commissions and margins against its competitors.

    RBP Finivis – Launch and Marketing Strategy

    • It launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements, and it saw 700 plus subscribers downloading the app on the first day of launch. The company gave organic feeds on social media and is yet to launch the Advertising schedule.
    • The company is getting instant hits on its app as it is user-friendly, very easy to operate, and the look and feel are liked by the subscribers.
    • The team is focusing more on customer support and 24×7 call centers help the subscribers with all their issues instantly.
    • RBP Finivis is a business correspondent to Fino Payment Bank, ICICI Bank, SBM Bank India, along with a few contracts still in the pipeline with India Post and Utkarsh Small Finance Bank.
    • It recently launched a leader board for merchants with maximum transactions where the company is giving coupons and bikes to the winners. It is to date the most appreciated offer of the company.

    “We have a good budget for our marketing campaign and we are looking forward to customer acquisition and retention” Sam added.

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    RBP Finivis – Challenges Faced

    The most challenging part was signing up and onboarding banks as a business correspondent which involves a lot of compliance. The technical collaboration also was a challenge but our IT Team was capable of handling the situation with ease. The team has been working on strict policies and strategies and all modules that they have worked on were pre-calculated and thoroughly analyzed and implemented.

    RBP Finivis – Current Status

    RBP Finivis’ platform is completely focused on providing digital services in the payment sector. The company has a highly qualified and experienced tech team with over 10 years of work experience in the same industry in-house. It has 34 employees onboard in India and 3 employees in Singapore. The team strategically located the office which is easily approachable and visible giving the company free brand promotion.

    “The main aim to establish the company was to reduce poverty and provide financial support to lower-income entrepreneurs” says Sam.

    RBP Finivis – Funding

    RBP Finivis is a self-funded/bootstrapped company and has not raised any funding yet.

    “We are ready with our pitch deck and will be looking for angel investors soon” Sam Gupta (Founder & CEO , RBP Finivis) added.

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    RBP Finivis – Acquisitions

    RBP Finivis recently acquired a major share in RBP Fintech Pvt. Ltd. and have plans to acquire entities in Thailand, Malaysia, Amsterdam, and Singapore.

    RBP Finivis – Competitors

    Competitors of RBP Finivis are Mahagram, PayNearBy, Relipay, and Bankit among others.

    RBP Finivis – Recognition and Achievements

    The company has ISO 9001 and 27001 certification and has its legal entity identifier for international recognition.

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    RBP Finivis – Future Plans

    • It plans to develop a Country Wide Web of distributors and a million merchants by the year 2022.
    • The company plans to achieve 100,000 users in the next 1 month (Aug-Sept 2021).
    • It will be launching its White Label, Distributors, B2B and B2C in the first week of August 2021 and will cover all financial inclusion products range by the year 2022.
    • RBP Finivis will cover PAN India with a 500 plus workforce and an annual turnover of around 400 Crore.

    RBP Finivis – FAQs

    What is RBP Finivis?

    Rural Banking Programme (RBP) Finivis Pvt. Ltd. is a FinTech firm that promotes the theory of financial inclusion. It offers few products in the B2C segment which are unique and have an edge over technology where it redeems cash backs given to subscribers via the web, app, and cards, etc.

    Who founded RBP Finivis?

    Husband – Wife duo, Sam and Sanaya Gupta are the founders of RBP Finivis Pvt Ltd.

    What is the business model of RBP Finivis?

    RBP Finivis operates on a SaaS and BaaS module and is offering the best commissions and margins against its competitors.

    What is MEGO?

    RBP Finivis launched MEGO Pay app providing AePS, mATM, and DMT with instant settlements. The team is also launching other MEGO products with cash backs and coupons.

    Is RBP Finivis Bootstrapped?

    Yes. RBP Finivis is a self-funded/boot-strapped company and has not raised any funding yet.

  • Top-Notch Entrepreneur, Milan Ganatra’s View on Fintech Industry [Exclusive Interview]

    StartupTalky interviewed Mr. Milan Ganatra, a prominent face in the wealth management community to get his professional opinions and views on the Fintech Industry in India. He brings with him more than two decades of experience in financial services. This serial entrepreneur and investor founded Miles Software, a path-breaking company in the fintech space.

    As an individual, Milan Ganatra believes that life is a beautiful journey where it is essential that one constantly grows, gains experiences, and learns new subjects. Milan continues to believe, despite increasing competition, that fintech has enormous potential. With a solution-oriented mind, he is interested in finding like-minded partners with whom he can invest in ventures within the sphere of fintech. A prime example of this is his investment in Financepeer and Finalyca after his exit from Miles Software.

    His eagerness to explore urged him to invest and form a disruptive fintech platform – 1Silver Bullet, which provides gateway infrastructure for a range of tech-based avenues such as Edtech, Agritech, Insurance, Traveltech among others. Milan is a member of the Advocacy & Knowledge Management Committee for the Indian Institute of Alternative Investments funds, as well. He also consults several banks  and financial institutions. Known for his dedication to his profession, he is always excited to hear new ideas, invest in new projects, and offer innovative solutions.

    Let’s see what Mr, Milan Ganatra has got to say on the Indian Fintech Ecosystem in the post ahead!

    1. Motto of 1Silver Bullet and How it works
    2. Top trends in the Indian FinTech Ecosystem
    3. Change in the Fintech Industry of India in the Pre & Post-covid Era
    4. Growing usage & Advancement of Technology in the Fintech space
    5. Role of AI / ML -driven performance analytics in the fintech space
    6. Future of the Fintech Space
    7. Role and Future of Robo Advisory in Investment management
    8. How to be successful in the growing technological advancement in fintech space?
    9. Data Security in Fintech Space: Distinguish a legitimate fintech platform from a fraud
    10. Milan Ganatra’s Expectations from Startups prior to Investing
    11. Milan Ganatra’s Recent Investments and Future Plans
    12. Contact Mr. Milana Ganatra for Investment, Mentorship & Solutions
    13. Milan Ganatra’s Advise to the Budding Fintech Platforms

    1. What is the main motto of 1Silver Bullet? How does it work?

    With 1Silver Bullet we are trying to democratize the digitization of the financial space. Despite the recent emphasis on digitization, there are still glaring gaps that neither incumbents nor fintech have managed to cross over. With 1Silver Bullet our effort is to lay down the infrastructure and provide a well-thought digitization framework that can help these organisations to transform their legacy systems in a smooth, efficient, and time-bound manner. We lay down the framework and provide them with the tools so that they can focus on their core business.

    The most striking trends in the fintech ecosystem are centered around how these new-age companies have disrupted the status quo. They quickly seized the ground from incumbent players by introducing technology to improve and simplify processes. The three topmost fields where we saw fintech companies make their mark are:

    • Payments: Apps like GPay and Paytm are some of the most popular payment apps. They completely revolutionized how people in India make payments today
    • Banking: The success of fintech shows how banks have no choice but to keep up with the pace set by these neo banks. While most of the neo banks have an anchor point, like investment or SME, what they offer is a holistic experience.
    • Investment or brokerage: Groww, Zerodha or Upstox offer a completely different experience to investors, making it more democratic, accessible, and easy-to-use than any other traditional means. They have opened access to users who are tech-savvy willing to explore investment options that otherwise would sound complex. Consequently, they have grown very quickly in a very short period.

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    3. What change did you witness in the Fintech Industry of India in the pre & post-covid era?

    The COVID crisis is a watershed moment in our history and it has left an undeniable impact on every aspect of our life. The fintech industry is no exception. In general, we have seen that digital platforms found a wider acceptance with the spread of digitization and there is good reason to stay bullish about the future.

    A recent report by Matrix Partners and McKinsey & Company shows that fintech across different segments have experienced mild to major disruptions with the lending sector being the most affected. In wealth management and insurance, we have seen some positive moves. The pandemic has also forced some segments to put a hold on their new products with 50% of the neobank delaying product launches. But these disruptions notwithstanding, the outlook is quite optimistic on future growth. This comes from an increasing acceptance of fintech and the wide adoption of technology across sectors. For instance, incumbent institutions like banks are now tying up with fintech to improve their digital presence, boost reach, and create a more efficient delivery of products.

    Fintech Industry

    4. How can one keep up with the growing usage & advancement of technology in the Fintech space?

    What is considered cutting-edge tech today will get obsolete very soon. The only way to keep up is through investing in continuous Research & Development (R&D) and keep upgrading the tech stack. The other equally important aspect is the service. User expectations change with time and with increasing competition. We have to keep improving and innovating. The agility to disrupt yourself is the key mantra for any fintech to survive. It must have the agility to adapt, the will to improve, and the tenacity to keep looking for a way forward.

    5. Highlight the role of AI / ML- driven performance analytics in the fintech space

    Artificial Intelligence and Machine Learning have transformed the fintech space and will continue to be the drivers in its growth. The evolution of Robo-advisors and its growing impact on wealth management is a perfect example of how these technologies can create a revolution. But there are many other myriad ways in which we use AI/ML to create more efficient and secure services while improving the accuracy of our processes. Something as simple, but critical, like automated customer support, rely on AI/Ml to reduce human intervention, gather data, create a more efficient, and quicker turnaround for the customer. But it’s not just performance analytics, AI/Ml is a game-changer when it comes to predictive analytics.

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    6. What do you think is the future of the Fintech space?

    Given that India has the highest fintech adoption rate in the world, we can safely predict a bright future for the industry. In Asia, the Indian fintech industry has already pipped China to lead investments with close to $286 mn from 29 deals, against China’s $192.1 mn from 29 deals in Q1 2019.

    Despite the COVID-19 slowdown we can expect an annual growth rate of 20.2% till 2023. We may need some course correction in the short term to counter the impact of the pandemic, but in the long term, I see fintech gaining more and more ground as digitization becomes the norm.

    7. How effective is the role of Robo Advisory in Investment management? What does the future behold? How will it impact the employment of potential prospects?

    Robo-advisors are the most efficient online investment management services that employ mathematical algorithms to offer financial advice with nominal human intervention. The AI helps manage clients’ assets in a structured and strategic manner. It also understands and predicts investor behavior. This helps build a comprehensive investor profile giving in-depth and accurate information on the investor liabilities, spending patterns, and likely behavior. While it does everything in an automated fashion, the human interface is crucial to monitor the performance from time to time. We cannot say that it will eliminate human advice.

    “Humans and machines will work in harmony in the space of investment advisory”

    In terms of its impact on skills in the wealth management industry, we are already seeing a greater demand for technical training to work with Robo advisors. We will need coders, analytic experts, and wealth managers who can work with data, AI, and machine learning.  

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    8. From ideation to evolution & ultimate revolution – how can one be successful in this journey with growing technological advancement in the fintech space?

    Like any other revolution, success always begins with an idea. But it does not necessarily have to be unique. Some of our most successful businesses today are testament to the fact that it is rarely the first-mover advantage that works. What takes an idea from its germination to a decisive success, is the execution. When it comes to fintech, we first see if the concept simplifies a complex process, if it makes the life of a consumer easy.

    Next, we see if it can be scaled up. Then comes the hard work of fine-tuning the initial concept. We have to continuously listen to the customers, understand their pain points. The revolution comes only when we provide the customer with a unique and amazing experience.

    “There is no magic and no short-cuts here, just hard work”

    9. How safe is the customer data in Fintech space? How do you suggest customers distinguish a legitimate fintech platform from a fraud/illegitimate/unregistered?

    The safety of consumer data is the most serious issue facing the fintech industry and it must be addressed urgently if we want to keep our momentum and gain wider acceptance. To avoid falling for a fraudulent fintech, consumers are advised to stay vigilant. Beware of any platform that tries to impose a quick decision, does not carry out standard verification procedures, is unclear on its fee, or does not carry a physical address on the website. At the very least it should have a secure https:// web address.  

    But there is undoubtedly a larger and more fundamental problem of safety that we face today, which can make a serious dent in our trustworthiness in the industry as a whole. We need a singular tech-focused regulator that can enforce compliance, not the current fractured structure that stays divided between RBI, SEBI, and IRDA. We must hold fintech responsible in the way we hold banks liable. Until a regulator steps in (as it eventually will), responsible fintech should follow best practices, such as disclosing vulnerabilities, to reassure customers.

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    10. With your recent investment in 1Silver Bullet & Finalyca, Are you planning to invest in any more upcoming fintech startups or thinking about a whole new yet another innovative venture?

    I am exploring completely new domains. I have recently invested in Halaplay, a part of Nazara Technologies which is a listed Indian gaming and sports media platform. Online gaming is an interesting space to grow and thrive in. A new venture is something I will talk about when I am ready to announce it.

    11. How can one potentially connect with you to either present ideas, get innovative solutions/mentorship or investment and stand out from the crowd?

    Mr. Milan Ganatra’s Email ID: Milan@ganatramail.com

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    12. How do you scrutinize the list of startups before making an investment? What do you expect?

    When we evaluate a startup for an investment, there are a few factors we are looking for. These centre around the founder, the concept, and the founding theme. The founder’s passion and commitment towards their idea is the first thing we check. Then comes the potential of the concept in terms of its scale. Does it address a generic or exemplary issue? Finally, we come to the founding theme and its clarity. Our focus is on the planning involved, whether it is detail-oriented and quality conscious.

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    13. From Miles Software to 1Silver Bullet – Your out-of-the-box ideas & innovations is commendable! What would you advise the budding fintech platforms?

    “If you think you have an idea, come out of your comfort zone and pursue it. There is no better time than today to pursue your dream. You may have to go through some struggle but believe in yourself. Be passionate about your idea”

    Conclusion

    The Indian Fintech ecosystem has seen tremendous growth, even during the pandemic times. Given that India has the highest fintech adoption rate in the world, we can safely predict a bright future for the industry. In Asia, the Indian fintech industry has already pipped China to lead investments with close to $286 Mn from 29 deals, against China’s $192.1 Mn from 29 deals in Q1 2019. Despite the COVID-19 slowdown we can expect an annual growth rate of 20.2% till 2023.

  • How Invest19 is Disrupting the Stock Market? [Exclusive Interview]

    Invest19.com is disrupting the stock market with its AI-powered stock tech platform. Invest19 Technologies is a fintech company serving in the technology sector and leverages the power of emerging technologies like machine learning, data science, Artificial Intelligence, to simplify, automate, and enhance the user experience – from customers to businesses.

    Invest19.com is building an innovative platform capable of providing next-generation, scalable and low-latency tools and technology solutions to individuals and businesses in meeting the swiftly evolving needs of today’s fast-growing industry.

    StartupTalky interviewed Mr. Kaushlendra Singh Sengar, Founder & CEO of Invest19.com to know how the startup is planning to disrupt the stock market industry by leveraging emerging technologies. Read all about the USP, Features, Revenue Model of Invest19.com, its marketing strategies, future plans and more in this post ahead!

    Invest19.com – Company Highlights

    Startup Name Invest19.com
    Founders Kaushlendra Singh Sengar (CEO), Mahek Tomer
    Headquarters Noida
    Founded 2020
    Industry Fintech, Wealth Management

    Here’s what Kaushlendra Singh has got to say about Invest19.com –

    1. Invest19.com USP over its Competitors
    2. How Invest19.com is Planning to set itself apart and grab the investors trust?
    3. What emerging technologies is Invest19.com disrupting to enhance the user experience?
    4. Invest19.com Revenue Model – “Become an Investor @ Cost of Burger”
    5. Invest19.com – Marketing and User Acquisition Strategies
    6. How does the Execution Partner Opportunity for Stock Brokers at Invest19.com work?
    7. How is Invest19.com coping with Challenges and Opportunities amidst pandmeic?
    8. Achievements of Invest19.com
    9. Future Plans of Invest19.com

    1.What USP Invest19.com provides over its competitors?

    Invest19.com is an Investment ecosystem providing multi broker choices to scale capital market into small towns by build next generation stock market industry on cloud where in market participants like exchanges, depositories, stock brokers, market experts can come together and provide seamless investment experience to create new breed of smart investors.

    Invest19 founder
    invest19 founder – Kaushlendra Singh

    2.Over 30% of market share in the discount brokerage industry is held by top players like Zerodha, Angel Broking, 5paisa, Upstox among many. How do you plan to set yourself apart and grab the investors trust?

    Invest19.com is supporting stock brokers by providing next generation cloud infrastructure to scale their broking business by increasing their reach up to small town users,  disrupting human centric technology is providing better user experience, which leads to high user retention ratio and better revenue. Invest19.com is building business beyond technology by referring new users to stock brokers.

    3. How is Invest19.com ahead in its technology implementation? What emerging technologies are you disrupting to enhance the user experience from customers to businesses?

    There is a lack of financial literacy in India and complexities of available trading platforms are the biggest entry barriers for novice investors. We at Invest19.com is trying to fix these challenges with the help of latest blend of technologies, which is highly scalable, can handle millions of orders per second, simplifying investment experience by using human centric user interface and experience, making system more intelligent by mixing human brain with Artificial intelligence and data science and proving one touch investment platform.

    With this we are able to provide an investment platform where in a layman can also investment with confidence and grow their wealth.

    4. Found this intriguing- “Become an Investor @ Cost of Burger” How do you plan on executing this? What revenue model mechanism are you adopting?

    We believe that like 2 decades ago computer education became mandatory for everyone from schooling, in the same way we should also make investment education mandatory from schools this is the right time when one should learn the art of savings and power of investment. If we want to build a new breed of future smart investors we should start working from roots.

    That’s why we have built this product name “become an Investor @ cost of burger” this signifies that students can become investors by compromising from a piece of a burger and their pocket money is sufficient enough to start the investment journey.

    We, along with SEBI registered market experts have created a special poll of high potential listed companies with good fundamentals and future business projections with low stock prices. Our specially designed artificial intelligent system will help users to build a low risk and high growth portfolio.

    We have all three business model, B2B, B2C and SaaS along with monetization Strategies like Financial Literacy, Gamification, Referral Reward, Sponsorship & Space Selling, Freemium Model, Transactional Fee, Membership Selling, Licensing Fee.

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    5. How are you planning to make yourself known in the investment world? What marketing and user acquisition strategies are you employing?

    Building Investment ecosystem for millennials, offering multiple BFSI service provider and investment assets class choices, simplified investment experience with affordable tailor made investment ideas by mixing human brains with artificial intelligence and cash back on brokerages.

    As we are on beta stage, so we do understand that there is high chance of app performance issue. That’s why we have started a physital model a mix of digital and human touch to spread financial literacy and create trust among small town users and to trained users about platform features. Human touch approach is bridging the gap wherever there is a bug or app performance issue. This is cost effective for the early stage startup because here you pay only on business conversion.

    6. What exactly is Execution Partner Opportunity for Stock Brokers? How does it work?

    Invest19.com is an investment ecosystem where in any regulated stock brokers can get registered as an execution partner by doing some necessary paper work with the respective exchanges and can become a next generation tech broker, here broker will get everything which is required to run and expand the business, starting from user acquisition, investment ideas services, trading features, customer support, portfolio tracker and many more.

    This way a regional broker can become national stock broker and can acquire user from pan India with no time and marketing budget. This is reducing market cost, sales cost, tech and server cost, operation cost, research team cost and many more.

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    7. Launching a company amidst the start of pandemic must’ve bought its own opportunities and challenges. How is Invest19.com coping with it?

    Invest19.com was hardly 2 months old when lockdown started in March 2020. Initially it was quite challenging for us, as no one was prepared for that and business dynamics completely changed after lockdown.

    As product was into development stage that time. So we missed the chance to grab the user growth opportunity. But we saw this pandemic as an opportunity and people have realized the importance of savings in this hard time.

    It’s being more than a year we are working from home, seeing the changed business dynamics in covid-19. We focused on building the paperless 100% online investment ecosystem, which can convert the offline brokers into online as due to lockdown their sales people are not able to go out for business development or demat account opening.

    To reduce risk due to Covid uncertainty we focused on:

    • Fund raising and investments: In parallel with Product development, I have started pitching investors to meet out working capital requirements of the company. As product was into development stage so we were completely dependent on the investors’ fund. I have followed a sustainable business, wherein all the resources, particularly monetary resources and funds, need to be used consciously. Managing cash flow and conserving resources for a few months post resumption of normal operations is a key to sustainability.
    • Incorporated short cycle planning: Instead of looking at long-term plans three months, six months, and one-year plans should be ready. In the current scenario, making up for the lag due to lockdown and preparing the organisation to cope up with the situation needs to be focused upon.
    • We are also doing Effective and regular monitoring: The need for mentoring is going to be the highest in given times, as team is working from home and lots of coordination is required to deliver the project on time.
    • We have created Strong communication channel: During the Covid times, it is essential that the channel of communication is effectively and efficiently maintained. Being open and available to the concerns of all stakeholders, including customers and investors, becomes extremely important to maintain their association with the business.

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    8. It’d be great if you could highlight some of your achievements

    • We received our first success in July 2020, when we got the exchange approval of our platform to go live in one go without any observation. In the history of stock market, we are the first platform who got go live approval in one go.
    • Second success came by August end when we did beta launch of this platform.

    9. Where do you see Invest19.com in the next 5 years in comparison to your competitors? Any business expansion/partnership/funding plans?

    In next 5 years Invest19.com will become the world’s largest investment ecosystem, with more than 45 stock exchanges and all the possible investment asset class you can think of. We are doing partnerships with banks, stock brokers, NBFC’s, insurance companies, AMCs, Fintech platforms, financial platforms, etc. and also raising funds to speed up our product launches, soon will do the funding announcements.

    Conclusion

    Startups are always a step ahead in disrupting the emerging technologies, be it any field. Invest19.com being one among is aiming to be the world’s largest investment ecosystem by 2026 by leveraging artificial intelligence, machine learning and data science. Launching the company amidst the start of pandemic bought its own opportunities and challenges to the team, but Invest19.com paved its way over the beat launch in August 2020 and is looking for a main launch in 4 months i.e., July-August 2021.

  • WealthDesk – B2B2C Investment Technology Platform

    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 WealthDesk.

    WealthDesk is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs which are productized into investment products called WealthBaskets.

    WealthDesk is driving the Investment product side innovation in India. It has 50+ partners who leverage WealthDesk’s platform to realign their broking and advisory offerings. This includes renowned full-service brokers such as Motilal Oswal, JM Financial, Anand Rathi, Prabhudas Lilladher, among others. As a B2B2C SaaS platform in this space, WealthDesk can get B2B on its platform and create a bigger ecosystem at scale.

    StartupTalky interviewed Mr. Ujjwal Jain (Founder & CEO, WealthDesk) to get an insight on the Success Story of WealthDesk. Know all about WealthDesk’s founding team, how it started, growth, future plans & more in this article ahead!

    WealthDesk – Company Highlights

    Startup Name WealthDesk
    Founders Ujjwal Jain (CEO), Yuvraj Thakker (Co-founder & NED)
    Founding Year 2016 (Went Live in 2018)
    Headquarters Mumbai
    Sector Fintech/Investment Platform
    Website wealthdesk.in

    About WealthDesk
    WealthDesk – Founders and Team
    WealthDesk Ideation Journey – How it Started?
    WealthDesk – Product and USP
    WealthDesk – Challenges Faced
    WealthDesk – Growth and Current Status
    WealthDesk – Future Plans
    WealthDesk – FAQs

    About WealthDesk

    WealthDesk is a B2B2C Investment Technology platform founded in 2016. WealthDesk enables portfolio-based investing on top of stocks and ETFs (Exchange Traded Fund) consolidating advisory, broking, asset, and wealth management ecosystem. It is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs which are productized into investment products called WealthBaskets; WealthBaskets are enabled for large scale distribution through broking partners with strong network effects.

    Its goal is to make sure all big and small brokers in the country are integrated on the WealthDesk platform on the transaction side (‘UPI’zation of Broking industry) and on the Advisory front, it wants to have some of the Best advisors’ Investment Products (WealthBaskets) on the WealthDesk platform.

    WealthDesk Logo

    With this dual strategy, WealthDesk drives the Investment product side innovation in India on top of Equities and ETFs (beyond Mutual Funds) and build a highly scalable distribution network for distributing these products at scale through the Broking ecosystem. The team is also pretty keen on focusing on the first-time investors as they are digitally savvy and will appreciate the benefits of the advised wealth management.

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    WealthDesk – Founders and Team

    Ujjwal Jain is the founder and CEO of WealthDesk. Yuvraj Thakker is the Co-founder of WealthDesk.

    WealthDesk Founder
    Ujjwal Jain – Founder & CEO, WealthDesk

    WealthDesk Ideation Journey – How it Started?

    Reminiscing the journey towards inception of WealthDesk, Ujjwal Jain (Founder & CEO of WealthDesk) says –

    “I have almost a decade’s experience of working in the fund management industry. During my working tenure with DE Shaw (Wall Street based Hedge Fund), I got an opportunity to shift to Mumbai for a strategic India focused stint, this made me realize the massive India FinTech opportunity in asset management, fund management, advisory and broking. With it, I also realized that while I had demonstrated capabilities in the technology-driven active hedge fund industry, I needed to deep dive into how the Index/ETF-based passive industry works. I then took on a role with the MSCI Mumbai office and worked closely with the MSCI Geneva office which drives the Index business globally.

    In less than two years, I was able to work with the research and products team globally to launch multiple Smart Beta Indices. I also worked on setting up the technology platform for launching ESG based Indices that hold a lot of prominence now. Around the same time, I was also a part of a global team looking to platformize/productize Index manufacturing at scale to reduce turnaround time with clients and compete with new technology focused fintech competitors in Index space. Having built a strong institutional and in-depth understanding of both active and passive funds, I felt ready to explore the Fintech opportunity in India.

    During the research phase about India, I met several brokers and asset managers in Mumbai to understand their challenges and that of the sector at large. That’s when I clearly saw how technology could address most of the challenges that they are facing, and I began working towards it. During my research phase, I also met Yuvraj, who runs a Brokerage house as a third-generation stakeholder.

    We met several times and spent hours/days together in 2015, where Yuvraj gave a sense of the current challenges in Broking and Asset Management Industry as a legacy broker and I could look at these same problems with a complete modern Computer Science mindset. Eventually, we were able to create a roadmap to build WealthDesk platform ecosystem, that incorporated the startup Wealth Technology and Services Private Limited. Yuvraj provided a strong incubation ground within his brokerage house to launch and test the platform between a closed user group.

    We were clear that we wanted to build the platform first. We were sure that once we built a platform that addressed the needs of the industry, we would get customers. So, we began building a B2B2C platform ecosystem for advisors, research houses getting into advisory, brokers and investors on AWS. With its strong Start-up network, constant innovation on cloud, a strong presence in India with a vibrant developer community made AWS our default choice from day 1. It took three years for the team to work and build the platform. In 2018, WealthDesk went live. The team then spent the next year getting brokers and advisors on the platform.  Today, WealthDesk is India’s pioneering SaaS-based Neo AMC platform that powers advisory, broking, wealth management, and portfolio management to retail investors at scale.

    I believe that AWS has been a key enabler in our success story. Even without offering financial services, AWS has played an instrumental role in reshaping India’s financial landscape. AWS is the technological backbone of many FinTech companies, including WealthDesk, where product innovation through engineering is the integral component of value creation”

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    WealthDesk – Product and USP

    The product is the WealthDesk platform and it provides two key offerings – For the retail investors and businesses. WealthDesk is a B2B2C Platform ecosystem with one single SaaS offering of Business platform and multiple WealthDesk Consumer SaaS Deployment(B2C) for Brokers and Advisors.

    WealthDesk Business along with WealthDesk Consumer platform ecosystem enables Brokers, SEBI Registered Investment Advisors, Portfolio Managers, Research Analysts to manufacture and distribute their Stock/ETFs research as an Investable Portfolio called WealthBasket and distribute to Retail Investors through an ever expanding WealthDesk Consumer multi-broker ecosystem with seamless execution.

    WealthDesk solves the problem of retail investors, who look at markets with wealth creation goals. It helps them understand where and how to invest smartly and avoid mis-selling and wrong choices. Given it is still a push-based product, the journey to get first time investors into markets or making someone build a habit for moving savings into investments following a process and with discipline is difficult. Lot of effort needs to be made in that direction as an ecosystem.

    These challenges were met by bringing better Investment Products (WealthBaskets) in Indian markets that were beyond Mutual Funds for retail Investors on top of SEBI Registered Investment Advisory and Research Analyst licenses using Stocks and ETFs. The objective behind WealthDesk is to serve first time to seasoned investors with products previously accessible in the form of investable instruments. Also, drive the future of Digital Asset and Wealth management in India at scale and penetrate markets to a large extent across India.

    Traditionally investors, brokers and their research & advisory arms, SEBI registered advisors and research houses used to work in silos. This model of engagement does not allow them to serve retail investors and traders with right research and portfolio strategies thus leading to suboptimal returns, misalignment of goals/incentives and is operationally non-scalable to build assets under advisory businesses on top of Equities and ETFs, etc.

    Since 2013, regulators like SEBI had already started focusing on bringing transparency in advisory based distribution and streamlining the role of brokers as distributors and the recent draft of this circular (October 2020) is one of the steps in this direction to bring in more transparency, alignment. WealthDesk is pre-empting the eventuality of the industry by offering a platform powered investment instrument called WealthBaskets on top of Equities and ETFs to drive research and advisory based portfolios distribution to retail investors on top of broking. This innovation is the USP of WealthDesk.

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    WealthDesk – Challenges Faced

    Key challenges faced by the team initially was hiring top Engineering talent to build such a deep tech platform in Capital Markets based out of Mumbai. Once a great team was established, there was no looking back.

    Another challenge as well as the opportunity was to make brokers, advisors in the country look at this changing landscape and realize the future and opportunity through the founding team’s lens/vision. Once that was done, WealthDesk began growing organically, with zero sales and marketing spend till now.

    Yet another challenge was to make retail investors look at markets with wealth creation goals and understand where and how to invest smartly and avoid mis-selling and wrong choices. Given it is still a push-based product, the journey to get first time investors into markets or making someone build a habit for moving savings into investments following a process and with discipline is difficult. Lot of effort needs to be made in that direction as an ecosystem. But that is an opportunity also by creating a nudge-based user journey as a platform, provide right content and marketing push to bring the necessary behavioral change. Another opportunity is that as a B2B2C SaaS platform in this space, WealthDesk can get B2B on its platform and create a bigger ecosystem at scale.

    These challenges were overcome by bringing better Investment Products (WealthBaskets) in Indian markets that were beyond Mutual Funds for retail Investors on top of SEBI Registered Investment Advisory and Research Analyst licenses using Stocks and ETFs. The objective behind WealthDesk is to serve first time to seasoned investors with products previously accessible in the form of investable instruments. Also, drive the future of Digital Asset and Wealth management in India at scale and penetrate markets to a large extent across India.

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    WealthDesk – Growth and Current Status

    WealthDesk ended Calendar year 2020 with 20 broker and advisor partners. It has nearly doubled the number of partners in Q1 of 2021.

    Currently, WealthDesk has 50+ partners who have leveraged WealthDesk’s platform to realign their broking and advisory offerings around SmartBeta, Factor based Thematics, Sectoral, Asset Allocation based ETF WealthBaskets that are driving a new product ecosystem.

    This includes renowned full-service brokers such as Motilal Oswal, JM Financial, Anand Rathi, Prabhudas Lilladher, among others.

    Some of the leading investment advisors such as Quantech Capital (OpenQ), Finmo, Renaissance Investment Managers, Tamohara, Wright Research, etc. are on WealthDesk.

    WealthDesk has also integrated with discount brokers such as ICICI Direct, Zerodha and Upstox that allows their users to directly login on WealthDesk.in and invest in WealthBaskets.

    WealthDesk has also seamlessly integrated with 63 moon’s ODIN trading platform; this platform powers 800+ brokers. This partnership brings Advisory based Value Added Broking to all such brokers in a plug and play model.

    WealthDesk – Future Plans

    WealthDesk’s focus for the future has always been on expanding beyond mutual funds and portfolio management services. With the support and help from its partners, the team believes that they can drive the future of investing in Indian capital markets.

    WealthDesk – FAQs

    What is WealthDesk?

    WealthDesk is India’s pioneering B2B2C platform that captures the entire Investment/Asset Management/Advisory value chain from portfolio creation on top of Equities and ETFs which are productized into investment products called WealthBaskets.

    Who are the founders of WealthDesk?

    Ujjwal Jain is the founder and CEO of WealthDesk. Yuvraj Thakker is the Co-founder of Wealth Desk.

    What is WealthBasket?

    WealthDesk Business along with WealthDesk Consumer platform ecosystem enables Brokers, SEBI Registered Investment Advisors, Portfolio Managers, Research Analysts to manufacture and distribute their Stock/ETFs research as an Investable Portfolio called WealthBasket

    When was WealthDesk founded?

    WealthDesk was founded in 2016. The WealthDesk platform went live in 2018.

  • India’s Soonicorn 2021: A Closer Look At The Future Unicorns

    Over the last four years, the Indian entrepreneurship ecosystem has risen from 35K startups in 2016 to more than 55K startups in 2020 with more than $48.7 billion being raised during the revealed rounds of investment. As a result of the exponential growth in consumer demand and the increased use of digital goods and services by individuals and firms, more than 15+ unicorns have arisen in India since 2018. The word Soonicorn applies to start-ups that could become Unicorns whereas a unicorn is a startup carrying a value of up to $ 1 billion.

    Now let’s take a look at a list of the Soonicorns of India:

    1. MobiKwik
    2. CRED
    3. PayMate
    4. BharatPe
    5. Capital Float
    6. Acko
    7. Lendingkart
    8. KhataBook
    9. Fino Paytech
    10. Vivriti Capital
    FAQ’s
    Conclusion

    1. MobiKwik

    Mobikwik Logo
    MobiKwik Logo

    MobiKwik is an Indian organization founded in 2009 offering a digital wallet and a mobile payment system. Online wallets may be used for purchases to add money to their clients. The Bank of India reserve approved MobiKwik’s e-wallet to be used by the company in 2013 and began providing customers with small loans for its service in May 2016.

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    2. CRED

    Cred Logo
    Cred Logo

    CRED was founded by Kunal Shah in November 2018, after an investment of $1 M in Bangalore, India. CRED is an Indian credit card bill transferring app. CRED has been mentioned among the future unicorns by CB Insights in June 2020.

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    3. PayMate

    PayMate Logo
    PayMate Logo

    PayMate provides a cloud-based network for big businesses and SMBs to move from slow, expensive forms, such as cash and checks, to digital payments in real-time. It digitizes the entire payment period to boost overall performance and minimize time, commitment, energy, and costs by more than 50 percent.

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    4. BharatPe

    BharatPe Logo
    BharatPe Logo

    BharatPe plans to make the deal via (15-day) deposits due to the dealer commercializing interest. In case of an emergency, dealer partners can, in 15 days from the deal, cancel the settlement by paying a withdrawal charge of 1 percent.

    5. Capital Float

    Capital Float Logo
    Capital Float Logo

    Capital Float was formed in 2013 and became the country’s largest digital lender. SMEs working in sales, trade, and logistics are given working capital loans. They also fund online and offline customer transactions by way of various A-list alliances.

    6. Acko

    Acko Logo
    Acko Logo

    Acko is an Indian general insurance company that is in the private sector. In line with a digital model, Acko offers a digital forum for all market activities for the company. The business seeks to promote startups as well. Acko expanded the financing of Amazon, Accel Partners, SAIF Partners, and Catamaran Ventures by 274 crores in 2018.

    7. Lendingkart

    Lendingkart Logo
    Lendingkart Logo

    Lendingkart Finance aims to ensure credit availability for SMEs who either have no or currently lack capital access to credit. The organization plans to pay out loans within 72 hours with limited paperwork. It seeks to transform small business loans by making it easier for small and medium-sized enterprises to access lending. Data security is very important for Lendingkart Community. All the details are kept private.

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    8. KhataBook

    Khata Book Logo
    Khata Book Logo

    KhataBook is a smartphone application that helps small business owners and Kirana stores handle their books in India by helping them track the money owing by means of a digital directory. Both data collected on the Khata Book App are kept safely in the maintained database. Password-protected access to the database is tightly restricted. In accordance with technical advances, the security procedures are checked and revised periodically.

    9. Fino Paytech

    Fino Paytech Logo
    Fino Paytech Logo

    Fino Paytech is an innovator, industry pioneer, and entrepreneur for organizations such as banks, government, and insurance companies.

    They are a corporate and technical banking network in combination with a wide variety of services. They even facilitate end-to-end consumer procurement and maintenance as an alternative banking platform.  Innovation has tackled the problems of the serviceability and scalability of existing banking networks.

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    10. Vivriti Capital

    Vivriti Capital
    Vivriti Capital

    The goal of Vivriti Capital is to build the largest and most significant financial network service that serves a customer base for institutions, corporations, small businesses, and people lacking efficient access to financial services. Their site CredAvenue is a one-stop solution to prospect, assess, conduct, and track debt. It’s an interactive business debt network.

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    FAQ’s

    What is a Soonicorn?

    Soonicorns are tech companies, fintech, or businesses with the potential to become Unicorns in the future.

    What is a startup unicorn?

    In the venture capital industry, the term unicorn refers to any startup that reaches the valuation of $1 billion. The term was first coined by Aileen Lee, founder of Cowboy ventures when she referred to the 39 startups that had a valuation of over $1 billion as unicorns.

    Is there any Unicorn in India?

    India now has 37 unicorns, having added 16 to the list in 2020. It stands third in global country rankings, well behind the US and China, but ahead of the UK and Germany.

    What is a tech unicorn?

    Unicorn is the term used in the venture capital industry to describe a startup company with a value of over $1 billion. Some popular unicorns include Airbnb, Uber, SpaceX, Robinhood, and SoFi.

    Conclusion

    In 2021 the startups that are performing well and are the most profitable will turn soonicorns. By the market size of these startups, we can expect new startups emerging as unicorns this year. Startups into Fintech, EdTech, and MedTech domains are in much demand due to the Covid-19. There is high demand for these startups and have the potential to grow in the coming days. We are seeing more startups in the field of FinTech. Fintech is the lead because digital payments have profoundly infiltrated metro and Tier 1 cities and now, other financial digital assets, such as finance, insurance, and neobanking, are more likely to become the addressable basis. In particular, lending firms and payments have been the main contributors to our soon-to-be-finished list.