In this interaction with StartupTalky, Zaiba Sarang, Co-founder of iThink Logistics, shares her journey of creating a tech-driven logistics platform. iThink Logistics is one of India’s most popular shipping software, offering innovative logistics solutions to over 26,000 pin codes in India.
She discusses how the company addresses industry inefficiencies by leveraging AI to improve real-time tracking, optimise delivery routes, and reduce RTO for e-commerce businesses. Sarang also sheds light on the companyâs expansion plans, the challenges women face in securing funding, and offers advice for aspiring entrepreneurs looking to make their mark in the tech and logistics sectors.
StartupTalky: What inspired you to start iThink Logistics, and how did you conceptualize the brand?
Ms. Sarang: iThink Logistics was born out of a need to address the inefficiencies we observed in the logistics sector, particularly for e-commerce businesses. We envisioned a platform that could simplify logistics, provide real-time visibility, and offer personalized solutions tailored to the needs of Indian businesses. The idea was to create a brand that stood for innovation, reliability, and customer-centricity, helping businesses of all sizes optimize their supply chain operations.
StartupTalky: What is the USP of iThink Logistics that sets it apart from competitors in the logistics industry?
Ms. Sarang: Our USP lies in our technology-driven approach and our step patented NDR process which reduces the RTO of our sellers by a big margin. iThink Logistics integrates advanced AI and machine learning algorithms to implement real-time tracking and predictive analytics. Additionally, our platform is highly customizable, allowing businesses to tailor logistics solutions according to their unique needs. Our commitment to transparency, customer support, and seamless integration with multiple carriers also sets us apart in the industry.
StartupTalky: Can you outline your current expansion plans and the business model that supports them?
Ms. Sarang: We are focused on expanding our footprint in Tier 2 and Tier 3 cities across India, as well as increasing serviceability to more countries. Our business model is built on scalability, leveraging a cloud-based platform that allows for easy integration and expansion. Weâre also enhancing our AI capabilities to support this growth, ensuring that our platform remains agile and responsive to market demands.
StartupTalky: What are the latest advancements in AI technology in logistics, and how are they integrated into your platform?
Ms. Sarang: Recent advancements in AI, such as predictive analytics, and autonomous sorting systems, have been game-changers for logistics. At iThink Logistics, weâve integrated these technologies into our platform to offer features like Connect+ for efficient order confirmation, WISMO for real-time tracking, and NDR for managing undelivered shipments. These tools help us streamline operations, reduce delivery times, and enhance customer satisfaction.
StartupTalky: How does your technology address common challenges in the logistics and shipping industry?
Ms. Sarang: Our platform addresses key challenges such as lack of transparency, and delays in delivery. By utilizing AI and machine learning, we can predict potential delays, optimize delivery routes in real time, and provide customers with up-to-date information on their shipments. This not only improves operational efficiency but also builds trust with our clients by ensuring consistent and reliable service.
StartupTalky: What growth opportunities do you see for AI-enabled courier platforms in the next 2 years?
Ms. Sarang: The next two years will likely see significant growth in AI-enabled courier platforms as more businesses recognize the value of automation and data-driven decision-making. We expect to see AI playing a crucial role in last-mile delivery optimization, demand forecasting, and personalized customer experiences. Thereâs also potential for AI to revolutionize cross-border logistics, making international shipping more efficient and cost-effective.
StartupTalky: How can AI help MSMEs select the right logistics partner for their needs?
Ms. Sarang: AI can analyze vast amounts of data to provide MSMEs with insights into the performance, reliability, and cost-effectiveness of different logistics partners. By using predictive analytics and machine learning, AI can recommend the best partners based on specific business needs, such as delivery speed, geographical reach, or cost constraints. This allows MSMEs to make informed decisions, ensuring they choose the right logistics partner to support their growth.
StartupTalky: What are the key tools and technologies that drive your daily operations and success?
Ms. Sarang: Our daily operations are powered by a suite of advanced technologies, including real-time tracking systems, and automated billing and remittance tools. Additionally, we rely on cloud computing for scalability, data analytics for performance monitoring, and customer relationship management (CRM) systems to ensure we maintain strong connections with our clients.
StartupTalky: Can you share details on reaching the 100 crore milestone for FY 23-24 and its significance?
Ms. Sarang: Reaching the 100 crore milestone for FY 23-24 is a testament to our teamâs hard work, our commitment to innovation, and the trust our clients place in us. It signifies our ability to scale effectively while maintaining high standards of service. This achievement also reflects the growing demand for efficient and reliable logistics solutions in India, especially in the e-commerce sector. Our growth has doubled every Financial year and we aim to achieve that this fiscal year as well.
StartupTalky: What challenges do women face in securing funding for their businesses, and how can these be overcome?
Ms. Sarang: Women often face challenges such as gender bias, limited access to networks, and a lack of mentorship when securing funding. To overcome these obstacles, itâs crucial to build a strong business case, seek out supportive networks and mentors, and advocate for more inclusive funding practices. Additionally, fostering confidence and resilience is key to navigating these challenges successfully.
StartupTalky: What advice would you give to aspiring entrepreneurs looking to enter the tech and logistics sectors?
Ms. Sarang: My advice is to stay curious and adaptable. The tech and logistics sectors are rapidly evolving, so itâs important to continuously learn and embrace new technologies. Focus on solving real-world problems with innovative solutions, and donât be afraid to take calculated risks. Building a strong team and fostering a culture of collaboration will also be critical to your success.
In this exclusive interaction with StartupTalky, Ms. Payal Nambiar, Founder and Director of B-Square Solutions, shares her journey and insights into the IT industry. She explains how B-Squareâs innovative solutions, like the Pothera ERP, are making a big impact in the tech world. Nambiar talks about how the company uses advanced technologies like AI and Blockchain, highlights key successes, and reflects on her experiences as a woman entrepreneur in tech. Her perspective offers a valuable look at whatâs next for technology and leadership in todayâs fast-paced IT world.
StartupTalky: Can you briefly describe B-Squareâs core offerings and what sets them apart in the IT industry?
Ms. Nambiar: B-Square is a leading twenty-year-old software company that has established itself as a trusted partner for businesses across a wide range of industries. At the core of our offerings is a suite of innovative and cutting-edge IT solutions designed to streamline operations, enhance productivity, and drive digital transformation. Our product portfolio includes Pothera ERP, CRM, SCM, CMMS, Wogan Carwash Management Software, Clinic Management Software, and many more customised applications serving different verticals.
Our flagship product Pothera ERP is the productivity powerhouse. This cutting-edge solution streamlines workflows optimizes every aspect of the business, and unlocks unparalleled levels of productivity for manufacturing, and trading in a diverse range of industries. We utilize and integrate the latest technology, such as AI and cloud computing within our software, making it scalable and efficient. Moreover, our customer-centric approach, including seamless integration, quick implementation, and continuous support, ensures that our every solution is aligned with the clientâs unique needs.
B-Square takes the time to deeply understand the unique challenges and requirements of each client, allowing them to develop tailored solutions that address their specific needs.
Our team of highly skilled and experienced professionals combines technical expertise with a deep understanding of industry best practices, ensuring that our clients receive the most effective and efficient solutions. Whether it is developing custom software, implementing enterprise-level systems, or providing managed IT services, B-Square consistently exceeds expectations and delivers tangible results.
StartupTalky: What inspired you to start B-Square, and how has your vision evolved over the years?
Ms. Nambiar: B-Square was founded in 2001 on the belief that technology should empower businesses, not complicate them. When we started out, our vision was to create intuitive, user-friendly software solutions that would help small and medium-sized enterprises streamline their operations and drive growth.
Over the years, our commitment to this vision has only grown stronger. We’ve witnessed firsthand how the right technology can transform a business, freeing up time and resources to focus on core objectives. That’s why we’ve dedicated ourselves to developing innovative products that address the real-world challenges faced by our clients.
As B-Square has evolved, so has our understanding of the needs of the modern business landscape. We’ve expanded our suite of offerings to encompass a wide range of solutions, from cloud-based accounting tools to powerful data analytics platforms. But at the heart of it all remains our unwavering focus on creating technology that makes a tangible difference in the lives of our customers.
Looking ahead, we’re excited to continue pushing the boundaries of what’s possible in the world of business software. With a talented team of developers, designers, and industry experts, we’re poised to deliver even more transformative solutions that will help our clients achieve their goals and unlock new levels of success.
StartupTalky: How does B-Square approach innovation in its products and services?
Ms. Nambiar: We embrace a proactive approach to innovation by continuously integrating the latest technologies, such as Artificial Intelligence, Blockchain, and Cloud Computing. Our software is designed to offer impeccable results with adaptability, scalability, and responsiveness in accordance with the current industry requirements and daily customer usage. We offer a unique and comprehensive User Interface that adapts to customer experiences making it more user-friendly. We provide customer services based on their feedback and respective needs.
Our approach to innovation is multifaceted and deeply rooted in our company culture. We foster an environment that encourages our talented team to think outside the box, challenge the status quo, and explore bold new ideas. We believe that innovation is not a one-time event, but a continuous process that requires a willingness to take calculated risks and learn from both successes and failures.
One of the key pillars of our innovation strategy is our commitment to staying at the forefront of technological advancements. We closely monitor industry trends and emerging technologies, and we invest heavily in research and development to ensure that our products and services remain cutting-edge and relevant. Our team of skilled engineers and developers is constantly experimenting with new tools, frameworks, and methodologies, always seeking ways to optimize our offerings and deliver even greater value to our customers.
But innovation at our company is not just about technology â it’s also about the way we approach problem-solving and the customer experience. We place a strong emphasis on user-centric design, gathering feedback from our customers and incorporating their insights into the development of our products. This collaborative approach allows us to create solutions that truly resonate with our target audience and address their pain points in innovative and impactful ways.
StartupTalky: What are some key features of the software solutions you offer, and how do they benefit businesses?
Ms. Nambiar: We have integrated our Pothera ERP software with some of the best-in-class technologies that offer comprehensive control over operations while enhancing efficiency, accuracy, and compliance. Our Quality Management System ensures high standards and Multi-currency Support to facilitate international transactions. We have integrated Automated E-Invoicing and QR code API to streamline financial processes and reduce manual errors. Synchronization across multiple plants and companies is a value-additional feature that would ease the coordination processes between various units seamlessly.
Some minute features like Sub Contracting and UDF are added to enable customization, while E-mail and WhatsApp integrations enhance communication. To enhance security, we have added powerful and granular authorization processes that provide secure access and our fully paperless system promotes sustainability. These features make Pothera ERP a versatile and robust solution for businesses.
Our software solutions are designed to revolutionize the way businesses operate. With a suite of powerful features, we empower our clients to streamline their workflows, boost productivity, and drive tangible results.
With our preconfigured enterprise application, one can rapidly deploy a powerful system that connects multiple plants and companies across geographies, seamlessly handling multi-currency transactions and supporting multiple companies with different charts of accounts.
One of the key benefits of our software is its fully paperless system with multi-level approvals, ensuring efficient and secure workflows. Our configurable notifications and alerts via email keep the users informed, while the ability to attach documents in various formats simplifies collaboration and record-keeping.
Customization is at the heart of our solutions, with user-defined fields that can be tailored to specific business requirements. Flexibility and scalability are also hallmarks of our offerings, allowing users to easily adapt to changing business scenarios and support the entire enterprise.
Integrated business intelligence tools provide clients with powerful insights, empowering them to make data-driven decisions that propel their business forward. Our cloud-based platform offers the convenience of any-time, anywhere access, while features like e-invoicing and a comprehensive dashboard keep entrepreneur in control of their operations.
But we don’t stop there. Our software also boasts robust data management capabilities, allowing users to centralize and contextualize their information for deeper insights. Intuitive dashboards and reporting tools provide real-time visibility into key performance indicators, empowering customers to make informed, data-driven decisions.
Underpinning it all is our commitment to security and compliance. We understand the importance of safeguarding sensitive data, which is why our solutions are built with the highest standards of encryption and access control in mind.
Ultimately, our solutions suite is more than just a tool â it’s a strategic partner that can help businesses thrive in today’s competitive landscape.
StartupTalky: What tools and technologies do you use to manage and enhance operations?
Ms. Nambiar: At B-Square we leverage advanced technologies, including cloud computing, AI, and Blockchain to enhance operations. With our Cloud-Based infrastructure, we offer scalability, data accessibility, and seamless integration. Our products are powered by AI to offer real-time analytics to optimize processes and enhance decision-making. We have enhanced security and trustworthiness in operations through Blockchain technology.
At B-Square, we leverage a powerful suite of advanced technologies to enhance and streamline our operations. Chief among these is our robust cloud-based infrastructure, which provides unparalleled scalability, data accessibility, and seamless integration across our entire ecosystem.
Underpinning our cloud platform is the transformative power of artificial intelligence. Our products and services are imbued with AI-driven capabilities that deliver real-time analytics, enabling us to optimize processes and empower data-driven decision-making like never before.
But we don’t stop there. To fortify the security and trustworthiness that are the bedrock of our operations, we have also integrated cutting-edge blockchain technology. This innovative solution safeguards the integrity of our data and transactions, giving our clients the confidence they need to focus on growth.
By harnessing the full potential of cloud computing, AI, and blockchain, B-Square is redefining the standards of operational excellence. This powerful trifecta of technologies empowers us to deliver unparalleled efficiency, agility, and peace of mind to our valued customers.
StartupTalky: How do you ensure the security and trustworthiness of your software solutions?
Ms. Nambiar: To secure user data we have prioritized the security by incorporating blockchain security which is said to offer a modernistic and highest level of security within any website or application. Our application offers a decentralized and immutable ledger system for data protection. We keep a regular check on the security infrastructure with encryption, regular vulnerability assessments, and access controls. We continuously monitor and ensure resilience against emerging cyber threats.
StartupTalky: What are your expectations for the IT industry in the coming years, and what latest trends do you think will shape its future?
Ms. Nambiar: The IT industry is on the cusp of a transformative era, driven by a confluence of exponential technologies. We anticipate a future where AI, machine learning, and automation will redefine business processes across sectors. The convergence of the physical and digital realms, often termed as the Internet of Things (IoT), will create unprecedented opportunities. Cybersecurity will remain paramount, as the digital landscape expands. Additionally, we foresee a surge in demand for data-driven insights and cloud-based solutions. These trends will reshape industries, create new business models, and demand a highly skilled workforce.
The coming years will be marked by rapid advancements in emerging technologies that will reshape the landscape.
We expect artificial intelligence and machine learning to take center stage, transforming how businesses operate and deliver value to customers. The integration of AI-powered solutions will become the norm, automating tasks, enhancing decision-making, and driving innovation across various sectors.
Furthermore, the proliferation of the Internet of Things (IoT) will continue to gain momentum, enabling seamless connectivity and data-driven insights. Businesses that harness the power of IoT will gain a competitive edge, optimizing operations and delivering personalized experiences.
Cybersecurity will also be a top priority, as the threat landscape evolves. Robust, multilayered security measures will be crucial to protect against sophisticated cyber attacks and safeguard sensitive data.
We are also witnessing the rise of cloud computing and the increasing adoption of hybrid and multi-cloud strategies. Businesses will leverage the scalability, flexibility, and cost-effectiveness of cloud infrastructure to drive digital transformation.
As a software company, we are poised to lead the charge in these emerging trends, providing innovative solutions that empower our clients to thrive in the dynamic IT landscape of the future.
StartupTalky: Can you share some key milestones or successes that B-Square has achieved since its inception?
Ms. Nambiar: B-Square has been at the forefront of technological innovation since its inception. We take immense pride in our journey of delivering cutting-edge solutions. Some of our key milestones include the implementation of our Pothera ERP Solution to Tirupathi Enterprises. Recently B-Square expanded its geographical footprint into Africa where B-Squareâs Pothera ERP was chosen as the preferred ERP Solutions Provider for Surya Group, a large conglomerate with diverse business interests.
These achievements are a testament to our team’s dedication and our commitment to staying ahead of the curve.
StartupTalky: How do you and your team stay ahead of technology trends and incorporate new advancements into your solutions?
Ms. Nambiar: Innovation is at the core of B-Square’s DNA. We foster a culture of curiosity and experimentation. Our team comprises a diverse group of experts who continuously research and analyze the latest technological advancements. We believe in a collaborative approach, engaging with industry leaders, attending conferences, and participating in hackathons to stay updated. This knowledge is then infused into our product development process, ensuring that our solutions are always aligned with the evolving market needs.
StartupTalky: What motivates you to lead as a women entrepreneur in tech, and what challenges have you overcome in this role?
Ms. Nambiar: Leading a tech company as a woman is both challenging and rewarding. I am driven by the desire to inspire and empower other women in STEM. Breaking down stereotypes and creating opportunities for women in leadership is a personal mission. While the journey has had its challenges, such as overcoming gender biases and balancing work-life commitments, I believe in the power of resilience and perseverance. I have learned to leverage my unique perspective to build a strong and inclusive team.
StartupTalky: How do you envision the future of B-Square and its role in the IT industry in the next 5 years?
Ms. Nambiar: B-Square has a bold vision for the future. We aim to be a leading provider of innovative technology solutions that transform businesses and society. In the next five years, we see ourselves as a key player in driving digital transformation. We will continue to invest in research and development, expand our product portfolio, and strengthen our global footprint. Our focus will be on leveraging emerging technologies to create sustainable and scalable solutions that address the evolving needs of our clients.
StartupTalky: What advice would you give to aspiring entrepreneurs looking to start their own tech company?
Ms. Nambiar: For aspiring entrepreneurs, I would emphasize the importance of passion, perseverance, and a strong vision. The tech industry is highly competitive, but with the right mindset, anything is achievable. Building a solid team, understanding your target market, and focusing on delivering value is crucial. Never be afraid to fail; failures often lead to valuable lessons. Continuous learning and adaptation are key to success.
For World Entrepreneurs’ Day, Ms. Anushita S. P. Karunakaram, Co-founder and CEO of Lawyer Desk, shares her journey from IT professional to tech entrepreneur. She saw a gap in accessible legal resources and used her IT expertise to create Lawyer Desk, a platform that combines technology with legal services. Her platform integrates AI to enhance legal services for lawyers, students, and the public. Karunakaram discusses how AI is reshaping the legal industry and shares her vision for the future of legal tech.
StartupTalky: What inspired you to start Lawyer Desk, and how did your IT background help shape this venture?
Ms. Karunakaram: I felt the need to develop Lawyer Desk after observing the difficulties in the legal search in India. My background in IT helped me to specify the technological approaches that may be used to optimize and effectively enhance the availability of legal assistance. Lawyer Deskâs mission is to combine legal skills with technology to increase access to law and law-related services for everyone.
StartupTalky: Whatâs the main goal of Lawyer Desk, and how do you see it changing the legal industry?
Ms. Karunakaram: The primary goal of Lawyer Desk is to ensure that legal information as well as services are reachable to everyone. It is our goal to assist the legal community to work smarter and increase productivity as well as assist students to receive complete educational resources and the public to access various legal information and resources. Having introduced technology in the domain of law, we assume that the service provision in this area will be more comprehensible, time-effective, and convenient.
StartupTalky: Can you tell us how Lawyer Deskâs AI-driven products are designed to help lawyers, law students, and the public?
Ms. Karunakaram: For the various users, Lawyer Desk has designed the following products that incorporate artificial intelligence. About Advocase: It assists lawyers by providing automated solutions for managing cases and conducting research. LawBook provides current educational content for law students and activity applications. The work of Prajalok is to break down legal advice for the non-lawyers so that it is easily understandable. We also supply casework support for companies, using artificial intelligence. These are products that employ artificial intelligence for the provision of correct and timely information that increases efficiency in matters of law.
StartupTalky: What trends or changes do you foresee in the legal tech industry over the next few years?
Ms. Karunakaram: As for my forecast for the legal profession, I anticipate massive developments in AI and automation technologies. Such technologies will help to automate processes, such as case search, preparing and reconsidering contracts, and increasing performance. Blockchain is expected to be applied predominantly in safe contract management. People will continue to obtain legal services remotely, including using virtual courts in the form of ADR, which will help to liberalize legal services.
StartupTalky: Your app has seen impressive growth since its launch. What do you think has been key to this success?
Ms. Karunakaram: The approach that has made a difference for us has been to meet the perceived needs of the users. We strive to provide products that are of high quality and with intuitive interfaces. Most of our content comes from usersâ feedback, and employees collaborating with legal and educational experts guarantee the relevance and reliability of the information. They have also helped in the right market segmentation by marketing to the right people who would be interested in the product.
StartupTalky: How did your time with Indian Railways prepare you for leading a tech startup like Lawyer Desk?
Ms. Karunakaram: Moreso the experience working with the Indian Railways in which I coordinated signalling and communications in IT and coordinating various teams, especially under pressure was useful. Leadership skills and the ability to manage a team were improved as the focus was on communication and the basic rules of team cooperation. Furthermore, it trained me on strategic planning in the right project management which I consider important in managing a tech startup. This also exposed me to the aspect of serving the public, something that Lawyer Desk will be offering.
StartupTalky: What was one big challenge you faced moving from engineering to entrepreneurship, and how did you overcome it?a
Ms. Karunakaram: Transitioning from a purely technical position to the world of business demanded transitioning from a problem-solving mindset. I conquered this by developing new skills, consulting and implementing expert advice, as well as assembling a workforce with various sets of skills to contribute to the company. In this process, it was important to embrace the cultures of lifelong learning.
StartupTalky: What tips do you have for women aiming for leadership roles in tech?
Ms. Karunakaram: For women aspiring to leadership roles in tech, it’s important to believe in your abilities and tackle challenges head-on. Practice becoming better and constantly learn new things while taking calculated risks in a bid to challenge yourself more. Seeking support from mentors and peers is also a good practice since it can also give one confidence. Leadership is not all about power and authority; itâs about stability and planning; embrace these qualities and lead by example.
StartupTalky: How do you think AI will change the way people and machines work together in the legal field?
Ms. Karunakaram: AI will enhance the effective, tangible implementation of the law cutting out paperwork and allowing legal professionals to focus on complex issues. They help in decision-making processes and increase productivity but do not get rid of human knowledge. This is where we are going to see the incorporation of AI that will utilize the fundamental in laws necessary and enhance man skills.
StartupTalky: Looking back at your journey from techie to entrepreneur, what has been the most fulfilling part, and whatâs next for you?
Ms. Karunakaram: The most rewarding aspect of my journey has been seeing how Lawyer Desk has positively impacted the legal community and the public. Our startup has made legal assistance more accessible and helped many professionals and students in their careers. Looking ahead, I am excited to expand our apps both in India and globally and to continue innovating within the legal tech space. The next steps would include integrating more advanced AI features and exploring new markets across the globe, keeping Lawyer Desk at the forefront of legal technology.
In this engaging interaction with Mr. Rahul Agarwal, Founder and CEO of Ideal Insurance, he shares his journey of building a successful insurance business. He discusses the key milestones that shaped the company’s success, the wide range of policies offered, and highlights how the technology helps enhance their business operations. Agarwal also shares his insights on the data integration challenges, the company’s growth strategies, and the role of investment in the company’s expansion.
StartupTalky: What inspired you to start Ideal Insurance, and what were some key milestones?
Mr. Agarwal: The journey to starting Ideal Insurance began during my college years. In the early 2000s, I aspired to study abroad but found myself lacking the necessary information and work experience to apply. In my third year, I sought a job but was unsuccessful. However, 2001 was a pivotal year when the insurance industry in India opened to private and foreign companies. I decided to walk into Max New York Life, thinking that a role with an American insurance company would enhance my CV. Although they didnât offer me a job since I was still a student, they made me an insurance agent.
I excelled quickly and within four months became a member of the Million Dollar Round Table (MDRT). As fate would have it, Max New York Life sent all MDRT members to the U.S. for an annual conference. This trip opened my eyes to the global insurance industry. After completing my MBA at S.P. Jain, I knew the insurance industry in India had significant growth potential. Coming from a business family, I was inspired to build a successful enterprise, much like Dhirubhai Ambani. With this vision, I founded Ideal Insurance in September 2005.
StartupTalky: What types of insurance policies and services does Ideal Insurance offer?
Mr. Agarwal: Insurance broking in India began in 2003, before which agents dominated the industry. At Ideal Insurance, we established a consultancy-driven insurance firm that collaborates with any insurance company in India and abroad. We offer every type of policy available across all insurance companies, ensuring our clients receive the best products on the market. Ideal Insurance leads in key areas such as auto and fleet insurance and health insurance. We also provide personalized policies, along with free risk assessments and audits for businesses.
StartupTalky: How do you think the insurance industry will change in the next decade?
Mr. Agarwal: The insurance industry is poised for phenomenal growth over the next decade. Currently, the size of the market is $220 billion, the Indian insurance market has the potential to reach $1 trillion within the next five years. When compared to the $2 trillion U.S. insurance market, thereâs immense room for expansion. With dedicated support from the Insurance Regulatory and Development Authority of India (IRDAI), increasing awareness, and overall market growth, the next 10 years are going to be transformative for the industry.
StartupTalky: What strategies or technologies have you used to make the insurance process easier for clients?
Mr. Agarwal: We have embraced technology and in-house automation to enhance our services significantly. For instance, we have launched 121policy.com to simplify the management of our partner businesses, allowing partners to interact and obtain quotations easily. Additionally, we have developed our own CRM tool for our employees to streamline operations, and we are working on claims management software to improve the client experience further.
One of our key innovations is the development of a policy wallet. Many clients struggle to manage multiple policies from different agents and companies, so we are creating a common repository where they can store all their policies. This tool will provide regular reminders and make it easier for clients to manage their policies in one place. We are continuously working on more initiatives like these to make the insurance process more seamless and strengthen our distribution channels.
StartupTalky: When choosing an insurance policy, what should people look for to make sure it fits their needs?
Mr. Agarwal: When selecting an insurance policy, the primary focus should be on how well it meets your specific needs. While price is important, it should be secondary to factors like the policy’s coverage, the claims process, and the financial strength of the insurance company. Additionally, it’s crucial to consider the role of the intermediary or broker you choose, as they play a significant part in ensuring you get the right coverage and support.
StartupTalky: How do you create personalized insurance policies for clients?
Mr. Agarwal: The process begins with a deep understanding of our client’s needs, risks, and specific requirements. Once we have a clear picture, we design a tailored product that addresses those factors. We then identify an insurance company that can offer the appropriate coverage and negotiate with them to ensure the best terms. Since we work with every insurance company and have access to a wide range of products, we can offer truly customized solutions to our clients.
StartupTalky: What factors do you consider when assessing risks for businesses?
Mr. Agarwal: We conduct a comprehensive process called Risk Audit & Assessment (RAA), which sets us apart from other industry players. This process begins with gaining a deep understanding of the business and identifying the specific risks involved. We then review all existing insurance policies to identify gaps and evaluate what is working and what isnât. Through this thorough analysis, we can accurately assess the risks and provide tailored advice on the types of insurance coverage the business needs.
StartupTalky: How does Ideal Insurance keep up with changes in insurance regulations?
Mr. Agarwal: Keeping up with regulatory changes is a regular and straightforward process for us. Whenever regulations change, we promptly educate and train our team to ensure everyone is up to date. This continuous education allows us to stay compliant and provide the best service to our clients.
StartupTalky: What challenges did you face using data to improve your services?
Mr. Agarwal: Using data to enhance our insurance broking services has presented several challenges. One major challenge was integrating data from diverse sources into a cohesive system, ensuring accuracy and consistency across all platforms. Additionally, analyzing large volumes of data required advanced tools and expertise to extract actionable insights effectively. Data privacy and security were also critical concerns, necessitating robust measures to protect client information.
Fostering a data-driven culture within the organization involved significant effort in training and aligning teams to leverage data insights for decision-making and service improvement. Since we have Pan-India branches and partners, collecting data efficiently is key to ensuring a free-flow process, such as the seamless renewal of insurance policies. Despite these challenges, overcoming them has been crucial in driving more informed and effective service delivery.
StartupTalky: What are your goals with the recent mergers and acquisitions?
Mr. Agarwal: Ideal Insurance Brokers is actively pursuing growth through strategic mergers and acquisitions, such as our recent mergers with MK Insurance and Narnolia Insurance Brokers. Our primary goal is to enhance our portfolio and expand our geographical footprint. We’ve identified a significant challenge in the market where smaller brokers and agents, handling premiums in the range of âš5-50 crore, struggle to grow consistently due to increased competition and market pressures. These smaller businesses often find it difficult to sustain profitability.
To address this, we’ve created a platform that fosters mutual growth. By offering our knowledge, support, and technology, we help these businesses leverage our brand and expertise, creating a win-win situation for all involved. Over the next two years, we aim to acquire 15-20 broking firms and large agents, reaching a premium goal of âš1000 crore, with at least 50% of that coming from acquired businesses.
StartupTalky: How do you plan to expand and grow Ideal Insurance in the coming years?
Mr. Agarwal: Our next goal is to reach the âš1000 crore mark in premiums by 2025. Our growth strategy focuses on two key areas. First, we’re expanding our direct commercial business, with a strong emphasis on SMEs. Our aim is to become the leading insurance provider in the hospitality sector. Second, we’re committed to acquiring and supporting other agents, helping them grow alongside us. By combining these efforts, we plan to achieve significant growth in the coming years.
StartupTalky: How has investment from Venture Catalysts helped Ideal Insurance?
Mr. Agarwal: We have raised a small round of funding from Venture Catalysts (VCATs) to support the acquisition of Emkay Insurance Brokers. By 2024, we had secured over $1 million (INR 8 crores) in pre-series A funding. This investment was crucial for addressing our working capital requirements. While we are a profitable, bootstrapped company that has grown by reinvesting profits, the rapid pace of our expansion necessitated additional funds to maintain smooth operations and manage cash flow effectively.
StartupTalky: What makes the company culture at Ideal Insurance unique?
Mr. Agarwal: At Ideal Insurance, our company culture is defined by several key elements:
Culture of Learning: We foster a continuous learning environment where employees are encouraged to develop new skills and advance their knowledge. We are eager to help individuals thrive in their professional fields, always offering our support.
Support and Training: We invest in training and support for those who are eager to excel, ensuring they have the resources and guidance needed for success.
ESOPs for Employees: We share Employee Stock Ownership Plans (ESOPs) with those who are passionate about building Ideal into a bigger brand.
StartupTalky: How do you manage your roles as an entrepreneur, author, and venture capitalist? Any key strategies?
Mr. Agarwal: I like to maintain a balance in my roles as an entrepreneur, author, and venture capitalist, which involves clear focus and strategic time management. As an author, writing is driven by passion; I wrote my book âThe Ideal Entrepreneurâwhile traveling on flights and plan to pen down another book on scaling organizations once my company reaches âš1000 crore.
In my role as a venture capitalist, Iâm not a regular investor but I invest in promising companies that I come across, prioritizing opportunities that align with my interests. My primary focus remains on my entrepreneurial venture, with most of my investments aimed at supporting the growth journey of Ideal Insurance. This approach allows me to effectively manage and integrate these roles while staying committed to my core responsibilities.
In this insightful interview with Mr. Trivesh D, COO of Tradejini, he explained how Tradejini has grown since its launch in 2012. Tradejini, a brokerage firm specialising in online stock trading for equities, commodities, derivatives, and currencies, stands out with its tech-driven platform, CubePlus, offering innovative features and solid security measures. Trivesh shares how the company adapts to market trends, maintains compliance, and utilises technology to enhance the user experience. Discover how Tradejiniâs growth strategies, commitment to customer service, and forward-thinking approach are shaping its future in finance and trading.
StartupTalky: How has Tradejini grown and evolved in the online brokerage industry since its launch?
Mr. Trivesh: Back in 2012, two seasoned veterans, Kishore and Dinesh, decided to start a broking firm solely driven by the passion to equip traders with all the tools necessary to make trading as streamlined as possible.
Tradejini and technology go hand in hand. We regularly try to inculcate cutting-edge technology in our products to modernize trading and investing. Our objective is to provide our clients with a strong, all-inclusive, tech-driven platform that ensures smooth and glitch-free transactions, with unrivalled speed and efficiency in trade execution.
Our state-of-the-art trading app, ‘CubePlus’, is a one-stop solution for traders of all styles. Since the launch last year, we have seen immense growth in all aspects. As part of âJiniversityâ, we also publish blogs and articles related to stock markets, personal finance, current affairs, and finance case studies.
Being a traditional, orthodox firm, we heavily relied on word of mouth and referrals as our go-to strategy, but given the influx of social media, we have also made big strides in terms of making our presence felt online. We have collaborated with leading financial influencers with a niche trading audience and have also partnered up with fellow traders and academies to bring more awareness to our product. We are present across all social media channels and our content focuses on demystifying the complicated trading world, which has seen immense appreciation from the trading community.
StartupTalky: What specific features or services make Tradejini’s platform stand out from other discount brokerage firms?
Mr. Trivesh: We at Tradejini, have always focused on providing state-of-the-art features and services to empower our clients. CubePlus, our trading app, acts as a premium toolkit for traders by offering tools such as an inbuilt option chain, pay-off graph, scalper mode, basket mode, seasonality chart, 10-year fundamental and financial data, and option Greeks (within the option chain)âall under one roof and at no additional cost. Additionally, we also have a free dedicated options trading platform coupled with an options trading simulator and strategy builder, to name a few industry-first features.
These advanced tools are generally available for an additional fee but we offer them for free since we believe that these are the basic expectations of a client that we need to meet. Additionally, we boast ultra-quick order placement times of 50 ms, whereas the industry average for such transactions is around 70 ms to 90 ms. To support these kinds of speeds, we have a strong infrastructural architecture that is state-of-the-art, and capable of handling volumes up to 4 times our current volumes, which ensures that the platform is always stable and up to date with no/minimum glitches noticed by our clients.
Beyond this, we offer a glitch-free trading experience along with an active and well-trained customer support team that prioritizes untangling customer grievances and providing quick and easy assistance to our clients. All these factors help us get an edge over other players in the market.
StartupTalky: Can you discuss the measures Tradejini takes to ensure the security and privacy of its users’ data?
Mr. Trivesh: We, at Tradejini, prioritize data security and user privacy with the utmost seriousness and take several essential steps to protect the financial and personal information of our clients.
We conduct regular audits by external vendors concerning our software and technology, along with regular internal audits to ensure all the systems are in place. We have recorded multiple clean external audits across exchanges and other regulatory bodies, which ensures our commitment to meeting all the compliances laid down by the regulatory bodies to the highest standard.
Furthermore, we have enabled two-factor authentication to verify the identity of our clients, vendors, and employees. A dedicated firewall and IP whitelisting on all office systems are put in place to ensure we reduce the risk of malware or any data compromises.
We strictly follow a No-Spam policy, guaranteeing that our sales team cannot access sensitive client data. To enhance security measures, our internal teams view private information, such as names, mobile numbers, and email addresses, in a masked form. As a self-funded, successful company, we do not participate in cross-selling or upselling our products. As a result, our clients’ information is only utilized for its original intent and is never reused for different purposes.
StartupTalky: What is your market outlook for the brokerage industry in the next 5 years?
Mr. Trivesh: Indiaâs broking industry has experienced massive growth post-pandemic. According to reports, over 1.2 crore new demat accounts have opened since January 2024, showing a keen increase in investing in the stock market. India is one of the fastest-growing economies in the world, which offers promising growth potential. With the current penetration in the capital markets in single digits, this signals massive under-penetration and the scope of a lot more people joining the stock markets in the coming years. Over the next five years, Indiaâs brokerage industry is expected to grow at a compound annual growth rate (CAGR) of 15%, driven by a surge in digital trading and an expanding retail investor base.
With over 160 million retail investors and the market projected to add 15-20 million new investors annually, we see a fruitful future for the Indian capital markets. With such high numbers of investors pouring in, stock brokers must be ready to capitalize on this influx.
Being innovative and adaptive is key to ensuring the longevity and competitiveness of brokerages in the market. Technological advancements, regulatory changes, and a focus on personalized services will shape the industryâs future, making it a dynamic and promising sector in Indiaâs financial landscape.
StartupTalky: How has your financial experience influenced Tradejini’s strategies?
Mr. Trivesh: Our bread and butter are numbers. With numbers comes the authenticity of data and informed decision-making. Tradejini has relied on these principles of taking every decision that is backed by concrete numbers, to generate profits on every expenditure we do.
The other thing that experience has taught us is that frugality is the way forward. Frugality has been the cornerstone of Tradejini’s growth over the last 12 years and fortunately, it has been net profitable in all of these years without the need for external funding. The ability to read and infer financial statements in depth has helped the company make much better investment decisions and manage its working capital much better.
StartupTalky: What innovative technologies has Tradejini implemented to enhance user experience and operational efficiency?
Mr. Trivesh: We have a feature called Tring, which alerts users to any surveillance measures on the stocks, or any ban list on the stocks. The client gets an alert from our team when the position is open and not squared off by EOD. We proactively keep in touch with the clients to ensure their positions are maintained with adequate margins and that they are aware of the potential losses.
Additionally, we have an automated system, to reach out to all our customers, concerning new product features, statutory information, and real-time alerts. Our customer engagement and experience are a combination of technology, AI-based communications, and human touch for any trading-related information and queries. We have built the brand on one key pillar, which is that – the human touch at Tradejini never dies. Our customers have stuck with us for over a decade only because of our customer support and how quickly and proactively we can resolve their queries and provide solutions at the earliest.
We have also integrated with a state-of-the-art options trading platform that assists traders in simulations of their strategies, strategy building, alert tracking, and many more features.
StartupTalky: Can you elaborate on the key features and benefits of the “CubePlus for Tradejini” mobile application?
Mr. Trivesh: CubePlus is our flagship product, which offers traders an arsenal of tools that help enhance their trading and investing experiences. We provide our users with a centralized hub for relevant data and analytics, providing a holistic view of market trends. What makes CubePlus the preferred platform? It’s a platform built by traders, for traders. Our product goes through a rigorous amount of testing and feedback loop by real-life traders, who give us valuable feedback and insights into the requirements of the market, and our job as a product-first company is to constantly work on these requirements to make our product better. CubePlus has been the culmination of a joint effort of our product team and feedback from the trading community, making it a reliable, fast, and trusted platform for active traders.
We offer premium features such as Scalper mode, seasonality chart, basket mode, order slicing, and predefined index watchlists, which greatly help in making better trading and investing decisions. We do not charge any additional costs for these features.
Moreover, clients get access to 10-year financial data, including income statements, corporate actions, shareholding patterns, and audit reports, all within the same interface. We have also tied up large options execution strategy building platforms and algo-trading platforms, which let our trading clients integrate their custom algorithms that complement their desired trading style.
Our UI is also designed in a way to reduce the number of clicks needed to perform any desired action. The average trade settlement time in CubePlus is around 50 ms, which is quicker than the industry average of around 80 ms. Additionally, CubePlus will undergo significant updates every month, introducing industry-first features such as advanced charting, strategy-building tools, heatmaps, advanced option chain analysis, mutual fund integration, and much more.
All these features ensure a more intuitive and efficient trading experience.
StartupTalky: How do your referral program and educational resources benefit Tradejini?
Mr. Trivesh: Being a bootstrapped company, we could not afford the kind of marketing spending done by the industry. In our 12+ years of journey, we have completely relied on referrals and word of mouth to get us to the state we are in today. We have a very active and rewarding Referral Program. Our referral program is built to provide a steady passive income stream for existing clients by referring acquaintances, friends, and family members. Under this program, a client who is referring to another individual is receiving a certain percentage of the brokerage paid by the referred client on a perpetual basis. This benefit comes with a âno strings attached policyâ. This has proven to be quite successful and has helped grow our customer base while also rewarding those clients who helped us in our growth journey.
âJiniversityâ, our initiative towards demystifying the complexity of the financial world, is aimed at building financial educational resources. It is a place where we regularly publish articles related to personal finance, current affairs, financial case studies, and other interesting topics. We provide them for free on our website, which we plan on expanding into a certified course for youngsters interested in mastering their wealth management, including educational articles from basics to advanced regarding all things investing and trading. The aim is to provide quality content regarding common but crucial topics relating to finance that is engaging, easy to read and understand, and provides a strong foundation for the basics of the finance world.
StartupTalky: What trends and opportunities do you see in small and mid-cap stock trading?
Mr. Trivesh: Currently, we feel that the small-cap and mid-cap stocks are overvalued and are trading at much higher prices. With the quarterly results on the horizon, it might prove to be a good start for the necessary corrections. If the results beat market expectations, the P/E ratio is expected to drop, and the valuation of small-cap and mid-cap stocks will be closer to their fair value, making them attractive.
Potentially, the opportunities in small-cap and mid-cap lie in technological innovations, which are a high-risk, high-reward bet. Besides that, any small-cap and mid-cap companies that have a differentiating product or service that is disruptive to the market might make big moves in terms of their share prices.
StartupTalky: How does Tradejini stay updated and compliant with SEBI regulations, especially regarding IPOs and extended trading hours?
Mr. Trivesh: We provide a tech-driven platform for traders and investors to participate in the capital market. SEBI regulations and changes are sent across as notifications to all stock brokers. Any changes, be it regarding IPOs or extended trading hours, are usually tested multiple times before being finalized. Once we have the green light to implement these changes, we begin planning our approach towards these changes, which generally include technology, infrastructure, and manpower upgrades, among others.
We ensure that we are well informed regarding any changes in SEBI regulations and compliance and try our best to adapt to them as quickly as possible so that our clients can understand and enjoy the benefits of the new regulations and features.
Being a tech broker, our readiness for any regulatory change is a function of building better tech and more automation in our backend to ensure we remain competitive in the market and avoid overstaffing while maintaining all the required checks and balances.
StartupTalky: How is Tradejini adapting to policies around financial influencers?
Mr. Trivesh: Tradejini is well aware of the unethical actionsâlike pushing clickbait, disseminating false information, and voicing biased stock opinionsâthat are linked to certain financial influencers. The company is adamantly against these strategies and is dedicated to making sure that any alliances or partnerships with financial influencers uphold strict standards of objectivity, offering their audience only trustworthy and instructive content.
Tradejini places a strong emphasis on scrupulous adherence to legal requirements and ethical principles to adjust to the changing policies regarding financial influencers. By the guidelines established by SEBI and the Advertising Standards Council of India (ASCI), the organization collaborates with influencers who provide reliable, understandable, and accurate financial information.
As a response to the recent SEBI consultation paper on financial influencer regulation, Tradejini is committed to upholding transparency and avoiding collaborations with parties that mislead or make inflated claims. This pledge upholds investor protection and encourages prudent financial education, making certain that all offered content is trustworthy and helpful to the target audience.
StartupTalky: Why is real-time settlement important, and how does Tradejini facilitate it?
Mr. Trivesh: Quick and efficient settlement of investments and trades is crucial to maintaining liquidity. Any changes regarding this have to be tested before being in place. As of now, there has been very little development regarding real-time trade settlement and we await a modality and P.O.A regarding this from the market regulator. Currently, brokers don’t need to provide such a facility to their clients. Once we have the necessary direction from the exchange, we will test it internally and roll it out in the next update.
Currently, we are offering an ASBA (Application Supported by Blocked Amount) settlement, which involves authorization to block the application money in our clientâs bank account for subscribing to an IPO issue. During this period, the blocked amount cannot be used for any other purpose.
StartupTalky: What strategies does Tradejini use to attract and retain customers?
Mr. Trivesh: Our strategy revolves around exceptional customer service and a stable technological foundation. Our average customer retention period of nearly 5 years is a testament to the quality of service we provide and the reliability of our execution platform.
In addition, we are launching new platforms that support execution for traders, promote financial literacy, and aid decision-making. These platforms include tools like an options trading platform, a screener, educational content, newsletters, and a community for investors and traders.
Attracting new clients is closely linked to offering a high-quality product. Our focus is on making our advanced platform, CubePlus, more accessible to a broader audience. Our growth has been driven mainly by referrals and word of mouth which we believe will continue to be effective in attracting new clients. We are also looking at performance marketing and offline & online trading events across the country to build awareness about the new feature on CubePlus. We have already concluded events in 8 different cities covering the breadth of the country. We are now looking at conducting more offline events in Tier II and III cities to build awareness and educate the audience in these cities.
StartupTalky: Can you share some insights or trends on AI in finance and its impact on the broking industry?
Mr. Trivesh: In recent years, artificial intelligence has advanced significantly in all fields. In finance, AI technologies are expected to improve trading algorithm accuracy by up to 40% while lowering operational costs by 25% over the next five years.
Enhanced predictive models and real-time data analysis allow brokerages to provide highly personalized services and automated trading strategies. As AI adoption grows, these innovations will gain a competitive advantage by improving trading efficiency and client engagement in the rapidly changing broking industry.
As of now, we are using AI in our customer support function, where the responses to clients can be generated through a bot that uses our detailed FAQâs as the underlying data set to respond to clients natively in their vernacular language. This is available both on chat and voice bot, which is a completely new development for a stockbroker.
Concerning our core operations, we do not have any AI-driven functions yet. However, we are working on building custom reports with AI insights for our clients in the coming two quarters. We have a deep tie-up with Trading View â our charting partner, to show real-time charts along with thousands of indicators on the charts.
StartupTalky: What are Tradejiniâs future goals and plans and how do you envision the company evolving over the next few years?
Mr. Trivesh: Our objective has always been to help traders and investors by offering access to cutting-edge technologies that improve and streamline the trading process. We are devoted to constantly developing the user interface of our platform to increase speed, efficiency, and overall user experience. In the following years, we plan to integrate sophisticated features and technologies to make our platform even more powerful and user-friendly.
We are also planning to ramp up our marketing efforts in the future. This includes reaching out to more potential customers through targeted advertising, strategic partnerships, and increased visibility. In the next 3 years, we expect to be the preferred choice of broker for an active trader, completely relying on our product superiority. By expanding our customer base and strengthening our brand presence, we hope to serve a larger community of traders and investors, providing them with the resources and tools they need to succeed in the ever-changing financial landscape.
StartupTalky: What advice would you give to young entrepreneurs and professionals who aspire to enter the finance and stock trading industry?
Mr. Trivesh: We recommend young entrepreneurs and professionals who aspire to enter the finance and stock trading industry go through it step by step, starting with mutual funds, moving on to equities, then equity trading, and finally futures and options. This is a more structured and calculated process that protects the user from the wrath of futures and options and the unrealistic expectations that come with them.
If you are looking at building a business in the capital market industry, we suggest a strong focus on building strong relationships and trust with your clients, which will lead to long-term brand loyalty. It is also crucial to be alert and update yourself with market trends and regulations to offer valuable insights and advice. Do not aim for overnight success, since building a brand is a marathon, not a sprint.
Lastly, meeting client needs should be a top priority, for which one should develop a strong understanding of financial products and services. Hopefully, these recommendations will help young entrepreneurs and professionals achieve success in the finance and stock trading industries.
In this exclusive interaction with Neha Patil, Founder of ProGen Ventures, she shares her journey from working with startups in the UK to becoming an early-stage investor in India. She discusses ProGenâs focus on providing smart capital to innovative startups, emphasising the role of technology and sustainability. Patil also talks about how she identifies investment opportunities in Indiaâs growing startup ecosystem. Additionally, she touches on the challenges sheâs faced as a young woman in venture investing and how she is overcoming them.
StartupTalky: What motivated you to establish ProGen Ventures, and how did your background contribute to its foundation?
Ms. Patil: India is the 3rd largest startup ecosystem in the world. We are home to 100+ unicorns, 5000+ angel investors, 1400+ venture capitalists, and 1100+ private equity firms.
Since childhood, I have been an avid reader and have an innate curiosity about how things work. Coming from a business background, there was always a certain inquisitiveness around businesses, founders, growth, and capital. I spent 5 years in the UK, studying and working. I went to Imperial College London for my masters and Imperial has one of the finest startup incubators in the world. Thatâs where I started working closely with startups. That led to working at Mishipay (a global startup).
After coming back to India, I was impressed by the thriving ecosystem and started consulting startups. Soon, started investing in them and created a portfolio of 25 companies as an angel investor.
Having co-invested with some of the finest funds like Matrix Partners, Chiratae, Accel, and Angels like Deepinder Goyal, Kunal Bahl, and Kunal Shah, I have built a portfolio of 25 category creators across consumer, enterprise saas, fintech, and climate tech startups.
ProGen was incepted in 2024 January and we are working towards building an early-stage venture firm that provides smart capital to champion teams disrupting the status quo. There are plenty of venture firms in the country. The idea is to provide smart capital that goes beyond writing a cheque. Today, founders have access to capital but lack hands-on help to help them hire better, make smarter financial decisions, and build sustainable long-term businesses. We enable them by connecting them to domain experts in our network who help them create a faster growth engine in the process.
ProGen focuses on new-age startups that resonate with Indiaâs 65% population that falls below the age of 35. We are investing in products, services, and technologies that enable this generation to shop better, live healthier and sustainably, work smarter, invest more, travel easier, and get access to know-how faster than ever before.
As an early-stage venture investor, I only invest in category creators that have the ability to own significant market share in the future and create smarter solutions for the new-age economy.
StartupTalky: What unique opportunities do you see in the Indian startup ecosystem that excite you?
Ms. Patil: India is at the cusp of incredible innovation not in one, two, or three sectors but in almost every single sector across the economy. Every space is ripe for disruption- From lending and wealth management for retail investors to kids’ products, wellness, and healthcare, logistics, healthcare, infrastructure, proptech, etc.
This allows for a wide array of opportunities to invest in. I am excited about the future of climate, retail, and commerce in the country.
StartupTalky: What are the key strategies and factors ProGen Ventures uses to identify and evaluate startups for investment?
Ms. Patil: We evaluate anywhere between 300-400 startups a year. Most of these are across sectors. We take a macroeconomic perspective to identify startups. A lot of research usually goes into identifying evolving consumer trends and needs across sectors.
For example, FirstCry is a phenomenal success story because India is one of the youngest economies in the world. Disposable income in each household has increased significantly. With both working parents, there is a growing awareness in terms of educational toys, conscious clothing for kids, nutrition for kids, etc. This has enabled FirstCry to scale and capture a significant market share.
ProGenâs investment thesis largely focuses on investing in solutions that are being built for an agile tomorrow.
StartupTalky: What is the typical process and timeline for a startup to secure investment from ProGen Ventures, and how can founders best prepare for it?
Ms. Patil: We take 2 weeks once founders share the necessary data to make a final decision.
At an early stage, we have limited data so the conviction is largely around founders, their authenticity, domain expertise, and ability to scale their startup.
StartupTalky: How does ProGen Ventures support its portfolio companies beyond just providing financial investment?
Ms. Patil: To reinstate, at ProGen we are staunch believers in smart capital. We have an expert network that consists of CXOs, founders, and business operators that help founders with real-time insights into the challenges they face in day-to-day operations.
For example, Adonmo Technologies wanted to expand to newer cities and we helped them acquire those cities 3 quarters earlier than planned. Zomato came in as their largest shareholder post our investment and they have been scaling up since then.
A food tech startup was having a tough time choosing their lead for the next round and we stepped in to help them get a term sheet that resonates with their core values and growth plans.
StartupTalky: Can you share some success stories of startups that ProGen Ventures has invested in and how they have evolved?
Ms. Patil: Most portfolio companies like Cureskin, Beco, OTO capital, Skye Air, BluSmart, and Boba Bhai have raised uprounds within 12-18 months of investing from some of the largest global and Indian funds like Qatar Insurance Authority, Matrix Partners, Temasek, Chiratae Ventures.
StartupTalky: How important is technology in the startups you invest in and what technological trends excite you the most?
Ms. Patil: All portfolio companies use technology as an enabler in everything that they do. I am really looking forward to startups building vertical tools and software using LLMs to enable seamless education, healthcare, commerce, and smart working solutions.
StartupTalky: ProGen Ventures emphasises sustainability. How do you ensure that the startups you invest in align with this value?
Ms. Patil: We are investing in climate-forward ideas and actively supporting startups in that space. Sustainable startups in the current portfolio are Beco, Infinity box, and BluSmart. All three are category leaders in their space and we are looking for more startups disrupting the status quo to enable a more sustainable future.
StartupTalky: What are ProGen Ventures’ plans for future expansion?
Ms. Patil: We are looking to invest in 12-15 startups this year, with an average ticket size of $100-150K. We focus on seed-stage investments.
StartupTalky: What unique challenges have you faced as one of the youngest venture investors, and how have you overcome them?
Ms. Patil: Venture investors historically have been associated with bald men, grey hair, seasoned entrepreneurs, and finance professionals. (Mostly men, 99% of the time).
I donât fit those stereotypes. I have not exited a startup, I have not worked in finance for the past 15 years, and neither do I come from the investment banking space, and most distinctly, I am a woman. But I let the performance speak for itself.
I started venture investing at 27. At 30, I have a portfolio of 25 startups, most of these names have made it to top startups of the country and have some of the finest backers/investors like Zypp, BluSmart, OTO Capital, Beco, Cureskin, and Adonmo.
If you are bringing value to the table, thatâs all that matters.
Reviews for Neha Patil’s Innovative Approach to Investing
StartupTalky: What advice would you give to aspiring entrepreneurs seeking investment?
Advice is a very strong term. I am still learning every day from founders and investors, but I think what has worked well for successful founders is more substance and less noise. Focus on building, and rest everything falls into place.
In our exclusive interview with Mr. Apoorva Goyal, Vice President of Investments at Insight Partners, he shares his inspiring journey from a Marwari family business to leading global tech investments. Mr. Goyal shares his passion for supporting high-growth Indian startups and Insight Partners’ role in scaling tech innovators.
He also discusses the firm’s focus on SaaS, their investment criteria, and how they guide startups towards successful IPOs. With insights on AIâs impact, cross-border investment trends, and practical advice for entrepreneurs, this conversation provides a valuable look into the evolving world of tech investments.
StartupTalky: Can you share your journey in brief at Insight Partners and what inspired you to join?
Mr. Goyal: Born in a âMarwariâ family, I grew up living and breathing entrepreneurship. I was introduced early on to the world of sales, products, and profits. Helping my family business with a product launch and managing a few retail stores were some of my responsibilities as a kid. At IIT-Kanpur, I was first introduced to the world of startups. Over the next few years, I had the privilege of working with and supporting several ambitious engineer-founders trying to solve challenging world problems using cutting-edge technology. The experience made it clear to me that I wanted to dedicate the next few decades of my life to the service of founders.
I joined Insight Partners in 2021, driven by this passion for technology and investment. I have been driving our efforts to invest in leading Indian startups building for the world. I was drawn to Insightâs reputation as a global software investor. It has been investing in high-growth software ScaleUps for almost three decades and this experience has positioned the firm to help founders scale their companies globally. The firmâs hands-on approach and commitment to supporting high-growth technology companies particularly resonated with me. The opportunity to help visionary leaders scale and succeed on a global stage continues to inspire my work here.
StartupTalky: What sectors do you at Insight Partners focus on, and why do you think they have strong growth potential?
Mr. Goyal: I am focused on high-growth technology, software, and Internet startup and ScaleUp Indian companies that are driving transformative change in their industries. From the earliest institutional check to scaled growth checks, we meet great software leaders where they are in their growth journey and support them with what they need to be successful.
I am particularly excited about the SaaS sector (esp. Indian companies building for global markets) due to its scalability, predictable recurring revenue models, and strong market demand. The shift towards digital transformation, remote work, and cloud migration has accelerated SaaS adoption. Continuous innovation and integration capabilities enhance its appeal. SaaS offers significant revenue opportunities from both large enterprises and SMBs globally. This combination of strong growth potential, robust returns, and the dynamic nature of the SaaS market makes it a highly appealing sector for me.
StartupTalky: How do you choose which high-growth companies to invest in?
Mr. Goyal: As a firm, we meticulously evaluate companies with visionary leadership, innovative products, and scalable business models. Key factors include market potential, product-market fit, and financial health. We conduct extensive due diligence, including market research, customer interviews, and financial analysis. Our in-house experts provide deep operational expertise to help identify companies poised for growth. This thorough evaluation enables us to invest in companies with the potential for sustainable success and industry leadership, and then we leverage this deep dive to be ready to support them from day 1.
StartupTalky: How do you help startups from their early stages to prepare for an IPO? How does Insight Partners support the growth of tech startups beyond just financial investment?
Mr. Goyal: We support founders as they set their strategy from an early stage and give them a global perspective on success and how to get there. We have a dedicated team called Onsite, comprising of 140+ in-house experts across multiple domains. The team provides deep operational expertise, access to expansive networks, and targeted solutions to help high-growth portfolio companies scale faster and more effectively. Onsiteâs targeted Centers of Excellence (COEs) and operational experts in marketing, sales, product, pricing, people, and more are equipped to address the unique needs of these companies and foster business excellence as they grow.
Furthermore, our expansive network of 800+ investments provides valuable peer networking opportunities. Founders have the chance to learn from their collective experiences and connect with individuals who have been in their shoes and understand the unique challenges of scaling a company. Our goal is to position startups for a successful IPO and long-term success by leveraging our extensive experience and resources.
StartupTalky: Could you share a success story of a startup you have worked with at Insight Partners that particularly stands out to you?
Mr. Goyal: A notable success story would be M2P. We partnered with them in early 2022, providing capital and strategic support. Our collaboration helped streamline operations, refine their product offerings, and expand market reach. We helped them drive and execute a successful M&A strategy, helping them better serve their customers with a wider breadth of product offerings.
This partnership culminated in M2P establishing itself as a market leader in a relatively short period and being recognized amongst the fastest growing Fintechs in Asia Pacific by the Financial Times for the last 2 years. M2Pâs journey from a startup to a scaled fintech leader exemplifies how our targeted solutions, operational expertise, and expansive networks drive transformative growth and industry leadership.
StartupTalky: What are the typical challenges you face when investing in new markets, and how do you handle them?
Mr. Goyal: Investing in new markets involves navigating regulatory differences, cultural nuances, and market maturity. We address these challenges by conducting thorough market research and building strong local partnerships. Insightâs belief that great software companies can originate from anywhere drives our global investment strategy. We leverage our expansive network and the Onsite teamâs expertise to understand and navigate local ecosystems. This approach allows us to mitigate risks and seize growth opportunities, helping our portfolio companies scale effectively in new markets.
StartupTalky: How do you expect AI to impact finance and software, and what effects do you think this will have on investors?
Mr. Goyal: Insight Partners has long fostered AI innovation, investing over $4.5 billion in AI/ML companies and helping our portfolio companies leverage AI to transform core business functions and identify efficient scaling opportunities.
We strongly feel that AI is set to revolutionize finance and software by enhancing efficiency, accuracy, and innovation. In finance, AI can automate complex processes, provide deeper insights through predictive analytics, and improve risk management.
For software, AI enables the development of intelligent applications offering personalized user experiences and innovative solutions. Investors will increasingly continue to focus on companies that are leveraging AI to create competitive advantages. This includes startups pioneering AI applications, as they will likely drive substantial growth and industry disruption.
We believe the widespread adoption of AI will lead to new revenue streams and markets, making it a critical area for investment. Moreover, AI’s ability to transform core business functions like product development, marketing, sales, and customer experience ensures that companies integrating AI effectively are well-positioned for future success.
StartupTalky: Are there any specific tools or technologies you use in your business operations?
Mr. Goyal: We leverage several advanced tools and technologies to enhance our operations and are continuously evolving as a firm. We use CRM systems to manage relationships and streamline communication alongside data analytics platforms to help with market analysis and performance tracking. As a firm, we also use several collaboration tools and workflow automation tools to improve firm productivity and effectively monitor portfolio performance. These technologies enable us to operate efficiently, make data-driven decisions, and maintain a competitive edge, allowing us to provide effective support to our portfolio companies.
StartupTalky: If an Indian startup wants to receive investment from Insight Partners, what steps should they take to initiate the process?
Mr. Goyal: We are very accessible as a firm and encourage Indian startups to directly reach out via email or LinkedIn. We strive to respond quickly and are always eager to learn more about companies that fit our broad investment criteria. We love to dig deeper into the overall business plan highlighting market opportunity, innovative product technology, current traction, and overall growth strategy. We also share a ton of our valuable insights and data on our website as we want to not only have long-term relationships with founders, but we want to ensure all entrepreneurs have access to some of the brilliant minds within Insight Partners even before we are able to partner together!
StartupTalky: What are the latest trends in the Indian-US Corridor for investments that entrepreneurs should watch out for in technology and software?
Mr. Goyal: Entrepreneurs should watch for trends like the rise of AI and machine learning, increased focus on cybersecurity solutions, and the growing global adoption of SaaS solutions. Cross-border collaborations and investments are on the rise, with global investors keen on the Indian tech ecosystem. Digital transformation across sectors, including healthcare, education, and finance, presents significant opportunities for innovative technology solutions.
StartupTalky: If you were giving advice to business owners looking to grow their business, what would it be?
Mr. Goyal: My advice to business owners is to build a strong, cohesive team and foster a culture of innovation and adaptability. Understand your market deeply and stay close to your customers to ensure your product meets their needs. Continuously iterate based on feedback and market changes. Invest in scalable processes and technology. Seek mentorship and leverage networks for advice and opportunities. Maintain a clear vision and long-term goals while being flexible in your approach.
In this exclusive interaction with StartupTalky, Mr. Om Narayan Singh, the visionary founder of Digital Gramin Seva (DGS), discusses hismission to bridge the digital divide in rural India by bringing essential services and technology to underserved communities. He shares the challenges he has faced, the solutions heâs developed, and his vision for creating a more digitally connected and inclusive future for rural communities. Explore how Mr. Singh and his team are making a significant impact in rural areas through Digital Gramin Seva.
StartupTalky: What inspired you to start Digital Gramin Seva?
Mr. Singh: Digital Gramin Seva was inspired by the vision to empower rural communities in India by leveraging digital technology and providing essential services at their doorstep. The initiative aims to empower rural communities by bringing critical services such as banking, utility payments, and government schemes to their doorstep through digital platforms. This helps improve access to services, reduce hurdles, and enhance overall efficiency in service delivery, without having to travel long distances.
We want to make life easy for the population residing in rural India.
The rural population in India has challenges in their life regarding banking and other utility payments. We want to resolve this issue so we are starting Digital Gramin Seva as a platform to solve all these problems.
StartupTalky: What are the core services that DGS offers to rural populations?
Mr. Singh: Our Core Services to rural populations are as follows:
AEPS(Aadhar Enabled Payment System, Utility Bill payments, Cash Withdrawal, Money Transfer, Cash Deposit, Mobile/DTH Recharge, Insurance, IRCTC Agent ID, GST registration, Return Filing, Income Tax return Filing, Company registration, etc.
StartupTalky: How does DGS ensure accessibility for the millions of people in India who lack internet access?
Mr. Singh: Digital Gramin Seva (DGS) addresses the challenge of internet accessibility in rural India through Agent-assisted Services: DGS utilizes a network of local agents who act as intermediaries between the digital platform and the rural population. These agents are typically stationed in villages and are trained to operate the digital service platforms on behalf of rural residents who may not have internet access or digital literacy.
DGS initiatives also focus on digital literacy and awareness programs to educate rural residents about the benefits of digital services and how to access them, thereby increasing their comfort and capability to use digital platforms.
StartupTalky: What sets DGS apart from other digital service providers in rural India? Can you explain the DGS franchise model and its benefits for rural entrepreneurs?
Mr. Singh: Digital Gramin Seva (DGS) distinguishes itself from other digital service providers in rural India through several key aspects:
Comprehensive Service Offering: DGS offers a wide array of essential digital services under one platform. These services typically include banking (such as account opening, deposits, and withdrawals), utility bill payments, mobile recharges, insurance services, government schemes (like Aadhaar enrolment), and more. This comprehensive approach ensures that rural residents can access multiple services conveniently through a single provider.
Last-Mile Connectivity: By establishing a network of local, DGS enhances last-mile connectivity in rural areas. This means that residents do not have to travel long distances to access digital services; instead, they can utilise services provided by local entrepreneurs who understand the community’s needs and preferences.
Focus on Rural Empowerment: DGS is focused on empowering rural communities economically and digitally. Through its merchant or franchise model, it creates opportunities for local entrepreneurs to generate income, promote financial inclusion, and contribute to local economic development. This approach not only bridges the digital divide but also fosters entrepreneurship and self-reliance in rural areas.
Technology Integration: DGS leverages technology to ensure seamless service delivery despite many challenges. Users with varying levels of digital literacy and access to internet connectivity can use our platform with ease. We are always open to integrating new technologies with our platform to ensure seamless service delivery.
Better Support: We have a top-notch support team composed of individuals who are highly knowledgeable about the product or service they support. They understand its intricacies and are adept at troubleshooting issues.
Maximum Commission: DGS offers the highest commission to our merchant/agent for their use of services on our platform in rural India, Compared with other digital service providers in rural India we are far ahead of them in terms of providing maximum commission to merchant/agent.
Franchise Model: DGS operates on a franchise model where local entrepreneurs, often from rural areas themselves, can become franchise holders. These entrepreneurs are provided with training, support, and access to digital service platforms, enabling them to offer a variety of services directly to their communities.
Digital Gramin Seva Franchise Model Benefits
Here are the benefits of the DGS Franchise Model for Rural Entrepreneurs:
Low Entry Barrier: Becoming a DGS franchisee typically requires a moderate initial investment, making it accessible to aspiring entrepreneurs in rural areas who may not have large capital resources.
Training and Support: DGS provides comprehensive training to franchise holders on operating digital platforms, managing transactions, and providing customer support. This training equips entrepreneurs with the necessary skills to effectively run their businesses.
Brand Association: Franchise holders benefit from the brand recognition and credibility of DGS, which enhances customer trust and attracts more business.
Revenue Opportunities: Franchisees earn commissions on the transactions and services they provide through the DGS platform, thereby creating a sustainable revenue stream.
Community Impact: By offering essential digital services locally, franchise holders contribute to the socio-economic development of their communities. They facilitate financial inclusion, promote digital literacy, and improve the overall quality of life in rural areas.
StartupTalky: What key challenges did you face while expanding DGS, and how did you overcome them?
Mr. Singh: Expanding Digital Gramin Seva (DGS) in rural India likely faced several key challenges, and overcoming them required strategic planning, adaptation, and collaboration:
Infrastructure and Connectivity: One of the primary challenges was adequate infrastructure in rural areas. Many villages lacked basic infrastructure like electricity and internet connectivity, which are essential for digital service delivery. To overcome this DGS utilises a network of local agents who act as intermediaries between the digital platform and the rural population.
Awareness and Education: There was a significant gap in awareness and understanding of digital services among the rural population. Many villagers were unfamiliar with digital transactions, online banking, and government schemes available to them. Therefore, extensive awareness campaigns and training programs were needed to educate and empower them to use these services effectively. We Educate villagers about the benefits of digital technology and encourage its adoption through community outreach programs.
Trust and Security: Building trust in digital transactions and ensuring security were critical concerns. Many villagers were apprehensive about the security of their financial transactions and personal data.We have established robust security measures and gained trust through transparent operations to overcome these barriers.
Regulatory and Compliance Issues: Integrating banking, government, and non-government services required navigating through various regulatory frameworks and compliance requirements. Ensuring adherence to legal norms while providing seamless services was a complex task, particularly in a diverse country like India with different state regulations. We have a dedicated team to resolve these types of issues.
Partnerships and Collaboration: Collaboration with banks, government agencies, and NBFCs was crucial but challenging due to differing priorities, processes, and varying levels of digital readiness among partners. We make Collaborations and partnerships with multiple partners and agencies to provide seamless service to merchants and people in rural areas.
StartupTalky: How does the Aadhaar-Enabled Payment System (AEPS) work, and what impact has it had on rural banking?
Mr. Singh: How AEPS Works:
Aadhaar Authentication: AEPS uses Aadhaar authentication to verify the identity of individuals conducting banking transactions. This authentication is done through biometric (fingerprint or iris scan) or demographic (Aadhaar number and OTP) means.
Micro-ATMs: AEPS transactions are conducted using micro-ATMs, which are handheld devices operated by business correspondents (BCs) or agents in rural areas. These devices are equipped with fingerprint scanners and can connect to banksâ servers via GPRS or other networks.
Types of Transactions: AEPS supports various types of transactions, including-
Balance Enquiry: Users can check their account balance using AEPS Cash Withdrawal: Users can withdraw cash from their bank accounts by authenticating their identity through Aadhaar biometrics.
Cash Deposit: Customers can deposit cash into their bank accounts.
Fund Transfer: It allows for fund transfers between Aadhaar-linked bank accounts.
Participating Banks: AEPS is implemented by banks that are enabled to offer Aadhaar-based banking services. These banks appoint BCs who operate micro-ATMs in rural areas, extending banking services to unbanked and underbanked populations.
Security and Accessibility: AEPS transactions are secure due to Aadhaar authentication, which ensures that only authorized individuals can access their accounts. The use of biometric data adds a layer of security compared to traditional PIN-based systems.
Impact on Rural Banking:
Financial Inclusion: AEPS has significantly contributed to financial inclusion by bringing banking services closer to rural populations. It has enabled millions of unbanked individuals to access basic banking services such as withdrawals, deposits, and fund transfers conveniently in their villages.
Ease of Access: Rural residents no longer need to travel long distances to access a bank branch. Micro-ATMs operated by BCs provide banking services at the doorstep of villagers, saving time and effort.
Reduction in Cash Dependency: AEPS promotes digital transactions and reduces dependency on cash in rural areas. This has positive implications for financial literacy and the formalisation of the economy.
Empowerment of BCs: The deployment of micro-ATMs under AEPS has created employment opportunities for BCs in rural areas. These agents act as intermediaries between banks and customers, earning commissions on transactions conducted through micro-ATMs.
Government Benefit Disbursement: AEPS has been instrumental in the direct transfer of government subsidies, pensions, and other benefits to beneficiariesâ bank accounts linked with Aadhaar. This has streamlined distribution processes, reduced leakages, and improved efficiency. In conclusion, the Aadhaar-Enabled Payment System (AEPS) has been a game-changer for rural banking in India, promoting financial inclusion, empowering rural communities, and facilitating economic growth by leveraging Aadhaar-based authentication and micro-ATM technology.
StartupTalky: Which of DGS’s digital services are most popular among customers, and why?
Mr. Singh: Digital Gramin Seva (DGS) offers a range of digital services tailored to meet the needs of rural customers in India. Some of the most popular services among customers typically include Banking Services, Utility Bill Payments, Mobile/DTH Recharges, and Insurance Premium Payment.
Reasons for Popularity:
Highest Commission: DGS offers the highest commission to our merchant/agent for their use of services on our platform in rural India, Compared with other digital service providers in rural India we are far ahead of them in terms of providing maximum commission to merchant/agent.
Convenience: DGS brings essential services directly to rural communities, eliminating the need for residents to travel long distances to access banking, utility payments, and other services. This convenience is highly valued by customers.
Accessibility: By leveraging a network of local Merchants/ franchises and micro-ATMs, DGS ensures that even remote villages have access to digital services. This accessibility is crucial in areas with limited infrastructure and connectivity.
Trust and Familiarity: Customers often prefer conducting transactions through local agents they know and trust, rather than through impersonal urban centres. DGS builds trust by empowering local entrepreneurs as merchant/franchise holders who understand community needs.
Time-Saving: Rural customers save valuable time by using DGS for transactions that would otherwise require long journeys to town centres. This time-saving aspect is significant in rural contexts where agricultural and household chores are prioritised.
Digital Literacy Support: DGS not only offers services but also invests in educating rural customers about digital literacy. This support helps customers feel more comfortable using digital platforms for their transactions.
Digital Gramin Seva Services
StartupTalky: How does DGS ensure the security and privacy of its customers’ data?
Mr. Singh: Ensuring the security and privacy of customerâs data is paramount for Digital Gramin Seva (DGS) to maintain trust and compliance with regulatory standards. Here are several measures DGS implements to safeguard customer data:
Data Encryption: DGS employs robust encryption techniques to protect data both in transit and at rest. Encryption ensures that sensitive information such as Aadhaar numbers, financial transactions, and personal details are unreadable to unauthorised individuals or cyber attackers.
Secure Authentication: DGS uses secure authentication protocols to verify the identity of users accessing its platforms. This typically includes multi-factor authentication (MFA) and biometric authentication (such as fingerprint or iris scans) for accessing sensitive services.
Access Control: Access to customer data within DGS systems is strictly controlled based on the principle of least privilege. Only authorized personnel and systems have access to specific data necessary for their roles or functions.
Assessments: DGS conducts regular security audits, vulnerability assessments, and penetration testing of its systems and infrastructure. These tests help identify and address potential security weaknesses proactively.
Compliance with Regulations: DGS adheres to data protection regulations and guidelines set forth by regulatory authorities such as the Reserve Bank of India (RBI) and the Unique Identification Authority of India (UIDAI). Compliance ensures that customer data handling practices meet legal requirements regarding privacy and security.
Employee Training: Employees and franchise holders of DGS receive training on data security best practices and the importance of safeguarding customer information. This training helps prevent human errors and ensures that all stakeholders understand their roles in protecting customer data.
Customer Awareness: DGS educates its customers about data security and privacy through awareness campaigns and customer communication. This empowers customers to make informed decisions about their interactions with DGS and helps them recognize potential security threats.
StartupTalky: What training and support do you offer to your retail partners and franchisees?
Mr. Singh: Training and Support for Retail Partners and Franchisees:
Product and Service Training: Retail partners and franchisees receive comprehensive training on the range of digital services offered by DGS, including banking transactions, utility bill payments, mobile recharges, insurance services, etc.
Technology Training: Training on how to operate micro-ATMs or other digital service delivery devices used by DGS. This includes technical aspects such as troubleshooting common issues, handling transactions, and ensuring data security.
Standard Operating Procedures (SOPs): Retail partners and franchisees are provided with SOPs outlining step-by-step procedures for conducting various transactions, handling customer queries, and maintaining records.
Customer Relationship Management (CRM): Training on building positive customer relationships, handling customer complaints, and providing excellent customer service.
Access to Support Resources: Providing access to a dedicated helpdesk or support team that franchisees can contact for technical assistance, operational queries, or regulatory clarifications.
Ongoing Support: Continuous support to address any operational challenges, software updates, or changes in service offerings.
StartupTalky: How has DGS contributed to job creation and entrepreneurship in rural areas?
Mr. Singh: Digital Gramin Seva (DGS) has significantly contributed to job creation and entrepreneurship in rural areas of India through several impactful initiatives:
Franchise Model Empowerment: DGS operates on a franchise model, empowering local entrepreneurs to establish and operate digital service centers in their communities. These entrepreneurs become franchise holders and provide a range of essential services such as banking, utility payments, insurance services, and more. By becoming DGS franchisees, these individuals create their businesses and generate employment opportunities locally.
Business Correspondents (BCs): DGS engages Business Correspondents (BCs) who act as intermediaries between banks and customers in rural areas. BCs typically operate micro-ATMs and provide banking services, earning commissions for transactions conducted. This role creates employment for BCs who often come from rural backgrounds and serve their communities.
Direct Employment Opportunities: Beyond franchise owners and BCs, DGS contributes to direct employment by hiring staff members at franchise outlets. These staff members are trained to assist customers with various digital services, thereby creating jobs locally and contributing to household incomes.
Skill Development and Training: DGS invests in training programs for franchisees, BCs, and local staff members. Training covers operational procedures, customer service, digital literacy, and compliance with regulatory standards. This enhances the employability and entrepreneurship skills of participants, enabling them to manage and grow their businesses effectively.
Community Development: DGS initiatives contribute to overall community development by reducing dependency on urban centers for essential services, improving access to digital technologies, and enhancing the overall quality of life in rural areas.
StartupTalky: What role does technology play in DGS’s operations, and what recent advancements have you implemented?
Mr. Singh: Digital Gramin Seva (DGS) relies heavily on technology to streamline its operations, deliver digital services efficiently, and enhance customer experience in rural India. Here are the key roles that technology plays in DGS’s operations, along with recent advancements:
Roles of Technology in DGS’s Operations:
Service Delivery Platforms: DGS uses robust digital platforms to offer a wide range of services such as banking transactions, utility bill payments, mobile recharges, insurance services, government schemes (like Aadhaar enrolment), and more. These platforms enable seamless service delivery across its network of franchises and micro-ATMs.
Micro-ATMs and Digital Devices: DGS deploys micro-ATMs and handheld digital devices equipped with biometric scanners, card readers, and connectivity options (like GPRS) to facilitate banking and other transactions in remote areas. These devices play a crucial role in extending banking services to underserved populations.
Data Security and Privacy: Technology safeguards customer data through encryption, secure authentication mechanisms (such as biometrics), and adherence to data protection regulations. This ensures the confidentiality and integrity of transactions conducted through DGS platforms.
Training and Education: DGS uses technology for digital literacy training programs aimed at franchisees, BCs, and customers. These programs enhance understanding and usage of digital services, improving overall service adoption and customer satisfaction.
Recent Technological Advancements:
Enhanced User Interfaces: DGS has improved user interface on its digital platforms and mobile applications to make them more intuitive and user-friendly, especially for customers with varying levels of digital literacy.
Mobile App Development: DGS has developed and updated mobile applications that allow customers to access services conveniently from their smartphones. These apps support functionalities such as account management, transaction history, and service requests.
Biometric Authentication Enhancements: DGS continues to refine biometric authentication technologies used in micro-ATMs and digital devices. This includes improving the accuracy, speed, and reliability of fingerprint or iris scan authentication for secure transactions.
Digital Payments Integration: DGS has expanded integration with digital payment systems and e-wallets to offer more diverse payment options for customers. This supports cashless transactions and enhances financial inclusion efforts.
QR Code Scanner: DGS has expanded integration with QR Code Scanner to offer more diverse payment options for customers. This supports cashless transactions and enhances financial inclusion efforts.
StartupTalky: How does DGS collaborate with governmental and non-governmental organisations to enhance its services?
Mr. Singh: Digital Gramin Seva (DGS) collaborates with governmental and non-governmental organisations (NGOs) to enhance its services and extend its reach in rural areas of India. These collaborations play a crucial role in leveraging resources, expertise, and infrastructure to deliver impactful services. Hereâs how DGS collaborates with these entities:
Financial Institutions: Partnerships with banks and financial institutions have been crucial in providing banking and financial services to rural communities. These collaborations enable villagers to open bank accounts, deposit and withdraw money, access loans, and use digital payment services conveniently through Digital Gramin Seva centres.
Technology Providers: Collaborations with technology providers have enhanced the digital infrastructure of Digital Gramin Seva centres. This includes providing hardware as well as software solutions for managing transactions and customer interactions.
Corporate Partners: Partnerships with corporate entities have facilitated rural development and employee development program technology advancement which contribute to the sustainability and expansion of Digital Gramin Sevaâs operations.
Overall, DGS’s collaborations with governmental and non-governmental organisations are integral to its mission of promoting financial inclusion, fostering entrepreneurship, and driving socio-economic development in rural India. These partnerships strengthen its capacity to deliver impactful services and create lasting positive change in the communities it serves.
StartupTalky: What do recognitions like ‘Best Rural Banking Service Provider’ mean for you and your team?
Mr. Singh: For Digital Gramin Seva (DGS), receiving recognitions like ‘Best Rural Banking Service Provider’ holds significant meaning and serves as validation of the team’s efforts and achievements. Hereâs what such recognitions typically mean for DGS and its team:
Validation of Efforts: Being recognized as the best rural banking service provider validates the hard work, dedication, and innovation that DGS and its team have invested in serving rural communities. It acknowledges its commitment to delivering high-quality financial services and digital solutions tailored to the unique needs of rural populations.
Credibility and Trust: Awards and recognitions enhance DGS’s credibility and reputation in the industry. They demonstrate to customers, stakeholders, and partners that DGS is a reliable and trustworthy organization capable of making a positive impact in rural areas.
Motivation and Morale Boost: Recognition boosts team morale and motivation. It serves as encouragement for the team to continue striving for excellence, innovate further, and maintain high standards in service delivery and customer satisfaction.
Enhanced Visibility and Brand Image: Awards raise DGSâs visibility within the industry and among potential customers. They reinforce the brand image as a leader in rural banking and digital services, potentially attracting new franchisees, customers, and partnerships.
Customer Confidence: Recognitions reassure customers that they are choosing a reputable and distinguished service provider. This can increase customer confidence and loyalty, leading to greater adoption of DGSâs services and further expanding its impact in rural communities.
StartupTalky: Can you share any success stories or testimonials from rural communities you’ve served?
Mr. Singh: Success Story- Empowering Rural Entrepreneurship in a remote village in rural India, Digital Gramin Seva (DGS) established a franchise operated by Raja Trillonix, a resident passionate about improving access to digital services. Hereâs Rajaâs story: Raja had struggled to find steady employment in his village, often traveling to nearby towns for odd jobs.
When DGS introduced the opportunity to become a franchisee, Raja saw it as a chance to make a meaningful impact in his community while earning a livelihood. With support from DGSâs training programs, Raja quickly adapted to operating a micro-ATM and providing essential services such as banking transactions, utility bill payments, and mobile recharges. He became a trusted point of contact for villagers seeking reliable and convenient access to financial services.
Over time, Rajaâs franchise became a hub for digital literacy workshops, where he taught fellow villagers how to use digital platforms for banking and utility payments. He also facilitated Aadhaar enrolment camps, helping hundreds of residents obtain their unique identity numbers and access government subsidies seamlessly.
Through his dedication and DGSâs support, Raja not only transformed his livelihood but also contributed to the economic empowerment of his community. The convenience of accessing essential services locally reduced travel expenses and saved valuable time for villagers, particularly women and elderly residents.
Testimonials from villagers highlighted Rajaâs reliability, personalised service, and the positive impact of having a local franchise for their day-to-day financial needs. They expressed gratitude for the improved quality of life and newfound confidence in digital transactions. Rajaâs success story underscores DGSâs commitment to fostering entrepreneurship, promoting financial inclusion, and empowering rural communities through innovative digital solutions.
StartupTalky: What are your plans for Digital Gramin Seva, including any new services or expansions?
Mr. Singh: Digital Gramin Seva aims to add new services and expand its impact and reach in rural India with several strategic goals and plans for the next few years:
Expansion of Service Reach: Digital Gramin Seva plans to create more merchants in underserved and remote areas across India. This expansion will ensure broader access to essential digital services such as banking, government schemes, healthcare, and education.
Enhanced Service Offerings: The platform intends to diversify and enhance its service offerings to meet evolving needs. This includes incorporating new digital services, QR Code Scanner, integrating emerging technologies like AI and blockchain for improved efficiency and security, and expanding partnerships with additional service providers.
Technological Advancements: Digital Gramin Seva aims to upgrade its technological infrastructure continuously. upgrading hardware and software systems and adopting mobile and cloud-based solutions to enhance accessibility and scalability.
Digital Literacy and Skill Development: Increasing emphasis will be placed on digital literacy programs and skill development initiatives in rural communities. Digital Gramin Seva plans to conduct rigorous impact assessments to measure its effectiveness in driving financial inclusion, enhancing livelihoods, improving access to services, and fostering overall socio-economic development in rural areas.
StartupTalky: What advice would you give to aspiring entrepreneurs in the digital services sector?
Mr. Singh: For aspiring entrepreneurs venturing into the digital services sector, especially in contexts like rural India, here are some key pieces of advice to consider:
Understand Local Needs:Conduct thorough research to understand the specific needs and challenges of the community you aim to serve. Tailor your digital services to address these needs effectively, whether it’s banking, utility payments, government services, or other essential needs.
Embrace Innovation: Leverage technology to innovate and differentiate your offerings. Explore opportunities to integrate advanced technologies like AI, IoT, or blockchain to enhance service delivery, security, and customer experience.
Build Partnerships: Collaborate with governmental organisations, financial institutions, NGOs, and local community leaders to build trust, access resources, and expand your service network. Partnerships can also provide insights into regulatory requirements and market dynamics.
Focus on Customer Experience: Prioritise customer satisfaction by offering user-friendly interfaces, reliable customer support, and personalised services. Listen to customer feedback and continuously improve your offerings based on their needs.
Ensure Data Security: Implement robust data protection measures to safeguard customer information and build trust. Compliance with regulatory standards and regular security audits are crucial in maintaining the integrity of your digital services.
Persistence and Resilience: Entrepreneurship can be challenging, especially in emerging markets. Stay persistent in pursuing your goals and resilient in overcoming obstacles. Learn from failures and iterate on your ideas to achieve long-term success.
By combining innovation, community engagement, customer-centricity, and resilience, aspiring entrepreneurs can create impactful ventures in the digital services sector, contributing to economic development and social empowerment in their communities.
At StartupTalky, weâre excited to explore the story of Burger Singh with its CEO and Founder, Kabir Jeet Singh. Singh shares how his love for adding an Indian twist to burgers, which started during his MBA studies in Birmingham, led him to start Burger Singh in 2014. The franchise has since won over Indian customers with its unique flavours and local touch.
With a smart business model and big plans for growth, Burger Singh is making its mark in the fast-food industry. In this exclusive interaction, Singh shares insights into the companyâs journey, the challenges it has faced, and whatâs next for this popular burger chain.
StartupTalky: Can you tell us about the journey of Burger Singh? How did it all start?
Mr. Singh: The inspiration behind starting Burger Singh came from my experience when I was working at a local burger outlet in Birmingham while pursuing my MBA. I found myself captivated by flavors and tried to give the typical burgers an Indian touch that also garnered positive feedback from customers. This was my Eureka moment to launch Burger Singh in 2014. With the first outlet in Gurugram, we marked the beginning of our journey to bridge the gap in the market, where foreign brands catered to an Indian audience with flavors unfamiliar to them.
StartupTalky: What makes Burger Singh different from other burger chains in India?
Mr. Singh: As I experimented with typical American-style Burgers to give it an Indian twist, I saw a huge potential when people actually started liking it. And, the way we bring out the amazing taste of Indianised burgers, sets Burger Singh apart from other burger chains. It is the perfect fit for the Indian Market in both taste and value for money. Along with this, our commitment to quality, affordability, and a strong local identity has resonated with Indian food enthusiasts, making Burger Singh a beloved choice.
StartupTalky: Can you explain the business model of Burger Singh?
Mr. Singh: Burger Singh operates a hybrid model with 70% franchise-owned stores and 30% company-owned. It has four different forms of outlets.
Express: Kiosks in high-footfall areas like malls and airports.
Food Court: Small spaces (200-300 sq ft) in busy streets and food courts.
Dine-In: Larger spaces (800+ sq ft) in Tier 2/3 cities.
Drive-Thru: Large spaces (1000+ sq ft) on highways for quick ROI.
StartupTalky: What are the key requirements to become a Burger Singh franchise?
Mr. Singh: To become a Burger Singh franchise, We provide locations to franchisee owners, the ability to open the store within, the required capital as per the chosen model, a marketing launch budget of INR 2 lakhs + GST, and an additional 300 sq. ft. for raw material storage. More details are available on burgersinghonline.com/franchise.
StartupTalky: What kind of support and training does Burger Singh provide to its franchisees?
Mr. Singh: Burger Singhâs management team gives franchisees in-depth training to teach everything one needs to know about running a profitable store. This training can take place either online or in person at our headquarters in Gurugram. We also provide a New Store Opening Team that visits the location to guide the new staff until they are fully trained.
In special cases, the staff may need to visit existing Burger Singh stores for additional hands-on experience.The process doesn’t end here, as we offer refresher training sessions based on one’s needs to ensure that staff remain up-to-date with the latest practices and standards.
StartupTalky: What is the initial investment needed to open a Burger Singh franchise? Are there any ongoing fees or royalties that franchisees need to pay?
Mr. Singh: To open a Burger Singh franchise, the minimum investment starts from INR 13.3 lakhs + GST. This covers the setup cost, franchise fees, and operational expenses. However, factors like the location of the outlet, rentals, revenue, etc. define the investment more precisely. The franchisee will also need to pay 6% for royalty and a 2% administrative fee to help Burger Singh provide ongoing support, marketing, and operational guidance.
StartupTalky: How does Burger Singh ensure quality and consistency across all its outlets?
Mr. Singh: At Burger Singh, we ensure food safety and quality by following the rules set by the Food Safety and Standards Authority of India (FSSAI). We maintain strict hygiene in our kitchens, check the quality of our ingredients, and regularly train our staff on safety practices. We source ingredients from trusted suppliers and use technology to monitor food safety. Regular audits and inspections help us stay compliant with safety standards, ensuring we serve safe and high-quality food to our customers.
StartupTalky: What kind of marketing support does Burger Singh offer to its franchisees?
Mr. Singh: Burger Singh helps its franchisees with marketing in several ways. We do brand-level campaigns for the whole brand and manage social media. This helps each franchisee get more customers and keep them coming back.
StartupTalky: Can you share some insights on the profit margins for a typical Burger Singh franchise?
Mr. Singh: The ROI on a franchise’s investment depends on multiple factors like location, rentals, expected revenue, etc. There is no one answer to that question. To get a better idea of what it is likely to be, the franchise can contact Burger Singhâs franchise support.
StartupTalky: Are there any new products or services that Burger Singh is planning to introduce?
Mr. Singh: We have recently introduced a new kiosk model, âBurger Singh Express,â at airports, metro stations, universities, etc., replicating our successful plug-and-play model currently present at 25 metro stations in Delhi NCR. We will further introduce 16 more of these kiosks in airports of Tier 2 cities like Guwahati, Chandigarh, Imphal, Varanasi, etc. We have launched a delicious and affordable meal combo called theâInflation Mukt Combo,âpriced at just INR 99. This low-priced, high-quality combo is to be available to the audience from all Burger Singh outlets.
StartupTalky: What are Burger Singh’s plans for expansion in the next 5-10 years?
Mr. Singh: We are planning to open 120 new outlets and increase our total to over 300+. States like Maharashtra, Hyderabad, Bangalore, and Chennai, and cities like Guwahati, Chandigarh, and Varanasi are on our radar for outlet launches. In 3 years, we aim to boost our transit retail share, including stores in train and bus stations.
In an exclusive interaction with StartupTalky, Mr. Kunal Sethi, CEO of The Detailing Mafia, provides an inside look at how his company has transformed the high-end car detailing industry. With a network of over 180 studios across India, Sethi discusses the advantages of their franchise model, the comprehensive support and training for franchisees, and strategies for maintaining quality. He also shares insights into the challenges faced and the future growth plans for this innovative brand in the car care market.
StartupTalky: What does The Detailing Mafia do, and what are the main services offered?
Mr. Sethi: The Detailing Mafia is a high-end car cleaning and detailing studio. Over a short period of time in the industry, our brand showcases a portfolio of 180+ studios across India, providing services with unmatched quality, reliability, and durability and giving attention to detailing. We offer several services in the detailing process, including PPF, Ceramic coating, glass films, ceramic wash, maintenance wash, car denting/painting, windshield protection field, and bike detailing.
StartupTalky: Why did you choose the franchise business model? How has it contributed to your company’s growth and success?
Mr. Sethi: Franchising the brand was always on our horizon. When we started the concept of premium car detailing, it was unique, hard to find, and premium, and we had people ready to collaborate with us from the very beginning. We started receiving franchise inquiries on day zero. Still, we took time to develop our structure, know-how, and USPs and launched ourselves in the franchising space in 2019 with a solid foundation and infrastructure to back our claims.
Franchising has been a Launchpad for us, enabling us to fast-track our vision of positively disrupting the car care market. We are making quality international services accessible to Indian car lovers and are on our way to becoming an indigenous brand operating abroad. This journey has allowed us to convert our love and passion for vehicles into a successful business, where like-minded individuals can join us in creating state-of-the-art vehicles, meeting consumer demands, and contributing to the community through job creation and capital generation.
StartupTalky: What is the process to become a franchise with The Detailing Mafia? What are the main requirements?
Mr. Sethi: Our franchise requirements are straightforward, and to make it simpler for everyone, we have divided our franchise process into three different categories. In all these three categories, a few things are the same, which include space requirement, height requirement, project investment, etc.; the detailed process is provided below:
Requirements
Category A
Category B
Category C
Space Requirement
4000-7000 Sq. Ft.
2000-5000 Sq. Ft.
1800-2000 Sq. Ft.
Height Requirement
12 Ft.
12 Ft.
12 Ft.
Front Fascia
30 Ft. Minimum
30 Ft. Minimum
30 Ft. Minimum
Project Investment
65-80 lacs
35-60 lacs
30-40 lacs
Location
Commercial or semi-commercial space on the ground floor
Commercial or semi-commercial space on the ground floor
Commercial or semi-commercial space on the ground floor
Electricity
3 phase electricity
3 phase electricity
3 phase electricity
Business Entity
Not more than 3 partners and the firm name should be Proprietor/Partner/Pvt. Ltd.
Not more than 3 partners and the firm name should be Proprietor/Partner/Pvt. Ltd.
Not more than 3 partners and the firm name should be Proprietor/Partner/Pvt. Ltd.
StartupTalky: What support and training do you provide to your franchisees?
Mr. Sethi: Our dedicated team helps our franchisee partners provide training and support. They help to empower our extended family with biannual soft skills updates conducted conveniently to drive continual growth. Currently, we provide support and training to the franchisee partners in 3 phases:
Phase 1:
Market Identification and Conceptualizing:
Real Estate: We help our franchisees identify the right market for their business, search for real estate for their operations (if required), negotiate on their behalf for rentals and finances, and finalize their site.
Architecture: We then provide architecture support to conceptualization and consultation to create a studio as per the Detailing Mafia’s Standards.
Phase 2:
Setting the foundation:
Learning & Development: Here we help the franchisees in sourcing, training, and handling the right manpower on-site in the comfort of their own business habitat.
Owner Coach & Counsel: We also provide our partners with both operational and soft skill training to prepare them for further business & capital generation.
Launch Marketing: We provide them with initial creative and marketing support to establish them in their market.
Phase 3:
Sustenance:
Research & Development: We provide the franchisees with research and development support, updating and delivering them with upgrades to keep them ahead in the ever-growing world of detailing.
Training and Quality Control: We keep conducting training for our partners at regular intervals of time to keep them hands-on and control the quality of the service to the end customers.
Maintenance: We provide periodic maintenance support of the equipment to our franchise for better operating capability.
Store Chain Management: We provide our partners with Store Chain Management services, helping them get raw materials in a short duration anywhere in India.
Marketing: We also provide a robust ecosystem of marketing support to our franchisee with services including (and not limited to):
StartupTalky: How do you maintain consistent quality and service across all franchise locations?
Mr. Sethi: We understand the importance of consistent service across all franchise locations. We achieve this through standardized processes, high-quality product selection, and ongoing quality assurance checks. Additionally, we foster a collaborative environment where even franchisees can share best practices.
StartupTalky: What marketing strategies do you use to promote your franchise brand?
Mr. Sethi: We generally promote our franchise brand through several initiatives, such as lead generation, social media campaigns, and ATL/BTL advertising, which help us capture the right target market and build a strong recall value among our target audience.
StartupTalky: What makes The Detailing Mafia a profitable franchise business, and how do you help franchisees achieve profitability?
Mr. Sethi: The car detailing industry is booming in India, and The Detailing Mafia offers a proven business model with a strong brand reputation. We equip franchisees with the tools and support them to succeed with the help of training, inventory management guidance, and profitability optimization strategies. This inclusive approach ensures that our business is profitable and a promising venture for our franchisees.
StartupTalky: What are some of the challenges you face while running your franchise business, and how do you handle them?
Mr. Sethi: Like every business, we also face a few challenges while running the franchise model; however, we have proactively addressed these challenges by staying ahead of the competition, adapting to changing market conditions, improving our services and processes, and maintaining open communication for all our franchise partners to identify any emerging challenges collaboratively.
StartupTalky: What are your future plans for the growth and expansion of The Detailing Mafia franchise?
Mr. Sethi: We are committed to expanding our reach and retaining our position as India’s leading car detailing brand. In the process, we also strive to organize the car detailing industry. Our dedication to growth and expansion is a testament to our confidence in the franchise model and our continued support for our franchisees’ entrepreneurial dreams.
Avinash kumar mahato
