The parent firm of Zepto, a leading player in fast commerce, KiranaKart Technologies, has agreed to purchase solutions from the listed fintech SaaS business Zaggle. According to an exchange filing, Zaggle will give Zepto access to its employee benefits platform, Zaggle Save, and spending management tool, “Zaggle Zoyer Petty Cash.” This is to let the exchange know that KiranaKart Technologies Private Limited and Zaggle Prepaid Ocean Services Limited (Zaggle) have signed a contract, according to the fintech SaaS startup. Businesses can handle little expenses more efficiently and automatically with the aid of Zaggle Zoyer Petty Cash. According to the startup, this software helps businesses with real-time tracking, cash leak prevention, pre-checking expenditures, and high control and transparency. Zaggle Save, on the other hand, is an employee spending management program that offers customisable benefit plans and helps employees save taxes. Additionally, the program assists the business in managing employee perks with a single card, including fuel cards and food allowances.
The Deal will Further Boost Zaggle’s Order Book
The customer service contract with Zepto will increase Zaggle’s order volume and give it access to a significant domestic player. This comes shortly after Zaggle raised INR 594.84 Cr last month through qualified institutional placement (QIP). To qualifying institutional buyers, the financial SaaS platform issued 1.13 Cr equity shares. According to a recent media report, the corporation plans to make three investments and acquisitions by March of this year. Notably, Zaggle paid INR 15.6 Cr in September 2024 to purchase a 26% share in Mobileware Technologies.
About Zaggle and its Current Financial Dynamics
Zaggle, which Raj Narayanam founded in 2011, offers a platform for corporate employee benefits and spend management. Its products assist companies in issuing prepaid cards and automating their accounts. Payroll and tax applications are also included in its SaaS product line. In the meantime, Zaggle’s consolidated net profit increased from INR 7.58 Cr in the previous year to INR 20.29 Cr in the second quarter (Q2) of the fiscal year 2024–25 (FY25), a 167.67% increase. From INR 184.24 Cr in Q2 FY24 to INR 302.55 Cr in the reviewed quarter, operating revenue increased 64.21%.
Zepto Going Public
Zepto is expected to submit its initial public offering (IPO) draft papers in March or April of this year. The delivery company has already obtained the necessary authorisations to relocate its headquarters from Singapore to India.
The business stated that the IPO’s specifics are still being finalised and that it has scheduled a board meeting for January 19 to talk about the size of the IPO, the selection of independent directors, which bankers to hire, and other specifics.
Notably, the National Company Law Tribunal (NCLT) is set to hear the case on January 17 even though Singaporean officials have approved the move. After food delivery services Zomato (Blinkit) and Swiggy (Instamart), parent firms of listed competitors, Zepto will become the first rapid commerce start-up to go public if all goes as planned by April.
StartupTalky presents Recap’23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.
The AI industry is a dynamic force, advancing machine learning and automation. From personalized user experiences to data analysis, AI is reshaping sectors globally. Its rapid evolution is driving innovation and transforming industries like healthcare and finance. The integration of intelligent technology reflects a pivotal shift in how businesses operate and adapt to the digital age.
The global artificial intelligence market, valued at $136.55 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030, reaching an estimated $1,811.8 billion. AI is expected to contribute $15.7 trillion to the global economy by 2030, surpassing the current output of China and India combined.
In a recent Recap’23 interview, we at StartupTalky had the privilege of connecting with Ranjan Kumar, Co-founder and CEO of Entropik. We looked into how Entropik has been growing, facing challenges, learning valuable lessons, and planning for the future. Discover how their innovative approach is changing the AI industry.
StartupTalky: What service does Entropik provide? What was the motivation/vision with which you started?
Ranjan Kumar: Entropik is a Human Insights AI company specializing in consumer and user research, offering vertical SaaS solutions and API/SDK platform integrations. The motivation behind founding Entropik was to redefine how businesses understand and analyze human emotions and behavior. The vision was to leverage advanced technologies, such as Emotion AI, Behavior AI, and Generative AI, to provide comprehensive insights into consumer and user experiences. By combining these technologies, Entropik aimed to revolutionize traditional research methods, offering faster, scalable, and more accurate solutions.
The overarching goal was to enable businesses to make informed decisions by gaining a deeper understanding of human behavior and emotions in various contexts, from consumer preferences to user interactions with physical and digital products. Entropik’s commitment to innovation and human-centric insights continues to drive its mission of transforming the way businesses leverage insights for data-driven decision-making.
StartupTalky: What new features have been added in the past year? What are the USP/s of Entropik’s service?
Ranjan Kumar: This year, we have experienced remarkable growth with noteworthy additions to our Insights AI technology suite. We kicked off the year by introducing Decode, an Integrated Consumer Research Platform powered by Entropik’s Insights AI, reducing Time to Insights by six times. It’s an all-in-one platform for Quantitative, Qualitative, Diaries, Media, and Shopper research, integrated with a Global Panel of 80 million Respondents across 120 countries. Decode acts as a Single Source of Truth, unifying data efficiently. Its Unified Intelligence and Co-pilot features assimilate past and present first-party and third-party research data for actionable insights.
Additionally, we launched Qatalyst, an Integrated User Research platform with Insights AI, making user research six times faster. It facilitates moderated, unmoderated, and task-based research across Concepts, Prototypes, and Live Applications in one place. Qatalyst provides instant access to the target audience. Qatalyst’s Insights AI platform employs facial coding, eye tracking, voice tone, and generative AI for unbiased insights, ensuring a human-centric approach to product and service design. It’s the go-to platform for supercharging user research—faster, more agile, and equipped with powerful AI-driven insights.
StartupTalky: How has the AI industry changed in recent years, and how has Entropik adapted to these changes? Are there specific regulatory or technological shifts that have influenced your marketplace strategy?
Ranjan Kumar: In recent years, the Insights AI industry has undergone significant changes marked by technological advancements and increased demand for comprehensive insights. At Entropik, we have adapted by launching products like Decode and Qatalyst, leveraging our Insights AI platform, which supports Emotion AI, Behavior AI, and Generative AI to provide holistic views of consumer behavior and enhance user research. Our commitment to ethical AI practices aligns with evolving regulatory considerations, ensuring responsible data handling and user privacy. Additionally, our global expansion and localization efforts reflect our adaptability to diverse market needs. Entropik’s agility, innovation, and customer-centric approach position us to thrive in a dynamic industry landscape.
StartupTalky: How do you stay up to date on the latest trends and developments in the AI industry?
Ranjan Kumar: We stay updated on trends through continuous learning, networking, and diverse information channels. We attend and host conferences, workshops, and seminars, engaging with experts to gain insights and also drive the industry forward. Ongoing education via online courses and webinars with reputable institutions deepens our understanding. Additionally, actively participating in academic research and leveraging technology news platforms ensures real-time updates on market trends. This multifaceted approach positions us to navigate the Insights AI market research landscape.
StartupTalky: What key metrics do you track to check Entropik’s growth and performance? How do you use these metrics to identify areas for improvement and guide strategic decisions for future growth?
Ranjan Kumar: We closely monitor several key metrics to assess Entropik’s growth and performance. These include customer acquisition and retention rates, revenue growth, and product adoption metrics. By analysing these indicators, we can identify areas for improvement and guide strategic decisions for future growth. Additionally, we track user engagement in our products, Decode and Qatalyst, to ensure we are meeting the evolving needs of our clients. These metrics provide valuable insights that inform our product development and business expansion strategies.
StartupTalky: What were the most significant challenges Entropik faced in the past year, and how did you overcome them?
Ranjan Kumar: The global economic downturn posed a considerable hurdle, affecting market conditions and consumer spending. Amidst this, our commitment to global expansion faced challenges, yet it proved to be an energizing journey. The opening of Series B funding provided valuable opportunities for growth and innovation. Leveraging this funding, we enhanced our technological capabilities, enabling us to adapt swiftly to changing market dynamics.
StartupTalky: Trust among all the stakeholders is very important for a marketplace. How do you ensure it?
Ranjan Kumar: Building trust in a marketplace requires a multi-pronged approach that cultivates a sense of shared responsibility and mutual benefit among all stakeholders. Transparency forms the cornerstone, with clear communication about policies, pricing, usage, and data practices fostering a sense of fairness. Investing in robust security measures and user privacy protections underscores respect for their information and builds confidence. Equipping both buyers and sellers with tools and resources not only enhances their sense of control but also empowers them, reinforcing a trustful environment. By consistently prioritizing fair practices, open communication, and stakeholder empowerment, a company can cultivate a marketplace where everyone feels valued, protected, and invested in its long-term success.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Ranjan Kumar: Our marketing strategies encompass a mix of digital marketing, content marketing, and targeted outreach to key industries. We leverage thought leadership through webinars, whitepapers, and participation in industry events to showcase our expertise. One notable growth hack was the strategic use of customer testimonials and case studies, highlighting the tangible impact of our solutions. This not only boosted our credibility but also generated organic interest and trust in our offerings, contributing to increased market visibility and growth.
StartupTalky: What opportunities do you see for future growth in the AI industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Ranjan Kumar: Globally, the increasing reliance on AI-driven insights for consumer and user research presents a significant avenue for expansion. As businesses prioritize understanding human emotions and behavior, our advanced Emotion AI, Behavior AI, and Generative AI technologies uniquely position us to meet these evolving needs. In India, a rapidly digitizing landscape and a growing emphasis on data-driven decision-making create a conducive environment for our solutions. However, market behavior nuances differ, with diverse industries dominating each region. In India, sectors such as Fintech and E-commerce are witnessing rapid adoption, while globally, industries like Media and Telecom are equally pivotal. Understanding and adapting to these regional variations are integral to our strategy, ensuring that our offerings align with the specific demands of each market for sustained growth.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your plans and strategies?
Ranjan Kumar: Over the past year, our team learned valuable lessons about the importance of agility, adaptability, and proactive communication. These lessons are instrumental in shaping our future plans and strategies. Moving forward, we aim to enhance our technological capabilities, further streamline our operational processes, and continue fostering a culture of innovation within our team. The resilience demonstrated during challenging times serves as a foundation for our strategic planning, ensuring we stay ahead in an ever-evolving landscape.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Ranjan Kumar: We have ambitious plans for expansion across multiple fronts. In terms of customers, we will focus on deepening our relationships with existing clients while actively pursuing partnerships in the US and European markets. Our service offering will evolve to meet emerging market demands, with a continuous commitment to advancing our emotional AI, behavioral AI, and generative AI technologies. Team expansion will be strategic, aligning with our growth trajectory, and will involve hiring top talent to drive innovation and support our expanding client base.
StartupTalky: One tip that you would like to share with another marketplace company founder?
Ranjan Kumar: As the founder of a deep-tech AI SaaS company, it is crucial to prioritize building and maintaining trust. Trust is the cornerstone of successful AI companies, influencing user adoption, retention, and positive word-of-mouth. Focus on transparency, ethical practices, and reliable customer support to foster trust among all stakeholders—customers, partners, and employees. Prioritize the long-term relationship over short-term gains, as a trustworthy reputation can significantly impact the sustained success and growth of your marketplace.
StartupTalky extends its gratitude to Mr. Ranjan Kumar for dedicating his valuable time and generously sharing his insights with all of us.
Zluri is an enterprise SaaS Management Platform founded in 2020 by Chaithanya Yambari, Ritish Reddy Puttaparthi, and Sethu Meenakshisundaram. The startup is headquartered at San Francisco, United States. StartupTalky took the initiative to get insights around building how to build a SaaS Product.
Insights shared by Mr.Ritish Reddy, Founder & CEO, Zluri.
How did you get your first 10 clients for your SaaS Company?
We got out initial customers through referrals and contentmarketing.
Each of the co-founders – Ritish, Sethu, and Chaitanya – had a decade of experience building/selling enterprise software before starting Zluri. They were founding members of Knolskape and made some excellent connections while working there.
During the ideation phase (of Zluri) itself, we had pitched ideas within our circles. So, when our MVP (minimum viable product) was ready, the first thing we did was to reach out to our network for feedback. Not only did they give helpful feedback, but a few of them were also interested in the product, and a few referred to the right people, who later became our customers.
What’s 1 pain which you are solving for your customer?
We help companies solve the challenges of managing SaaS applications.
Though all companies know the benefits of SaaS, not many are aware of the problems it brings. The high adoption of SaaS in the post-pandemic era has brought new problems for IT teams, like SaaS sprawl.
When employees themselves start purchasing apps without the purview of IT, it leads to shadow IT and SaaS sprawl. This leads to budget wastage (in the form of unused & underused apps, many apps with similar functionality, unsuitable licenses ) and brings security and compliance issues if not dealt with.
Traditionally, these apps were managed in spreadsheets but spreadsheets have their own limitations. It is time-consuming to update the app details every time a new one is bought, but they are also prone to errors.
Further, many tasks are not possible in spreadsheets, like app discovery, visibility into SaaS usage, automation of giving and revoking access to apps while onboarding and offboarding, etc.
Zluri solves these issues by eliminating SaaS wastage, reducing security and compliance risks, and automating IT tasks, like provisioning and deprovisioning of apps.
Finding an Ideal Customer Profile is very important for SaaS startups. How did you go about doing that?
We knew one thing from the beginning that our product would be most useful for companies using a large number of SaaS apps. So, we reached out to IT and finance directors at many enterprises, where we got many insights on who would need our product the most.
What we found was that big organisations were still relying on on-premise software. Though they were moving towards the cloud, most software apps were still not consumed as SaaS.
On the other hand, though recently founded startups were using SaaS apps, the problems were not painful enough to solve for immediately.
What are your views on the Indian SaaS market?
Indian SaaS startups are in a position to grow rapidly today. What makes this possible is the demand for software and the availability of talent and capital in the Indian market.
The software revolution powered by the SaaS delivery model is giving rise to SaaS consumption in the domestic and international markets. Companies have seen the benefits of SaaS in events like a pandemic.
Then we have very talented people in the Indian market who can build high-quality products quickly. We can make a prototype, iterate at high speed, fail fast, and pivot.
Further, Indian startups can launch in multiple markets simultaneously and win big in the international markets like the US, Europe, and Southeast Asia.
What are a few things a founder must take care of during SaaS product development?
A SaaS product needs to be developed based on the industry and customer you will be selling to. If you take SaaS, two kinds of people will be your customer: a buyer and a user.
Before building the product, it is essential to understand them. Your product must help the end-user deliver value, and the value must be viewable to the buyer. So, before deciding to build a product, the first step is to talk to at least 100 users to understand their problems.
Of course, you aren’t going to come up with a solution for each of those pain points initially, but you can go after the common ones to build an MVP (minimum viable product).
Make sure to keep note of the other problems as well and include them in your product roadmap for the next few quarters.
After completion of the minimum viable product, get the users feedback, validate the problem-solution fit with users, and analyse the scope for improvements.
In some cases, users might suggest a better solution for some of their problems. In those cases, instead of going blindly with their solution, see how you can use innovative emerging technologies to provide the best solution for their problem.
Remember, customers are good at telling their problems, but their solutions are mostly not good. It’s your job to think and come up with the best solution.
Once you get the initial users, take their feedback regularly and keep improving your product.
Nitin Konde
