InsurTech startup Kruzr has raised 1.3 Million USD [Rs. 9.5 Cr] for its seed round led by Saama Capital with participation from Better Capital. Kruzr is a preventive motor insurance technology which helps insurance companies personalize policy premiums & improve their risk model by delivering an engaging preventative driving assistant to their customers. Kruzr is founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi.

Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimize mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones. In pilots with insurers, Kruzr managed to cut down distracted driving by 80%. Kruzr is working with motor insurance companies in Europe, UK and India to bring its technology to their customers to prevent accidents & improve claims.

Pallav Singh, co-founder and CEO, said

Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies lose billions of dollars due to these. However, more than 75% of accidents are actually preventable with timely driver assistance. We at Kruzr are building technology to minimize these accidents and help make motor insurance truly preventive and customer-centric.

The funds raised will be utilized to grow the technology team, scale the product, and expand the business in Europe and UK.

Pallav, Ayan, Jasmeet of Kruzr

Suresh Shanmugham, Managing Partner, Saama Capital, said

We were very impressed by the founding team’s vision for Kruzr and their significant customer progress in the European automobile insurance market.  We believe Pallav, Ayan and Jasmeet can build a world-class product company out of India serving this sizeable and growing global market.

Vaibhav Domkundwar of Better Capital, said

Kruzr is leveraging the latest advances in mobile, big data, and AI to build a unique preventive driving technology that will save lives and help motor insurance companies design personalized policies. I’ve watched the Kruzr team learn and iterate to build traction with the world top insurers & am excited about the future ahead.

About Kruzr

Kruzr is positioned as the world’s first technology powered smart driving assistant and is designed to automate driver safety. The mobile app automatically detects driving and begins to play the role of your driving assistant. It filters out all important calls and messages, thus reducing distraction while driving, one of the major causes for road traffic incidents across the globe.

Off late, the Indian car market has taken a decisive turn where the used car market is growing faster than its new car counterpart. The reasons are plenty and include the fabulous variety of cars on the market, the swift depreciation of new car immediately after purchase, some strong marketing strategies by car makers to protect their turf, the absolute ease of purchasing a used car and the most important facility of availing used car loan by progressive lenders including banks and NBFCs such as Tata Capital.

The size of the used car market and the availability of numerous models and variants from reputed car makers are so large and varied, it makes sense to segment the used car market into price groups and within this price group to further segment is based on the brands available in a particular segment. Actually, the used car market follows closely the new car market, and the popular new cars also end up being the popular used cars as well.

If you are looking for a used car and don’t know where to start your search, here are the top segments in the used car industry:

Small Hatchback Segment – Less the Rs 3 Lakh

The most popular segment is the small hatchback segment because of the price point. These cars are available in most of the top brands. This segment caters to the Rs 3 lakh and below price point in which buyers graduating from 2-wheeler to a car are looking for their first car purchase. The brand wise cars available in this segment are

  • Maruti Suzuki Alto – available between 1-1.5 lakh. Good value for money
  • Maruti Suzuki Wagon – available between Rs 2-3 lakh. Popular because of good features
  • Hyundai Santro – the war horse from the Hyundai stable available for less than Rs 2 lakh
  • Hyundai Eon – price less than Rs 3 lakh
  • Datsun Go – price less than Rs 3 lakh
  • Renault Kwid – price less than Rs 3 lakh

You can approach any of the constituents of the used car industry like Tata Capital and avail a secondhand car loan for the used car of your choice.

Mid-size Hatchback Segment

The next most popular segment is the mid-size hatchback segment, again dominated by Maruti and Hyundai cars. This segment caters to the Rs 3-7 lakh price point in which buyers graduate from small hatchback to mid-size hatchback or buying their first car and need a mid-size to meet family needs. The choice here too is fairly wide and includes

  • Maruti Suzuki Swift – one of the most popular used cars in the segment. The model is a runaway success both in the new and used car segments. A wide choice is available from Rs 3-7 lakh price range
  • Hyundai Grand i10 and the lower end of Hyundai i20 – another popular segment
  • Ford Figo and Ford Figo Aspire –these are good cars though not very popular a new cars
  • Renault Pulse – some good cars are available in this brand model

The NBFC lenders such as Tata Capital extend used car loans for these models and the customer is spoilt for choice both in terms of models and availability of secondhand car loans.

Mid-size Sedans

There are lots of customers who want to own a sedan either for self-driving or for being chauffeur driven. There is a good range of cars available in this segment and they include

  • Maruti Suzuki Swift Dzire – this is also a very popular model both in the new and used car segments. You can get these cars in the price range of 4-7 lakh
  • Maruti Suzuki SX4 and Ciaz – these cars are more powerful than the Swift and are a very popular choice of used cars in the price range of Rs 5-8 lakh
  • Hyundai Verna and Xcent – these are two good models from the Hyundai stable. Both are very popular and good used cars are available in the price range of Rs 5-8 lakh
  • Ford Fiesta – this is a popular model from the Ford Motor Company. It is available in the price range Rs 4~8 lakh

More affluent people who are able to afford these cars can go in for the used car loans from any of the lenders. In fact, these lenders offer attractive terms for the second-hand car loans that are effortless to avail.

These are just a few of the popular used car models available in different segments. These used cars are available from a variety of sources. You can get the car directly from an owner through classified ads. You could visit a used car dealer in your city and check out the cars. You can also visit the pre-owned car outlets promoted by various car makers – Maruti True Value, Hyundai H Promise. Mahindra First Choice, Toyota U Trust. You can also visit any of the numerous stand-alone used car dealers online or those promoted by car makers and lenders such as banks and NBFCs such as Tata Capital. In fact, most of them offer single window purchase process – second-hand car loan, choice of used cars, transfer process.

The ideal way to go about buying would be to first decide on your budget and find out which one of the segments you would best fit in. Once you get an idea about that, you can start your used car loan process accordingly.

You should remember that since you are availing a second-hand car loan, you will have to repay the same. So just because a car has caught your attention, does not mean you should just apply for the loan and buy the car. Understanding your repayment budget is as important as your buying budget.

According to Statista, India has one of the fastest growing e-commerce markets in the world. It’s predicted that could exceed $52 billion by 2022. Considering that total online sales in India totalled just over 16 billion in 2016, that’s an astonishing growth rate.

Considering that the global market overall is projected to be worth over $4 trillion in 2021, India is becoming a serious player in the e-commerce scene.

This makes this an exciting time to get into e-commerce in India. The growth rate in online sales has been attributed to the fact that Indians are now able to access cheaper internet connections through mobile.

Online sales today still only account for about 4.4% of the total retail sales for the country, so there is enormous potential for growth. So, if you’re planning on getting into the e-commerce game, now’s the time.

How Easy is it to Run an E-Commerce Store?

Running an online store is very different from running a brick and mortar store. There are a ton of books out there telling you how you can build a massive income overnight online. It’s not quite as simple as just setting up a website, though. Let’s look at some of the pros and cons.

The Pros

There are advantages in terms of reduced overheads and staff costs. There is no need to pay rental for a physical store or to pay for staff to man that store.

There is also a big advantage in that your website will be out there operating for you twenty-four hours a day. It will be your hardest working employee and one that won’t require a salary or benefits. So, you can make money while you sleep and let the business run largely on autopilot.

You have access to a much wider market base as well. People from all over India, and even the world will be able to order from your store. An online business can also be easier to scale up, especially if you are acting as a retailer for other people’s products.

The Cons

There are challenges as well, though. First off, there’s very little in the way of personal contact with the client. Establishing trust online can be difficult.

Secondly, the internet is a big place – setting up your site is easy, getting traffic to it is more difficult. There is a lot of competition for eyes on the screen, and also a lot of indirect competition from other sites. You will have access to a bigger market, but the same holds true for potential clients – they have access to a lot more stores.

Finally, clients won’t be able to touch and feel things before they buy. In some cases, this can be a problem. How do you tell a client how soft and silky your pashminas are online? If they could feel for themselves, they’d be easier to convince.

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All this means that creating a successful e-commerce store is going to take some dedicated effort. In one respect, those people that compare an e-commerce store to a goldmine are correct. You can make a lot of money, but the ‘gold’ doesn’t just jump out at you – you have to work for it.

That said, if you’re willing to put the time in, you can create your own hugely successful business empire for a fraction of the cost in the ‘real world’.

In its continued effort towards building a Digitally empowered India, Jio is redefining convenience for its users yet again. For the first time, IRCTC reserved ticket booking service is available for users on any JioPhone through the brand new JioRail app. The app will allow customers to book and cancel tickets by using debit cards, credit cards and e-wallets, check PNR status, train information, timings, routes, seat availability and several other services at a click of a button on their JioPhones.

Available on the Jio App Store, the JioRail app also allows Tatkal booking for any last minute travel plans. If a user does not have an IRCTC account, the app also allows them to create an account and then proceed for the required ticket booking. With JioRail, users can also check the PNR status for tickets booked through the app. The app also plans to offer enhanced services like PNR status change alerts, locate train and food ordering in future.

Train ticket booking has been made quite simple on the JioRail app. With this unique service, India’s consumers can avoid standing in long queues or pay agent fees to book tickets and instead enjoy an enhanced digital life experience.

NiYO [earlier coverage here], the new-age digital banking solutions provider for salaried employees, has launched NiYO Global Travel Card, which is the first-ever forex card with ‘zero forex mark-up’. Travelers, using this card, will not pay any currency exchange premium and international transaction fees – unlike a regular forex card.

With the NiYO Global Travel Card in her pocket, the overseas traveller will effectively have no need for the usual multi-currency forex cards or travellers’ cheques – all the while making international transactions cost-effective across 150-plus countries and 35 million merchants worldwide.

Besides the cost-effective feature, NiYO Global Card also offers instant digital on-boarding, convenient loading from the user’s bank account via NEFT/IMPS. The card is supported by a cutting-edge mobile app, which gives users the ability to lock and unlock either the full card or a payment channel anytime, anywhere in the world. The app also provides real-time notifications on usage, exchange rates and refunds, while helping users find convenient ATM locations, avail nearby offers – thus making it one of the most modern cards in the world today.

Further, business travellers can submit claims on-the-go by adding bills for each transaction right in the app. These claims can be instantaneously approved by their employer organizations via the NiYO Corporate Portal.

Vinay Bagri, Co-founder & CEO, NiYO said

The forex card market in India is worth $17 billion; around 20 million people are expected to travel abroad this year. By 2020, this number will rise to 50 million. With such a staggering number of Indians travelling abroad, we aim to capture a lion’s share of the market.

Virender Bisht, Co-founder & CTO, NiYO said

Our aim has been to facilitate hassle-free experience among our customer. Forex is one of the key components for travel and remains a concern. International travellers are always burdened with high currency exchange rate charged by banks, which varies between 1~3% of the amount transacted. Banks also charge either a flat fee or a set percentage of the transaction amount in addition to the currency exchange charge.

Moreover, people are also very worried about card security abroad. This card is a one-stop solution for all of these problems. We have invested our best effort and technology in the designing process to provide the safety feature along with other components. The card has already been reviewed and appreciated by many top executives from the India Inc. and today, we are glad to present it to our customers at large.

Founded by Vinay Bagri and Virender Bisht, NiYO works at the intersection of financial services, HR and technology. NiYO was launched in July 2015 and since then has already clocked in more than 3000 corporates and is being used by over 5 Lakh salaried employees in these organizations.

About NiYO

NiYO is a fintech startup conceptualized in 2015 that offers digital banking solutions for salaried employees across various sectors. Currently, with over 5 Lakh customers and relationships with 3000 corporates, NiYO is growing to be a truly trusted digital banking platform across India.

Vodafone Idea Ltd, the largest telecom service provider in India, today announced a strategic partnership with Sun TV Network – South India’s biggest entertainment network. Sun TV Network’s OTT platform, Sun NXT, caters to Tamil, Telugu, Kannada and Malayalam audiences having over 50,000+ hours of content and will now be accessible to Vodafone Idea customers. This partnership will offer Vodafone Idea’s customers access to Sun NXT’s exclusive digital content.

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Customers are increasingly looking forward to entertainment in regional languages. Through this partnership, Vodafone Idea has widened its bouquet of regional content through Sun NXT on Vodafone Play and Idea Movies and TV app respectively. Sun NXT will power 30 + Live TV channels, 4000+ movies and a huge repository of TV shows, music videos and short format content on both Vodafone Play and Idea Movies & TV App. Vodafone Idea is first in the industry to launch this partnership for the entire catalogue including movies.

The customers will be able to access top TV channels like Sun TV, Gemini TV, Udaya TV, Surya TV and many other such channels and also popular movies and top-rated TV shows across the four languages on Sun NXT through Vodafone Play and Idea Movies & TV.

Commenting on the partnership, Sashi Shankar, Chief Marketing Officer, Vodafone Idea Limited said

When it comes to content, we are singularly focused on providing entertainment to our customers keeping in mind their consumption, language and culture. We believe that video and vernacular are the new growth drivers in digital content consumption today, especially in markets of South India. Regional content creates affinity amongst the consumers. We are delighted to partner with Sun TV Network to provide enriched entertainment to our customers by offering high quality regional content on Vodafone & Idea’s Mobile apps.

Sun NXT Spokesperson said

Vodafone Play and Idea Movies & TV app has built a robust portfolio of regional content. Now with Sun NXT, customers will have access to South India’s biggest movie library, Top TV shows and Live TV in their native language.

From its launch in June 2017 till now, Sun NXT has fast become the most preferred content consumption destination for South Indians, not only in India but also across the World. Our Digital First strategy for releasing movies in South Indian languages won the hearts of our audience. Movies like ’96’, ‘Ratsasan’, ‘Tik-tik-tik’, ‘Raajakumara’, ‘Tagaru’, ‘Agnyaathavaasi’, ‘Jai Lava Kusha’, ‘Uncle’, ‘Abrahaminte Santhathikal’ etc received tremendous response on our Digital mediums. Our TV shows like Nayagi, Lakshmi Stores, Chandrakumari, Kalyana Veedu, Kanmani, Mathrudevobhava, Nandini, Mogalirekulu, etc. are now well received both on TV and Sun NXT. With Vodafone Idea partnership, we are now looking forward to reaching a wider audience and providing them quality entertainment at their convenience.

About Vodafone Play

The Vodafone Play app is a one-stop entertainment destination to enjoy live TV Shows, latest movies and original content. Downloaded by more than 10 Million+ Vodafone Subscribers it gives access to over 9500+ movies,in16 different languages, 300+ live TV channels along with a huge catalogue of original web series and International TV Shows across all genres.

Over a period of time, there has been a tremendous change in the mindset of people. One of the major things that have changed with time is the ‘importance of investing in things that matter’.  For example, when someone moves to a new house; members of the family would be excited to shop for furniture, electronics, and other necessities required for the house. One of the items from the list is ‘Water Purifier/Water Filter’ which does the job of purifying water so that you & your family members can consume safe, healthy & purified water.

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Though Water Purifier/Water filter from a renowned brand like LivPure is considered a one-time buy, it still requires timely maintenance. This point is true for water purifier from any other brand as well. There is a big mindset change where people are interested in ‘pay for product’ on a usage basis i.e. in such a case, the consumer does not buy/own the product but can use the product as long as they need it. A new trend that is picking up very fast is ‘Renting’ and people are willing to rent products ranging from furniture, clothes, and even water purifier. This is one of the best ways in which people can procure the best water filter in India. The ‘sharing economy’ is growing exponentially over a period of time since it reduces the burden of buying & maintenance.

This is ideal for someone who has moved to a new city (for a shorter duration) or someone who is staying on rent and does not want to spend money on buying a water purifier. Though tap water is considered safe to drink, it is highly recommended that you have tap water filter in your home. So, how do you enjoy purified water without owning a water purifier? Livpure Smart is the answer to this question. Livpure Smart is an online platform from the reputed brand ‘Livpure’ where consumers can rent Livpure RO water purifiers at zero buying cost. Since you are not buying the water purifier, there is zero installation charge, zero maintenance cost, and zero security deposit. Ideally, you have to pay for what you drink.

You have the option of buying water jars from the nearby shop, but you cannot vouch on the quality of the water that you are consuming. There is no way to check the quality since it can only be monitored at the refilling stations. If you plan to purchase RO Water from a reputed brand, you would have to shell out Rs.15,000~Rs. 35,000 to purchase the purifier & Rs. 4,000~Rs. 5,000 for annual maintenance. When you rent Livpure RO water purifier, you only pay Rs. 1.2 for 542 liters a month. The maintenance or service schedule is automated. You & your family can enjoy safe, purified water by spending less on water purifiers and this is possible by renting Livpure water purifiers.

The water purifier is smart since you can monitor the quality of water & health of water purifier by installing the Livpure Smart app on your phone. This is how such a water purifier for home can help in saving cost without compromising the water quality. You can choose from four different plans – Silver plan, Gold plan, Platinum plan, and Titanium plan. More details about the plans are available on the Livpure Smart website. Sharing economy is definitely solving ‘ownership problems’ and Livpure Smart has taken that a notch above by making it easy for consumers to rent quality water purifiers from LivPure.

CASHe, India’s most preferred digital lending company for young salaried millennials, promoted by serial entrepreneur and private equity investor V. Raman Kumar, announced that it has launched a unique fund transfer facility called ‘BuddyTransfer’ for its users. With BuddyTransfer, CASHe users can now authorize to send part of their loan to up to five contacts from their phonebook.

The maximum amount that can be transferred to each contact with this facility is Rs 2,000. The company further stated that it wanted to make it easier for its users to send money to friends and family by simply choosing names from their phone contact list and authorize a money transfer directly to their bank accounts. BuddyTransfer is built on a Blockchain infrastructure which keeps the transactions safe, secure and transparent.

Here is how BuddyTransfer works

  • To use this feature, the user has to select the desired loan amount from CASHe and request for a loan.
  • The user gets an option to transfer part of his loan by choosing ‘Transfer to your Friend’ feature where he can select up to five names from his phone contact list to whom he wishes to send the money.
  • He can choose the desired amount [Maximum Rs 2,000] per contact and confirm the details in the following screen.
  • Once the loan is approved, CASHe will initiate the fund transfer on behalf of the user to the selected recipients.

The user can authorize a fund transfer to anybody in India through his phone contact list regardless of they being a CASHe user or not. If the fund transfer is initiated to a non-CASHe user, they will get a notification through SMS informing them on the impending fund transfer along with a link to download the CASHe app from the app stores. The fund transfer will be successful only if the recipient downloads the app, fills the necessary details along with his bank account information and submit the necessary KYC documents.

This feature will be particularly useful to people who need to transfer urgent cash to their family and friends. BuddyTransfer allows users to transfer money to any contact in their phonebook 24 hours a day, seven days a week. CASHe customers can transfer money to any person in India, once they download the app and register. The app is widely accessible as it works on Android and iOS operating systems.

V. Raman Kumar, Chairman, CASHe, said

CASHe has always tried to be a leader in harnessing new technologies to bring cutting-edge user experience. This is the first time that a Blockchain infrastructure is being used to facilitate actual money transfer in a fin-tech application in India. This is an industry first and an outstanding achievement for Team CASHe.

Ketan Patel, CEO, CASHe, said

Customer convenience remains central to all our efforts. We are happy to be the first amongst our peers to launch this feature for our customers on our industry-leading, cutting-edge lending platform. We listen closely to what our customers say.

Their ideas and feedback help us improve our current product offerings and help us launch future innovations. BuddyTransfer is launched in response to a growing need of our valued customer base and we are happy to offer this new feature to them. With BuddyTransfer, we look forward to further strengthening our leading position in the digital lending market in India.

CASHe provides hassle-free loans with its app enabled documentation and loan disbursal/repayment process. Powered by its industry-first algorithm driven credit scoring platform, The Social Loan Quotient [SLQ], CASHe quickly determines a user’s credit worthiness by using multiple unique data points to arrive at a distinct credit profile of the customer.

SLQ is transforming the traditional credit rating measurements thereby providing immediate loans to the under-served young professionals who are kept out by traditional credit rating and banking systems. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents.

About CASHe

CASHe is India’s most preferred digital lending company for young salaried millennials. CASHe provides immediate short-term personal loans to young professionals based on their social profile, merit and earning potential using its proprietary algorithm-based machine learning platform. CASHe is completely automated and requires no personal intervention and no physical documentation. The average time taken for a loan to be disbursed is about 8 minutes, subject to proper submission of all documents. CASHe’s target audience is young working professionals in the age group of 23~35 years. CASHe offers loans from Rs 10,000 to Rs 2,00,000 payable over 15~ 180 days.