Internet-based startup Fixpocketsecured USD 250,000 seed funding from La Gajjar Group, a private investment group based in Ahmedabad. Following the venture, the two companies together formed Kasova Ventues Private Limited, which currently owns and operates Fixpocket.
The capital would be utilized for setting up the initial team, design & development of technology and early stage marketing activities. Fixpocket launched the first version of its web portal in April 2017. It consists of more than a hundred categories identified to serve different micro services in the market. With a constant effort to make the portal reach its targeted audience, the marketing team at Fixpocket are working on a number of ground level and digital strategies. Fixpocket also launched its iOS and Android apps in July-end to make it easier for the buyers to access these services.
[L-R] Kaivan Shah & Soham Thacker , Co-Founders, Fixpocket
So far, around 17,000 people have enrolled as members of Fixpocket for providing one or more of its 3,500 services. The freelance marketplace has also been able to establish tie-ups with more than 200 corporate enterprises and fulfilled over 2,000 orders since the launch of its website.
Fixpocket was conceptualized by identifying the gap of micro services in the freelancing market. People in India possess a variety of skills but the market lacks a platform for these skills to be publicized and monetized.
We have established a special Corporate Management team that reaches out to large and mid-sized companies, educating them about the beneficial use of Fixpocket and how it can help them reduce fixed overheads by outsourcing their work. Fixpocket also has the vision to create an international marketplace for the workforce of over 15 million freelancers that India has to offer.
Fixpocket’s vision is to create an Online Market place where Digital Micro services are offered by Working Professionals & Freelancers at a reasonable & fixed price. These services then can be purchased by Individuals, SME’s & Start-ups who are looking for freelancers or project based content providers.
We have a mission to establish Fixpocket as a brand which is known for its quality services offered at highly competitive prices. We want to develop valued trust amongst all the buyers by ensuring on time delivery. The idea is to set Fixpocket as a benchmark for any requirement in the field of digital services such as Graphics, Social Media Content, SEO, Content Writers and various other categories.
GoBumpr, a Chennai-based automobile aftermarket platform has raised around $600k in Pre-Series A funding led by the existing investors – The Chennai Angels [TCA], Keiretsu Forum and individual investors. The investment round was led by Vinod Kumar Dasari [MD, Ashok Leyland] and saw participation from Shankar V [Director, Acsys Investments], Ramaraj R [Founding Member, Elevar Advisors], Priyamvada Balaji [Wholetime Director, Lucas Indian Service] from TCA to name a few. Ramesh Mangaleswaran [Senior Partner, McKinsey] and Gopal Mahadevan [CFO, Ashok Leyland] have also invested in the company as part of this round. Earlier, GoBumpr raised $420K in Jan 2017 in their first round of investment.
Started in Oct 2015 by IIM grads Karthik Venkateswaran, Nandha Kumar Ravi and Sundar Natesan, GoBumpr leverages mobile technology to standardize and automate the ~ 80% unorganized automobile after-sales market [$10bn in annual revenue]. Currently, GoBumpr, is India’s largest player in the online automobile services aggregation space in terms of number of workshops getting business via the platform and the number of daily service transactions. GoBumpr currently active in Bengaluru and Chennai, does 7000+ B2C transactions monthly servicing Rs. 3 Crore in billing value. GoBumpr earns commission on the business generated to it’s partner workshops.
GoBumpr has scaled the B2C service business across 2 major metro cities delivering value to both workshops and vehicle owners. Beyond being able to deliver quality business to workshops, GoBumpr’s ability to become an overall technology platform in the automobile aftermarket tapping multiple revenue streams is the key to emerging as winner in this space.
Beyond services, extension of GoBumpr’s platform to spares, tyres, accessories, used cars has worked really well for the company and this overall aftermarket tech platform will be a boon to the industry.
GoBumpr, though started as servicing platform, has now evolved into a much bigger play with the extension of their tech interface to tyres, batteries, spares, used cars etc. This allows GoBumpr to be a one stop shop for all of the car owners need and also for the workshop owners to get their inventories in place. GoBumpr’s branding of their premium workshops [similar to OYO rooms] and 100% capacity fulfillment is a game changer for the company.
Karthik Venkateswaran, CoFounder of GoBumpr, said
We have established presence and scaled GoBumpr services in Bangalore & Chennai in the last 12 months. With our success in these two metros, we are confident of scaling the platform not only to other metros but also to other businesses within the automobile aftermarket. As such automobile is one of the oldest industries and at GoBumpr, we are keen to digitize the after-market space and be India’s most trusted auto commerce solution for consumers.
Nandha Kumar Ravi, who heads the overall operations for GoBumpr, said
We are working on AI enabled platform leveraging data from OBD and existing service records of the car owner to provide tech enabled smart service assistance to car owners. This would significantly disrupt the way vehicle owners and workshops diagnose repairs and handle service.
GoBumpr is a ‘go-to’ pitstop for end-to-end car and bike service needs right from regular servicing, repair jobs, body works – denting, tinkering & painting to 24*7 on-road assistance. GoBumpr.com also provides door-step car wash, engine oil change, tyres and battery replacement services at door step. With over 2.5 Lakh+ customers and 2500+ service workshops in their platform, GoBumpr transforms the automobile servicing process into a seamless & hassle-free experience with real-time tracking of vehicle service status till payment and delivery. GoBumpr also provides automated service reminders to vehicle owners. GoBumpr is currently available in Chennai & Bengaluru and would soon be available in other metro cities.
The Chennai Angels, is one of India’s most active angel investing groups. Founded in the year 2007, it is comprised of successful entrepreneurs and business leaders with a track record of starting and scaling large enterprises. Additionally, several seed and venture capital firms hold institutional membership in the group. Though it is located in Chennai, TCA’s investing members and portfolio investments are not limited by geography. Unusually for an angel investing group, TCA has a diversified portfolio that goes well beyond a restrictive tech focus, reflecting the diversity of its members’ interests. TCA portfolio companies benefit from the collective expertise and rolodex of its members.
IoT is gaining popularity with each passing day and one of the primary reason to it is that it is instrumental in creating a connected eco-system. With the lethal combination of cloud, IoT, mobility & other technologies, a consumer can now control temperature in his living room while sitting in the comfort of his office or (s)he can issue voice commands to ‘perform actions’ to a smart connected speaker [Google Home Mini/Amazon Echo Dot/etc.] without even touching the primary device [mobile/tablet].
As per a report by Gartner on IoT, there would be close to 21 billion connected devices by the year 2020 and the usage would not be limited to only smartphones, tablets, speakers, etc. but it would have a profound impact on sectors likes healthcare, finance and others as well. Though popularity is on the rise, there is still a problem with ‘Product Discovery in IoT’ e.g. How does a consumer select the best set of connected devices for home/office so that they can truly experience ‘smart connectivity’. This is the problem being solved by Smarthome NX, the only aggregator in the home IoT space in Asia that is making it easy for consumers to adopt a Smart home by spreading awareness and hand-holding the customer.
Smarthome NX is an aggregator for Smart home solutions with a unique consulting process that inspires consumers with practical ideas and helps them in the process of implementation. They currently deal in home automation, smart door locks, smart lighting, AV, security systems, security cameras by brands such as Yale, Bose, Legrand, GM, Control4, Crestron, Cue, Fibaro, Philips Hue, Eureka Forbes to name a few.
Today we have an interaction with serial entrepreneur Dhaval Doshi, Founder & CEO of Smarthome NX. The discussion revolves around IoT market landscape, Smarthome NX, how it is helping consumers to adopt to Smart Homes, etc. So let’s get started with the Q&A…
How did you come up with the idea of SmartHome NX ?
Smarthome NX was conceived when I was sick of the way home automation and Smart home solutions were being sold in India. As a homeowner, I found it challenging to make sense of what are the solutions available and moreover get the right advice to set up the apt devices suitable to my lifestyle. Therefore, I felt the need to fill this gap between the consumer and the solution providers by way of a portal that could educate and help consumers simplify the process of adopting this complex and rather unfamiliar technology.
It is important to note that unlike other smart devices like your smartphone, a Smart home solution is not a standalone product but a bundle of products that together form a solution. To most consumers, this is an arbitrary solution and is not important unless it solves a specific problem in their life. No one says that I want a Smart home solution that has 4 GB RAM and an OLED display. In fact, most of them say that I want a solution that can help me monitor my pet or alert me if I left my stove on. Therefore, a Smart home solution needs to be personalized and generally relates to a specific lifestyle nuance. That’s what we do at Smarthome NX – educate, engage and ensure adoption is easy.
Can you walk us through the team behind SmartHome NX ?
I am the founder of Smarthome NX. My background is in digital marketing and advertising. I have worked on large and small brands alike having been associated with brands like Axis Bank, Bajaj Auto, Amazon Prime Video to name a few. This is my third venture after having built and sold a digital agency and having run a modest co-working space in the suburbs of Mumbai.
My wife Namrata is an architect and a green building consultant. She acts as a Subject Matter Expert [SME] and helps us translate customer requirements into technical solutions. In addition, as an architect she helps us build our partner network as well. Rest of the team comprises of a digital marketing lead, a marketing and partnerships manager, relationship managers and content writers
Though there is lot of buzz about IoT or connected devices, it is still at a very nascent stage [at least in India], what is the Total Addressable Market [TAM] of the IoT online market that SmartHome NX is trying to address ?
First of all, as an entrepreneur, TAM and such terms are just buzzwords. To me, fundamentals of a business matter far more. I believe most entrepreneurs get caught up with all this jargon when they do investor presentations. I, for one am bootstrapped and second I am building something to solve a real problem – which to me is big.
In order to break the myths of how ‘big’ the IoT market is, we conducted a survey with about 500 odd households across India to understand what they think about ‘smart homes’ or ‘home automation’. We realized that there are more severe problems to solve here before the market goes mainstream
Lack of awareness
Finding the right consultant
interoperability issues within the home automation ecosystem
There is a research paper by Red Seer Consulting which says that the market size is pegged at Rs. 8,800 crore. However, I take these numbers with a pinch of salt. Because this does not take into consideration the larger services play which are being built on top of Smart home solutions – be it managed security solutions or even entertainment.
Over a period of time, we have pivoted and learnt several things about the market we are in. Interestingly, we are not in the Smart homes market. The service we are providing [free consulting to our clients] is mostly to new homeowners. And they don’t want just ‘Smart home solutions’, they want more. They are evolved and involved purchasers who want more from their home – which goes beyond aesthetics. Therefore, we are now going to venturing into residential solar energy solutions as well and other low-hanging services for which they don’t have enough information – soundproof windows, modular furniture, modular kitchens, etc.
SmartHome NX team
Can you list down some of the partners of SmartHome NX and the cities that it is currently operational in ?
We can not name our partners but the larger proportion of our partners are present in Pune, Mumbai, Bangalore and Hyderabad.
Installing even a surveillance system in home requires lot of wiring, please walk us through the entire flow of events right from the time a potential customer submits a request to the time his/her home is converted into a ‘Smart Home’ ?
There are several steps involved. However, not every surveillance system requires wiring. There are many wireless solutions available as well. A typical smart home security solution [requiring wiring] requires answering the following questions and planning accordingly:
What do you want to monitor?
Do you need to record it? If so, for how long do you need the data? Typically a higher capacity Hard Drive gives you access to footage for a longer period [1 month, 2 months and so on]
How many cameras would you eventually need for the same
Concealed wiring is preferred so it’s important to determine whether the homeowner is open to breaking of the walls or ceilings and then getting them redone [new homeowners should ideally call us before their wiring work starts]
DVR and the features of the DVR and its usability is important. Generally a DVR – a digital video recorder hosts the hard drive. So it’s important to be able to use it easily and be acquainted with the interface otherwise it becomes challenging to access the security footage.
Typically, after a customer submits the request this is what happens
Smarthome NX consultant speaks to you and understands your lifestyle and requirements
This is translated into a broad requirements sheet and shared with our entire network of Smart security solutions
He or she will contact you and do a recce of your house
Send you a quote and start the work.
Since connected devices also require Maintenance, please delve deep into the post installation and AMC process [and for how long is SmartHome NX involved with a customer after his/her SmartHome is ready] ?
We are an aggregator of service providers and are not involved in the project. However, a customer can speak with us at anytime even if they have not gotten a Smart home solution installed through our network. We are happy to connect him to relevant brands and dealers so that they get the service that they need. However, if you have gotten a solution through one of our system integrators, you generally get an AMC contract for a fee based on the products you have bought.
Apart from in house IoT experts, does your startup also have architects on-board who can check the feasibility of a home [before giving a go-ahead] ?
Yes, we do have consulting architects who work along with Namrata and the consulting team to help the customer and system integrator as well in many cases.
Does SmartHomeNx serve the B2C space only or you also have customers in the B2B space ?
We do have customers in the B2B space. However, our focus is and always will be on the end customer. We feel there is far more value to be added there in terms of educating and helping them find the right solution provider.
Can you please some insights into the customer demographics [space, locality, city, etc.] and a rough estimate of the number of customers served till date ?
Practical homemakers, Interior Designers, Builders, Expats, Green living enthusiasts, Millennial’s are generally the type of personas who read our content and speak with us. We have generated inquiries worth about 15 crore and helped connect our partners to 500 homeowners. [Since January 2018].
Please walk us through the funding of SmartHome NX and are you open to institutional funding ?
Bootstrapped. Currently, we are looking to raise funds from angel investors.
The growth in the IoT market is plagued by interoperability issues, what according to you, can the IoT companies do to further expand the IoT ecosystem ?
This is a very scattered and fragmented market. I think that the popularity of Amazon Echo and other such devices by the big tech companies [Google, Amazon, Apple and others] are a boon to the industry. They are ensuring there are more universal interfaces that are available to control a Smart home.
The peripherals industry of Smart homes is set to explode thanks to these interfaces. Interoperability challenges are the industry’s problem. That does not mean that the customer won’t win. Most successful products available in the market work on multiple ecosystems.
To me, this problem will fix itself when customers start adopting something massively – like the Amazon Echo. Generally two or three such events and complementary products and services will make a solution mainstream. Then every other player will follow.
Does SmartHome NX also develop custom build apps for it’s customer since they need to manage different devices on the go and how much do you charge for the update of the App or for FOTA upgrades of your in house developed connected hub ?
Nope. We are a discovery platform for existing solutions already available in the market.
In case, a real-estate company plans to tie-up with SmartHome NX, how does the entire process work ?
We understand their requirements and connect them to system integrators who can work on large scale projects and have the wear withal to execute the same in terms of competency, team and product portfolio. In fact, we have already done this for many villa scheme builders in Southern India and some builders in Mumbai too.
There are number of HNIs who are tech-savvy but don’t know about the security implications for a connected home, how do you educate such category of customers about security, maintenance, upgrades, etc. ?
Content, Content, Content. We have a great newsletter #SmarthomesWeekly and we also right great content on our site about interesting use-cases of products. We do not focus on features but focus on lifestyle problems that these products solve. That’s how we differentiate.
Does SmartHome NX work on the marketplace model [both in terms of devices and contractors] or do you have your own warehouse ?
We are building a marketplace around this but we will steer away from having our own warehouse and our vendors would be drop-shipping individual orders we generate for them. But we are still to get to this so it may go either way.
In IT capital Bengaluru, Sobha Builders, came up with the Smart Building ‘Sobha Habitech’ and Amazon Echo also went mainstream with Builders recently, how according to you would such big tie-ups help in strengthening the eco-system ?
Awesome. This is just great. To me, these efforts are great ways to sell your dormant inventory when you are a builder. However, this does not build a case for Smart homes. These are just sales promotion techniques.
Can you some of the competitors of SmartHome NX ?
No one really. However, with our new positioning [going beyond Smart homes], we would be competing with folks like Houzz.com. We are far from it but we are getting there soon.
2017 was a tough year for startups [especially from funding point of view], how according to you should entrepreneurs deal with such adverse situations ?
Every year seems to be a tough year. I don’t know who comes up with these. Outside of all Tiger Global and Softbank funding news, there is another world of startups that still raise some money and make money too. But unfortunately, the media terms something bad just because they didn’t have too many headliners about billion dollar fundings.
Overall, in tough times, survival counts most. Always keeping your eye on the end goal is important. Monetizing too early is bad too.
Can you share some tips for building an effective team for startups [especially the initial core team].
Hire the people who have the right mindset and not necessarily who are most talented. To me mindset and attitude are two things that tell you whether the person has the grit that is needed to work for a startup. Dozens of pivots, uncertain revenue models and lack of scale – is the person you are hiring ready for it? If not, he is not in it for the game. It is tough but you need people to work for the vision you have.
When you are starting up no one can see what your vision is – therefore they bet their careers on you. It’s important to ensure that they realize that. If they don’t, they are probably just working for you because they think ‘it’s cool to work for a startup’. They won’t realize what they are getting into and will soon quit. So be blunt when you hire, tell them what you are up to and why you are doing it. Honesty goes a long way in weeding out the wrong candidates and finding the right ones.
How important is it for early stage startups to pivot their business model [in case things are not working out as per their plan] or when is the right time to pivot ?
Very. The single most important thing is this. You can not pivot when you are growing. When you are small, it’s easy, it’s less expensive. I think we are still young and we continue to do pivots. I like to call them experiments. I like to do multiple experiments depending on how much cash I have in my bank account. Some pivots even make you money [when we are trying different revenue models] but at the end of the day – learning is most important byproduct. This learning according to me is the most important thing for an entrepreneur
As per your entrepreneurial experience, when should an entrepreneur look out for external funding ?
This never stops I think – external or not. You need money to scale your venture.
Some books that you highly recommend for entrepreneurs
I will leave the readers with my favorite quote by Lee Iacocca – ‘The trick is to make sure you don’t die waiting for prosperity to come‘.
We thank Dhaval Doshi for sharing his insights with our readers and walking us through his journey. If you have any questions for him, please share them via a comment to this article or email them to himanshu.sheth@gmail.com
The stock market news confirms that the Bank of Baroda, a state-run bank, has declared a rise of 5 basis points in its MCLR or marginal cost of funds-based lending rates in different tenors. The bank also announced when will be the new rate effective from. The date they have declared to make the same effective from is 7th June. The one-year MCLR rate or minimum lending rate which was previously 8.40 percent has been increased to 8.45 percent, which is a clear 5 basis point increase.
As per the note shared in the press, the statement reads, The increase is attributed to higher cost of funds and rising interest rate scenario.
It is also important to understand that the one-year marginal cost of funds-based lending rate at 8.45 percent will hold true in all cases. It will not depend on the total home loan amount and another thing to note is that it will be available for a term of up to 30 years. This news is confirmed by the press release.
For the overnight tenor, the revised rate is 7.95 percent. For the one month tenor, the rate has been revised to 8 percent. Also, for the three months tenor the given revised rate will be 8.10 percent. And lastly, the for a six month tenor, the rate has been revised to 8.30 percent. Also, if we drill down and watch the lender’s base rate, it is at 9.15 percent. As on June 15th, the Bank of Baroda share price stands at 131.35 INR. Previous close price was 135.15 INR.
Bank of Baroda is an Indian state-owned International banking and financial services company which is headquartered in Vadodara, Gujarat with its corporate office in Mumbai. The bank is ranked 1145 on Forbes Global 2000 list as per the data of year 2017. The Bank of Baroda has a total asset of more than INR 3.58 trillion which makes it country’s 2nd biggest bank in the assets category. It has a network of 5538 branches in the nation and abroad, and it also has around 10441 ATMs, again as per the data of 2017.
The Government of India nationalized the bank along with as many as 13 other major commercial banks of the country in the year 1969. The Government of India also designated Bank of Baroda as a profit-making public sector undertaking or PSU. The financial services portfolio of the bank includes initial public offerings, private placement of debts, corporate restructuring, business valuation, mergers and acquisition, project appraisal, loan syndication, institutional equity research, and brokerage.
As per another latest news on BOB, Bank of Baroda has put 30 impaired loans of worth more than INR 7,400 crore which includes the loans to Binani Cement, Essar Steel, and Bhushan Power. These are undergoing bankruptcy hearings. It may take some more time get the resolutions because they are stalled in litigations.
Technology has a profound impact on our everyday lives and e-commerce & omnichannel retailing has changed the commerce industry for all the stake-holders involved in the eco-stem. Though it has changed the shopping experience and made things accessible on the click of a button, customers are still very sensitive about buying items related to sexual wellness. The topic of ‘sex’ is still considered a taboo [at least in tier-2, tier-3 cities] and not openly discussed, whether the discussion is in peer-groups, friends or family.
Digital Medium [blog, online videos, digital advertising, etc.] is playing a major role in breaking that barrier and here also online commerce is playing a pivotal role in that transformation. Unlike brick & mortar stores, products that are sold online are accessible anytime and companies use utmost care by using discrete packaging for shipping such products so that privacy is maintained. As a matter of fact, many brick & mortar pharmacies are now adopting the online route so that they can tap the burgeoning online market.
The other factor why pharmacies are joining the online bandwagon is because the pharmacy business is highly fragmented and this is where lies the opportunity. Startups as well as pharmacies are tapping this opportunity to create a mark in the online healthcare market, particularly the ‘Sexual Wellness Market in India’. Many customers are on the lookout for best sex capsule or sex power tablets for man and it would an awkward moment for anyone to purchase such products either from the medical store or from a supermarket, hence online medium works the best for purchasing such items.
Sexual wellness market in India
Sexual wellness is a term to describe products that are related to enhancement of sexual health and experience. As per a report by Reuters, the market in India is set to grow at a CAGR of 34.76% over the period 2014~2019. Horizontal e-commerce players have also shown tremendous interest in this sector and due to which they also have dedicated section on their site for this category.
However, it is the vertical e-commerce players as well pharmacies like Wellness Forever who have the expertise and tremendous knowledge about the customer-base [due to omnichannel mode of operations] have created a dent in the industry. The other advantage that brick & mortar pharmacies like Wellness Forever have over its online-only competitors [or the medical marketplaces] is that they already have expertise in logistics and can quickly deliver medicine’s [that are ordered online], if the customer is staying in close proximity of the pharmacy [something akin to the hyper-local model].
Wellness Forever – 24-hour online wellness & health store
Online shopping definitely brings convenience in customer’s hands, but when someone looks for medicines [especially in emergency cases], they might require the same [even at late in the night]. This is where Wellness Forever Lifestyle Chemists & Supermarket, a branded pharmacy chain present in Mumbai, Pune, Nashik, Kolhapur and other parts of Maharashtra have advantage over other online medical stores. They have expert staff that chooses the suitable combination of products that justify quality & price best suited to your needs.
Since they follow the omnichannel approach, by utilizing their 100+ stores in Mumbai, Bengaluru, Nashik, etc. for delivery; they can dispatch medicines, lifestyle products, best sexual wellness products like condoms, best sex tablets in India, sex toys, etc. in discrete and pristine condition. There are products in various categories – Sports Nutrition, Women’s Grooming, Women’s Hygiene & Intimate Care, Weight management, Pain relief, etc. from famous brands like Beardo, Omron, Durex, Little’s, etc. on a single platform thereby giving choice to its valued customer base.
With major e-commerce companies [irrespective of the sector of operation] taking the omnichannel route, specialists like Wellness Forever definitely have an upper hand as far as online medicine and sexual wellness is concerned. Do share your thoughts in the comments section…
The news for the State-run banks is not good. They are hugely into the losses, which is happening due to the bad loans in the financial year 2018. It is believed that they are experiencing the highest ever losses this year. Talking about only the fourth quarter, the total losses in the state-run banks is believed to be somewhere about Rs. 62,681 crores in spite of some of the profits at Indian Bank and Vijaya Bank. Indian bank share price stands at Rs. 352.70 and the Vijaya bank share price stands at Rs. 56.25 as on 15th June’18.
If we combine all the state-run banks, as per the data shared by Reuters, we will be shocked to know that there is a loss of around Rs. 85,370 crore which means $12.65 billion in the fiscal year ended this March. The reason cited is the provisions for bad loans that flowed after the central bank came up with some stringent norms. Many banks in which the nation holds the majority, has gone into huge losses in the March quarter. This has happened after the Reserve Bank of India pulled out many loan restructuring schemes and also came up with other curbs.
This is though not happening for the first time, because if we combine all the state banks, they were into losses in the prior two years also. That time also they were into that situation due to the bad loans. But the loss this year is the biggest and the first ever worse hit in the history of banks.
If we look at the Gross non-performing loans of the 21 banks, it increased by 15 per cent to Rs. 8.96 Lakh crore or $133 billion at the end of March, in three months. The percentage of the Bad loans as a percentage of the total loans also increased at most of the banks. IDBI Bank has reported the highest bad-loan ratio which is 27.95 per cent. Next in line is the Indian Overseas Bank’s which also has a saddening bad-loan ratio of 25.28 per cent.
This bad-loan flow and the huge losses have arrived when the city of Delhi has taken a two-year plan to recapitalize the state lenders of Rs. 2.11 Lakh crore. It accounts for 66% of the nation’s banking assets making an effort towards getting a lending growth.
It is believed that most of the banks will now have nil funds for growth as they respond to the provision requirements and higher capital ratios as made compulsory by the global Basel III banking rules which is going to be effective by March 2019. The Indian government is also looking for the privatization of IDBI, which has been a country’s public-sector bank, to help the banking sector clean is debt. IDBI has suffered losses of more than 80 billion rupees in the last financial year, to the end of March. And also, the bad loan of the bank has doubled to more than 555 billion rupees.
Smartphones have changed the way we perceive and use technology. We expect our devices to start up faster, compute faster and recharge faster. Our days are fluidic and being on the move is a rule and not an exception anymore. Laptops have an irreplaceable role, when it comes to collaboration, creation and productivity. Lenovo believes that PCs too need to transform to keep with our uber-connected lifestyles.
A global technology brand and one of the world’s leading PC and Tablet player, Lenovo unveiled its latest range of Ultra-slim laptops which combine the best of mobility, high performance and great battery life available at amazing price points. Ideapad 530S is competitively priced, starting at INR 67,990 and Ideapad 330S starting at only INR 35,990 is an ideal offering for students.
[L-R] Rajesh Thadani [Executive Director of Consumer Business & E-commerce, Lenovo India], Rahul Agarwal [CEO & MD, Lenovo India] & Diptesh Chandra Ghosh [Director, Consumer Products, Lenovo India]
‘S’ in the new line-up stands for SLIM. Rajesh Thadani, Executive Director – Consumer Business and E-commerce, Lenovo India said
Our new Ultra-slim portfolio reinforces Lenovo’s commitment to continuously innovate and create truly different experiences. With our announcements today, we are bringing ultra-portable laptops for the Indian market across price points and making the latest technology accessible to all. Ideapad 530S is Lenovo’s premium offering in the Ultra-slim portfolio. Powered with 8th Gen Intel® Core™ processors for seamless computing, reliable 512 GB SSD storage for faster boot ups and up to 8 hours of battery life, the laptop is the best bet for consumers who are always on the go.
It comes with a complete metallic finish and a Rapid charge feature which provides 2 hours of usage with 15 minutes of charge. Extremely sleek and slim with a weight of 1.49 kgs and a thinness of 16.4mm, the device has three-sided narrow bezels for a life like view. It is entertainment ready with a 35.49 cm [14.0″] Full HD IPS display and Harman speakers with Dolby audio. A fingerprint reader, backlit keyboard, faster data transfer with reversible Type C port and dedicated 2GB Nvidia MX 150 graphics make it a sleek powerhouse.
Lenovo has also launched its Ideapad 330S for consumers seeking affordability. Available in both 35.49 cm [14.0″] and 39.49 cm [15.6″], it is an easy on pocket notebook designed for students and professionals who have longer commutes. Starting at just 1.67 kgs, the laptop comes with a metallic finish on the top cover and is 24% lighter compared to the traditional clam-shells at the same price. The device is powered with 8th Gen Intel® Core™ processors, features a Full HD IPS display and HDD/SSD storage option. It has a backlit keyboard and supports up to 4GB dedicated graphics for great efficiency.
The all new portfolio is available with the Back To College offer where consumers can avail two years of additional warranty, one year of Premium Care, one year of Accidental Damage Protection along with gift vouchers at breakthrough prices. Lenovo products can be experienced at the wide network of Lenovo Exclusive stores and multi brand stores such as Croma, Reliance Digital and Ezone. You can also find a Lenovo Exclusive store at BuyaLenovo or at ShopLenovo.
Fin-tech is having a huge impact on the financial services in India. It has been largely dominated by the lending and payments companies in India. Initiatives like the India Stack [UPI, e-KYC, Aadhar] by National Payments Corporation Of India [NPCI] have been instrumental in leading the Fin-tech revolution. As of 2018, it has been estimated that India has around 19 crore adults without a bank account despite efforts from the government. Digital payments is a rapidly growing sector in India today with multiple players capturing various pockets of the market.
In this dynamic space, MoneyOnMobile brings to the table a unique and revolutionary concept of Digital payments for the unbanked and under-banked through means of financial inclusion and self-dependence.
MoneyOnMobile helps these consumers to successfully adopt digital payment practices through use of just a basic feature phone to make life simpler and easier. Users can simply convert physical cash to digital cash by visiting any MoneyOnMobile retailer base store or by activating services through a SMS or by downloading the MoneyOnMobile app.
MoneyOnMobile has been designed to work across all mobile phone handsets, from the most basic to the most advanced. By using the innovative m-Wallet from MoneyOnMobile, one can recharge a mobile; pay utility bills; top-up a DTH account; shop for any goods or services; buy travel related services such as – rail/air/bus/movie tickets and even handle banking transactions – all from the comfort of a mobile phone. MoneyOnMoney’s success to reach the remotest parts of India makes them the standalone prepaid instrument in the market today. Today we have a chat with Mr. Harold Montgomery, CEO – MoneyOnMobile about the MoneyOnMobile retailer eco-system, Fintech enablement, Digital India, etc. so let’s get started with the Q&A…
Can you walk us through the MoneyOnMobile – company, services, etc.
MoneyOnMobile is one of India’s largest mobile phone-based payment provider in India catering to the unbanked and under-banked population. We primarily operate through a well-connected network of distributors and retailers who are enabled with semi-closed payment instruments or pre-paid wallets to offer various financial services.
MoneyOnMobile offers a vast range of services including money transfer, bill payment, MOM Cart, MOM Capital, DTH payment, mobile recharge, travel tickets, two-wheeler insurance, etc. MOM ATM is another innovative solution that is worth a mention – it is a mobile point of sale device that enables brick and mortar stores or any existing MoneyOnMobile channel partner to facilitate cash withdrawals to customers by swiping their debit/ATM cards.
These services are offered on real time basis irrespective of geography, time and mobile operator within the country. The dynamic services of MoneyOnMobile can be activated through a simple SMS, APP or web portal.
MoneyOnMobile is headquartered in Mumbai in India and Dallas in the US. I am based in the US along with Scott Arey – CFO and Will Dawson – COO. You can more details about it here.
There is a lot of push for Digital India and there is a major competition with different PSP’s like PayTm, PhonePe, including BHIMP from NPCI, what are some of the core differentiators of MoneyOnMobile vis-a-vis other PSP’s since most of them provide plethora of services like Mobile/DTH recharge, Money Transfer, Bus Booking, etc.
Today the top Payment Service Providers [PSP] present in the Indian market deal with cashless transactions. Their target audience primarily have active bank accounts and other necessary means like a network enabled smartphone. MoneyOnMobile however caters to the under-banked and unbanked population who deal with physical cash on daily basis.
Through us, customers can access online services by just walking up to a MoneyOnMobile enabled retailer store requesting for payment of bills, DTH services, travel booking, etc. and pay for products and services through physical cash. The retailer collects cash from the customer to complete the process by pushing notification to the customer’s mobile phone by means of a SMS – thereby also earning a small commission in the process.
Moreover, MoneyOnMobile has the capacity to handle low value transactions which opens up to a wider range of transaction opportunities for under-banked customers whose monthly income can be anywhere between 400-500 dollars or less. This is a huge disrupting factor vis-a-vis other players. MoneyOnMobile has also involved a low-cost processing approach that bypasses direct integration with banks or card networks; APIs is used to connect digitally with third parties. This reduces the cost and saves time which is essential for most customers. Check links 1 & 2 for reference.
Mr. Harold Montgomery, CEO – MoneyOnMobile
As MoneyOnMobile is mainly targeting the unbanked/BOP population, please comment on the market share of MoneyOnMobile in the digital payments [and services sector] and where does MoneyOnMobile team see the next level of growth in a diversified country like India ?
Since inception, MoneyOnMobile has signed up more than 350,000 retailers across 900 cities all over India. More than 2-billion-dollar worth of transaction has taken place on behalf of 200 million Indian consumers with unique Indian phone numbers till date.
MoneyOnMobile caters to 600-800 million unbanked and under-banked population in comparison with other PSP players who cater to the remaining 200 million with active bank accounts. MoneyOnMobile plans to offer loans to shop owners via third parties and focus more on financial remittances sent within and outside India. Our more ambitious goal going forward is establishing 30,000 biometric-based MOM ATM systems by end of 2019 to support fee-based cash withdrawals throughout India. Refer this for more information.
There is a major push by the GOI for bringing more people under the banking umbrella, how does this shift affect MoneyOnMobile’s game play/growth plan and how does MoneyOnMobile plan to offer services if major population becomes banked ?
A recent World Bank report stated that around 19 crore adults do not have a bank account in India despite efforts from the Indian Government. Almost 50 percent of bank accounts under various schemes remained inactive in the past year, owing to different factors including poor accessibility to banks, inadequate financial literacy and non-existent of a robust network infrastructure in the country. Moreover, currency circulation had returned to near pre- demonetization levels as indicated from an analysis of credit and debit card usage in the previous financial year.
All this indicates that concept of physical cash transaction is not going anywhere despite bringing more people under the banking umbrella. India’s cash problem must be addressed at a much deeper level, this is an area MoneyOnMobile focuses to thrive and grow. MoneyOnMobile continues its effort to bring more retailers from the remotest parts of the country under its umbrella. In parallel, we also plan to diversify our service offerings, improve efficiency of transactions and add more MOM ATMs. More here, here and here.
Apart from customer experience, what are some of the advantages for a MoneyOnMobile AGENT in terms of commission, services, etc. so that he can recommend MoneyOnMobile over other PSP’s
MoneyOnMobile’s retailer assisted mobile payments model is structured to reward every member in the ecosystem – distributors, merchants and retailers in this case.
Distributor agents typically scout and sign up retailers to enable MoneyOnMobile services. Every agent earns an incentive based on total payments volume each store/retailer under him/her generates. This acts as a great motivator for more distributors to register retailers who can bring in strong traffic in the area. Distributors are also encouraged to provide training and support to retailers who instill strong support system to grow.
Retailers earn through transaction based commission, once the retailer accepts cash from a consumer and directs the funds to the respective payee, the merchant gets a percentage of the profit gained from the transaction. MoneyOnMobile’s business model ensures all stakeholders involved in the network are benefitted from each transaction and this has helped in registering more than 350,000 retailers throughout India. More details can be found here.
Though Demonetization happened in 2016, it had a major impact on all the sectors, but it resulted in a huge push in Digital Payments, how much growth in volumes did MoneyOnMobile observe during that phase and how did you keep the users hooked after that exponential growth phase ?
Demonetization had a different impact on MoneyOnMobile. While it had given adequate boost to the growth of digital payment apps and wallets, MoneyOnMobile witnessed a slight decline due to shortage of cash, which is core to our business. But on longer, demonetization succeeded in boosting growth of digital transaction and adoption of digital payment methods in semi urban and rural areas. Eventually with cash returning back to the system coupled with consumer trust and understanding of the importance in digital remittances, we have witnessed considerable growth post demonetization.
The key attraction for retailers and consumers to continue using MoneyOnMobile is the combination of bringing different services to a single location that will help people save tremendous amount of time & money. Another is the cost of investment to use MoneyOnMobile; the fact that consumers need only a simple mobile phone to use these services is a huge plus factor. More here and here.
We thank Mr. Harold Montgomery, CEO – MoneyOnMobile for sharing his insights with our readers. If you are retailer and planning to join the ever expanding MoneyOnMobile network, please download the MoneyOnMobile Retailer Prima from here. MoneyOnMobile Wallet for consumers can be downloaded from here. If you have any questions for Mr. Harold or his team, please email them here or share them via a comment to this article.
