Pune-based healthcare startup SynThera Biomedical Private Limited, which focuses on R&D, manufacture and commercialization of affordable biomaterials-based medical devices, has secured an undisclosed amount of seed funding investment from two investors: Equity crowd-funding platform 1Crowd and the government’s Biotechnology Industry Research Assistance Council [BIRAC] SEED scheme via Venture Center.

Image Source – SynThera

Nilay Lakhkar, Founder and CEO of SynThera Biomedical, said

The investment will help us achieve expansion, approvals and launch of our first line of bone graft substitute products in the market, together with further development and testing on our patented bone graft product line.

The company’s flagship products –  SynOst and PoroSyn are synthetic bone graft substitute products made from bio-active glass materials. Both products are used in dental and orthopedic surgeries as implantable materials for repair and regeneration of bone that is lost or damaged due to disease, injuries or congenital deformities.

Anil Gudibande, co-founder of 1Crowd, said

SynThera is an innovative bio-material sciences company, with patented technology, which we believe can address a global opportunity through an array of technology lead products. 1Crowd seeks to invest in ventures that are at the cusp of knowledge and technology, and SynThera is a fine example of that. With investments in over 17 startups, 1Crowd has built an ecosystem, that startups such as SynThera can leverage, which includes an investor community, a mentorship panel and industry connects.

Dr. Premnath, Director, Venture Center, the incubator that supports SynThera Biomedical, said

BIRAC’s SEED – Sustainable Entrepreneurship and Enterprise Development – scheme was set up to support life sciences start-ups, with a funding of up to Rs. 30 Lakh. The investments raised by Venture Center’s incubatee company SynThera will enable it to move faster towards regulatory approvals, production and sales. SynThera has unique technology capabilities and intellectual property, and will be the first bio-active glass company from India. It will be uniquely positioned to provide valuable bio-material solutions to dental and orthopedic surgeons.

About Venture Center

Venture Center is India’s leading inventive enterprises incubator. It won the National Award for Technology Business Incubators from the President of India in May 2016. The Venture Center is hosted by CSIR-National Chemical Laboratory, Pune. For more information, please visit The Venture Center.

About 1crowd

1Crowd is an early stage investor and startup ecosystem with a unique co-investment lead equity crowdfunding platform and seed & early stage Fund. Launched in 2015 by a team of experienced bankers, with two offices in Mumbai and Bengaluru, the platform has invested in over 17 ventures, with over Rs. 40 crores in AUM. Recently, 1Crowd announced the first close of its seed & early stage Fund. For more information, please visit 1Crowd.

Internet-based startup Fixpocket secured 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.

Image Source – 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.

Soham Thacker, Co-Founder, Fixpocket said

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.

Kaivan Shah, Co-Founder, Fixpocket, said

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.

You can have a look at FixPocket here.

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.

Vinod Kumar Dasari [MD, Ashok Leyland] who has invested in the company in both the funding rounds, said

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.

Mahalingam K [Partner, TSM Group] who has invested in GoBumpr in both the rounds and advises the core team, said

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].

Image Source – IoT

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

Lee Iacocca’s autobiography

Some closing thoughts for our readers!

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

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.

Image Source – Fintech

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.

Sqrrl Fintech, an app based investment platform, has raised $1 million during its Pre-Series A round of funding from investment firm Equanimity Venture Fund. The founders of the innovative startup state that by 2019 they want to reach one million customers and already boast customers in more than 500 of India’s cities. Fintech startups in India are riding high at present and Sqrrl have worked hard to be the leader of the pack.

Image Source – Funding

Startup success

Sqrrl was founded in May 2016 by Samant Sikka, Dhananjay Singh and Sanjeev Sharma. The app was developed specifically for young Indians to increase their saving and investment opportunities by offering high performing mutual funds based on investment needs and risk horizons and goals. The venture proved successful as following the launch of the app in March 2017, the company have reached 150,000 users on Android and iOS devices. And in little more than two years of creation they hit the $1 million mark.

Securing customers

76% of Sqrrl’s current users are aged under 35. Meanwhile, 61% of their user base live outside of India’s top 15 cities. The company are also working tirelessly to ensure their product reaches as much as the Indian population as possible by offering users the option of 9 different Indian languages. To achieve such growth in such a short amount of time, fintech creators have to work hard by cementing their idea and putting together a strict business plan to ensure they get the appropriate financial backing to allow them to progress forward with their startup.

The future of Sqrrl

Speaking about the $1 million raised, Sqrrl have promised that

The funds will be used to pursue aggressive growth and add to product suite. In addition, we aim to invest in new age technologies, particularly machine learning and artificial intelligence, to sharpen its product recommendation and further smoothen its on-boarding process.

Following a successful funding round, the Managing Partner of Equanimity Investments, Rajesh Sehjal will now join the board of Sqrrl to help push them further towards hitting their next business aspirations.

Sqrrl have managed great success in such a short space of time, proving that hard work, dedication and an innovative product can go a long way in the fintech industry. The future looks bright for the Indian fintech market and Sqrrl are pushing themselves to ensure they stay at the top of their game.

Bahrain Development Bank [BDB] announced that the Al Waha Fund of Funds has successfully closed its $100 million fundraising round, making it the first active venture capital fund of funds in the region. The announcement marks an important milestone for the region’s growing startup ecosystem. It will provide additional capital to innovative and technology-driven startups in Bahrain and across the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region.

Image Source – Startups

The Limited Partners [LP] Advisory Committee met for the first time last week to close the US $100 million, setting the strategic direction of the fund, and approved the allocation of $35 million into a series of venture funds. The LPs include Mumtalakat, National Bank of Bahrain, Batelco Group, Tamkeen and Bahrain Development Bank, amongst others and where BDB is the GP managing the fund.

Commenting on the announcement, Shaikh Mohammed bin Essa Al Khalifa, Chairman, Al Waha Fund of Funds Advisory Committee, said

We are very pleased to announce the successful closure of the fund and we have already made encouraging progress in allocating the capital raised. One of the key constraints on the development of the startup and technology ecosystem in the region is lack of access to capital – this fund can help to make a significant difference to that challenge, enabling entrepreneurs to realize the potential of their ideas.

The announcement follows the launch of the Al Waha Fund of Funds at Gateway Gulf Forum last month. Gateway Gulf Forum, brought together more than five hundred global investors and business leaders to explore how to unlock the opportunities being created by the economic transformation in the GCC.

Bahrain’s startup ecosystem has benefitted from a number of significant initiatives and reforms in recent years, as part of the Economic Vision 2030, delivered under the leadership of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and Chairman of the Bahrain Economic Development Board [EDB]. These include a reduction in the minimum capital required for starting a business, measures to enable onshore crowdfunding in conventional and shari’a-compliant finance and the introduction of a regulatory sandbox.

The fifth India International MSME Start Up Expo witnessed encouraging sessions for the young innovators by experts focusing on innovation, reformation and transformation at Pragati Maidan, New Delhi. The key speakers at the event included Minister of State, Department of Consumer Affairs, Food & Public Distribution Shri CR Chaudhary, Chairman ITDC, UAE Shri SK Aggarwal, Minister of State, Ministry of Agriculture Shri Gajendra Singh Shekhawat, Chairman Stic Travels Shri Subhash Goyal and many others.

The three-day event starting June 22-24, 2018 was spearhead by the MSME Development Forum, a not for profit organization, which has been at the forefront of growth and promotion of small businesses with a thrust on start-ups towards building entrepreneurs in India. The Forum works as a catalyst for interface between government and entrepreneurial activities and has been relentlessly working towards developing an entrepreneurial culture in the country.

Addressing the event, Minister of State, Department of Consumer Affairs, Food & Public Distribution – Shri CR Chaudhary, emphasised on encouraging young entrepreneurs, said

There is a need of more employment and export in the country. Employment is generated by new setups. Young people have new innovative ideas. In fact, more than 60% of stalls have been taken by young innovators country need. Even as per our Prime Minister, Shri Narendra Modi, youth should be encouraged to an entrepreneur. One must become service provider not service seeker. Thus, SMEs should be given more assistance and support. Only then the moto – ‘Perform, Reform and Transform’ will happen. People of Delhi and nearby areas should come and take advantage of the expo and should encourage new innovators.

Discussing about agriculture sector, Ministry of Agriculture – Shri Gajendra Singh Shekhawat said

The two major problems of our agriculture sector are fragmentation of land and high pressure on resources. There is no capacity building in agriculture sector. MSME is the only way to revive the sector in India. The holistic solutions provided by the government have helped in improving the sector but to sustain it we need MSME involvement to take it further and this will help in doubling the income of the farmer.

Rajnish Goenka, Chairman, MSME – DF said

We are aiming to make India as World’s manufacturer and sourcing hub alternative to China. Importantly, we have also tried to create a political will among political parties to acknowledge this movement.

There were various topics covered in the on-going expo in different sessions that is Innovative Financing & Founding Opportunities for MSMEs & Startups, MSME in Tourism, Logistics & Service sector, Vendor Development in Railways, Defense & Govt/PSUs and Agri Business: Doubling Farmer’s income.

The agenda of the exposition is to promote entrepreneurship & self-employment to generate maximum job opportunities. The event will also provide one stop global platform to connect, network, partner and share information with Domestic & International SMEs to find new business opportunities in either country. The expo also aims to spread awareness about Government’s promotional schemes to make new Entrepreneur and transform job seekers to job creators. It accelerates growth of MSMES, Startups and Budding entrepreneur. In addition, it focuses to bring Small Entrepreneurs on a single platform and address their persistent issue and concerns. The agenda will also target to be the leading MSME Startup Advocacy Forum.

The event witnesses more than 20,000 visitors, 250 exhibitors, 100 B2G/B2B Meetings, 50 Embassies & Global Participants, 30 banks and investors, 15 PSUs-Government Departments and 10 concurrent summits.