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|In: Droom|Last Updated: | 0 Comments

Droom, India’s pioneering online automobile transactional marketplace, has launched an HR mobile app, which will now host a whole new set of interesting facets. The App is intended to provide visiting guests and new recruits with a quick overview of the organization, while bridging the waiting time.

The app has every information about Droom, including prevalent vacancies within the company, so that interested candidates can apply directly. The application provides great utility in terms of portraying Droom’s culture and core values, specifically to interview candidates at Droom or at campuses.

Speaking on the same, Sandeep Aggarwal, Founder and CEO, Droom, commented

We are currently looking at hiring in big numbers. The HR app aims to provide more content to candidates sitting at Droom office while they have come to give an interview.  It is a major move towards creating a paperless office. The added features are a bonus that will inform existing and potential candidates with every information that they need. We, as a company are growing at a blitzkrieg rate and this new initiative is a logical and strategic move in that direction.

Commenting on the features of this new app, Babita Vaishnawa, Senior Director-Human Resources, Droom

We have introduced many interesting features and updates to engage and immerse individuals visiting our HR app, including those who are looking to join our team or passive visitors, just seeking information. This app will streamline all HR processes conveniently and smoothly.

For instance, the HR app home page has added three blocks, namely, About Sandeep, which will lead the person to Droom’s Founder website, next comes the OBV which leads the visitor or a candidate to OrangeBookValue, a platform that helps in determining the fair market price of used vehicles via algorithms. The third block is termed as Droom History. Here, the app visitor will be directed to the page DroomHistory.

To manage the app in a better way, Droom has also added a module in the matrix – HRMP which primarily capture the feedback gathered from candidates and guests and collects and analyses visitors site surfing behavior.  Droom has also updated all the latest photos and videos in the app.

About Droom

Founded in April 2014 in Silicon Valley, Droom is India’s first online marketplace to buy and sell new and used automobiles and automobile services. Droom has taken a completely innovative and disruptive approach to build trust and pricing advantages for buyers.

The current experience of buying and selling an automobile is completely broken, antiquated and full of pitfalls. Droom offers a truly 21st century experience in buying and selling automobiles. With its technology driven marketplace approach, Droom enables transactions between buyers and sellers by bringing transparency, building trust, and mitigating information asymmetry. Droom is a mobile first marketplace with a presence on three platforms i.e. Android, iOS and Desktop. Prior to Droom, Sandeep founded ShopClues.com, India’s first and largest managed marketplace and 5th Unicorn in the Consumer Internet space in India. Droom has a team of 200+ and is funded by some of the leading global venture investors. For more information, please visit Droom

|In: Incubators|Last Updated: | 0 Comments

Tata Elxsi, a leading global design and technology services company, is supporting a new healthcare startup, Niramai. The startup has been on the incubation program for three months, during which Tata Elxsi has been providing infrastructure, expertise, and support in access to key markets.

Image Source – incub@TE

Niramai Health Analytix Pvt. Ltd is a Bengaluru based startup with a mission to create a universal cancer screening method that can save lives by detecting breast cancer at an early stage. Breast cancer is the leading cause of cancer deaths among women today. Early detection is the key to survival. Niramai is a pioneer of a new patent-pending technology called Thermalytix that can remove technological, logistical, and cultural barriers that hinder breast cancer screening among women today.

The startup’s solution uses artificial intelligence to address effectively issues with thermography. The company’s goal is to create an innovative cancer screening method that can save lives by detecting cancer at an early stage, through solutions that are accurate, automated, affordable, and accessible to all. The product is expected to be launched in mid-2017, starting with a few locations in Bengaluru.

Tata Elxsi’s Incub@TE is helping Niramai through key consultations from Tata Elxsi in-house professionals, mentorship, access to service providers, and establishing key connections with people/organizations of interest. Furthermore, with Tata Elxsi’s help, the startup has been able to interact with leading design thinkers, technologists, business leaders & peer entrepreneurs and learn from their experiences. The mentoring and logistical support provided by Tata Elxsi has allowed Niramai to focus entirely on the execution, providing them with an environment that has helped them improve their entrepreneurial thinking and get clarity on the go-to-market.

Speaking on on-boarding Niramai on Incub@TE, Rajesh Kumar, Vice President – Strategic Initiatives, Tata Elxsi said

Many startups have innovative solutions, and require some help in infrastructure, mentoring and creating market visibility. Incub@TE is a platform that helps startups create sustainable businesses, by providing them with the necessary facilities such as above. Use of Emerging Technologies in healthcare is starting to gain momentum in India, and helping startups that are in line with these developments is a great opportunity for us. It has been a great pleasure working with Niramai, and we look forward to the remaining months of working together.

Dr. Geetha Manjunath & Ms. Nidhi Mathur, co-founders of Niramai Health Analytix said

Being women, we understand the sensitivities and social-cultural aspects of breast cancer screening. This has to lead us to make our solution privacy-sensitive, in a unique way that removes the psychological burden of voluntarily opting for early screening as a preventive measure. Tata Elxsi is one of the companies that has helped us bring our vision to reality. We are happy to be a part of Incub@TE and value the mentorship that Tata Elxsi has provided to our products/services.

Companies that have previously been part of Tata Elxsi’s incub@TE program are Sismatik Solutions and Street Smart Mobile Technologies.

About incub@TE

The Tata Elxsi incub@TE program has been set up to foster entrepreneurial activities in the technology space. They provide a platform for start-ups and prospective entrepreneurs to convert their ideas into commercially viable products or services. They help you take your ideas to the market real fast by providing ready-to-use infrastructure, key technical consulting through in-house experts, mentorship, access to service providers, plug-n-play office and connections with people and organizations who matter. For more information, visit incub@TE

|In: Technology|Last Updated: | 0 Comments

Yaantra,India’s fastest growing start-up which offers doorstep repair services and sells refurbished and pre owned smartphones with warranty has now launched its first ever branded retail store in the city. Yaantra is all set to facilitate a one-on-one treatment for its customers, wherein they can visit the store in person and get to understand the repair services better.

The India’s first-of-its kind store launched by the company allows the people to purchase refurbished and pre owned handsets with warranty of all varieties and brands first-hand. The endeavour is to further enhance the trust that the brand has created in the market so far, catering to a transparent level of dealing. The store shall serve as the unified centre offering technical support and phone correction for all the mobile handsets at once.

Expressing his delight on the launch, Jayant Jha, co-founder, Yaantra, said

This is yet another beginning for us in a way, entering into the physical market and we shall strive best to continue to innovate, excel and work towards maximum customer satisfaction. The store is strategically located in the District Centre, Janakpuri area, which is one of the city hubs for everything technical. We have also opened two kiosks one in the EDM Mall Anand Vihar and the other in Pacific Mall, Subhash Nagar.

This initiative will help us reduce the turn around time to service our customers, what works best for our clients and also gives us the competitive edge. Yaantra repairs and sells pre owned/ refurbished phones with warranty upto 6 months, promises data protection and is highly focused on customer delight.

While the Indian market is replete with technological inventions today, the refurbished mobile market still remains a highly fragmented, unorganised and to a great extent, a grey area at large. With scalable businesses like Yaantra coming to fill this gap the market faces, it looks like it will soon create great opportunities to offer.

Although there are many small players operating in the market for long, customers often fail to build the kind of trust required for having safe investments in such deals for refurbished models without a dependable entity in picture. With growing numbers of reputed names now joining the game, customers can finally relax about getting cheated or facing any undue stressful situations.

Started as Gadgetwood in 2013, this start up re-branded itself to Yaantra last year. Yaantra started with an ulterior objective to offer doorstep repair services for mobiles, smartphones and tablets to the users in India. Backed by a knowledgeable and certified team of resources, serving customers online as well as directly at their doorstep, this promising start up soon made its mark with its customer-centric philosophy. Yaantra’s successful tie-up with Xiaomi and others, within just a short span of it entering the competitive market, throws light on its future in the business sector.

For more information, please visit Yaantra

|In: startups|Last Updated: | 0 Comments

Shoppers Stop partners with ToneTag, a proximity communications firm, to integrate and deploy ToneTag sound-based contactless payments at Shoppers Stop stores. This technology will enable  customers to make ‘cardless’, ‘cashless’ and ‘contactless’ payments at Shoppers Stop stores across India.  The ToneTag technology will use sound-waves from mobile phones to make electronic payments.

With ToneTag’s sound pay technology, customers can make secure payments within a matter of seconds and experience a faster check out. This launch is a fin-tech revolution and a significant step towards the adoption of cashless payments in India-in line with the vision of Digital India.

Govind Shrikhande, Customer Care Associate & Managing Director, Shoppers Stop Ltd. said

Our collaboration with ToneTag is yet another step in the direction of digitizing all our Shoppers Stop stores. Our paramount focus is to offer our customers a convenient, fast and enhanced shopping experience. With ToneTag’s sound-based technology, our customers will now have multiple payment options for a smooth, fast and convenient shopping experience.

Kumar Abhishek, CEO, ToneTag said

Shoppers Stop’s contribution towards digitization has been exemplary. I am a strong believer that Shoppers Stop and ToneTag will continue to strive for best consumer experience by bringing great retail technology with simple user interface.

ToneTag’s breakthrough technology uses audio signals or ‘tone tags’ for data exchange between devices.  Payment instructions can be transmitted, using a sound signal, through a traditional phone line, without any additional hardware or software requirements or dependencies.  This makes highly inter-operable and secure cashless payments possible from any mobile phone to another phone or computing device.

About ToneTag

ToneTag is a sound based proximity communication provider that enables contactless proximity communication, location based services and customer engagement services among a multitude of other solutions. Backed by Reliance VC among a host of investors, ToneTag has enabled contactless, offline, proximity communication on any device through sound and their team continues to innovate and transform the way devices will communicate with each other in the near future. For more information, please visit ToneTag

|In: Social Entrepreneurship|Last Updated: | 0 Comments

The National Institute of Rural Development & Panchayati Raj [NIRDPR] launched India’s First focused ‘Rural Innovators Startup Conclave’ [RISC2017] at NIRDPR, Hyderabad. The focus of the two day event was to build capacities and promote fresh talent by giving them a platform to display their innovations, encourage greater learning, and strengthen the cadre of young rural innovators and start-ups.

Highlights [Day – 1, 23/03]

Indian start-ups are mostly IT based and cater to urban services. Innovation and Technology Diffusion for ‘rural development’ is the need of the hour. Other important stakeholders who act as support systems to rural innovators are still evolving. There is a need to develop and nurture mentors, angel investors, faculty, corporates, media so that they play a much more active role in contributing to the ecosystem.

The Chief Guest for the event, Honourable Minister of State for Science, Technology and Earth Sciences, Shri YS Chowdary noted

I am immensely happy to be associated with RISC2017, an initiative very close to my heart. Rural development is an important subject and higher dividends from the rural youth are still at large. This kind of an initiative which focuses on rural urbanisation requires synchronisation modern day development concepts. Since our country is agrarian based we have to take a quantum leap to help farmers improve their income level and reduce cost of living. I believe NIRD&PR can play a major role in capacity building-help farmers get educated in fundamental financial literacy and cost accountancy.

We have been talking about globalisation in last 2 decades-we have a lot of potential to tap rural markets. There is need to focus on particular areas in particular technologies for particular people and see that they are saturated. The Govt of India should ensure that a number of initiatives are started by properly coordinating with colleges institutions and state govts. I assure the full support of my ministry to NIRD&PR, besides lobbying with other relevant ministries to muster their support in the endeavours of NIRD&PR.

Speaking at the launch, Dr. W.R. Reddy, IAS, Director General NIRDPR, Hyderabad, said

RISC2017 is the first of its kind platform to connect all institutes and agencies promoting innovation and start-up culture to look at the rural landscape. RISC will be an annual feature that can handhold and mentor the innovators and connect the startups with funding agencies. We believe rural development can be accelerated by infusion of technology tapping the creative minds of the youth across the country.

RISC2017 featured RISC Awards 2017 under Six domain areas namely

  1. Agriculture and Allied
  2. Green Energy Technologies
  3. Drinking Water, Health and Sanitation
  4. Waste to Wealth
  5. Sustainable Housing
  6. Other Livelihoods

Rural Innovations and Technologies in ‘Idea with Prototype’ and ‘Startup Stage’ were recognized by the jury members. The award winners were announced 24th March.

Highlights [Day – 2, 24/03]

The ‘RISC 2017 Awards’ were conceptualised to encourage the rural youth and bring to the fore the creative young minds of the country to showcase their innovations for rural development.

The award ceremony was graced by Chief Guest N. Ramesh Kumar, IAS [Retd], State Election Commissioner, Andhra Pradesh, Hyderabad. The RISC 2017 Awards received 200 entries from across India. Out of the 200 entries, 110 were shortlisted and 12 were awarded under the categories of ‘Best Innovators’ & ‘Best Startups’. The  six best startups were awarded a cash prize of Rs 1 Lakh each and the 6 best innovators were were awarded a cash prize of Rs 50,000 each, along with a certificate and  glittering memento.

The winners of the RISC Awards 2017 were adjudged  under the following six categories

  • Agriculture and Allied – Exabit System [Startup category], Mr D Babu Rao [Innovator category]
  • Green Energy Technologies – Divyanga Thrift and Credit Society [Startup category], Mr Amol Koli [Innovator Category]
  • Drinking Water, Health and Sanitation – Mr Soujanya Bodha [Innovator category], Cerela Nutritech [Startup category]
  • Waste to Wealth – Allika [Startup category], Mr Chandra Dass [Innovator Category]
  • Sustainable Housing – Pipal Tree [Startup Category], Mohammed Ismail Khan [Innovator category]
  • Suatainable Livelihoods – Ms Ambica Eco Green Bags [Startup Category], Mr Tirupati Rao [Innovator category]

Images Images

Speaking on the occasion, Dr. W.R. Reddy, IAS, Director General NIRDPR, Hyderabad, said

We thank all the innovators and start-ups for coming out with their inventions and making this event a great success. NIRD&PR will put in efforts to ensure that these products which are at their nascent stage, will receive the kind of support and facilitation required to package them attractively for end users. Going forward, NIRD&PR will be opening up a new front for them-we will be engaging a large number of volunteer service providers for design improvement of these products and integrate these designs in the rural ecosystem.

We are are grateful to NIRD&PR for intitating this first of its kind platform that encourages rural innovators like us to do more for our country and promote entrepreneurship amongst all strata of society.

About NIRDPR

The National Institute of Rural Development and Panchayati Raj, an autonomous organisation under the Union Ministry of Rural Development, is a premier national centre of excellence in rural development and Panchayati Raj. Recognized internationally as one of the UN-ESCAP Centres of Excellence, it builds capacities of rural development functionaries, elected representatives of PRIs, bankers, NGOs and other stakeholders through inter-related activities of training, research and consultancy. For more information, please visit National Institute of Rural Development & Panchayati Raj

|In: AI|Last Updated: | 0 Comments

Synechron Inc. [earlier coverage here] a global financial services consulting and technology services provider, has today announced the launch of Neo, a set of Artificial Intelligence [AI]-based solutions for the financial services industry. Neo brings together Synechron’s digital, business, and technology consulting to allow financial institutions to deploy cutting-edge, AI solutions that solve complex business challenges.

Synechron has built 14 reusable applications – Accelerators, that allow financial institutions to reduce time-to-market when applying AI to enhance business operations, reduce operating costs, and create better client experiences.

Synechron’s AI Accelerator applications have taken a business challenge that can be best solved through AI and re-designed business processes to build a solution powered by artificial intelligence and optimized for user experience.  The Accelerators use techniques like Natural Language Processing [NLP], Chatbots, Robotic Process Automation [RPA], Cognitive Machine Learning, Data Science and Robo-Advisors to address a range of use cases.

The AI Accelerators enable financial industry players to solve complex data challenges, efficiently address regulatory and compliance requirements, and service growing customer needs. They also help automate repetitive processing tasks while cutting down time and costs in the long run, with customized and advanced bots for specialized operations such as trading, mortgages, insurance, and even personal banking.

Details of the various accelerators are below

The AI Accelerators broken down by the core underlying AI technology include:

Natural Language Processing (NLP) and Generation [NLG]

Automated Data Extraction allows firms to automatically extract written language data from reports [e.g. earnings reports] and understand what it means and why it’s significant [e.g. its intent]
Automated Financial Advice Generation can be achieved to extract CRM data and NLG to reach a compliant conclusion through real-time queries and contextual user information.
Automated Executive Summaries written in plain language.

Chatbots serve as either an internal virtual assistant or a front-line customer representative and have been created with an understanding of financial services business operations and systems integration expertise. The accelerators include – BankBOT for personal banking, TraderBOT for traders, LoanBOT for mortgages, and InsureBOT for insurance.

Robotic Process Automation [RPA]

Client On-boarding pulls information from images of documents such as driver’s licenses and passport to auto-populate forms and create a frictionless on-boarding experience.
Automated Resolution of Failures ‘Breaks’ in Reconciliation processes completely automates general ledger [GL] reconciliation.
Margin Call Management analyses emails and automatically understands relevant margin call information based on pre-set criteria.
Automated Pitch-book Generation allows financial institutions to automatically generate presentation decks by understanding what content is on the slides and the appropriate disclosures required based on that information.

Cognitive Machine Learning

OTC Price Automation – derives real-time OTC pricing for liquid OTC products where this data is currently de-centralized and difficult for traders to factor into their pricing models and further using that data to advance collateral management reporting.
LCR Reporting – uses historic data and machine learning to come up with a reliable intra-day liquidity estimate for LCR reporting.

Data Science

Customer Insights has 4 Modules for Banks, Credit Cards, e-Commerce and Mortgages that allow banks to bring together their Know Your Customer (KYC), Banking, and Credit Card Data into a database, and join them with the customer’s online behavior (if opts in) via web and social platforms.
Product Recommendation uses behavioral analysis to understand customer patterns for new client acquisition.
AML/Fraud Detection uses AI and behavioral analysis to identify potentially suspicious activity indicative of money laundering and fraud.

Artificial Intelligence Accelerator for Robo-Advisors – allows wealth managers to create a hybrid-robo-advisor that augments their existing services with an automated platform, creating the self-service experience clients are looking for, balanced with the high-touch, high-trust experience advisors are known to deliver with added capabilities like social investing, chat and more.

Faisal Husain, Synechron Co-founder & CEO, said

Financial institutions are looking to implement the latest technology to address real-world problems in financial services. Neo and Synechron’s AI Accelerators will be pivotal in helping clients be at the forefront of technological advancement, while providing a comprehensive set of tools to ease and streamline processes. This will allow businesses to deploy technology-enabled processes that augment the role of individuals, allowing them to be elevated to higher-value business tasks.

The AI engine, business, and technical analysis at the core of these accelerators can be applied to additional use cases to progress more quickly with similar initiatives. Along with the use of the AI applications, the Accelerator Program offers access to Synechron’s consultants, technologists and digital teams who are experts in financial services business processes, products, regulation, operating models and data architectures which are critical to constructing effective AI applications.

About Synechron

Synechron, one of the fastest-growing digital, business consulting & technology services providers, is a USD 400 million firm based in New York. Since inception in 2001, Synechron has been on a steep growth trajectory. For more information, please visit Synechron

|In: Cinqo|Last Updated: | 0 Comments

Cinqo, an emerging player in the mobile and digital payments space has announced the launch of its new digital solutions in the employee tax benefits and rewards space. The ‘Cinqo’ app has been launched on the mobile platform that can be downloaded on Android and iOs smart phones.

Cinqo is a smart, simple and swift mobile application designed for managing digital vouchers and corporate reimbursements that help employees save tax benefits. The app has been launched with a view to digitize the paper voucher system created in order to save tax for meal vouchers, medical reimbursements, gift cards & expense management solutions that stream lines handling  and disbursements of any employee benefits in the first phase.

It facilitates easy disbursement of tax-free perquisites to employees. It also allows employer to set limits, budget and track business expenses and makes reimbursement to employee very simple.

Employees can use digital vouchers and claim reimbursements via an effortless mobile application with a click of a button, which also brings down the logistics and distribution cost to zero. One can get on board with Cinqo immediately and employees can save upto 30%tax. They can customize plans as per the requirements and the policies of the companies’ they have tied up with.

Companies such as Shopper Stop, Blue Star Diamonds, Pamac, etc. are currently using the services of the company. Cinqo can be used anywhere, anytime across 300,000+ merchants across India. Cinqo solution can be used by any corporate irrespective of the employee strength or location and an HR Manager can set up Cinqo within few minutes.

The company issues meal vouchers and medical vouchers to employees and handles fuel reimbursements as well. Cinqo also issues gift cards. All these products are completely digital, and offered via a prepaid card in partnership with DCB Bank and Visa.

Ankush Gupta, Co-Founder, Cinqo expressed his views and said

Through this launch, Cinqo aims to re-define the corporate wallet and rewards space. Cinqo has already tied up with 15 corporates so far and we are confident of our growth path in India. With a growing number of tie- ups with merchants, Cinqo will be available with more options, not only limited for meal vouchers, but also for other employee benefits such as medical reimbursements, gift cards, travel reimbursements etc in the coming months.

Besides this, we are also heavily doing analytic behaviour which studies the customer spend which will in turn help us to cross-sell and up-sell different deals to the customers. The service currently is free of cost to both employees and employers.

Moreover, the technology that we have used is cutting-edge and is intuitive. We use machine-learning and image processing technology that helps in reduction of time and cost for processing of bills. The total size of the industry is 6000 cr and is expected to grow at a CAGR of 25% YOY.

On the occasion, Smeet Modi, Co-Founder, Cinqo said

Keeping up with the Digital India initiative, we wanted to create an app which would change the paper voucher system used in order save taxes. The employee and rewards space is quite big in India and factors like losing vouchers, not being able to use it everywhere, issues in reimbursements due to fixed denominations of the vouchers inspired us to come up with new age innovative and cutting-edge solutions and give that extra benefit to employees.

Cinqo will bring revolution in the way the employers handle tax free perquisites and reimbursements and give the employee ability to complete transactions with ease at zero cost. We have also included a unique feature for disputes wherein employees can raise a red flag in case their expectations are not being met. Once the employees upload a bill on the Cinqo account, their reimbursements get cleared within one business working day.

About Cinqo

Cinqo is a sparkling concept of digital meal vouchers that is smart, simple and a swift digital solution which unlocks new benefit for your company and employees. It simplifies expense management in a secure way, while guaranteeing your employee easy transaction and loads of tax benefits.

Cinqo facilitates easy disbursement of Tax Free Perquisites to employees. It also allows employer to set limits, budget & track business expenses and makes reimbursement to employee very simple. Employees can use digital vouchers and claim reimbursements via an effortless mobile application -‘CINQO’. Cinqo meal and medical vouchers are 100% RBI and Income Tax compliant as per IT Rule 3(7). Deloitte Haskins & Sells LLP has given us opinion to the effect. You can view the same here. For more information, please visit Cinqo.

|In: Technology|Last Updated: | 0 Comments

Paytm founder and CEO, Vijay Shekhar Sharma was vocal about being disappointed with the way banks and the financial system in India work. ‘The financial system penalizes a sincere person, but if someone speaks the language of those in the power corridor, he takes a loan of Rs 600 crore and lives in London,’ said Sharma, taking a jibe at the other Vijay, Vijay Mallya.

Speaking at the India Today Conclave 2017 held in Mumbai, during a session titled Master Talk: The e-economy | From the Front-lines of Change, the Founder and CEO of Paytm said, Financial system in India is penalising for those who are sincere, who pay their taxes on time.

Talking about his hope that the RBI will give a nod to Paytm doing banking in the country, he said, ‘If the RBI blesses us, we will be able to have our bank by this month end.’ ‘What happened in 2016 was nothing short of revolution,’ Sharma said, talking about the demonetization drive.

When asked about the key to success of Paytm, Sharma said

The key to success for Paytm is that Paytm works. Paytm works when it is expected to work. Paytm works where it needs to work.

Talking some numbers, he said

Paytm currently has about 21.5 crore subscribers. SBI has 20.7 subscribers. Paytm does about 20 crore transactions while according to RBI all other e-wallets do 19 crore transactions combined.

Paytm’s net worth is around USD 6 billion. The company has seen exponential growth post-demonetization.

About India Today Conclave

Started as part of India Today’s 25th anniversary, India Today Conclave was designed as a meeting point for the best minds from India and around the world to map the geopolitical and economic future of the country. In its inaugural year the theme was India Tomorrow 2002: Opportunities and Threats with Vice President of the USA Al Gore as the chief Guest. The speakers who have been part of this conference each year are current and former heads of state, Nobel Laureates, spiritual leaders, industry captains, social workers, economists, authors, academics, scientist, strategists, activists, cine directors, actors and sportspersons. The past conferences can be accessed here