Cyber-security solutions, block-chain technology & behavioral analytics applications are some of the innovative services being developed by the seven financial technology entrepreneurs selected to participate in the 2015 edition of FinTech Innovation Lab Asia-Pacific.

Launched by Accenture in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific is a collaboration between Accenture & a dozen leading financial institutions – Bank of America, Merrill Lynch, China Construction Bank (Asia), China Citi Bank International, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Maybank, Morgan Stanley, Standard CharteredUBS.

Its purpose is to nurture early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region. The Lab is supported by Cyberport, which provides workspace for the entrepreneurs during the program.

Seven startups were chosen from a wide range of applicants by leading industry executives. The selected startups will receive senior-level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions.

Speaking about the selection, Jon Allaway, senior managing director, Financial Services at Accenture said

We are extremely impressed with the energy and enthusiasm the startups have demonstrated for creating solutions that are intuitive for customers, secure for financial institutions and cost-effective for everyone. It’s exciting working with the entrepreneurs because, like Accenture, they envisage a future where technology solutions not only arm financial institutions with far-more-sophisticated, fine-tuned data but also make everyday transactions simpler for consumers.

The entrepreneurs chosen for the Lab will be mentored for 12 weeks by leading executives from financial services firms through a series of panel discussions, workshops, one-to-one coaching and networking opportunities. At the end of the program, the entrepreneurs will be given an opportunity to present their concepts to potential investors and financial industry executives.

Fintech_2015

FinTech Innovation Lab Asia-Pacific participants of 2015 program

Bitspark – This Hong Kong-based startup has a remittance platform that uses bitcoin and block-chain technology to send and receive payments in emerging markets. Its integrated cloud-based web platform enables money-transfer operators and financial institutions to manage payment information, customer due diligence and real-time business analytics.

Quick, cheap and requiring no bitcoin knowledge to use, Bitspark connects offline businesses [corner store remittance shops] and online businesses to un-banked customers via its on-the-ground network providers.  Benefits include easy access to mobile-first markets, increased profits for money-transfer businesses, and reduced costs for customers. Bitspark is currently expanding its platform to more money transfer operators and financial institutions throughout Asia. More about Bitspark here

BondIT – This Israel-based startup’s solution supports investment portfolio construction, optimization, re-balancing and monitoring.  BondIT’s intuitive software-as-a-service platform uses advanced machine-learning algorithms to easily construct yield/risk optimized portfolios that match a client’s risk profile and can be managed by ratings, duration, yield, country, bond type, seniority-level and more.

The system automatically monitors portfolios, reports performance and risk levels, and alerts users to market changes and constraint deviation, while allowing the portfolio manager to optimize investments using periodic re-balancing.  BondIT seeks Asian expansion and looks forward to the banks mentoring them on regional client needs. More about BondIT here

Ironfly Technologies  Founded by two bio-medical engineers, this Hong Kong startup offers a platform that provides instant insight into real-time data, applying the latest research in neuroscience and cognitive psychology to make data fast, intuitive and visual.  Geared to professionals working in constantly changing environments such as capital markets, Ironfly’s platform delivers instant information leads to capture valuable opportunities previously missed. It hopes participating in the FinTech Innovation Lab Asia-Pacific will help expand its potential customer base. More about Ironfly Technologies here

Moroku A Sydney-based startup that wants to make banking fun, Moroku offers a mobile app for gathering, connecting and engaging people as part of its mission to close the gap on financial literacy and retirement planning through the gamification of banking. Deriving its name from a combination of “mobile” and “Puroko” — the Maori phrase for “gathering” — Moroku has developed pre-built mobile libraries coupled with cloud-based player management, analytics and integration capabilities to help banks develop rapid prototyping and deployment of digital banking experiences that are wired directly into their transaction systems.

By doing so, Moroku enables banks to provide customers with timely, sensible solutions. By participating in the FinTech Lab Asia-Pacific Moroku seeks exposure to banks in Asia to expand its offerings in the region. More about Moroku here

Sparro  The goal of this simple, fast and secure payment network from Australia is to make a cross-border payment as easy as a domestic payment.  Built on the Ripple protocol, it is designed to support low-value, high-volume cross-border payments and reduce bank processing costs.  Sparro’s products are quickly deployable, cloud-hosted and provided to banks as a payment option for their customers.

Customers can use the Sparro payment network for their cross-border payments from within their existing banking platform with no change to their current workflow. Sparro executives hope the Fintech Innovation Lab Asia-Pacific will help them focus their product on the needs of bank customers and help Sparro understand the current customer pain points in more detail. More about Sparro here

Sybenetix This enterprise behavioral analytics company that helps hedge funds, asset managers and banks systematically improve investment performance and conduct management at the individual, team and company level.  Its multi-award winning team of behavioral scientists, mathematicians and technologists work with leading financial organizations in the US, Europe and Asia. Sybenetix is headquartered in London with a New York office.

The Sybenetix team visited Hong Kong recently as part of its Asia-Pacific expansion strategy and wishes to expand its client base, and operating network while making Hong Kong its Asia-Pacific base. More about Sybenetix here

Uniken This digital security firm with an innovation center in India has developed a patented on-demand, software-based scale-able digital connectivity and access platform called REL-ID.  The plug-and-play platform enables enterprises to create their own private digital network of things — REL-ID Dome — where digital assets are visible only to authorized users, apps and devices.

Protecting digital interactions and data from unauthorized sources, REL-ID is an easy-to-use solution for end users and easy-to-implement platform for enterprises that have already been deployed at financial institutions and businesses in India and Israel. Uniken is looking to expand in Asia-Pacific, and so the FinTech Innovation Lab Asia-Pacific is an opportunity to gain access to established mentors in the region. More about Uniken here

The FinTech Innovation Lab Asia-Pacific is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The Partnership Fund for New York City is the $115 million investment arm of the Partnership for New York City

The New York FinTech Innovation Lab’s 24 alumni companies have raised a total of $176 million in financing after participating in the program, and one alumni company was acquired last year for $175 million. The 14 companies that passed through the London program in the first two years raised more than US$35 million in new investment, signed nearly 50 contracts to do business with banks, and increased revenues by 170 percent. Participants in the Asia-Pacific Lab have thus far raised more than US$26.5 million.

More about FinTech Innovation Lab Asia-Pacific here

Akosha, an online complaints redressal company, is now Helpchat, a messenger based personal assistant platform which will help people get things done. Helpchat is available as an app on the Android store.

Sensing a much larger play, Akosha entered into an elaborate re-positioning exercise with the Mumbai based agencies Ogilvy & Mather and Open Design. To pin down the ‘big itch’ around which the service would revolve, the team mapped the customers’ needs and queries, which in turn revealed a major theme of our world today: People are drowning in tasks and are constantly looking for help.

HelpChat

Speaking about the re-branding, Ankur Singla, CEO & Founder, Helpchat said

We are here to end the biggest battle of our daily lives—the one against tasks. We started as a complaint platform, but as more people started using our service, the nature of queries changed and we realized that people were seeking all kinds of help.

We are providing a helping hand to make every day easier. Imagine if you can message your personal assistant to get all kinds of things done. From deciding your next purchase, ordering a laundry service to booking a restaurant table, from tech support to locating a medical specialist – everything that is part of our everyday task list. Being a mobile app, we are fighting for precious real estate. We want to become a default behavior. Have to get something done? Put Helpchat in action.

Kali Charan Shukla, who heads brand strategy at Helpchat, says

We live in a world complicated by information and choice, where every little task demands time and attention. We wanted to position Helpchat as a power tool in the hands of the people – one that amplifies their ability to get things done. Our promise: Do more, by doing less.

Vishal Chaudhry, CTO,Helpchat adds

We are also using NLP/AI to automate the answering of these queries. Currently, more than 25% of the 30,000 daily requests are handled by a chat-bot.

Based on the realization that businesses play an important role in getting things done for consumers, Helpchat provides priority access to large brands, including major players like Aircel, Voltas, Eureka Forbes, Spice Mobiles, Rediff Shopping & more.

More than 100 local businesses in Bangalore [Kormangala & Indiranagar] across categories like grocery, fitness, laundry and beauty are using this app to help their customers. Helpchat [then Akosha] had raised Rs.100 crores from Sequoia Capital two months ago.

About Helpchat

Helpchat is a chat-based personal assistant app that helps people to get more things done. Previously known as Akosha, Helpchat goes a step further by being a true power tool in the hands of consumers. It amplifies their ability to get things done easily with its brand promise: “Do more by doing less”.

Be it anything, from recharging your phone to tech support, travel booking to holiday guidance, grocery to food ordering, shopping assistance to finding deals and coupons, web check-in to getting your laundry done, Helpchat can get all of this done over chat. In a world where one’s ability to do more things finally defines success, Helpchat can be every smart consumer’s little trump card.

SymantecFrost Data Capital has announced a partnership to fuel innovation in cyber security analytics, big data and Internet of Things [IoT] security. Symantec and Frost Data Capital will create and seed early-stage startups with funding, resources and expertise. These startup companies will receive access to Frost Data Capital’s data analytics ecosystem and deep knowledge and will have the opportunity to collaborate with Symantec to solve the most complex challenges shaping tomorrow’s threat landscape.

Frost_Synamtec

Talking about the plan, Jeff Scheel, SVP, Strategy, Alliances and Corporate Development at Symantec said

We’re taking a fresh look at driving innovation in the market and this partnership will enable Symantec to transform raw ideas and concepts into meaningful security companies. By collaborating with Frost Data Capital, we create an environment primed to incubate new, innovative and disruptive startups in cyber security – especially in the realm of IoT technologies where verticals like process control, automotive, health care and energy require specialized skills.

The partners will take non-traditional steps to confront the next generation of threats targeting emerging technologies by incubating up to 10 companies per year that will deliver advanced cyber security analytics. Frost Data Capital underpins the incubator with seasoned entrepreneurs, proven innovation methodology and process, & deep expertise in big data analytics, IoT, industrials and healthcare.

John Vigouroux, Managing Partner & President, Frost Data Capital commented

We’re seeing a huge opportunity in the IoT security market. We’re excited to work with Symantec to bring cutting-edge, relevant security analytics solutions to market rapidly, in order to prevent next generation cyber-attacks on corporate infrastructures. Symantec brings to the table world-class security technology, global presence and strategic relationships that will be instrumental to launching these startups.

Recent Symantec research shows cyber attackers are leap-frogging defences in ways companies lack insight to anticipate. Further complicating security efforts, criminals are increasingly leveraging legitimate technology like enterprise software and corporate management tools, as well as emerging technology, such as connected devices to carry out attacks.

About Frost Data Capital

Frost Data Capital is a combined incubator and venture capital firm with a unique approach, designed specifically to capture some of the enormous value that will be created as the “Big Data” revolution unfolds. Based out of Southern California, Frost Data Capital has built an eco-system of innovative startups, with deep expertise in big data, entrepreneurialism, advanced technology, analytics, and the Industrial Internet. For more information, please visit Frost Data Capital

Target India announced the third batch of the Target Accelerator Program [TAP]. Five startups, Findmeashoe, TimeFlex, BugClipper, Discover Dollar & House of Blue Beans will be developing disruptive ideas that are relevant to the retail industry.

The four-month immersive program will focus on themes such as Merchandising, Digital Marketing, Omni-channel, Mobile, Supply Chain & Analytics Technology along with areas like Finance & DevOps that are core to retail technology.

Target_Accelerator

The program has evolved to strengthen the innovation capabilities at Target – the latest batch includes three internal teams in addition to the five external start-ups. The initiative will provide team members a platform to test and learn faster. For the start-ups, this presents a chance to understand how Target is transforming to better meet the needs of our guests.

Speaking about TAP, Navneet Kapoor, president and managing director, Target India said

Engaging with the start-up ecosystem provides access to innovative ideas and a newer talent pool that helps us advance our innovation journey. We are excited that the scope of the Target Accelerator Program has been extended to include three internal teams in addition to the five startups. This evolution in scope reflects the breadth of ideas being explored within the organization and externally. Our teams and the startups have a great opportunity to develop their ideas and co-learn through this initiative.

Five Startups selected for the TAP are below:

  1. Findmeashoe helps find the right footwear through virtual shopping
  2. TimeFlex provides cloud based monitoring for micro environments
  3. BugClipper reports bugs and share feedback through screenshots and screen recordings
  4. House of blue beans provides best-in class 3D product visualizations
  5. Discover Dollar’s revolutionary technology stops leakages and over-payments

The internal ideas include applications for curated sales suggestions and DevOps related solutions:

  1. XL-O-Rest provides automated testing suite for restful APIs
  2. ZeroToOne provides a DevOps platform for product engineering
  3. Sales Suggest helps curate sales suggestions for team members during in-store guest interactions

Target extensively reviewed several start-up applications and conducted a competitive evaluation internally to finalize the third batch. This program will run out of a specially designed energetic and creative hub at Target India’s office in Manyata Tech Park, Bengaluru. The teams will have access to a pool of industry’s best mentors and retail insights from Target leaders.

About Target Corporation India

As an extension of our headquarters, Target India operates as a fully integrated part of our global team. Target India’s more than 2,300 team members are engaged in work that supports Target’s global strategy across business areas such as technology, marketing, human resources, finance, merchandising, supply chain, property development, analytics and reporting.

Target cares about and invests in the career development of more than 347,000 team members worldwide and the communities where they live and work. Target’s International Giving Program focuses on creating accessible, quality educational opportunities for children and youth in many of the countries where Target has offices, including India.

[Image Credit – YourStory]

WizIQ, one of the world’s largest cloud based education platforms, added another feather to its growing cap of accolades at the South Asia Education Summit 2015. WizIQ was recognized for its valuable contribution in the e-learning sector in the “Virtual Classroom Provider” category.

The annual awards, held to felicitate education innovations in South Asian countries of India, Pakistan, Nepal, Afghanistan, Bangladesh, Bhutan, Maldives and Sri Lanka, also saw keynote speakers from across various industry verticals attend the event.

wiziq_logo

Established in 2007 and head-quartered in Chandigarh, WizIQ is a cloud-based platform that enables learning service providers and enterprises to build their own online academy. By providing advanced technologies such as a virtual classroom, video streaming, and online assessments, WizIQ empowers them to deliver and monetize self-paced and live instructor-led learning services to increase learner engagement, improve instructor effectiveness and reach new markets.

Speaking about the achievement, Maneesh Sharma, Chief Revenue Officer, WizIQ, said

The WizIQ virtual classroom extends learning beyond the physical classroom, providing educators with opportunities to create and utilize real-time, direct connections to students. With the ability to enhance live-course convenience, collaboration and engagement, now also through mobile delivery, educators at K-12 schools, universities and in corporate learning centers can deliver live, interactive classes, without compromising the learning experience.

Virtual Classroom’s software supports up to 2,000 students, who can take an online class at the same time. More than 400,000 educators worldwide have taught classes on WizIQ to more than 4 million students.

Some of the WizIQ’s celebrated customers in India include Aakash Institute, Meritnation, Bayju’s Classes, Studentnest and TCY Online.

WizIQ has been felicitated with many noteworthy awards in recognition of its stellar contribution to the e-learning space, such as “Best Virtual Classroom Provider” for two consecutive years [2012/13] at the World Education Congress’ Global e-Learning Awards, 2013 Shiksha Ratna Award for “Best Virtual Classroom”, the Public Choice Award for “Best Innovation in Open and Distance Learning” at the 2011 World Education Awards & the “Best Education Webinar Series” Jury Award at the 2012 Indian Education Congress.

About WizIQ

Founded in 2007, WizIQ is one of the world’s largest cloud based education platforms. Over 400,000 educators have leveraged WizIQ to deliver learning services to 4 Million+ learners across 200 countries. WizIQ’s award winning Virtual Classroom solution that enables online delivery of live instructor-led learning, has received acclaim from education service providers from around the world.

The WizIQ Online Academy Builder represents an evolutionary leap in education technology by empowering education service providers to set up their own customized academies within minutes. Online Academy Builder is designed to increase learner engagement through cutting-edge features, such as mobile learning, video streaming, live online classroom, discussion boards, assessments, insights and analytics. The in-built e-commerce capability enables them to monetize their services and rapidly expand their reach to newer markets.

WizIQ is backed by Bertelsmann SE & Co., which runs Random House and Kaizen, a private equity fund focused on the education sector. For more information, please visit WizIQ

Image CreditTeachThought

The e-commerce landscape is rapidly changing in India & there has been an interesting set of companies built around Design, Portfolio Development, Logistics etc. The next wave after e-commerce is definitely “Food-Commerce” or “Food-Tech” & many startups have evolved in that category. Today, we have a chat with Sandeep Ghoshal, Co-Founder of Grubbr.in which aims to be the one-stop destination for “Food Discovery” for consumers!!

Let’s have a Q&A with Sandeep on Grubbr, Entrepreneurship & other aspects related to tech….

Can you give a small background about you, your start-up and its founders ?

We are three partners – two of us co-founded the company. My co-founder and I come with rich experience in Sales & Business Development & Communications. We are first time entrepreneurs. Our third partner however is a seasoned entrepreneur, having founded two companies already. He brings immense expertise of starting a business and running it successfully.

Every idea is born out of a problem/inspiration, what was the trigger of starting Grubbr.in ?

There were a few light bulb moments that brought us to the idea of Grubbr.  We love eating out and we’ve used all kinds of apps and websites to hunt for good food.

However, there were multiple occasions where we felt that these apps pointed us to a list of restaurants but were of little help when it came to deciding what to order, which happens to be the most universal eat-out question. Yes, there are helpful user reviews, but one needs to sift through a long list of reviews to get to the dish recommendations! When you’re hungry, that’s a big ask!

Besides, most reviews touch upon aspects like service, ambiance, price and other factors – not to say these are not important – but the dish recommendation tends to get buried under all this.

Grubbr cuts through all the bells and whistles and goes straight to the food. The app gives you a list of solid dish recommendations. As the user base grows and ratings increase, making a sound dish selection will become quick and easy!

Food Tech startups are the next wave after e-commerce wave, your comments on the same ?

2015 is all set to be the year of the food tech start-ups – several gurus and trend analysts have stated this. Right here in Bengaluru, we can see prime shopping streets slowly transform into ‘food streets’. As the restaurant business burgeons, ancillary services including food tech start-ups will also witness an upswing.

Presently the action is centered around restaurant recommendation and food delivery. The future, we believe, will be about food discovery.

Can you please elaborate on the Revenue Model of Grubbr ?

Grubbr doesn’t have a revenue model yet. For now, we are focusing on getting users and giving them the best possible dish recommendations – which means acquiring credible information and increasing coverage. We do have a few ideas on how to monetize, but at the moment all eyes are trained on gaining critical mass in information and user base.

How does Grubbr stack up against the other competitor’s that are also in the Food Tech space ?

Grubbr is in a very differentiated space of ‘dish’ recommendations. Till now the food space has seen players who recommend restaurants – Zomato, Burrp, Times city and such-like or deliver food; however, one space that is still largely unexplored is the food discovery space – a space that is relevant to both sets of ‘eat out’ consumers – the ones looking to go eat at a restaurant as well as those who want to order in. We believe Grubbr as a product, is ahead of the curve.

What are some of the issues [especially logistics] faced by food-tech startups ?

This really depends on the sub category of food tech that the company operates in – for companies that deliver food, the obvious pain points are delivery of the food, on time, to the users and ensuring a smooth financial transaction. For companies that operate purely in the information services space, like Grubbr, the issue is having enough feet on the street and getting credible information for our users. One thing common to all startups though is finding the right, committed manpower.

What are some of the USP’s of Grubbr ?

Grubbr is only focused on dishes, unlike other sites or app. Since users rate each dish on Grubbr, our dish and cuisine-based search is far more accurate. As a product, we are the first app to show dish photos, as they are served at the restaurant, helping users “see” the dish before they order

While food discovery is big in the US, Grubbr has bettered the model by combining crowd sourced information and collecting primary information on our own – this way we control data and quality of food images. Because we’ve invested in data collection, we are able to offer a comprehensive database of dishes and restaurants. In the past six months, we’ve covered over 900 top restaurants in Bangalore with over 3500 dishes. We still think this is a tiny number, but we’ve had several teething issues to address. Things are smoother now and we hope to scale fast.

Our hybrid model ensures that we collect primary data and at the same time allow Grubbr users to recommend dishes. This gives us far greater coverage and better recommendations.

Grubbr

What are the major changes that you experienced when you moved from an Employee to an Employer [or Entrepreneur] ?

While, as an employee you are [our rather should be] completely invested in your work and company, the level of ownership you feel for your own venture is something you never experience as an employee.

As an entrepreneur, I have personally learnt a lot more in the last 1 year, than I may have in the last 10 years of working.

What are your key advice(s) to people who want to start-up ?

Since we are “new entrepreneurs” ourselves, it’s perhaps a little premature to offer advice to other budding entrepreneurs. However, one basic truth is that the perceived threat of failure is larger than the actual. Today, you are as much at risk in your job as you are as an entrepreneur.

Also, the vibrant startup system today allows you more confidence to trade your well paying jobs for the excitement of doing something on your own…this wasn’t as easy back in 2008.

What are your views about the start-up landscape in India ?

Answered above.

How important it is for startups especially web, mobile & Food-tech to follow the “Lean Approach” ?

We are big believers in the ‘Lean approach’.  For instance, while the Grubbr app today serves the purpose of recommending dishes far better than anyone else in the market, this is still version 1 of the product. As we go along, we will adapt and improve, and add features that create more magic. It’s prudent to launch a basic product and then build on it, rather than wait endlessly for the perfect product and miss the boat completely! Besides, only once you launch the product can you infer the best use case.

The beauty of being a start up is that founders have their ears closer to the ground than CEOs of big companies…therefore you should be able to adapt more quickly.

As per you, when should a startup [especially in consumer business] plan a pan-India expansion ?

As soon as you have the requisite funds.

Which are some of the books which you would recommend for wanna-be entrepreneurs ?

There are some useful titles – such as The Outliers, The Lean Start-up etc. That said, a lot of learning happens on the ‘battlefield’, as you work through all the problems and glitches. Of course, you can also learn from other entrepreneurs, their success & mistakes.

One thing you need to bear in mind is the ability to keep things simple and focus on a few, important things.

Any parting words from you for budding entrepreneurs ?

Each entrepreneur finds their mantra in their own way. For us, it is about being passionate about what we do. Even when we are worried for our survival, we keep reminding ourselves of the reasons why we started Grubbr. That always cheers us up!

If you wake up feeling bored and tired with your project then it’s pretty much the end of the road. But if you’re excited, even when facing tough challenges, then you will find the courage to push on. The fear of failure is also strong and effective motivating factor that drive people, as long as you don’t let it bog you down. And finally, keep it simple and focus on doing a few things right.

We don’t know if Grubbr will be a hit or miss. We just love what we do, and we want to have lots of fun along the way. And yes, eat delicious food any chance we get !!

Do give Grubbr [iOS App & Android App] a shot & share your experience with us. If you have any questions for Sandeep or about Grubbr, please let them in the comments section !!

ClearTax, India’s largest income tax returns e-filing platform, has partnered with IDBI Bank to offer free online income tax filing services to its existing and new customers.  IDBI Bank customers can now avail the benefits of e-filing through ClearTax’s easy-to-use and secure platform to file their tax returns.

As part of this strategic partnership, ClearTax will also offer special discounts on its Chartered Accountant assisted e-filing plans. This service has been extended to all IDBI customers, including defense personnel, government employees, salaried account holders, HNIs and NRIs.

ClearTax_IDBI

Tax filing historically is an intimidating process for many people. Taxpayers often face issues dealing with changes to tax forms or get stuck when they have a question. With ClearTax, IDBI Bank customers get a much simpler experience for e-Filing. Benefits include Live chat and support agents who handle queries customers may have. With Form-16 upload feature, salaried customers can just upload Form-16s and their tax forms get filled out with relevant information automatically on ClearTax.

Speaking about the strategic partnership, Archit Gupta, CEO of ClearTax, said

ClearTax was born out of the need to simplify the process of e-filing. We do this by focusing on the user experience and technology. We have proven track record of lakhs of satisfied customers who have used our platform to file their returns within minutes. Partnering with IDBI, will help more taxpayers and provide them with an easy way to file their ITR.

ClearTax makes tax return filing extremely easy by automatically preparing tax returns from Form-16.  Users upload their Form-16 and the information is read automatically & filled in to the tax form.

Additionally, customers can also file their returns on-the-go by downloading the Android App from Google Play Store

About ClearTax

Founded in the year 2011, ClearTax is the largest third-party tax website in India and is run by a close-knit group of 35 people coming from reputed institutions like IIT, BITS Pilani, The Kellogg School of Management, Harvard Business School and many others. It was established by Raja Ram Gupta, a professional Chartered Accountant, and his son Archit Gupta who is an entrepreneur with a Bachelors of Technology degree in Computer Science from IIT Guwahati and a Masters in Computer Science from University of Wisconsin-Madison, along with Srivatsan Chari and Ankit Solanki. In FY 2014-15 ClearTax emerged as the platform that 1% of India, with its population of more than 1.25 billion, uses to file its IT returns. For more information, please refer ClearTax

The e-commerce landscape is rapidly changing in India & there has been an interesting set of companies built around Design, Portfolio Development, Logistics etc. Today we have a Q&A with Akash Kalra, co-founder of a startup Pungraffiti based out of Pune which has a single mantra – “Spread Happiness via T-Shirts”. We discussed with him about Pungraffiti, Startup & e-commerce landscape in India & many aspects of Entrepreneurship.

PunGraffiti

Can you give a small background about you, your start-up and it’s founders ?

Some may call us as a T-Shirt selling startup. However, we do not just sell T-Shirts, we spread happiness with it. The idea is to bring smiles all around using our creative ideas on the T-Shirts 🙂

We are 3 of us, namely, Akash, Gagan and Varun. We are all school friends. I am Akash. I am an economist by education and Gagan & Varun are engineers.

Apart from us, we have another couple of friends, Meetali and Vivek, who have invested and entrusted upon us to do the job.

Every idea is born out of a problem/inspiration, what was the trigger of starting Pungraffiti ?

Well, in our case, there was not any problem as such but there was a realization, a common realization I would say. I had quit my job with KPMG in Pune and had joined a startup in Delhi. Gagan and Varun were here in Delhi. Gagan was working with Mitsubishi that time and Varun with a shipping company.

While discussing about the fun times we have had in school and discussing about how our careers have progressed after that, we realized that the only thing that all of us are actually good at is to make people happy, and that in turn gave us happiness and satisfaction ourselves. We then discussed that making a career out of this would be great. And thus, came the idea.

Pungraffiti looks a very peppy name, how did your team zero in on this name ?

Thank you. That’s how we wanted it to be. 🙂

It took us quite a lot of time to come up with it. It is more to do with the designs on our T-Shirts. We have tried to present a certain thing in a different, creative way. It takes you a couple of seconds to think over it and when you realize it, you smile or laugh about it. That’s where pun came from. Graffiti stands for the designs.

Thus, PunGraffiti

Does your startup have in-house designers, if so do you plan to move to a “crowd-sourced designer model” ?

Yes. Varun designs these for us. Me and Gagan sit down and think of ideas to put on the T-Shirts. The next very important step is determining how to present those ideas on T-Shirts and then, Varun takes over from there. He starts working on the designing software and we assist him in whatever we can.

While, crowd sourced designer model is an interesting model, we do not have any immediate plan to get into it. We trust our creativity to be able to relate to our target audience. 🙂

How does Pungraffiti stack up against the other competitor’s that are also in the same space ?

Our value proposition will have to be the designs. Now, the reason we believe that we stack up against the competitors is the creativity we use on these T-Shirts, the way we present what we intend to.

To be comparing ourselves to the competitors, it is important to understand our target audience and the business model. These T-Shirts creatively derive emotions from people and if those people would want to show these emotions, again creatively, to others, they will wear it.

I can explain this with the following example from our collection:

We have a Rahul Dravid T-Shirt for his fans. Now, we could have just written Rahul Dravid or made his picture on the T-Shirt as our competitors would do, but we instead presented this in a different/creative way. We made a wall with his name on it and wrote “Not just another brick in the wall”. This is where we differ from our competitors.

Somebody who would want to show his/ her love for Rahul Dravid and show it smartly/ creatively will buy this T-Shirt.

What are some of the issues [still] faced by e-commerce startups ?

While e-commerce has given businesses the luxury to cater to the entire world as their market, there are challenges that come alongside. I think the major challenge that this e-commerce boom has got is that it has made getting recognized amongst your target audience a little slower and expensive. Even though I personally believe, if a certain business has the commercial potential, it will be successful eventually.

With almost every merchandise business now being online and already existent businesses investing heavily on online marketing, a deserving e-commerce startup could face a lot of problems to be recognized initially.

I think what is important in this market scenario is patience, a lot of it. If you have the business confidence, you would be able meet your goals, sooner or later.

How according to you, should a startup deal with a disgruntled customer ?

I think the kind of competitive market we are into, a startup cannot afford to have a disgruntled customer. I will try expressing my views on how to deal with one from one of our experiences. Recently, one of customers bought a T-Shirt with us. However, due to some bug on the server, he did not get the order confirmation on the e-mail. He then wrote us a mail complaining about this.

First thing that we did in this case was quickly reply to his mail, addressing his concern. Secondly, I personally called him to explain him the issue and ensured my personal attention in his order.

Thirdly, what we did was apart from the T-Shirt, we sent him a cake at his address in Bangalore with “Sorry :)” written on it. And he gave us a nice feedback to us not just for the T-Shirt but also for the kind of attention we gave him for his order.

We cannot afford to have any unhappy customer, especially when we say we spread happiness with the T-Shirt.

What are the major changes that you experienced when you moved from an Employee to an Entrepreneur ?

I think the biggest change that I have experienced is that as an employee I used to actually work for around 5 hours a day and as an entrepreneur, that is how much I sleep. 🙂

Working as an entrepreneur keeps you on your toes. You are responsible for anything and everything that goes wrong. Your hard work can be seen getting converted into results. And the happiness and excitement that you experience when something works out is just incomparable.

What are your key advice(s) to people who want to start-up ?

I think it is very important to understand the business potential of your idea. While there are many creative ideas that one can come up with, having an audience for that idea is equally important to really sustain.

I also think that the market for startups has become very challenging. The big players are into everything these days. Thus, it is very important to have a USP. A USP that is efficient enough to derive enough audience towards your product/service.

How much does social media channels [Facebook, Twitter, Instagram etc.] contribute to marketing in startup ?

Immense. We can say that from our own experience. It has not even been a month that we have started and just through social media publicity, and that too unpaid, we have sold over 100 T-Shirts all over India, starting from Jammu-Punjab-Delhi-Gujarat-Mumbai-Pune-Hyderabad-Bangalore-Odisha & even Siliguri.

We have over 1700 followers on Facebook and we have got a very encouraging response on Instagram as well. The number of site visits is another encouraging reason we can really say that.

Any parting words from you for budding entrepreneurs ?

According to me, believing in your idea, having the courage to execute it and having enough patience are the 3 key things in this startup market.

It is certainly not a comfortable and an easy ride but it has enough thrill and joy to make your life exciting and happening.  🙂

If you have any questions for Akash or about Pungraffiti, please let them in the comments section !!