Bhopal based EV Startup Enigma Expands International, Launches Its 1st Showroom in Nepal, Targets 15 in Next 2 Quarter

Located at Nagpokhri, Naxal, Kathmandu, the Enigma Electric experience centre promises to deliver an immersive and futuristic environment, providing customers with an unparalleled opportunity to explore Enigma’s cutting-edge electric vehicle offerings

Enigma, a young Make-in-India EV manufacturer from Madhya Pradesh, is excited to announce the launch of its first showroom in Nepal. This expansion marks a significant milestone for Enigma as it fortifies its foothold in the international market, underscoring the company’s unwavering dedication to expanding its global presence and capitalizing on emerging prospects.

Located at Nagpokhri, Naxal, Kathmandu, the Enigma Electric experience centre promises to deliver an immersive and futuristic environment, providing customers with an unparalleled opportunity to explore Enigma’s cutting-edge electric vehicle offerings. Enigma has partnered with M/s Rising Trading Company Limited, based in Kathmandu, for the distribution of its EVs in Nepal. The tie-up enables Enigma to become an exporter of electric vehicles, with M/s Rising Trading Co Ltd inaugurating their first Enigma Electric experience centre at the aforementioned location, entrusted with the responsibility of establishing Enigma’s presence in Nepal.

“Our partnership with Enigma opens up exciting opportunities for us to expand into the Nepalese market,” expressed Mr. Aziz Shrestha, a Partner at Rising Trading Company Limited. He further added, “Our ambitious aim is to establish a network of up to 15 dealership outlets throughout Nepal, ensuring that customers can directly experience the exceptional performance of Enigma’s high-speed product line.”

“At Enigma, we see this initiative as the inaugural stride towards our global expansion. We are not merely advancing electric mobility; we are instigating a revolutionary shift in transportation. Through our immersive showroom experience and the expertise of our partner, M/s Rising Trading Company Limited, we are paving the way for a network of dealerships that will bring Enigma’s high-speed electric bikes closer to customers across Nepal. With our combined efforts, Nepalese customers can look forward to an exciting future of sustainable transportation options and a brighter tomorrow” said Mr. Anmol Bohre, Managing Director, Enigma.

Enigma’s entire range of high-speed electric bikes will be available at the Nepal showroom. Customers can explore these cutting-edge models, which combine quality craftsmanship, advanced technology, and affordability. The showroom also features an immersive display and offers customers the opportunity to take immediate test rides, allowing them to experience the thrill and performance of Enigma electric bikes first-hand. As an exporter, Enigma will be shipping the vehicles as Completely Built Units (CBU) from India to Nepal, ensuring that customers receive the same level of quality and excellence that Enigma is known for.

About Enigma

Enigma Automobiles Private Limited, founded in the year 2015, is driving electric mobility more consistently and more enthusiastically than any other mobility group. By 2025, the company aims to capture 25% of the potential market share and sell up to 250000 electric bikes in India. With the tenets of the company grounded in quality and matchless technology, Enigma plans to bring attractive electric models onto the road at affordable prices, and help India make a breakthrough.

Guwahati-based Sustainable Bricks Manufacturer ZERUND Attains 400%+ YoY Revenue Growth

ZERUND aims to expand its footprints to 3 more cities from current presence in 8 cities

Sold 40 Lakh bricks till date and plans to double in Fiscal 2023-24

ZERUND, a Guwahati-based manufacturer of sustainable bricks, has announced that it has attained a noteworthy YoY growth of 410% in revenue from FY 2021-22 to FY 2022-23. This indicates its substantial growth trajectory in the sustainable construction industry with 2500+ clientele since its inception. Additionally, the company has sold 40,00,000 bricks to date, providing an eco-friendly solution to the construction industry and has very aggressive plan for this fiscal of taking this no. to more than 80,00,000 bricks..

ZERUND is currently witnessing a Month-on-Month (MoM) growth rate of 20%, which solidifies its position as a frontrunner in sustainable manufacturing practices. Last year, the company recycled over 1500+ tons of plastic waste and 10,000+ tons of industrial waste to manufacture its sustainable bricks, which further exemplifies its unwavering dedication to environmental responsibility. The brand’s net emission stands negative and it commits of recycling subsequent amount of other waste too which is also aligned to its aggressive expansion plans.

 

ZERUND Manufacturing Unit

“At ZERUND, we strongly believe that sustainable growth is the way forward to achieving a greener and more equitable future. We are proud of our sustainable manufacturing practices, which have been recognized and supported by prestigious institutions, reaffirming our steadfast commitment to sustainable development. As we strive to expand our operations and increase our reach, we remain dedicated to promoting eco-friendly practices and minimizing the carbon footprint of the construction industry. Through our continuous pursuit of innovation and refinement in our manufacturing processes, we aim to provide the construction industry with environmentally friendly solutions that are not only more efficient but also more cost-effective. With an eye towards scaling our operations, we eagerly look forward to contributing to building a better world for the present and future generations to come” said DAVID GOGOI, CO-FOUNDER &CEO, ZERUND.

In an effort to expand its reach and presence in the sustainable construction industry, ZERUND is actively seeking partnerships and exploring new opportunities to establish additional manufacturing facilities in both South and North India. Currently, the company has manufacturing facilities in North-East India and some parts of West India with a combined monthly manufacturing capacity of 3,50,000 bricks. Presently, the geographical reach of the company is in Northeast India, Bhutan, Bengal, and Maharashtra, where it has established itself as a leader in sustainable brick manufacturing. With the introduction of new manufacturing facilities, ZERUND aims to expand its footprint to 3 new cities which includes Delhi-NCR, Hyderabad, and Bangalore.

ZERUND has secured significant financial backing from a multitude of renowned institutions, such as Gruhas Proptech, DLF family office, NEDFI, Anthill ventures, Villgro, Numaligarh Refinery Limited, Habitat for Humanity, and Assam Government (Grants), which align with its mission of fostering sustainable development. These investments have enabled the company to increase its production capacity, expand its operations, and cater to the escalating demand for environmentally friendly construction materials. In pursuit of further expansion, ZERUND plans to raise additional funds in the current year.

At present, ZERUND boasts a team of 50 highly skilled professionals dedicated to sustainable manufacturing practices. In a bid to bolster its operations and promote employment opportunities, the company also has very aggressive hiring plans this fiscal year. This initiative is poised to stimulate economic growth while creating new opportunities for skilled professionals across the country. By scaling up its workforce, ZERUND is reaffirming its commitment to sustainable growth and contributing towards the nation’s economic development.

About Zerund

Founded by Mousum Talukdar, David Gogoi and Rupam Choudhury, Guwahati Based Sustainability startup Zerund was started in the college lab as a final year engineering project . Zerund with its proprietary technology make Carbon negative, eco-friendly , lightweight bricks which have high strength, saves 15-20% of cost, provides high insulation and high earthquake resistance. Industrial production of this sophisticated building material started towards the end of 2018 in Guwahati, India. With continuous expansion of additional manufacturing plants to sustain the growing demand, brand is ready to cater the manufacturing capacity for next phase growth. Builders, Engineers, Architect and contractors not only appreciate excellent properties of Zerund, but also take a keen interest on energy-saving and pollution-free technology of the manufacturing process.

Parkmate Crosses 60,000 Users Within 8 Months of Operations

Brand Plans to serve 75,000 customers by the end of the current calendar year

Smart parking startup- ParkMate has successfully reached more than 60,000 users since it began operations. Its major traction is received in the city of Lucknow wherein the startup is well-established with a striking presence in the entire city. The Moradabad-based startup plans to work towards deeper penetration in North India in the ongoing calendar year.

Smart parking startup- ParkMate started the smart parking system along with a smart valet system in cooperation with Lucknow Nagar Nigam and Hazratganj Trader Association. The services were started as a leap towards decongesting the Hazratganj market and eliminating illegal roadside parking while facilitating the visitors of the market with a hassle-free parking experience.

The ParkMate services were launched on 1 February 2023 in Hazratganj, Lucknow. Within 8 months, ParkMate has served more than 60,000 customers in Northern India, and the number is increasing every day. The impact can be clearly seen on the roads as fewer cars can be found parked on the roadside now, especially in areas in Uttar Pradesh, Delhi NCR among others.

“People do not want to park illegally but are mostly forced to, as authorised parking areas are either far from the major markets or take a lot of time to reach. It forces people to park on the roadsides. We want to eliminate such parking anxiety from car owners’ lives and assist respective city administration in doing so.”, said Abhimanyu Singh, co-founder of ParkMate.

The startup aims to solve the problem of parking congestion for every car owner in India. All the products of ParkMate are Made in India. ParkMate has also generated employment avenues for the youth of Lucknow and neighboring areas.

Founded in 2021, ParkMate is India’s first intelligent app-based platform to offer smart, hyperlocal and on-demand parking solutions for users and businesses. ParkMate instant Drop & Shop service offers users real-time confirmed parking anywhere they want. With ParkMate, the attendants are OTP verified and the cars are GPS-tagged so that users can track the car’s live movement. When the customer needs his car, they simply have to click on ‘Get my car’ and it will be delivered back safely to them. Trishool system for parking management; Kavach System for Residential complexes and Automobile Dealerships are some of the services and products the brand is offering. ParkMate’s three-tier Trishool system offers an integration of the FASTag + ANPR +UniPay system which uses HD cameras, an inbuilt controller, and its in-house software to automatically scan licence plates and permit/log vehicle entry. More importantly, when a car owner parks his/her car with ParkMate, it is not at the owner’s risk but at ParkMate’s risk. To learn more, visit https://ParkMate.in/

Snitch, One Of The 1st Bootstrapped Brands To Achieve 100 Crore ARR In 2 Years

With a tremendous CAGR of 120%, Snitch, an Indian home-grown fashion brand witnesses exponential growth in the Indian fashion landscape

Incepted to deliver a vibrant and stylized fashion experience to millennials, Snitch debuted to the D2C and e-commerce fashion industry with 30 products in 2022, and added 2500+ styles to its website by the end of 2022. The brand designed to offer limitless and experimental fashion witnesses soar in its annual revenue by 120 per cent. After achieving 80 crores at the end of Q1 FY22, Snitch recorded an impressive annual revenue run-rate of 100 crores by the end of Q4 FY22 while instilling confidence in the brand’s representatives.

Ready to experiment, the youth is exposed to international fashion trends, largely contributing to the rise in demand for limitless fashion. This D2C fashion brand achieved traction quickly under its exclusive collection, thereby raising consumers’ intent to purchase products online. In the past two years since its inception, Snitch raised online-driven sales and gained fame in the D2C and e-commerce ecosystem. In a short time, the brand has revolutionized the Indian fashion landscape making it convenient and affordable for its customers to stay in the league of world-class fashion trends.

Expressing views on the brand’s growth, Chetan Siyal, Chief Marketing Officer, Snitch said, “The brand constantly focuses on laying all the emphasis on developing a superlative product at low cost, and ROI-driven marketing. Our customer-obsessed approach & superior product quality makes it one of the most exciting D2C fashion brands & we plan to continue with such modest approaches to achieve our next big goal for Snitch, that of hitting Rs. 350 crores by the end of 2025!”

Snitch receives 95% of orders from its own website, snitch.co.in, signaling the tectonic shift in the e-commerce sector. Witnessing such a radical change in the adoption of limitless fashion, the brand now records 2000+ orders every day which has led Snitch to become one of the fashion brands to attain 100 crores in just 2 years. To fulfill the staggering sales growth, the brand’s logistics and order shipment is operated from its 35,000 square feet of technology-enabled warehouse; shipping approximately 2000 products per day.

About Snitch

The 21st-century fashion station and destination for millennials- founded in 2019- Snitch, a homegrown clothing brand is widely known for its limitless, fast-fashion, and experimental approach that captures world-class trends, and designs and produces mindful & sustainable everyday drops of the freshest styles. Catering to men’s clothing from ‘what’s trending’ to ‘slot straight into your wardrobe, it offers a wide range of everyday staples, featuring formal wear, party wear, leisure wear, and many more categories. Since fashion is meant for every body type, Snitch Plus is a collection provisioning plus sizes i.e. (2XL – 5XL) offering an unconventional style statement for men of all sizes while bringing out the best of personalities through the transformative power of fashion.

Relocation Portal Movers.com Aims at $252 Mn Turnover in Next 4 Yrs, Plans to Expand to Other Indian Cities

An NRI entrepreneur who is also TANA Foundation Trustee scripts success with movers.com, relocation portal in the USA, celebrates 20 years in the city now

Movers.com plans to transition from lead aggregator to relocation management company

The USA and India based leading relocation portal, movers.com completed 20 years and celebrated its 20th Anniversary in a gala function held at Hotel Daspalla on the eve of New Year. Speaking to the gathering at the celebrations, Vidhyadhar Garapati, CEO of movers.com said it is one of the very few success stories of an NRI. What started as a small “one bedroom” apartment and grew to a 75-team company now and further plans to add 50 more resources in its Indian operations. Further it also plans to expand its operations to other parts of India.

It has served 3.5 million customers in the past 20 years and reached a turnover of a 20-million US $ dollar turnover company. Now it aims at US $ 252 mn. We serve 7000 customers every month, he shared. 

Vidhyadhar Garapati, CEO of movers

Unveiling future plans, Vidhyadhar informed that their focus in coming few years would be to transition the company from a Lead Aggregator to Relocation Management Company. Nearly 32 to 35 million moves take place every year. We have only tapped 3.5 million customers in the last 20 years. There is a lot of scope for growth, he added.

An average person in America moves about 11.7 times in their lifetime. And they spend well over US $ 3000 on every move. We aim to acquire 15000 leads per month from which we aim to convert 35% leads. Thus, we target to acquire 7000 customers every year and each one paying 3000 $, we will be able to achieve a turnover of US $ 252 million in next four years, he added.

Speaking further he added, our vision is also to get into Cross Selling Services such as Insurance, Home Improvement, Home Security etc, shared by Vidhyadhar. The motto of the company is ‘every day is a new day, start from the scratch’. And we treat every single customer as a new customer. With these plans in place, we will be aiming to IPO in the next four years, he declared.

Movers.com is part of Move, Inc., a subsidiary of News Corp, and a leading provider of online real estate and moving services. The platform makes moving simple and secure, he shared.

Movers.com is a name to reckon in the industry it operates. We also have an advantage of a generic domain, which also gets a lot of traffic organically, he shared.

TANA Foundation Trustee and a philanthropist, Vidhyadhar Garapati, is a survivor of 9/11 while on the ground floor of the World Trade Centre, scripted the success story with hard work, focus and determination.

Movers.com is a member of the American Moving and Storage Association (AMSA) and the Better Business Bureau (BBB). Our website is verified by McAfee, a global leader in virus and malware protection, each day to protect against hacking attacks and fraud.

In 2010, we added software consulting. Then in 2019 we added another division “US Relocation, Inc.” which quickly grew from ZERO to 5M in less than 4 years, he shared a hall full of invited guests.

In 2017, the company was listed on the New Jersey Fast 50 as the 27th rank, and later listed on INC 5000 for two consecutive years; 2017 with 1038th rank and 2018 with 3672nd rank.

O2O Marketplace OhLocal Aims Exponential Growth in 2023, Looking to Generate Business Opportunity of Over INR 90 Cr for its Partnered Retailers and Local Sellers Across India

OhLocal – India’s first-of-its-kind O2O (online-to-offline) local commerce marketplace platform that is connecting local merchants with consumers in their respective locations cities via its flagship Artificial Intelligence (AI) enabled platform – has announced they are currently looking to scale-up operations exponentially and in parallel increase the Gross Merchandise Value (GMV) on their platform in the upcoming year, i.e. 2023. Additionally, by 2023-end, OhLocal will be targeting to partner with 10,000+ sellers/merchants across India and thereby creating an over INR 90 Cr business opportunity for them. Also, by the same time, OhLocal aims to expand its tested and proven hyperlocal hybrid-commerce platform to at least 20 cities in India, while adding roughly 300-500 local merchants in each of these cities.

OhLocal is a next-gen hybrid-commerce marketplace committed to bridging these gaps between online and offline commerce in India, and providing the best of both worlds – the convenience of online shopping and the trust and feel of offline shopping. OhLocal works towards bridging the gaps between local sellers and buyers in a specific city/location by ensuring that a consumer can get prices from multiple local sellers before buying any product and can choose the best deal in terms of pricing. In fact, OhLocal, through its cutting-edge tech, is able to reverse the entire process of e-commerce which leads to better prices and more effective product discovery and availability in the local market, wherein a product is requested by a buyer. OhLocal’s unique business model and platform has created a win-win-win opportunity and optimal value creation for all stakeholders in the new-age commerce ecosystem i.e. End-Users (Customers), Brands, and Sellers.

Speaking about the platform’s growth plans, Devashish Goyal, Founder & CEO, OhLocal says, “Come 2023, and we at OhLocal are aiming to achieve aggressive growth at multiple levels – starting from growing our user base to partnered seller base and much more. Off late, a dire need has been felt to digitize local sellers and retailers in India and enable them to embrace emerging technologies in such a way that they are able to play on their strengths. And we at OhLocal are committed to doing just that. In the coming year, while aiming a 10x growth in our partnered merchant volume, we at OhLocal shall simultaneously strive to achieve at least 17X spike in terms of business generation for them. Besides growing significantly on the consumer and partnered seller side, we will also look to expand to new geographies soon and would be introducing new product categories such as furniture, fashion, mattresses, among others, with our flagship hybrid-commerce platform.

As of date, the OhLocal platform has onboarded around 800+ local sellers across 5 cities in India – including various types of sellers – from small retailers and shop owners to medium and large sellers and so on, who have already received an overall business opportunity of INR 5.4 Cr from OhLocal. And in the process, OhLocal has also helped these sellers on to save significant amounts in commissions, which they would otherwise need to pay to large e-commerce giants in order to enlist and sell their products online. Notably, the average commission fees charged by most big ecommerce websites or platforms tend to be 8-10%, whereas on OhLocal, getting on boarded onto their platform is a simple and free-of-cost procedure for all types of local sellers/merchants.

Notably, till date, OhLocal has acquired around 10k users; and going forward, they are looking to strategically grow the platform’s user base to at least 5 lakhs by end of 2023. Whereas from a geographical expansion standpoint, by 2023-end, OhLocal --- which is currently present in Meerut, Noida, Gurugram, and Ghaziabad – plans to be soon venturing into Lucknow, Kanpur, Agra, Gwalior, Jaipur, Udaipur, among other cities.

About OhLocal

Founded in October 2020, OhLocal is India’s first-if-its-kind ‘online-to-offline’ (O2O) commerce marketplace connecting local merchants with consumers in their respective cities via an Artificial Intelligence (AI) enabled smart, real-time bidding platform while offering prices competitive against the biggest online retailers or e-commerce players. OhLocal is driving and leading the #Vocal4Local initiative of the Government of India from the front, and in its truest sense. And hence the company’s tagline aptly says – “Naye Bharat ki Nayi Dukaan”.

OhLocal is a next-gen hybrid shopping platform that creates a win-win-win opportunity and optimal value creation for all stakeholders in the new-age commerce ecosystem. Through its unique business model, OhLocal is improving the consumer experience drastically and eliminating the tedious process of hopping multiple websites or stores for today’s consumers, while allowing them to have better product discovery, availability and the best prices, thereby making OhLocal India’s very first platform that is bridging the gap between online and offline commerce. The startup has recently raised an undisclosed amount of pre-seed funding from clutch of investors like Sunil Kumar Singhvi (JITO Angel Network), Harish Menon (House of Alpha Wealth Management), Sahil Goel (MiH ventures) and Puneet Verma (Aquilo).

AI Startup Staqu Witnesses a 100 % Year-on-year Increase in Revenue

The AI-powered brand’s client base has also increased by 126%

Staqu, India’s leading Artificial Intelligence (AI) implementation enabler has announced registering another strong year with a 100 percent Y-o-Y growth in revenue. The company has witnessed 3x growth in the last two quarters with a strong runway of 36 months. Staqu also displayed positive EBIDTA results for July 2022. Additionally, the AI-powered brand has reported that its client base has increased by 126%.

The success points to the rising acceptance of Staqu’s unique AI- solutions in various domains, and the rise of the sector altogether. Over the years, Staqu has been at the forefront of the AI technology industry with its plug-and-play, video, and audio data analytics tool JARVIS. On direct lines, Staqu works with over 100 companies, including some of the most well-known brands, such as Chaayos, Embassy, Metro, Crocs, Olive, Borosil, JK Cement, Agrocel, and others. In addition, the company is working with Nine state governments to meet their needs for safety and security-based analytics.

Mr. Atul Rai, Co-founder and CEO of Staqu Technologies in a statement, said, “This fiscal year has been fruitful due to increased demand for our product portfolio as well as new customer acquisitions in new geographies. This is the reflection of our unwavering efforts to develop smarter security solutions for evolving businesses that require a high level of intelligence and automation to ensure continuous safety and security. Since video and image data account for 60-70% of all data on the internet, our goal is to take Staqu to the next level and serve as many industries as possible by deploying JARVIS to automate their operational processes.”

Staqu’s offering has piqued the interest of both the public and private sectors in Real Estate, Manufacturing, and Retail, as the brand employs cutting-edge methods of extracting valuable data from long CCTV video footage using artificial intelligence and computer vision to generate meaningful real-time warning messages. Retailers, for example, can use Staqu’s audio sentiment analytics at the Point of Sale (POS); bill vs cash payment identification; shop floor-based unique pedestrian traffic analysis; queue analytics to prevent waiting line turnovers; POS productivity analysis, and customer experience analytics within physical stores.

“Imagine, there is a retail store and the owner wishes to understand how many females walked into the store in a day, and of what age bracket. With JARVIS it is possible to have the data ready. Additionally, if a coffee shop owner wishes to understand the more likeable seating in his space in order to make more optimal use of the floor, then with JARVIS installed with the CCTV camera in the property he can easily understand the customer’s preferred seating and can maintain that, while simultaneously working on the less preferred ones,” added Atul.

Security solution by Staqu has innovative interactive features that have enabled organizations to grow at an exponential rate. Cameras outfitted with Staqu’s advanced video analytics tool JARVIS can provide critical insights while monitoring all the parameters in object detection, crowd analytics, violence detection, traffic violations, and identification of minor to major security issues that traditional cameras are incapable of detecting. Moreover, insights from 85+ analytics also significantly improve operational intelligence and accelerate situational awareness.

About Staqu

As a Gurgaon-based Artificial Intelligence start-up, Staqu strives to utilize technology in solving real-world problems. Founded in 2015, the company provides state-of-the-art image recognition, language-independent proprietary speaker identification, and text processing, including sentiment analysis, text classification, and summarization. Staqu was handpicked by the British High Commission as the Best AI Start-up in the country. Furthermore, triumphing at IBM’s Global Entrepreneur Program, Staqu has successfully raised investment from Indian Angel Network.

AI and IoT Powered Elderly Care Platform Anvayaa Accelerates Growth in Services and Geographies

Doubles office space in Hyderabad to support the business expansion &

Launches ‘Anvayaa Nischint’ -a corporate wellness program

Anvayaa, India’s first and only IoT and AI tech-based 3600 personalized elderly care platform in the country, doubles office space in Hyderabad city to accommodate rapid growth and enhance the services with tech-enabled solutions. The Hyderabad office expansion has been carried out in the same building with the workspace increased to 8000 sqft to accommodate more staff and support the expanding footprints across the country.

The enhanced office space was inaugurated by Mr. Jayesh Ranjan, Principal Secretary of the I&C and IT Departments of the Telangana Government, Mr. Sundeep Kishan, Telugu Actor along with Mr. Shakti Sagar, Anvayaa Advisory Board Member, and Ex. MD, ADP India in the presence of Anvayaa’s leadership team and employees.

Anvayaa has increased its footprints from 6 cities in 20-21 to 25+ locations covering all metros and major cities serving 10,000+ families in the country. It aims to become a major player in the elder care market across India in the next 3 years. The new ergonomically designed cabins and workspaces in the new office will ensure a conducive and comfortable workspace for the employees and add more work zones for expanded 24x7 Care Coordinator support and Care Companionship Managers along with the technology and innovation center to support elders across geographies.

To expand the service offerings, Anvayaa, announced the launch of ‘Nischint’ - a corporate benefit plan. This helps companies to subscribe to Anvayaa’s elder care services for their employees' families. The Nischint program provides employees with home services, visits to doctors, and other services that help them take care of their parents, while Anvayaa’s Care Manager can act as their proxy while they take care of their professional responsibilities. ‘Anvayaa Nischint’ relieves the employees of their concern for their parent’s physical and emotional well-being and allows them to focus on work as the tech-enabled Anvayaa platform keeps them updated about their parent’s well-being which is monitored by experts.

Speaking about the developments Mr. Prashanth Reddy, Founder & Managing Director, Anvayaa Kin Care Pvt Ltd said, “We are at a very critical inflexion point in our journey as the only IoT and AI tech-based personalized elder care platforms. We have received an overwhelming response to our services from elders and their family members for the range of services from health and emergency care services to emotional and companionship care to travel, leisure, legal, financial and domestic support offered by Anvayaa. We have grown from 6 cities in 2020-21 to 25+ locations adding 10,000+ families to the platform. We have ambitious plans for expansion in the next 3 years and aim to become the country's largest Tech Enabled personalized elder care platform. We aim to serve over 1, 00,000 (1 Lakh) families by 2025. To achieve this objective we will require expanding our manpower from 200 Full-time employees (FTF) to 1000 and growing the partner network to ensure service delivery in our unique model. This office expansion will help with the next growth phase. We are also happy to launch ‘Anvayaa Nischint – a corporate benefit plan’, giving an option for corporates to subscribe to it for their employees and relieve them from the concern of the wellbeing of their parents.”

Anvayaa means ‘Family’ and the company believes that elders crave companionship besides support for day-to-day requirements. To build an ecosystem, for companionship and care for the elders Anvayaa has a team of trained Care Managers and 24X7 Care Coordinators to look after the requirements of the elders equipped with a network of partners to support different requirements.

Anvayaa provides complete support including healthcare, emergency care, travel & leisure, legal and other domestic services support, financial support, companionship, and emotional support to the elders. Anvayaa uses its unique technology platform for providing predictive health care and companionship to elders. Anvayaa’s excellent emergency response system enables an average response time of 3 minutes and has helped save 97% of lives in the 350+ emergency calls attended.

RupeeRedee Witnesses 4X Growth in Acquisition, Plans to Disburse 500 Cr in 2021-22

The startup has successfully experienced 3 Million funding growth from Debt & Equity and 251 crores disbursal in 2020-21

RupeeRedee – a technology driven lending platform for the millennials and underserved category of customers, has achieved another milestone with 2 Million funding growth from Debt & Equity & successfully disbursed 251 crore loans in 2020-21. The digital lending platform is moving on its growth trajectory while strengthening its product line, partnerships and presence in the Indian Fintech Market.

RupeeRedee operates under its own Captive NBFC FincFriends Private Limited to facilitate short-term personal loans coupled with digital lending services. It has deployed various forms of underwriting including alternate data sources, not restricting to credit score-based underwriting. In a short span, the digital lending platform has witnessed 4X growth in customer acquisition with 5 million+ app installations and successfully disbursed 1 Million Loans.

Delighted with the company's performance, Mr.Artem Andreev, Country Head, RupeeRedee, FincFriends said, “Considering the growth numbers, we are delighted to be known for offering fintech solutions and products based on customer needs. We have witnessed last year a revolutionary year for RupeeRedee, recording immense growth in the market and looking forward to cementing its market leadership.”

Being present for 4 years in the market, RupeeRedee has disbursed over 1 Million+ loans in the last three years. In addition, it issues over 4000 loans per day and plans to disburse 10,000 loans per day by the end of March 2023.

To accelerate business growth, RupeeRedee emphasised on ensuring cost optimization and overcoming scalability challenges. This has resulted in an avg. growth of the company’s revenue by 3X for captive NBFC FincFriends and 4X for RupeeRedee(MoneyMitra IT Solutions).

Furthermore, to accelerate the development of future offerings, the company announces its plan to double the team size in the next 4 months and have 100 employees by the end of the year. The addition to its existing team will majorly belong to the Engineering, Operations and Marketing department to maintain the company’s internal innovation index, partnership opportunities and new product launches. 

“Finding the best talent in the digital lending market is not easy. However, because of the boost in remote work culture, the industry is looking for fresh talent to steer the future of the digital lending field and hoping for the diverse recruitment for the varied segment ”, he added.

VP-Product, Marketing & Business Mr. Ajay Chaurasia also commented on the growth. “ RupeeRedee has seen immense attraction from customers all across India in last 12 months. We have almost 5 times more online applications compared to the last 3 years. We are now diversifying our product portfolio for our existing and new customers which will allow us to grow further. We are also open to partnerships with more NBFCs to serve more customers. We are looking to raise Debt funding from Banks and NBFC’s to increase our book multifold and target of 5 Million Dollar has been set to raise before March 2023”.

Incepted in 2018, the company has grown multifold that has resulted in the company to book profits for the first time in 3 years. Considering the company’s present business growth, it is considering raising ‘5-10 Million Dollars in Debt Funding or by Issuing bonds’ to impel technological expansions, accelerate sales and marketing efforts and prepare itself for global scale. It is also looking forward to achieve another milestone of 10 million + installations by the next financial year.

HR Tech Platform InstaHyre Continues to Move on an Exponential Growth Trajectory

Trusted hiring partner for more than 30 million job seekers and 10,000+ companies, the HR Tech platform has enjoyed a solid year of business growth in 2021 and is expecting continued growth in the current year as well.

Instahyre - an advanced AI-based hiring platform, has recently announced strong fiscal, customer and internal growth for FY21 as well as upcoming strategies for expanding business in 2022. The AI-powered hiring platform has grown 4x in the last year, witnessing most of its growth within the last 6-7 months attributable to the launch of its innovative hiring technologies and subsequent boost in sales.

Instahyre has recorded a solid year of business growth in FY21 that included a 4.2X increase in the revenue accompanied by an increase of staff to over 3X. Additionally, the company also witnessed a 380% increase in the number of job seekers on the platform. Instahyre’s SaaS product offering has also contributed to the addition of 30 million candidates and over 7000 companies ranging from enterprises to high-growth startups and unicorns.

In addition to the upgradation to the SaaS product, the company has added new technologies to its portfolio, including Instahyre Drives, which claims to handpick the best candidates for mass hiring using AI instantly. The new product technology has garnered traction from companies like Amazon, Walmart, Google and 800 of the world’s largest companies, unicorns and high-growth startups.

Sarbojit Mallick

“We are extremely happy with our 2021 results from product, revenue and operations perspective. Owing to these successes, we are very well positioned for expansive growth of the team, customers and company. The team size has increased and we are strengthening our departments with senior hires as we look to launch globally. We will be focussing on expanding in the IT services segment, where we have received overwhelming response. For geographical expansion we are looking to foray into US talent markets as many US companies and startups already use Instahyre for their Indian offices,” commented Sarbojit Mallick, Co-founder & CBO of Instahyre.

A major initiative Instahyre has undertaken for the current year is to build a unified platform for recruitment with automation with 10-12x more candidate engagement than any of the available solutions in the market. The AI-powered hiring platform uses technology to understand a candidate’s personality and employer DNA to match them. Additionally, the company processes millions of data points to understand intent and behaviour from both the supply and demand points of view.

The new products from Instahyre will help integrate all the hiring segments, from sending the first email to the offer email. The platform helps with 50-80% of all the hiring needs of its clients with intelligent inputs from Instamatch for building a high-performance talent pipeline. Additionally, it has saved 72% of the hiring costs of its clients by using technology extensively to automate manual tasks, reminders, etc., for faster closure, reducing time-to-hire and lowering the cost-per-hire.

Founded in 2016, Instahyre is an advanced hiring platform that leverages artificial intelligence to enable recruiters to hire top talent effortlessly. The AI-powered hiring platform condenses hours’ worth of manual efforts such as applying filters to search for suitable candidates, checking if they are interested etc., by providing recruiters with a curated list of candidates ready for hire. In addition, the AI-led hiring enables recruiters to spend more time perfecting candidate experience, while Instahyre does the heavy lifting of providing quality profiles.

Bharatpe Expands to 400 Cities Across India; Reaches All-time High of $20 Bn in Annualized Payments TPV

Strengthens its reach in tier-3/4 towns and cities in the country

BharatPe, India’s leading fintech company for merchants, today announced that it has expanded its footprint to 400 towns and cities across India. The expansion is in line with the company’s commitment to driving financial inclusion across Bharat by enabling wider adoption of digital payments as well as addressing the credit gap for SMEs and offline retailers. The company also shared that it has recorded consistent growth in payments TPV and has recently achieved the milestone of US$ 20 bn in annualized TPV.

Last year, BharatPe had announced that it aims to scale its presence to 300 cities by March 2023. The company has aggressively expanded to tier-2, 3 and 4 towns and cities since then, as it believed in the opportunity that tier-2 and beyond towns and cities of the country had to offer. The company has rolled out its UPI QR payment acceptance service and loans to merchant partners in the new cities in the first phase. BharatPe also plans to top up these services with other fintech products like BharatSwipe in the second phase over the coming months.

Commenting on the company’s expansion, Nishant Jain, Chief Business Officer, BharatPe, said, “In line with our endeavour to drive financial inclusion amongst the unbanked and the underserved merchants of Bharat, BharatPe has been expanding its reach and taking UPI QR to tier-2, 3 and 4 towns and cities of the country since 2020. Last year, we had set a target of expanding our footprint to 300 cities by March 2023. I am happy to share that we have not only been able to achieve this milestone much ahead of time, but also surpassed it by a mile. This is a great motivation for a brand like ours that is built on the ethos of empowering MSMEs, offline merchants and kirana store owners of the country who we believe are the key growth drivers of the economy.”

Added Nishant, “We stay committed to building Digital India and are working aggressively to take digital payments to the merchants of Bharat. We are seeing steady growth in digital payments. Our annualised TPV in payments has reached US$ 20 billion recently, up from US$18.5 bn in June end. With the wide expansion across the length and breadth of Bharat, I am confident that we will witness continued growth and will easily surpass our target of US$ 30 bn in payments by March 2023. I am a firm believer of the fact that the next stage of growth for our business will be driven by tier-2, 3 and 4 towns and cities and hence, we will continue to focus on enabling credit for merchants in these areas as well as build new-age fintech products that can further empower their growth story.”

BharatPe has been on an exponential growth trajectory and recently closed one of its highest growth quarters. It facilitated over INR 3600 Cr in loans in Q1, FY23; recording a staggering growth of 112% over the last quarter (Q4, FY22). The company facilitated disbursals to over 1.2 lac merchants in Q1, FY23, up from 66,000 merchants in the last quarter of FY22. BharatPe also hit an all-time high of US$ 18.5 bn in annualized TPV in the quarter. The company also recorded consistent growth in its other business lines including card acceptance POS businesses (BharatSwipe) and its Investment Platform for merchants (growth of over 30% vs. the last quarter).

BharatPe was founded in 2018 with the vision of making financial inclusion a reality for Indian merchants. In 2018, BharatPe launched India’s first UPI interoperable QR code, the first zero MDR payment acceptance service.

In 2020, post-Covid, BharatPe also launched India’s only zero MDR card acceptance terminals – BharatSwipe. Currently serving 1 crore merchants across 400 cities, the company is a leader in UPI offline transactions, processing 18 crores+ UPI transactions per month (annualized Transaction Processed Value of US$ 20 Bn in annualised payments).

The company has already facilitated disbursement of loans totalling to over ₹7500 crores to over 400,000 merchants, since launch. BharatPe’s POS business processes payments of over US$ 4 bn annually on its POS machines. It has a network of 1.25 lac+ machines across cities. BharatPe has raised over US$ 650 million in equity and debt, till date. The company’s list of marquee investors includes Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue Management, Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital. In June 2021, the company announced the acquisition of PAYBACK India, the country’s largest multi-brand loyalty program company with 100 million+ members.

In October 2021, the consortium of Centrum Financial Services Limited (Centrum) and BharatPe, was issued a Small Finance Bank (SFB) license by the Reserve Bank of India (RBI). BharatPe also made its entry in the Buy Now Pay Later segment with the launch of postpe in October 2021.

Experiential Learning Platform byteXL Raises $1 Mn from Joy Family Investments, Mr. Derek Missimo, Others; To Double Headcount and Expand Its Operations to New Geographies

Mr Karun Tadepalli & Mr Sricharan Tadepalli (From L to R)

• Raises $1 Mn from Joy Family Investments, Mr. Derek Missimo, and 6 other investors
• Targets $11 Mn revenues for FY 2023, recorded $2.2 Mn for FY 2022
• Enters newer markets – Maharashtra, Gujarat, and shortly to more southern & Eastern states
• Aiming to increase customer base to 175 institutes and 2.4 lac students by the end of March 2023
• To expand current team of 163 to 350 by March 2023

byteXL, one of the leading experiential learning platforms for IT career aspirants, today announced its strategic growth plans that include expansion of its operations into newer geographies that span Tamil Nadu, Odisha, and Karnataka, robust hiring plans of doubling the team to over 350 by March 2023, added senior members to the team including the Head of Operations, Head of Learning, Vice President for Sales and other senior members, and is on course for onboarding additional 90 institutes and 1,40,000 students by March 2023. Importantly, it also secured a strategic investment of $1 Million, in the ‘funding winter’,as part of its growth plan. While current Seed B Angel round funding is led by the existing Angel investor Joy Family Investments, other investors in the current funding round include Mr. Derek Missimo and 6 others.

The company has previously raised $200,000 in funding that was led by US-based investor - Joy Family Investment headed by Joseph Joy in 2021 who had earlier also invested in EdTech, Pharma, and healthcare companies. As a learning & skilling ed-tech platform, byteXL prepares IT Career Ready Engineers in the conventional coding languages and new-age technologies including Cloud, AI, ML, DevOps, FullStack Development and Cyber Security through a Hybrid Learning Platform and guided Career Accelerated program. Started with a team of 4, currently, byteXL has a strong team of 163 members comprising full-time and freelancers in product development (R&D), learning & development, instructors, content development, and other operations department, working with several institutes across many states in the country.

Moving Ahead – crossing boundaries and growing geographies

byteXL which started its operations in 2020 has witnessed tremendous growth in the last 2 years. While the startup signed up 15 institutes covering 20,000 students within the first year of operations, the second year witnessed an impressive response with 4X growth in the number of sign-ups at 75 institutes. Currently, 85 institutes are utilizing byteXL’s proprietary platform to train its 1,00,000 students on emerging technologies. Post the initial operation focusing on Andhra Pradesh and Telangana, byteXL has recently expanded its operations to newer geographies including Maharashtra and Gujarat, apart from advanced level discussions with more institutes in a number of states currently ByteXL has clients in 7 state and 20 cities. The company’s revenues have also witnessed an upward trend with the edtech startup clocking $2.2 Mn revenues in the financial year 2021-22 from $120,000 recorded in the first full financial year of 2020-21. The company is also moving its operations to a larger facility in Hyderabad of a 100-seater capacity expandable up to 400-seater with potential offices in Pune and Ahmedabad to support the expanding operation in the respective states.

Management Speak – Increasing investor interest and northwards revenue

Speaking on the fundraising and growth plans, Mr. Karun Tadepalli, Founder and CEO of byteXL said, “byteXL is witnessing exponential response from the engineering institutes and we are emerging as the preferred skilling partner for the colleges across several states. With a robust growth trajectory, byteXL is aiming at achieving a 400% increase in revenues as we target US$11 Mn for the financial year 2022-23. We are strengthening our advisory and strategy team and the fundraising of $1 million is primarily towards adding investors as strategic partners and for expanding the team, infrastructure, and other operational systems. The funds will also help us scale up as we aim to disrupt the market with learning, skilling, and placement and consolidate our position.”

“We are on track to meet our aggressive plans of onboarding 175 institutes and training 240,000 students by the end of March 2023. As we expand our pan-India presence to Tamilnadu, Karnataka, Gujarat, and Odisha, we are already chalking out plans for the APAC region as well as in the United States. We are partnering with community colleges, veterans’ programs, and underprivileged and underrepresented youth and collaborating with consortiums and skill development centers as part of our outreach and partner programs in India”, added Mr. Sricharan Tadepalli, Cofounder and Chief Sales Officer of byteXL.

Investor Speaks – Immense growth opportunities

“At byteXL, we have seen a high potential start-up that is addressing a critical need by guiding engineering students. Its niche offering will pave the way for high growth as it is taking very calculated steps in expanding operations. It is evident that institutes are becoming more interested in their programs. This is because they not only add value to the student's employability but also aid the institutions in increasing placement offers,” said Mr. Joseph Joy, President, Joy Family Investments.

Mr. Derek Missimo, a US based angel investor said, “The cost-efficient B2B model of byteXL is very effective and the growth trajectory is exciting. Faster customer acquisition, high customer renewal rates, and high engagement rates are bright signs of the company's momentum. We are highly optimistic about their future.”

The High potential Edtech – Skill development

According to Statista estimates, the market valuation of the Indian Edtech industry was US$2.8 billion in 2020 and is expected to reach US$10.4 billion by 2025. In the skill development category of edtech, it had estimated the market size to be at US$ 260 million, increasing to US$ 730 million by the year 2025.

About ByteXL:

Headquartered at Hyderabad (India), byteXL prepares IT Career Ready Engineers in Conventional Coding and New age Technologies like Cloud, AI/ML, DevOps, FullStack Development, and Cyber Security through a Hybrid Learning Platform and guided Campus Recruitment model. It is a one-stop shop for self-learning coursework and guided training – preparing a new generation of coders for the workforce.

Link: https://www.bytexl.com/

CABT Logistics To Invest $8 Mn To Set up 120 Micro-Fulfilment Centres PAN India

With this investment, CABT Logistics marks the strategic move to meet the demand of big billion days and festive season

CABT Logistics, India's leading intracity logistics brand gears up to meet the demand of big billion days and the upcoming festive season by investing $ 8 million to build about 120 micro-fulfilment centres across India. This investment in micro-warehouses comes in the wake of the E-commerce and Q-commerce boom, especially in a post-covid world

Logistics plays a crucial part in operational optimization, especially for D2C brands. The investment will ensure that CABT Logistics is equipped to help businesses scale up by furnishing orders in a timely and cost-effective fashion. The first phase of expansion will witness the setting up of 75-80 micro fulfilment centres in tier 1 cities. Setting up micro-warehouses in delivery strategic places will not only shorten the distance that the rider has to cover but also reduces last-mile problems by a significant margin. The D2C brands will be able to cater to the Q-commerce market and offer same-day deliveries to their consumers thus catapulting business growth.

Shailesh Kumar, Founder of CABT Logistics

The second phase will include expansion in tier 2 and tier 3 cities. The pandemic ushered in the digital era and brought remote regions into its fold as well. Micro-warehouses in tier 2 and tier 3 cities will aid CABT Logistics’ clients in shaving off minutes and help speed up the delivery process.

Sustainability has always been of paramount importance to CABT Logistics. The substantial investment of $ 8 Million will not only help D2C brands scale up but will also help lessen the carbon footprint. Logistics as a sector uses substantial energy and resources. This investment to set up micro-warehouses in strategic places all over India will help reduce the usage of air-fuel consumption for the first mile. Thus, reducing emissions by a significant margin.

The current gap in logistics impacts SLA and leads to increased RTO and cancellation. The micro-fulfilment centres aim to help small, medium and big enterprises to store their inventory at CABT Logistics warehouses and avail superlative order fulfilment services be it inter-city or intra-city for a wholesome, fuss-free experience and solution.

“The key for us lies in automation. We are planning the complete automation of our order processing. We process approximately, 10 lakh shipments in a day which in turn means each hub processes approximately 3000 orders in a day. We are trying to reduce the order processing time by automating and setting up fully automated micro-warehouses for our clients and this investment is to aid the same. One of our major agendas going forward is to build maximum resilience for businesses. Approximately 70% of our processes in the next 8 months will be automated to increase our SLA from 50 % to 90% accuracy in terms of delivery and the conversion rate.”, shared Shailesh Kumar, Founder of CABT Logistics.

CABT Logistics caters to retail behemoths such as Tata 1MG, Flipkart, Bigbasket and Snapdeal. The investment of $ 8 million will help their clients stay ahead of the curve.

About CABT Logistics:

CABT Logistics was founded in 2018 with the vision of creating Excellence in the field of Logistics services to endow businesses with the right knowledge and support to scale their operations. A trusted partner in the sphere of warehousing and transport logistics, CABT’s logistics platform serves businesses across multiple industrial Sectors like restaurants, pharmacies, online grocers, offline and online retail commerce, local vendor, banks and telecom. They provide a safe, affordable, and stress-free logistic platform. With a delivery partner network of more than 20000 trusted delivery personnel and 12000+ active pin codes, CABT helps businesses reduce redundancies, optimise supply chains and boost profitability in a competitive business environment. From picking, and packing, to transportation, they offer tech-based solutions tailor-made to your requirements.

Diversifying into Warehousing, First Mile, Mid Mile & Last Mile services, CABT has gained a strong foothold in 1640+ cities across India, becoming an intracity logistics powerhouse since its inception in 2018. Aided by its industry-0agnostic nature, CABT is galvanizing the logistics landscape. Their services can be availed with a contextual plug-n-play integration powered by tech APIs & algorithm-driven workflow integrations.

U GRO Capital's AUM Crosses INR 3,650 crore, with highest ever disbursement of INR 1,350 crore in Q1 FY23

• Off-book AUM stands at ~INR 750 crore (21% as on June 30, 2022)
• Pioneered ‘Lending as a Service’ model backed by robust data and technology architecture
• Customer base at 25,000+ as of June 30, 2022

U GRO Capital, a listed, MSME lending fintech platform, continues its growth momentum with an AUM of INR 3,656 crore as of June 30, 2022 (+166% compared to June 30, 2021) and is on track to cross the mark of INR 7,000 crore AUM by March 2023.

The company has effectively demonstrated the power of co-lending, after having kicked off this stream by experimenting with top Public Sector Banks. The current off-book AUM stands at ~INR 750 crore (21% as on June 30, 2022). The company aims to grow its loan book under co-lending partnerships by 3X to over INR 2,000 crore by March 2023.

U GRO Capital has pioneered ‘Lending as a Service (LaaS)’ model and is revolutionizing MSME lending through its data analytics prowess and robust technology architecture. As a testimony to the same, U GRO Capital’s proprietary scoring model (GRO Score) has successfully processed 21,000+ applications, 67,000+ bureau records, 45,000+ bank statements and 14,500+ GST records in the last one year.

Key performance highlights for Q1 FY23

• Loan Portfolio: Loan and Income Growth, Portfolio quality
• AUM of INR 3,656 crore (+166% compared to Q1’FY22 and +23% compared to Q4’FY22)
• INR 1,359 crore of Gross Loans originated in Q1’FY23 (+311% compared to Q1’FY22 and +41% compared to Q4’FY22)
• Total Income stood at INR 123.8 crore (+141.4% compared to Q1’FY22 and +8.4% compared to Q4’FY22)
• Profit before tax (PBT) increased to 10.4 crore (+340.6% compared to Q1’FY22 and +29.3% as compared to Q4’FY22)
• Profit after tax (PAT) increased to 7.3 crore (+329.4% compared to Q1’FY22 and +20.7% as compared to Q4’FY22)
• GNPA/ NNPA as on Jun’22 stood at 1.7% /1.2% (As a % of Total AUM)
• Liability and Liquidity Position
• Total lender count increased to 63 as on Jun’22, added 8 new lenders during Q1’FY23
• Total Debt stood at INR 2,208 crore as on Jun’22, and overall debt to equity ratio was 2.26x
• Healthy capital position with CRAR of 28% (as on Jun’22)
• Branch, Customer Network and Employee Strength
• 25,000+ customers as on Jun’22 (+5,000 customers in Q1FY23)
• 96 branches (as on Jun’22), addition of 5 new branches during the quarter
• 1,275+ Employees as on Jun’22, net employee addition of 165+ during Q1’FY23

Brief financial snapshot:

Particulars	Q1’22	Q4’22	Q1’23	Growth (Y-o-Y)	Growth (Q-o-Q)
Total Income	51.3	114.2	123.8	141.3%	8.4%
Interest Expense	22.4	49.7	53.1	137%	6.9%
Net Total Income	28.9	64.5	70.7	144.6%	9.6%
Operating Expenses	21.6	47.3	51.0	136.1%	7.9%
Impairment on Financial Instruments	4.9	9.3	9.4	91.8%	1.0%
PBT	2.4	8.0	10.4	333.3%	29.3%
PAT	1.7	6.1	7.3	329.4%	20.7%

Commenting on the results, Mr. Shachindra Nath, Vice Chairman and Managing Director of U GRO Capital stated, “U GRO Capital is at the forefront of using data analytics and technology to serve the underserved MSME segment. We have been pioneers of ‘Lending as a service’ by harnessing the power of Co-lending/ Co-origination models and steering the company towards transitioning into a lending platform through off-balance sheet AUM approach. Operational efficiencies have started to kick in with improving profitability with each passing quarter. The company is on track to achieve AUM of INR 20,000 crore by 2025, as we achieved our highest ever disbursement in Q1 FY23.”

About U GRO Capital Ltd

U GRO Capital limited is a listed (NSE, BSE), MSME lending fintech platform. U GRO Capital’s mission is ‘Solve the Unsolved’ – Small Business Credit Need with its omnichannel distribution model combining physical and digital journey of the customer. The Company envisions to spearhead India’s transition of MSME lending market to the new age of on-tap financing. It uses the emerging Data Tripod of GST, Banking and Bureau coupled with its sectoral analysis to solve the problem of credit for small businesses.

U GRO aspires to serve one million small businesses with an asset book of 1% of outstanding MSME credit of India as its first milestone.

Technology underpins every aspect of U GRO’s lending process, from API integrations, sectoral and sub-sectoral statistical scorecards, state-of-the-art AI/ML credit underwriting engine combining bank, bureau and GST statement analyzers, automated policy approvals, and machine learning OCR technology. Company’s GRO Extreme platform empowers fintech and other institutional platforms to deepen their distribution reach through a plug and play API driven seamless integration with U GRO. The company has developed full tech stack to fully automate the complete life cycle of a loan right from origination to collection during the entire customer journey.

The Company has raised ~₹ 3,000+ crore of equity & debt capital from marquee Private Equity Investors, Family Offices, Banks and other Financial Institution over last 3 years.