Category Archives: Indian Startups

The Complete Coverage of Indian Technology Startups.

Zomato Acquires Italy’s Restaurant Search Service, Cibando

Zomato has acquired Italy’s popular restaurant search service Cibando. Cibando will soon be integrated with Zomato, and over the next few months, users will be able to use Zomato for all major cities in Italy.cibando

This is Zomato’s fifth acquisition in the recent months. Zomato acquired MenuMania in New Zealand, Lunchtime in Czech Republic, Obedovat in Slovakia, and Gastronauci in Poland recently.

The current Cibando team is 10 people strong; the new combined entity will grow to 30-40 people in the next three months; over time, in steady state, the Italy operation is expected to grow to 150-200 people across the top 6 cities.

Zomato raised $60mn at a post-money valuation of ~ USD 660 million in November 2014.

Zomato is currently present in 20 countries and gets about 35 million visits per month across its website and mobile apps.

Facebook ‘s FbStart Picks Up Indian Startup, PriceTree For $20K Sponsorship

Facebook’s FBstart program has picked up Indian startup, PriceTree for $20K sponsorship.pricetree

FB start is an early stage startup program launched by Facebook to help startup on their App marketing. PriceTree app idea was selected out of many applied for the program.

The $20K sponsorship will help PriceTree to promote their mobile app to the right audience within Facebook and their 20 network platform and will have direct access with the Facebook team.

Launched in 2014, PriceTree is a shopping comparison site for shopper and retailers to find the best price online across stores in India and offer a “price intelligence solution” for retailers to win in the competition.

The NCR based startup has launched Price Intelligence Tool(B2B), Android App, Store locator, APIs and e-commerce affiliate ads optimization tool in last couple of months and also acquired global leading e-tailors customers (Expedia.com etc) for their B2B price intelligence solution.

Announcing : The Biggies ! [Indian Startup Awards]

Indian startups are growing and roaring to go – not just locally, but globally as well!

And its time to celebrate and felicitate some of the real doers in the indusytry! To celebrate this important milestone, NextBigWhat is super proud to announce The Biggies Awards!

The Biggies Awardsis a reflection of India’s growing entrepreneurial spirit  and promises to be a program that brings discovery to an amazing number of startups and importantly, showcase India’s growing startup ecosystem to the world!

We have seen several awards functions, but most of them are opaque and do not do a real justice to the startups. We at NextBigWhat promise to be extremely transparent with the awards and we are totally open for feedback and suggestions (email : team@nextbigwhat.com).

biggiesawards

The Biggies Awards Process : How Does It Work.

The Biggies Awards is a multi-stage process :

Stage 1 : From December 11th till 20th, we will be accepting the applications/nomination for startups/companies under the different categories.

We will select a list of 5-10 companies (under each category).

Stage 2 : From 20th December till January 6th, public voting will be accepted.

Stage 3 : Jury selection.

The BIGGIE award winners will be selected from a mix of public voting and jury decision.

Fineprints:

1. There are no fees for nomination / awards program at all.

2. Company may be nominated for multiple awards categories.

3. The winners will be announced during the awards ceremony held in 2015 (dates are to be announced, but tentatively January end).

Got questions? Ask here (in the comment section) or simply email us : team@nextbigwhat.com.

GO ahead and apply for the Biggies Awards now ! [the deadline is December 20th].

Announcing UnPluggd Agenda ! See You Fellas.

Only a day to go for UnPluggd, India’s most amazing startup conference that brings together great entrepreneurs, investors, geeks and doers together. UnPluggd-Logo-1.png

The conference’ focus is to bring actionable insights to the startup communuty and we are proud to announce the agenda.

09:15 am – 09:45 am Ashish Goel (UrbanLadder) On Scaling Down Before Scaling Up
09:45 am – 10:15 am Building A Global Product [Satya Kalki, Indix Cofounder]
10:15 am – 10:45 am Building PayU : Nitin Gupta.
10:45 am – 11:15 am Networking Break
11:15 am – 11:30 am Building Enterprise Business : Knowlarity Founder.
11:30 am – 12:00 pm Building Ezetap : Abhijit Bose On Startup Lessons Learned
12:00 pm – 01:00 pm Startup Demo : Session 1
01:00 pm – 02:00 pm Lunch & Networking Session
02:00 pm – 02:15 pm Bizspark Announcement.
02:15 pm – 03:15 pm Startup Launch [Session 2]
03:15 pm – 04:00 pm Networking & Coffee Break
04:00 pm – 04:20 pm Understanding M&A: What Really A Founder Should Know Of.
04:30 pm – 05:00 pm BraveTalk Speaker : Rohan Shravan [NotionInk]
05:00 pm – 05:25 pm BraveTalk Speaker : Manasij [Intellocut]
05:30 pm – 06:00 pm Brave Talk : Pravin, PJ (Wishberg)
06:00 pm – 06:15 pm Closing Ceremony / Goodies Distribution
07:00 pm – 10:00 pm Networking Evening [Mandates separate ticketing]

» More details at http://www.unpluggd.org

Date : December 6th.
Venue : Hotel Park Plaza, Marthahalli, Bangalore.
Speakers/Agenda : Announced!
Registration details : Hop here.
Discount: Use the code NEXTBIGWHATTWO to grab your discount!!
[NO discount codes are applicable for offline / spot registration].
Got questions? Ask : team@nextbigwhat.com


FAQs:

Q: Are Investors attending?
A: Yeah! We will have representation from all the VCs. Plus, quite a few angels will be flying in.

Q: Do you accept spot registration?
A: Yep! The ticket costs Rs. 1,800 (no online discount codes apply).

Q: Does the ticketing include lunch/coffee/snacks?
A: Ofcourse, yes! We are giving you some amazing goodie bags as well!

Q: Who are the others attending the event?
A: A whole lot of entrepreneurs, geeks and investors. Pretty much everything you’d like to meet to grow your startup/company (customers included).

If you have more questions, please shoot them at team@nextbigwhat.com.

See You Fellas !



MartMobi Partners With Shopify India To Power Merchants Mobile Products

Mobile commerce platform for online stores MartMobi has partnered with eCommerce website solutions provider Shopify India to bring pre-built integration in mobile experience to its merchants. The MartMobi platform provides mobile, tablet sites and native Android and iOSapps.martmobi

While Shopify lets merchants organize their products, customize their storefront, accept credit card payments, track and respond to orders and more, MartMobi helps online retailers go mobile, through both mobile sites and native apps.

MartMobi cuts down development time of mobile sites and apps from 16 weeks to less than one week. It also brings down the cost from lakhs of rupees to Rs. 1,800 per month. Surely a milestone partnership for the company.

FreeCharge Launches “Speak to Recharge”. Ask Your Phone To Recharge Itself

FreeCharge has launched “speak to recharge” feature on its Windows Mobile App.

With this new feature, users can create a “Voice Card” and associate it with any command (e.g. “FreeCharge Mom”). Once the voice card is created, users can just speak this voice command into the windows mobile phone and get recharge done without any other action.

Here is how it works.

A well done integration with the wallet?

Recently, FreeCharge had crossed 5 million downloads on the Play Store. They had also secured $33 million in series B funding in September this year.

Exclusive : Bluegape Shuts Down Due To Copyright Issues

Online merchandise store Bluegape has shut down its merchandise business due to copyright issues.

Started by students in 2012, Bluegape raised angel funding in 2012 and raised INR 1.5 crores in January, 2014.

Bluegape : Sad But True
Bluegape : Sad But True

Cofounder, Sahil shares that the company was recording a monthly revenue of INR 1 crores, but their focus on Fanart is leading to copyright issues.

Currently, Fanart accounts for more than 70% of revenues for Bluegape and since Bluegape has mostly been retailing at Amazon, Snapdeal and Flipkart, these ecommerce companies probably blocked them due to several questions around copyright raised by artists  (case in point : Flipkart too received few notices on the sales of fanart on their website).

Bluegape’s Email To Fanstore Owners

“Dear Fanstore owners,

We are facing a lot of challenges in running the merchandise business in India. While we are doing a healthy business of a crore+ per month of revenues, but we are stuck at something.

Indian copyright act is very unclear on the sale of fanart. Fanart is like creation of something from the inspiration from somewhere. All our 500+ designers were making crazy stuff with us and we were proud of that.

We built a simple model where we focused on bringing designers and retail them through flipkart, amazon and snapdeal.

Flipkart and Amazon have got few notices on the sale of fanart on their website. AlthoughSociety6.com is a very big company in Australia and retails designer driven fanart. But they take down the designer when there’s any notice from anyone.

In our case, we didn’t have that freedom because we were retailing at Flipkart, Amazon and SnapDeal. Flipkart and Amazon don’t want to take any risk by retailing fanart on their website. There’s a lot of negative media going on in e-commerce and no one wants to take a bet on this.

Under all these problems, it’s getting super tough to continue the merchandise business as fanart is more than 70% of the total sale. We discussed the issue in length with Flipkart & Amazon in last one month and we are unable to reach to a solution.

We want to pivot at this point. Trust us, after spending 3 years doing merchandise business, It’s been a really tough call for us.

All of your due fanstore payouts will be cleared on 7th December,2014.

I know it would have been really hard for you to read this email. I appreciate the kind of trust and confidence that you have shown in bluegape.

Thanks
Sahil and Ayush”


The founding team however is sticking together and is working on another idea under the brand name, Bluegape.

Here is wishing the team very best!

- Thanks Vijeeth for the tip.

Local Commerce Messaging App Lookup Raises Seed Funding From Kris Gopalakrishnan

Lookup is a local commerce messaging app founded by Deepak Ravindran of Innoz Technologies. Lookup helps consumers chat with local businesses and shops and assures to get your queries answered in a matter of 5 minutes.

Lookup can be used to make reservations at nearby restaurants and hotels, to make appointments at spas, salons, clinics, to get information about offers, deals and prices and also to share images with businesses to find information about products.

lookup1Lookup has raised $160,000 (INR 1 Crore) from Infosys co-founder Kris Gopalakrishnan (.

Lookup is also raising $1mn which they expect to close in a week or so. The funding will be used to expand operations across the country and to also expand into other developing markets.

“India has the highest shop density in the world with over 11 outlets for every 1000 people. Indian retail market is set to reach $700-$750 billion by 2015. With Lookup, we aim to bring the power of technology into the hands of every small business owner to help them connect with customers effortlessly.”– Deepak Ravindran, founder of Lookup.

Lookup is available for free download on Android Play Store. Here is a short video to help understand Lookup:

Innoz Technologies has also launched an initiative called the offlineinternet.org and made their mobile SMS based technology open source after buying back full stakes from Seedfund.

Competitor in business messaging service, Haptik had recently secured $1 million first round of equity financing from Kalaari Capital.

UrbanLadder Acquihires Delhi Based BuyNBrag

has acqui-hired the Delhi based BuyNBrag team. urbanladder_thumb.png

Prithvi Raj Tejavath, co-founder of BuynBrag along with key team members has joined Urban Ladder as VP – Home Décor in an effort to strengthen and increase the talent pool of Urban Ladder.

BuynBrag was launched in 2012 and focused on contemporary design and extensive décor and furnishings range.

Urban Ladder has made a huge impact in the furniture category and has created a niche for itself. My team from BuynBrag and I look forward to contributing our expertise in the home decor segment for Urban Ladder. The amalgamation of the teams will lead to producing the best in the home décor space in the times to come.

UrbanLadder recently raised $21mn and has also raised funding from Ratan Tata.

Aside, UrbanLadder cofounder and CEO, Ashish Goel is talking it all at UnPluggd, India’s biggest startup conference.

WebEngage Launches WYSIWYT [What You See Is What You Target]

WYSIWYT by lets you build dynamic rules without using any codes. These rules can be based on visual content or data seen on the website.

For eCommerce websites, cart abandonment is a stage where they lose customers. WYSIWYT can help reduce cart abandonment by providing an instant discount coupon code to the user once they abandon the shopping cart on the website.

Webengage Intent
Webengage Intent

WYSIWYT can also be used to send push notifications to users who have signed in on to a website. Once a user logs in to a website, if there is a “logged in” or “sign out” button that indicates the user has logged in, a rule can be built to note that “sign in does not exist” which will figure out that the user has logged in and will send them a notification (more details here).

Frrole Brings Transparency To The System. Founders Share Equity/Valuation

Frrole which helps brands amplify engagement with fans over social media has gone totally transparent and has shared founders’ equity structure, valuation etc.

Amarpreet Kalkat (Frrole) @UnPluggd
Amarpreet Kalkat (Frrole) @UnPluggd

Founders Equity.

“The founder equity before the seed round raise was divided as 60:20:20 between the three cofounders – Amarpreet, Nishith and Abhishek (Amarpreet had started, Nishith and Abhishek joined in later). 2.5% of it was issued to Rishab Malik, our lone advisor + part-time team member, before the seed round raise.” [via]

The company raised $245K at a post money valuation of $1.065 million.

It took us 4 months to get the money into the account (around end of March 2014) post the verbal agreement on the investment.

Sidenote : This is precisely why we at NextBigWhat DO NOT do any exclusive on angel funding. There is a huge gap between signing a term sheet and getting money in the bank account. Founders are in a shit-state during this period.

Post the seed round, investor own 23% of the equity, 10% of it lies in an Options Pool, and the founders (+ Rishab) own the rest, in equivalent proportions.

Founders are taking salary of INR 12 Lakhs/ year.

– Frrole Revenues:

Our Jan-March quarter revenue was ~ $8k, putting us at an ARR of ~ $30K. Our April-June quarter revenue was ~ $19k, putting us at an ARR of ~ $75K. Our July-Sept quarter revenue was ~ $21k, putting us at an ARR of ~ $85K. We had a bad quarter there, visibly, although it was largely expected (on account of the end of Indian General Elections)…Looking at guaranteed revenues of ~ $60k for the quarter putting us at a worst case ARR of $240k, with half of the quarter remaining. Our goal for the quarter is to get really close to an ARR of $500k.

Building a global product company from India is NOT that easy and you should watch Amarpreeet (Frrole founder) sharing it all at the last edition of UnPluggd, India’s biggest startup conference.

How Frrole Got Lucky (After 3 Years)

» What Makes A SaaS Product’s Customer Service Extraordinary? The Case of Buffer

BrowserStack Explains The Hacking Attack With Honesty And Maturity

[Editorial notes : Earlier this week, browser testing service, BrowserStack was hacked. Cofounders, Ritesh and Nakul share the hacking details and the process going forward, in an honest and matured manner.]

As you may already know, BrowserStack experienced an attack on 9th November, 2014 at 23:30 GMT during which an individual was able to gain unauthorized access to some of our users’ registered email addresses. He then tried to send an email to all our registered users, but he was only able to reach less than 1% (our estimate is 5,000 users). The email contained inaccurate information, even claiming that BrowserStack would be shutting down.browserstack

When we realized this, our only concern was to protect our users. This involved temporarily taking down the service, as we scrutinized each component carefully. This inconvenienced our users for several hours, and for that we are truly sorry.

What happened?

BrowserStack application servers run using Amazon Web Services. The configuration is vast, consisting of thousands of servers. One of these was an old prototype machine, which was the target of the breach.

The machine had been running since before 2012, and was not in active use. It was penetrated using the shellshock vulnerability, and since it was no longer in active use, it did not have the appropriate patch installed.

The old prototype machine had our AWS API access key and secret key. Once the hacker gained access to the keys, he created an IAM user, and generated a key-pair. He was then able to run an instance inside our AWS account using these credentials, and mount one of our backup disks. This backup was of one of our component services, used for production environment, and contained a config file with our database password. He also whitelisted his IP on our database security group, which is the AWS firewall.

He began to copy one of our tables, which contained partial user information, including email IDs, hashed passwords, and last tested URL. His copy operation locked the database table, which raised alerts on our monitoring system. On receiving the alerts, we checked the logs, saw an unrecognized IP, and blocked it right away. In that time, the hacker had been able to retrieve only a portion of the data. Finally, using this data and the SES credentials, he was able to send an email to some of our users.

What was the extent of the damage?

Our database logs confirmed that user data was partially copied, but no user test history was compromised. Therefore all user data remains wholly intact. Most crucially, credit card details were not compromised, as we only store the last 4 digits of the credit card number, and all payment processing takes place through our payment processing partner. All user passwords are salted, and encrypted with the powerful bcrypt algorithm, which creates an irreversible hash which cannot be cracked. However, as an added precaution, we suggest that users change their BrowserStack account passwords.

We were able to verify the actions of the hacker using AWS Cloud Trail, which confirmed that no other services were compromised, no other machines were booted, and our AMIs and other data stores were not copied.

In addition, our production web server logs indicate that we were experiencing shellshock attempts, but they failed because the production web server has the necessary patches to foil all such attempts.

Points in the email

We would now like to address the points raised in the email. The hacker quoted three paragraphs from our Security documentation, as follows:

  • after the restoration process is complete, the virtual machines are guaranteed to be tamper-proof. ? Our restoration process is indeed tamper-proof. When we create a test machine from scratch, we take a snapshot. After every user session, the test machine is restored to its original state using that snapshot. Even if a previous user manages to install a malicious software, it is always erased due to the restoration process.
  • The machines themselves are in a secure network, and behind strong firewalls to present the safest environment possible. ? Every single machine has an OS firewall, in addition to the hardware network firewalls we use. On EC2, we use security groups as an equivalent safety measure. We also use industry-standard brute force-throttling measures.
  • At any given time, you have sole access to a virtual machine. Your testing session cannot be seen or accessed by other users, including BrowserStack administrators. Once you release a virtual machine, it is taken off the grid, and restored to its initial settings. All your data is destroyed in this process. ? The application ensures that a machine is allocated to only one person at a time, and VNC passwords are randomly generated for each session. Thus, even our administrators cannot see your test session.

With respect to the plaintext passwords on the VMs, this is certainly not the case, as we moved to key-based authentication years ago. Moreover root login is disabled in our SSH configuration.

Both the passwords mentioned, ‘nakula’ and ‘c0stac0ff33’, were indeed in use a couple of years ago during our prototyping phase, and thus were present in the old prototype machine that was hacked. ‘nakula’ was previously our VNC password, and was hashed. However, unlike the hash used for the user passwords, this hash is much weaker. This was due to a limitation in VNC protocol, and we had overcome this liability by regenerating a new password for every session, and thus ‘nakula’ has not been in use for years. ‘c0stac0ff33’ was one of our system user passwords on the prototype machine, before we moved to key-based authentication.

It is true that we still run our VNC server on port 5901, but we do not believe that it is a security vulnerability because a current password is still required for access. As mentioned before, the passwords are changed every test session.

Where did we go wrong?

All our servers, running or not, whether in active use or not, should have been patched with the latest security upgrades and updates including the shellshock one. Moreover, servers not in active use should have been stopped and the server shouldn’t have had the AWS keys.

Additionally, our communication could have been better. Instead of intermittent updates, we preferred to present a complete, honest picture of the attack to our users once our analysis was done.

Security measures taken to mitigate and prevent further incidents

  • After taking down the service, we revoked all the existing AWS keys and passwords, and generated new ones immediately, as an added security measure.
  • Subsequently, we went through all the SSH logs, web server logs, as well as AWS Cloud Trail logs, to ensure that no more damage was done.
  • We are migrating all backups to encrypted backups, and removing all unencrypted ones.
  • We have also put in several additional checks and alerts, which are triggered on specified AWS actions. As a precautionary measure we have also created new VM snapshots and have replaced all the existing ones.
  • To prevent further incidents, we are in the process of evaluating certain VPC/VPN options to enhance our security measures.
  • We’re going to have a security audit conducted by an external, independent agency.

Once again we apologise for the inconvenience. BrowserStack is deeply committed to providing the best and most secure testing infrastructure for our users. We will be forging ahead with exciting new releases in the next few weeks and look forward to continue serving you.

We have a trace and the IP of the hacker. We will be in touch with authorities soon to register an official complaint.


 

Browser Testing Startup BrowserStack Was Hacked

Mumbai based browser testing startup BrowserStack was hacked and the hacker sent the following email to customersbrowserstack

Dear BrowserStack User,

We are unfortunately displeased to announce that BrowserStack will be shutting down. After much consideration on our part, we have realized we were negligent in the services we claimed to offer. In our terms of service, we state the following:

[…] after the restoration process is complete, the virtual machines are guaranteed to be tamper-proof.

[…] The machines themselves are in a secure network, and behind strong firewalls to present the safest environment possible.

[…] At any given time, you have sole access to a virtual machine. Your testing session cannot be seen or accessed by other users, including BrowserStack administrators. Once you release a virtual machine, it is taken off the grid, and restored to its initial settings. All your data is destroyed in this process.

Unfortunately, we have blatantly lied. Not only do all of our administrators have access, but so does the general public. We have no firewalls in place, and our password policies are atrocious. All virtual machines launched are open to the public, accessible to anyone with the alpha password \”nakula\” on port 5901, a password which is stored in plaintext on every VM. As well, our infrastructure uses the same root passwords on all machines, which is also stored in plaintext on every VM launched (\”c0stac0ff33\”).

Given the propensity for cyber criminals to target infrastructure services such as ours, it is almost certain all of your data has been compromised. These passwords take no less than 15 minutes to find for anyone who is looking.

We hope we have not caused you too much trouble, and to our enterprise customers who signed deals contracts based on a fabrication, we are equally sorry.

Sincerely,

The BrowserStack Team [via]

 

The company has however fixed this issue, but surely owes a detailed response to customers (various questions have been raised by their existing customers @HN).

Challenges Of Running A Financial Tech Startup In India

The financial services ecosystem is still running on an old engine and the evolution of change is at an extremely slow pace while the economy is effervescent. It has been over a year when I decided to join a young team to disrupt this space and build a completely new engine to leverage the use of technology for wider adoption in the financial services sector. Starting up is hard enough but to build one in the financial services space opens a Pandora’s box of other challenges.Managing Growing IT challenges in Financial Services[1]

Reality 1: Financial services is a massively huge space and hugely not consumer focussed.

I realize there is plethora of opportunities in this sector right from lending to assets management, personal finance to investments, crowd lending to payments etc. Just to give you an idea as to what is the unmet MSME debt funding gap it is estimated to be at about ? 9L Crore; Digital payments today is expected to touch ? 1.2 trillion by Dec-2014, today mobile payments is estimated to be about 175 million $ but could be about 1.15 billion $ in India alone by 2016.

The opportunity is immense but a large portion of these various financial services space has a very low technology penetration and even if they do use old outdated technologies or massively expensive systems that makes it difficult to scale on the fly. Most financial services/products not being consumer facing make it not so fancy a sector. Loans take a lot of time to get disbursed for example or to make a payment the experience is tedious to complete etc.

Financial services being core to any economy there is a huge opportunity to see a wave of fin-tech start-ups coming out of the Indian start-up ecosystem. The more value that can be derived by consumers over time by the service/ product that is to be offered there is no reason I see for the changing face of the consumer behaviour to adopt this.

Reality 2: Regulations

Yes this may seem like a huge road block or a barrier to entry. Go ahead crack this wall and once you get to starting up a financial services/products company in India but there are ways to work around and still be within the frame work of these regulations.May be with the government too driving technology and a push for the economy if you can manage to bring value to the current environment for the regulators may just open up the gates to try out other things in this space.

Reality 3: Data Limitations

Access to data is a massive challenge in India and especially when it comes to getting consumers to share relevant information to making decisions or even understanding historical behaviour. We are starting to see basic data infrastructure spring up – e.g. credit bureaus, Aadhaar, Roc/MCA. In many ways I draw parallels to like how e-com looked in 2007 when Flipkart started – poor courier services, cash payments – but had Flipkart not started then it would not be a market leader today. One has to read the future on data and make the play early to win.

This is where underwriting is critical and it is more an art to be able to do this well. The primary objective being to manage and ensure the nonperforming assets are at the bare minimum with such data limitations. To be able to underwrite effectively with technology will be a huge quantum shift in the industry. Financial data can be sensitive and the economy still primarily being a cash economy depending on the type of fin-tech start-up there are bound to be various limitations to access the relevant data that is required. In the entirety of these limitations to information – such things of fraud and effective data mining becomes absolutely critical and essential to do well.

Reality 4: Financial services/products need huge access to Capital

Building a company of scale and value in the financial services sector will relatively require more access to capital in comparison to other start-ups in the various other sectors. All start-ups need money to scale but the quantum required here is a whole lot more and this can be a challenge to keep raising and to keep adding value as it scales. There are ways to be really innovative and be capital efficient even in this space. P2P lending is a good example, as are mobile wallets. I think in the long term capital efficient business models will win because it will be harder for incumbents to copy. If tech has to be the enabler in the financial services/products start-up this will add to the challenges of raising a lot more capital but certainly can add a lot more value than ever imagined to lenders, financial institutions, consumers and businesses without an iota of doubt.

Reality 5: Resources and talent to execute this

Anything can be learnt as long as it is not rocket science. Well this certainly is not rocket science either but there is a dearth of talent in terms of individuals having the right mind set to build fin-tech companies or have had the expertise and exposure to manage the challenges of this space. The learning curve demands are huge both on the technology or coming with the financial services expertise where it is critical to unlearn and relearn to disrupt this space if you have to.

These are my thoughts. If you work in a fin-tech start up would be happy to hear more on the challenges you face. There is plenty of opportunities out there in this space and enough scope for more players and start-ups be it in building P2P lending platforms, mobile wallets, investment services for consumers, analytical tools for Banks and NBFC’s or access to structured data sources over time are some models I can think of that can springboard in this ecosystem in the next few years. Time we saw the next wave of the e-commerce boom in the fin-tech space now and lets spark a new rise of a community to redefine the financial services/products ecosystem in India.

[Guest article by Utham Reddy, VP – Products at Capital Float. Follow him on twitter @uthamr.]