Wednesday, June 10, 2020

Innoviti Raises Funds to Fuel Its March Towards Profitability


Innoviti is designing intelligent payment solutions that help every merchant extract the full power of digital payments, not possible with stand-alone terminals and QR stickers.  Using the power of data and user-centric design, Innoviti’s solutions are thoughtfully crafted to not only simplify lives by releasing time and reducing anxiety, but to also inspire merchants to think of extra sales, extra savings, and extra customers through digital partnerships with brands and banks.

Architected as a network of networks, Innoviti uses data intelligence to bring together merchants with brand and bank networks, helping them connect, collaborate, and create new and unique offers for their common customers.  This helps networks use the power of modern technology to intelligently target customers, create superior offers, and grow their sales faster with unmatched efficiency. 

Processing over 6.5B$ of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), Innoviti is transforming digital payments at scale.  The product strategy has translated into a 250% revenue growth over a 180% merchant volume growth since Series B, underlining the increase in value and margins from every $ of volume added. An obsessive focus on customer-centric design has led to a 2X increase in usage from every installation over this period.  Use of technology to relentlessly drive reliability and automate processes has further fueled gross margins, making Innoviti the most capital efficient company in this space (based on publicly available data).

The funds raised will be used for a) furthering the customer-centric intelligent payments strategy by crafting new solutions for new market segments, and b) building specialized distribution models that can support these solutions at scale while delivering high quality service.  With this funding Innoviti aims to become cash positive by March 2021.

Quotes:

“Innoviti has been using payments technology to find new and unique ways of helping small businesses grow efficiently.  In a fast-developing economy like India, use of technology is critical to make MSME’s competitive in the marketplace and provide them with efficient and sustainable access to financial services. We are excited about partnering with Innoviti through our recently established Ventures Program.” – Jaap Reinking, Director Private Equity (FMO).

“We are excited to continue to back Innoviti given their leadership and innovations on payment software platforms for merchants and MSME's.” – Vishal Gupta, Managing Director, Bessemer Venture Partners.

“Digital payments can do far more for businesses than move money.  The usefulness of vanilla terminals and QR stickers is limited as businesses demand more from payment solution providers, more intelligence, more reliability, and more savings.

A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted payment experiences.  This is hard, very hard to put together.  We are proud to have done that.

This customer centricity and a relentless focus on excellence has helped us become the most capital efficient company in this space.  The current funding is a huge endorsement of our strategy and we look forward to achieving our goal of becoming self-sustainable with this funding.” – said Mr. Rajeev Agrawal, CEO, Innoviti.

Yamaha Launches “Corona Warriors’ Camp” to Support Frontline Staff


Yamaha Motor India group of companies today announced the launch of “Corona Warriors’ Camp” across select dealerships in India to support the COVID 19 warriors and salute their selfless determination in protecting and serving the society during this pandemic. The company has initiated this program which offers exclusive & attractive discounts and priority service for the Corona Warriors.

Yamaha’s “Corona Warriors’ Camp” will be organized from 08-Jun to 22-Jun, for a period of 15 days across selected dealerships in India. The Corona warriors will be offered with a free 14-point vehicle checking, vehicle sanitization and up to 10% discount on spare parts & labor charges. Yamaha takes this opportunity to invite all Corona Warriors to participate and avail these benefits from their nearest dealerships on the basis of appointment in order to adhere to the Social distancing guidelines.

Yamaha’s dealerships have recently resumed operations and are following every guideline of hygiene and sanitization along with other measures of safety to ensure complete protection to its customers.


HCL Steps in to “Support Animals Across NCR and Bengaluru” in the Wake of COVID-19


As coronavirus forces billions of people around the world into lockdown, another sizeable population that has been hard hit is stray animals. Keeping in mind their welfare, HCL, through its NGO partners in the National Capital Region Bengaluru, has provided over 1.11 lakh feeds to street and abandoned animals over the last two months. HCL has also supported Friendicoes SECA (Society for the Eradication of Cruelty to Animals) – to take care of the food requirement of 3000 rescued animals including cats, dogs, horses, donkeys and cattle at the Friendicoes shelter.

It is now also working on a long-term sustainable model for animal sterilization, vaccination, regular care and management to ensure their well-being on a continued basis.

Tuesday, June 9, 2020

From Coronavirus to Cybersecurity: The Wisdoms of Dealing with Pandemics


By Dhanya Thakkar, Vice President and Managing Director, AMEA, Trend Micro

In the span of a few months, the coronavirus has reached every country, every community, and every neighbourhood. No nation is spared. Economy grinds to a halt. Millions have fallen sick.

In the meantime, if you take a look at the 15 biggest cyberattacks in the 21st century, you’d notice a few things. First, no country is untouched. Second, it’s extremely disruptive to business operations. Third, millions have fallen victim to these attacks. We have been dealing with a different kind of outbreak for many years, that is, the pandemic of cyberattacks.

The world responds

By now, most countries have imposed a mixed bag of measures to deal with the outbreak. If you look closely, the overarching strategy for dealing with COVID-19 has revolved around four quadrants: prevention, detection, response, and prediction.

In cybersecurity, we often talk about the importance of a holistic strategy that consists of the same quadrants. At its core, a good cybersecurity strategy should take multi-pronged approach and a long-term view.

Prevention

The first pillar of the defense is prevention. In the time of COVID-19, prevention means protecting people from being infected in the first place, such as washing your hands, socially distancing yourself from others, disinfecting your phone and wallet when you get home, and more.

In cybersecurity, prevention means the exact same thing – protecting your IT assets from being infected in the first place. Because most major data breaches can be traced back to a single point of failure that could have been prevented.

Today, many new cybersecurity vendors talk of a shining silver bullet that miraculously waves away all your cybersecurity headaches – such as machine learning or EDR. But in reality, the concept of a single silver bullet doesn’t hold up. You need the basic technologies – such as antivirus, application control, web and file reputation, etc. – to do the heavy lifting. These technologies can filter majority of the alerts, categorising them as either good or bad.

Detection – knowing what you’re looking for

Contact tracing is crucial during outbreaks. The longer you take to identify a patient, the more people will be infected.

In cybersecurity, detection is about the same thing – how fast you can detect a breach in your system determines the scope of damage. We believe in this strategy called connected threat defense. By deploying security solutions at all the touchpoints in an IT system, from the endpoints to the network to the server, you can start to connect the dots and gain visibility into every nook and cranny. If you know what’s lurking in your IT environment, you can significantly increase your chance of getting rid of it.

Endpoint detection and response (EDR) is another tool designed for the same purpose. EDR technology works like a black box in a plane. It records everything that takes place on the endpoints and threat hunters can rewind to see from which point a threat entered the system, and how it spread across the network. Based on the information, a blueprint of the malware’s infection path can be drawn.

Response – prioritizing the important ones

During the outbreak, there are many false positives and false negatives. Some people may test negative now but develop the symptoms next week. Suspected cases may turn out to be totally innocuous. Because the medical supplies are limited, the healthcare workers need to prioritize. To prioritise, you need context-rich information about the patient.

It’s the same in cybersecurity. A security operations centre (SOC) receives thousands of alerts on a daily basis. Hence, prioritization becomes the key and this is where XDR comes into picture. XDR is the natural progression from EDR. The X stands for anything you can apply detection technology to, such as emails, servers, or the network. XDR is a big collector of security alerts, absorbing data from various touchpoints.

Essentially what XDR does is to break the silos between all these solutions gathering data on their own. A prominent feature of the XDR tool is a central data lake where all data will flow to eventually and be analysed as a collective.

All this data churning can minimise alert fatigue, as it produces high-priority alerts with rich context around it. SOC analysts can now focus on alerts that need immediate action instead of combing through every single one of them and manually looking for connection.

Prediction – taking two steps ahead

Wall Street Journal reported that epidemiologists were teaming up with data scientists to forecast the spread of the coronavirus outbreak in the near future. By taking into consideration a vast array of different types of data, the model is expected to predict the number of new cases to arise in an exposed population, or peak infection rates.

Likewise, in cybersecurity, the more accurate our predictions are, the more effectively we can deal with an upcoming data breach. We achieve this by collecting and correlating a vast array of different types of detection and activity data from our native sensors, deployed at different layers within the organisation, like the endpoint, network, email, and the cloud environment.

Combined with big data analytics, threat models, advisory-based behaviour analytics and detection rules from our security experts, we can help to uncover if an emerging or unknown threat or a threat actor is attempting to infect your organization. On top of that, continuous risk assessment of an organisation’s cybersecurity posture also serves to predict impending issues.

COVID-19 will go away, just like any of the pandemics in the past. But cyberattacks will stay as long as there’s a computer connected to the internet. The most effective way to deal with cyberattacks is not to dream of a cure-all panacea, but to take small but coordinated measures that culminate in an all-rounded defense strategy.

Toyota Kirloskar Motor Announces Flexible Finance/Payment Option & Toyota Official Whatsapp


In its pursuit to provide the best customer experience based on the changing needs and customer expectations, Toyota Kirloskar Motor (TKM) has announced the introduction of two new service offerings to ensure convenience and ease- Flexible EMI Option & Toyota Official Whatsapp.

The newly announced, flexible EMI option is aimed at assisting customers in realizing their car buying aspirations and in up keeping the car maintenance. In addition, the new ‘Toyota Official WhatsApp’ communication will enable seamless interfaces with the customers.

Under the latest payment option, customers can own a Toyota vehicle or service it with flexible options to convert the payment into EMI of 3/6/9 months and so on. This payment scheme comes with attractive benefits like low rate of interest and in some cases 100 per cent processing fee waiver.

The newly launched ‘Toyota Official WhatsApp’ service, now allows customers and the general public to reach Toyota for any enquiries or feedback, by giving a missed call or SMS ‘Hi’ to 83676 83676. Through WhatsApp, customers can get the details about new car ppurchases, Buy/Sell/Exchange existing vehicles, book service appointment, request for breakdown services or even provide feedback on services.

Commenting on the special value-added initiatives, Mr. Naveen Soni, Senior Vice President, Sales and Services, Toyota Kirloskar Motor, said, “We would like to sincerely thank all our customers for their support and understanding during this difficult time.  We understand the criticalities of the situation and as a brand that puts customers at the heart of every transaction, we have curated special convenience initiatives that will ease the vehicle owning process. Our new EMI schemes will provide easy, flexible and convenient payment options ensuring the best buying and servicing experience for our customers. We are also happy to announce the launch of  ‘Official WhatsApp channel’, one of the most preferred modes of communication by all of us due to its ease of usage, which will create a seamless and omnichannel customer experience.”

In line with its ‘Customer First’ philosophy, TKM announced several measures to support customers navigate the uncertainties of COVID 19. The company introduced the ‘Customer Connect’ Program to reinstate customer confidence through a series of service packages like extended warranty, free maintenance service, roadside assistance and SMILES pre-paid maintenance package and so on.

A series of technology interventions were also rolled out to enable online car buying for customer convenience. TKM completely digitalized its sales process by providing 360-degree product views, online financing options and quotations.

Besides, TKM has also introduced various safety initiatives at its dealerships to conduct operations safely. The ‘Dealer Operations Restart Guidelines’ was issued to all its dealerships which further charts out directives for the Toyota dealer network, shedding light on the safety protocols for the respective facilities and staff along with recommendations for customer interface during sales and after-sales services.

Mahindra Finance Partners with Maruti Suzuki to Ease Financing for Customers During Ongoing COVID-19 Pandemic


Mahindra Finance has joined hands with Maruti Suzuki India (MSI) for vehicle loans. The companies have come together to ease the availability of finance for customers looking at personal mobility solutions during the ongoing COVID-19 pandemic.

As per the tie-up, customers can avail wide options for getting their car financed from Mahindra Finance. Customers will benefit from the range of offers like buy now and pay later, step up EMI and balloon EMI.

Speaking on this strategic alliance, Mr Ramesh Iyer, Managing Director, Mahindra Finance, said "We believe that demand in rural will revive the fastest on the backdrop of a good monsoon expectation and less impact of the current pandemic. We are geared up to support and service all customers in these markets. Maruti Suzuki has been a very close and important partner to us. We believe providing solution is more important than just offering credit. With our wide spread branch network serviced through employees recruited locally we will be able to become a solution provider instead of only a financier to these rural customers."

“More than one-third of Maruti Suzuki’s retail sales come from rural India. Mahindra Finance is a very well networked non-banking finance company (NBFC) across India and has the expertise in lending across all profiles including semi-rural, rural and no-income proof customers. We are extremely confident that this alliance with one of India’s largest NBFCs will help in increasing easy finance availability to our customers in the current challenging situation arisen due to COVID-19 pandemic " MSI Executive Director (Marketing and Sales) Shashank Srivastava said.

In the last five years, over six lakh Maruti Suzuki customers have financed their cars from Mahindra Finance. Maruti Suzuki has an extensive range of cars and wide-spread dealer network of over 3,086 showrooms across the country. Mahindra Finance too has a network of 1,450 branches and offers attractive finance schemes. This partnership would support all the customers segments - salaried, self-employed, agriculturists and businessmen to purchase cars.

PayNearby Facilitates DBT Worth Rs 6000 Crores During April - May Covid-19 Lockdown

Summary 

* Provides DBT to over 2.9 crore customers in April-May
* Conducting daily transactions worth 100+ crores
* Witnesses 127% rise in customers on AePS platform

PayNearby, India’s largest hyperlocal fintech start-up have disbursed direct benefit transfers (DBT) of over Rs. 6000 crores through their AePS (Aadhaar Enabled Payment System) platform during the nation-wide lockdown, in the months of April-May. The company’s 8.5 lakh+ strong retail network consisting of Kirana stores, medical, hardware, telecom shops etc. have facilitated seamless access to DBT money to over 2.9 crore customers, majority of whom are migrants and daily wage workers, one of the worst-hit cohorts of the pandemic lockdown.

A leader in the AePS segment with a market share of over 33%, PayNearby witnessed a staggering rise of 127% in its customer base during April-May vis-a-vis the pre-lockdown months. In May, the company facilitated DBT disbursals worth over Rs. 3000 crores.  

Anand Kumar Bajaj, MD & CEO, PayNearby said “Returning back to their villages, without any source of livelihood, the migrant workers have been one of the worst-hit cohorts of the Covid-19 pandemic, and DBT withdrawals have been the lifeline for them. PayNearby is privileged to serve Bharat in these trying times, and the convenience provided by the AePS platform has made seamless cash disbursal possible. Our Digital Pradhans with their extensive network have served over 1.4 crore customers through our AePS platform in the month of May and disbursed over Rs. 3000 crores. We are delighted to be a conducive partner in implementing the government’s vision of financial inclusion on-ground and will continue to do our part to promote inclusive payments, even after the lockdown.”

PayNearby’s well entrenched retail network of business correspondents (BCs) worked tirelessly on the ground through the lockdown, serving as cash disbursal points. The transactions were conducted through the AePS (Aadhaar enabled Payment System), platform where individuals can seamlessly withdraw money through biometrics following social distancing and sanitization. The platform has become an integral part of the banking infrastructure in a uniquely fragmented country like India.

PayNearby, through their network has been instrumental in ensuring undisrupted essential services to the masses, bridging the urban-rural divide. Their BC network, known as ‘Digital Pradhan’, bring essential financial services at the last mile aiding seamless DBT deployment, without which, once again, the population would be left on the fringes of the society. PayNearby has been working dedicatedly to meet the financial needs of people in severely affected areas where ATMs are non-operational or non-accessible.

About Nearby Technologies Pvt. Ltd.:

Incepted in April 2016, Nearby Technologies is a fintech company offering financial/non-financial services to the underbanked and unbanked segment. Nearby Technologies works on a B2B2C model through its various brands - PayNearby, Insure Nearby, BuyNearby and few more. PayNearby empowers retailers at the first mile to offer digital services to local communities, thereby boosting financial inclusion in India. Retailer services are focused on Aadhaar based banking services, Domestic Remittances, Bill Payments, Card Payments, and insurance services among others.

It was founded by Anand Kumar Bajaj, Subhash Kumar, Yashwant Lodha & Rajesh Jha who bring with them rich experience in the field of banking, payments and other financial sectors. PayNearby is a DIPP-certified FinTech start-up, partnering with various financial institutions including YES Bank, RBL Bank, ICICI Bank, State Bank of India, Axis Bank, CC Avenue, Bill Desk, NPCI, FASTag, NBFC and FMCG companies. It is the sole technology provider using Aadhaar Enabled Payment Services (AEPS) and IMPS to YES Bank, making them one of the only two fintech companies hosted by the National Payments Corporation of India (NCPI).

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