Fintech Startup Uses AI And Deep Learning To Provide Platform Solutions To Businesses
Zaggle had a turnover of INR 1800 Cr in FY 2018-19 and aims to target INR 3500 Cr in FY 2019-2020.
The company has successfully provided innovative and disruptive fintech solutions to over 3500+ Corporates Clients and has Merchant Partner Relationship with over 8500 + merchants and has 3.5 million users. Their eminent list of clients includes Microsoft, Vodafone, Samsung, Zydus, Star Health Insurance, Hiranandani and many others.
Talking to Express Computer, Raj N Phani, founder and Chairman, tells us about his voyage ahead.
How do you think is the Fintech sector is going to upsurge in the near future?
The digital payments industry will give a big boost to the economy because Partners, FinTech Players and Merchants are urging people to go cashless. Banks have also been asked to use disinfectants on cash notes while dealing with transactions. The impact on payment apps is not yet clear as the country’s financial system is already reeling under the burden of Yes Bank’s collapse. On the whole, caution and a wait-a-watch approach are clouding the mood within the world of start-ups.
What is the exclusiveness of your startup, that’s unique from other gigantic players in the market?
This is Demonetization 2.0 for Digital Process Transformation and Zaggle will play a Crucial Role since Employee Reimbursement and Expense Management Automation & Digitization will Save upto 80% cost. Companies will have to ensure overall Manual Process Automation to rationalize the cost since digital solutions are cost-saving and efficient.
Zaggle has been winning new client contracts in spite of the sales teams and clients working from home because companies have now realized how important is it to quickly digitize processes to save cost and be efficient. Zaggle sees 100% growth in business in the next 9 to 12 months and it will only increase since the digital adoption will be the new mantra from most of the companies.
What is the latest mode of technology that you are catering to?
Zaggle is an award-winning Fintech company digitizing spends to unlock value and drive business growth. Zaggle uses Deep Tech and Artificial Intelligence to provide platform solutions to businesses for expense management & employee reimbursements as well as for Rewards & Recognition.
Zaggle deploys cutting edge technologies AI (Artificial Intelligence), ML (Machine Learning) and OCR (Optical Character Recognition) in providing seamless experience to businesses and users.
How important do you think is it for people to rely on technology? Are there any major follies per se?
Today is the era of technology, you are nobody without technology, Online Presence is a compulsion for running any business. Technology has improved our lives and the present things are now better, faster, easier and more convenient and everyone is getting used to it. The birth technology has brought Fintech or the era of digitalization that we are living up to.
Coming to the financial perspective, are you a bootstrapped venture? If not, kindly elucidate on the nature and amount of funding raised.
Yes, we are a funded company.
What are your immediate and long-term milestones like?
Short term milestone would be managing losses with speed and adequacy where we have to do cut staff cost if required,
Zaggle will be hiring 100 New Employees in the next 12 months because we see this as an opportunity to hire good talent since there are mass layoffs happening around. We are going to see a minimum of 100% growth in the next 12 months because CXO’s are realizing the Value of Process Digitization and Zaggle being an enabler will see the maximum growth.
Lastly, any words of advice for the wantrepreneurs?
So, looking at the current situation the wait could be long so there isn’t any right or better time it is the right time to start the venture but cut the budget and ensure that if you wanted to start today you should have started yesterday. Make sure your venture can create an impact on the economy, use this time to reach out to the clients to help them save more and do more and more business.
Launch before you feel ready. If you wait until your product or service feels perfect, someone else will already be doing a better job of helping your customers solve their problems. Validate your business idea by launching fast, bringing on a small group of paying customers and adapting to make your solution great for them over time. The right availability of Technology, capital investment, emergence of government policies and an entrepreneurial and innovative mind-set are the ones to grow.