All posts by : Empowering Indians

Fraud prevention software company RaptorX has raised Rs 4 crore in a pre-seed round from PeakXV Spark, EagleWings Ventures, and Point One Capital, among other marquee investors.

The round also saw participation from Lenskart Founder & CEO Peyush Bansal, Boat Co-founder & CMO Aman Gupta, and key angels (SVPs) from Google.

Founded by Pratyusha Vemuri, the funds will be used to build and enhance RaptorX’s AI and machine learning capabilities for applications in both banking and e-commerce.

The company will use the fresh funds to expand its team by bringing on key talent aligning with its mission and culture. Some funds will be used to improve integrations with payment gateways, e-commerce platforms, and banking systems. Additionally, RaptorX will invest in customer onboarding, training, and support to encourage user adoption.

“This funding allows us to advance RaptorX’s team and capabilities to help businesses uncover unknown fraud patterns, minimize losses, and create trust with their customers. Our mission is to provide a proactive, AI-driven fraud prevention platform that transforms how industries manage risk,” said Pratyusha Vemuri, CEO of RaptorX

RaptorX operates at the intersection of Fintech, Regtech, E-commerce, and Artificial Intelligence, focusing on fraud prevention, anti-money laundering (AML), and customer risk intelligence. Fraud and financial crime cost businesses billions of dollars worldwide each year and present significant challenges due to their constantly evolving nature.

The company is designed to address challenges by providing predictive and real-time fraud detection, revealing hidden relationships, and enabling businesses to act proactively while ensuring compliance and operational efficiency.

Going forward, RaptorX will also look to expand its AI and machine learning capabilities for banking and e-commerce use cases. The boom in digital payments has resulted in increasingly complex fraud methods, making it harder for businesses to detect fraud in real-time while staying compliant with stringent regulations like AML, KYC, and transaction monitoring standards.

RaptorX’s goal is to develop scalable infrastructure for real-time transaction monitoring and e-commerce fraud prevention. The company also intends to launch dedicated Anti-Money Laundering (AML) modules for payment screening and mule detection.

The global fraud detection and AML market is expected to surpass $129 billion by 2030, driven by rapid adoption in the banking and e-commerce sectors.

“Just over the last eight months, RaptorX has not only built out a innovative solution, but also has successfully completed POCs for pilot customers in banking and e-commerce. It has built a robust AI framework capable of detecting fraud rings, layered laundering, and collusion networks and has gained significant traction with a strong pipeline of key customers,” said Peyush Bansal, Founder and CEO of Lenskart.

In the next 3 years, RaptorX plans to deepen its penetration in the e-commerce and banking markets across India and Southeast Asia. It also plans to launch new AI modules for return frauds, mule detection, and real-time payment screening.

It has already put in strategic levers to help scale to ₹200+ crore in annual revenue with a focus on ARR growth over the next few years. With these growth levers in place, RaptorX plans to expand to 50+ enterprise customers, handling over 1 billion monthly transactions.
Awards and Patents:

• Top 50 deep tech finalists in the prestigious deep tech competition of Singapore selected amongst 7000 world wide startups
• CSI Outstanding Cyber Security Startup of the Year
• Digital Fraud Prevention solution of the year
• Cyber Security Rising Star of the year
• 10 deep-tech patents filed within 7months

Kiko Live, a SaaS platform designed to provide neighborhood stores with a digital storefront and facilitate Quick Commerce, has reached a significant milestone by enabling half a million orders for kirana stores on the ONDC platform in under 11 months.

The Open Network for Digital Commerce (ONDC) is an initiative by the Government of India aimed at creating an open e-commerce network that connects shoppers, platforms, and retailers. The initiative was launched in December 2021, featuring over 570,000 sellers within its network and processing around 200,000 orders daily across various categories, with food being the most popular.

Kiko Live, which launched on the ONDC platform earlier this year, has become a leading player in enabling kiranas for quick commerce and helping them provide a digital shopping experience for their customers.

Kiko Live has empowered over 1,000 neighborhood stores in Delhi/NCR to offer digital ordering and integrated logistics for quick commerce. Some of these stores are now processing more than 100 orders a day. Additionally, Kiko Live stores in Bangalore will soon be available for quick commerce, as the onboarding process is currently in full swing.

Alok Chawla, Co-Founder, Kiko Live, said, “We have seen that customers continue to have loyalty to their neighborhood store for various reasons, including availability of fresh items, long term relations with the families and also convenience of ordering as required and settling the bills at the end of the month.”

The company has found that Kirana stores are losing business from their loyal customers who prefer home delivery orders to dark store-led quick commerce players. This shift is largely due to the lack of a digital buying interface with trackable, quick deliveries offered by kiranas.

Customers often find it inconvenient to place orders over the phone or via WhatsApp with their local stores. Consequently, even those who typically remain loyal to their neighborhood shops for in-person purchases are now turning to other online platforms for their home delivery needs.

“With this learning, we are also shortly launching a COD feature to order from your neighborhood stores, and the store can either collect payment directly through UPI, or add the amount to the customers monthly ledger or “khata” to be settled later. This will also help the store, as well as the customers to have a detailed downloadable MIS of items ordered, to avoid disputes in the monthly billed amounts,” he added.

Kiko Live has received approval to launch its own Buyer App on the ONDC platform. Customers will now be able to order from their local stores using the Kiko Live Buyer App. The app will feature a chat-based shopping experience, allowing buyers to interact with stores. It will be powered by AI, which will display a shopping list and suggest items that can be easily added to the cart for a seamless checkout process.

The company plans to launch its buyer app soon in smaller and tier 2 towns, where dark store-led quick commerce is not practical. Other quick commerce applications will also be able to integrate with our store inventory in these markets, allowing them to fulfill orders without needing to establish dark stores or rely on a limited selection of SKUs. They will be able to access a wide range of long-tail SKUs from our retailer network.

POP, India’s new and emerging UPI app enabling D2C merchant focused rewards, has partnered with BookMyShow and Team Innovation to offer exclusive tickets for Karan Aujla’s show.

The “It Was All A Dream” global concert is selling tickets at unprecedented prices, reaching as high as ₹15 lakhs. In response, POP has introduced a smart alternative for fans.

The YES BANK POP-CLUB Credit Card offers cardholders exclusive access to upcoming shows by the “Tauba Tauba” singer in Chandigarh, Bengaluru, New Delhi, Mumbai, and four other cities.

Tickets for the Chandigarh show on December 7 will be available starting at Rs. 9,999. The Delhi performances on December 15, 17, and 19 can be purchased starting at Rs. 5,999. The Mumbai show on December 21 will also have tickets available from Rs. 5,999, all available exclusively to the YES BANK POP-CLUB cardholders.

Cardholders can enjoy an exclusive 10% discount on tickets for shows in select cities such as Bengaluru, Mumbai, Hyderabad, Kolkata, Ahmedabad, and Jaipur.

“We’re not just offering a credit card; we’re providing access to experiences that money seemingly can’t buy,” said Rajat Mittal, Business Head at POP. “While others are paying steep prices in the secondary market, POP credit card holders get privileged access to tickets that are priced below Rs. 10,000 which are sold-out”

To benefit new applicants, POP plans to expedite the card approval process, ensuring that they receive their cards in time to book in-demand tickets. Applicants are required to apply for the card through the POP app or on the website getpopcard.co.

And this is just the beginning, according to Bhargav Errangi, Founder & CEO of POP, “we want the POP Credit Card to be your VIP pass to the hottest events in town apart from being your everyday-go-to card. From concerts to exclusive fan meets, early access to ticket sales, and special event privileges – we’re making sure you never miss out on the experiences you love.”

Special tickets will be available for cardholders on the BookMyShow website and mobile app starting from 25 November 2024.

Beyond Concert Access: India’s most rewarding RuPay card

The YES BANK POP-CLUB Credit Card is India’s most rewarding co-branded credit card, offering:

– 10% POPcoins back on all online transactions
– 2% POPcoins on offline transactions
– Extra 5% POPcoins on POP UPI spends when linking the RuPay Card
– Zero joining fees with welcome benefits worth ₹5,000

Unlock Exclusive Partner Vouchers
Your POPcoins work extra hard to upgrade your lifestyle! We’ve partnered with India’s most-loved lifestyle brands like Cleartrip, Zomato, Blinkit, PharmEasy, Cult.fit, and Rapido. So whether you’re booking flights, ordering food, restocking essentials, staying fit, or just zipping across town – your POPcoins turn into real savings on things you’re already spending on!

RuPay + UPI Integration

As a RuPay-powered card, it offers credit card functionality through UPI, bringing together the convenience of both payment methods. Cardholders can make UPI payments using their RuPay credit card, earning POPcoins on every transaction.

Derive Real Value with POPcoins

The card’s POPcoins program keeps it simple: 1 POPcoin equals ₹1 (on POPshop). These POPcoins can be redeemed across 500+ brands, creating value with every purchase. You can convert your POPcoins to exclusive partner vouchers at a rate of 4 POPcoins = ₹1, unlocking even more value.

DesignX, a startup transforming the manufacturing industry digitally, has announced it raised $1 million in a pre-series A funding from Piper Serica Angel Fund. In 2021, the company had raised $300,000 in equity from Modular Capital, Accel, and a few manufacturing industry veterans.

Founded by engineering graduates and manufacturing veterans— Rajat Srivastava and Nishant Srivastava, DesignX focuses on hyper-automation for manufacturing shop floors. Its product — The Df-OS platform, helps Lighthouse factories enhance productivity and sustainability through real-time data analytics. It benefits sectors like automotive, FMCG, and consumer electronics by reducing waste and lowering carbon footprints.

DesignX aims to transform manufacturing with minimal infrastructure investment, akin to the impacts of UPI and 4G technologies.

With the fresh funding in Kitty, DesignX plans to expand its Df-OS in key markets like APAC, Japan, and Europe. This capital will help factories achieve Lighthouse status, focusing on AI-driven analytics and sustainability. The initiative aims to enhance product development and disrupt global manufacturing processes as part of DesignX’s mission to “Disrupt without Disruption.”

Commenting on the new funding round, Rajat Srivastava, CEO and Co-Founder of DesignX, said, “We started with an idea that has now taken shape as a powerful product that will redefine global manufacturing. This funding will help ensure the world knows about our innovative solutions.”

Nishant Srivastava, CTO and Co-Founder, added, “DesignX is committed to building advanced technology for the manufacturing industry. The new investment will enhance our Df-OS application, ensuring improved performance and faster adoption.”

With a decade-long commitment to Industry 4.0, DesignX has partnered with major industry players, such as Unilever, Hero Moto, and Dabur.

Ajay Modi, Investment Director at Piper Serica, remarked, “India is at the cusp of a manufacturing revolution. DesignX’s Df-OS offers a flexible, cost-efficient solution that understands manufacturing processes better than ever. We are excited about the potential of this tool and the strong demand we foresee in the manufacturing ecosystem.”

Digital transformation poses significant challenges for many manufacturers due to outdated processes and insufficient infrastructure. DesignX’s Df-OS tackles these issues by significantly reducing both the time and cost involved in transforming factory processes. This enables manufacturers to quickly adapt to contemporary demands.

The factory process application market is experiencing significant growth, currently valued at approximately $34 billion annually. DesignX is well- positioned to capture 50% share of this market over the next 7 to 10 years.

In the past three years, DesignX has successfully digitized over 10,000 processes across more than 500 factories, connecting over 1,400 machines in real time and securing more than 405 customers. Looking ahead, the company aims to double its customer base, expand into new regions, and achieve significant annual reductions in CO2 emissions through optimized manufacturing processes.

Rio, a fast-growing fintech platform, has announced the launch of its UPI app, providing users with seamless access to credit for UPI payments. In parallel, Rio has partnered with YES BANK, and NPCI to introduce the co-branded YES BANK Rio RuPay Credit Card. This partnership aims to revolutionize the way consumers access and use credit, combining the benefits of credit with the ease and ubiquity of UPI.

The YES BANK Rio RuPay Credit Card allows users to make purchases via UPI at over 100 million merchant locations across India. It is designed for the modern consumer, offering exclusive rewards, no fees, and a credit limit of up to ₹5 lakh.

This partnership aims to cater to the growing demand for accessible and efficient financial solutions, particularly in Tier 2 and Tier 3 cities. Within a month of its beta launch, Rio received applications from over 244 cities across India, with 60% from Tier 2 and Tier 3 cities, highlighting the growing demand for high-quality products outside major cities.

Rio’s app is set to become one of the first platforms to seamlessly integrate credit benefits into UPI payments. The app simplifies daily transactions while offering users personalized rewards and exclusive deals through its “Know Your Offers” feature, which can be instantly redeemed. This innovative solution positions Rio as a leader in UPI-enabled credit, with over 10,000 downloads already recorded during its beta launch.

Ms. Riya Bhattacharya, Co-founder and CEO of Rio Money, expressed her vision: “Rio will become the favourite UPI App for millions of users in India that lead an aspirational lifestyle and love affordability products. We are building a brand that they love and use everyday. The Credit Card is just the beginning of how we aim to integrate credit with UPI to transform consumer finance in India. With the launch of Credit-on-UPI, we are pioneering a lifestyle product that will redefine cash flow management for 600 million Indians. We expect this market to grow into a $350 billion opportunity, subsuming other credit and payment products.”

As UPI transactions are poised to increase tenfold from 0.5 billion daily transactions, Rio is positioned to be a key enabler of credit products via UPI and will cater to over 100 million users in the next five years.

Mr. Anil Singh, Country Head – Credit Cards and Merchant Acquiring, Yes Bank, expressed his excitement: “We are thrilled to offer this co-branded credit card to Rio users. It’s truly the credit card of choice, linking with UPI and unlocking the true potential of payments. The credit card provides rich benefits in the form of simple cashbacks and a host of exciting offers which are compelling for users for their regular spends.”

Mr. Nalin Bansal, Chief of Corporate and Fintech Relationships and Key Initiatives at NPCI expressed his enthusiasm: “We are happy to partner with the energetic team at Rio, one of the new Fintechs who have successfully launched a Credit focused product on UPI. While they are going to drive penetration through cashbacks and other benefits, their value proposition focused on new consumer acquisition through Friends and Family, we believe will drive a lot of responsible credit uptake.”

With UPI-led credit cards becoming increasingly popular, Rio is poised to capture a large share of this burgeoning market. Experts estimate that credit on UPI will outgrow traditional credit products, creating a $1 trillion opportunity by 2030.

Currently, UPI is accepted at over 100 million merchant locations compared to only ten million POS machines that support traditional credit cards. UPI led credit is already exhibiting a very high user adoption rate, the largest listed Credit card issuer seeing 50% growth quarter-on-quarter.

Credit has almost doubled this festive season largely led by Credit Cards and Buy Now, Pay Later (BNPL) options for D2C brands on GoKwik’s network.  The preference for credit surged from 3.49% to 6.9% this year thus indicating healthy economic performance and increased consumer sentiment.

This Diwali sale period shoppers showcased a higher preference for prepaid payment modes with a 13% surge in prepaid orders compared to last year. On the contrary, cash on delivery (COD) orders saw an 8% dip in the same period, reveals GoKwik, India’s leading eCommerce enabler that helps brands improve profits and efficiency by reducing COD orders.

COD (Cash on Delivery) is a payment method where customers pay upon receiving their goods. This can build trust with buyers wary of online payments, especially in areas with fraud concerns. While COD enables businesses to access a wider customer base in Tier 2 and Tier 3 regions, it can also cause cash flow delays, higher return rates, and increased logistical costs, potentially impacting profitability.
However, COD in India still continues to be dominant at 46% followed by UPI at 44%.

“Affordability has always been a key driver for eCommerce growth in India, with shoppers opting for more flexible payment choices. We’ve been focused on building an ecosystem that supports this innate need among Indian shoppers. By offering multiple prepaid options on our checkout, we have not only provided more affordable payment choices to shoppers, but also provided greater control to merchants over their growth. Having a higher prepaid share of orders helps brands mitigate the impact of return to origin (RTO) and enables profitable growth for them. Our efforts in this direction have started to show the much needed shift in consumer preference,” said Chirag Taneja, Co-Founder and CEO, GoKwik.

Categories such as footwear and fashion have seen the highest preference for credit-based prepaid payments while certain other categories like beauty and personal care continued to show high preference for COD.

Another interesting trend during this festive period is the shift in consumer preference from COD to credit payment options such as credit cards and BNPL in tier 3 cities.

Rohit Prasad, MD & CEO, Easebuzz, added, “We are happy to support GoKwik during this festive sale period. With an exceptional 99.9% uptime, Easebuzz platform empowered D2C brands manage millions of transactions without any downtimes, a crucial advantage during peak shopping periods. Our extensive payment acceptance methods, affordability suite with BNPL & EMI options, coupons and rewards during checkout helped these brands deliver a superior shopping experience for their customers.”

While overall Average Order Value (AOV) rose by a nominal 3% during this period, categories like fashion and jewellery saw particularly strong growth at 15% and 13% respectively. Categories with high AOV products like electronics saw a 36% increase in credit card payments and a 27% increase in BNPL, showing that shoppers prefer these payment methods for high-value purchases.

GoKwik houses over 10000 brands in its network including Lenskart, Neemans, Man Matters, Shoppers Stop, etc, ranging from fashion, beauty, health and nutrition, electronics and other key categories of the online shopping space. The eCommerce enabler houses over 120Mn shoppers in its network of D2C brands.

GetVantage, India’s leading embedded finance and working capital platform, announced investments in the logistics sector, providing INR 1.8 Cr in growth capital each to three prominent logistics startups: Celcius Logistics, Ohm Logistics, and Fitsol. This funding arrives at a pivotal time as logistics businesses operate at full capacity to meet the high demand during the festive season.

GetVantage funds through its liscensed NBFC GetGrowth Capital, and its AIF Venture Finance Fund with Varanium Capital, among other partner NBFCs.

The logistics sector has seen significant momentum in recent months, driven by the increasing needs of emerging local brand startups and other businesses preparing for the festive rush along with the Travel industry. This fresh round of growth financing will enable Celcius, Ohm, and Fitsol to scale their operations and meet working capital requirements to cater to the growing demand from businesses across sectors.

On the investment, Bhavik Vasa, Founder of GetVantage, said “The logistics industry is set to play a critical role in supporting India’s $5.5 trillion GDP economic ambitions. GetVantage is empowering the next generation of innovators by fueling their growth at a critical juncture with non-dilutive capital. Our commitment to Celcius, Ohm, and Fitsol demonstrates our belief in the future of clean tech and green energy in logistics. Together, we’re driving sustainable solutions to meet soaring market demand, underlining its significance in both domestic and international markets. We are thrilled to be a part of this massive transformation in the sector by backing innovative yet high revenue-generating companies.”

Swarup Bose, CEO & Founder of Celcius Logistics, added, “At Celcius, our mission is to make cold chain logistics more efficient and reliable through the use of technology. We aim to build a strong ecosystem that ensures the safe and timely delivery of temperature-sensitive goods throughout the country, whether it’s food, pharmaceuticals, or other perishables. GetVantage has been a partner with us in this journey and we look forward to more associations.”

Anand Pathak, Founder of Fitsol, also shared, “Fitsol is a decarbonization partner for manufacturing companies and we want to reduce 1 bn ton of CO2 from the supply chain. To achieve this goal, we partnered with GetVantage for working capital and it was a great experience working with their team. They were quick to respond, adhering to the time commitment of delivery.”

India’s logistics sector continues to evolve, integrating technology and automation to offer efficient supply chain solutions for domestic and global merchants alike. The country now ranks 38th out of 139 on the Logistics Performance Index, highlighting the importance of this industry.

Contributing 13-14% of the national GDP and employing over 22 million people, the logistics sector plays a vital role in the nation’s economy. Continued investment in this space will foster a stronger, more connected supply chain ecosystem, fueling further economic growth.

Berrylush, a leading women’s western fashion brand, has announced a strategic partnership with GoKwik, a leading e-commerce enablement platform, to enhance its online presence and accelerate growth.

This partnership with GoKwik will help Berrylush double its order volume and revenue by 2025 by offering a superior shopping experience to its customers while expanding its D2C footprint across deeper Indian regions.

Alok Paul, Co-founder and COO of Berrylush, stated,“In India’s fast-evolving e-commerce landscape, ensuring a seamless customer experience and reducing RTOs are crucial for sustainable growth. With GoKwik’s innovative solutions, we are already witnessing positive shifts. In just 15 days, we have seen significant progress toward achieving our objectives, and we anticipate a substantial reduction in drop-offs and RTO rates. As e-commerce continues to grow, addressing RTOs will be essential for maintaining profitability and customer satisfaction.”

Berrylush has established itself as a leading player in the Omnichannel fashion industry, aiming to clock a INR 100 Cr revenue this fiscal year. It will utilise GoKwik’s 120Mn shopper network, the deepest in India to provide eCommerce shoppers with an enhanced experience across the checkout funnel and beyond. With its robust tech and data science-backed intelligence, Berrylush aims to boost COD GMV while reducing returns before delivery.

Chirag Taneja, Co-founder and CEO of GoKwik, added, “Berrylush, is a brand that has truly mastered the art of connecting with today’s fashion-conscious shoppers. They have been growing steadily and have ambitious plans for the next year. We look forward to supporting them in bringing those growth plans to fruition through our solutions. Excited to witness and enable their upward journey from here on!”

Following the successful launch of GoKwik’s solution on their website, Berrylush plans to integrate the system into their mobile app, further aiming to reduce drop-offs by 20% and RTOs by 50%. With GoKwik’s support, Berrylush anticipates a smooth transition and continued growth in the months ahead.

GoKwik houses over 10000 eCommerce brands in its network including Lenskart, Neemans, Man Matters, Shoppers Stop, etc, ranging from fashion, beauty, health and nutrition, electronics and other key categories of the online shopping space. The company recently announced global expansion with the acquisition of Return Prime, a Shopify app to manage returns for eCommerce brands.

Berrylush, who has been bootstrapped till now, plans to raise funds to scale operations. It also plans to record a 7% EBITDA profit this fiscal year.