IT TAKES 2-3 YEARS FOR A STARTUP TO FIGURE OUT WHETHER IT CAN SURVIVE OR NOT, SAYS VIVEK NAIDU - The Daily Guardian
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IT TAKES 2-3 YEARS FOR A STARTUP TO FIGURE OUT WHETHER IT CAN SURVIVE OR NOT, SAYS VIVEK NAIDU

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NewsX was recently joined by Vivek Naidu, Founder & MD, Hotfoot Technology Solutions, for an exclusive conversation as a part of its special series, NewsX India A-list where he talked about his startup organisation, its role in the financial technology sector and the way it’s revolutionising lending in the country.

Talking about his organisation, Naidu shared, “Hotfoot is the company and RAPID is our origination to disbursement platform. It’s fundamentally focused on digitisation and automation of the entire loan cycle. Until recently, most of the decisions on the eligibility of loans was a manual process, what it meant was that an individual or a group of individuals would use their discretion within the lending organisation to grant a loan. This was a valuable process until we got to become a data-rich country and now the amount of data that’s out there, it’s not feasible for an individual to incorporate all that data within a given short span of time and also give a consistent decision. This is where we come in. Our platform is built for customers at the top of the pyramid, who have all the documentary evidence of income, and is also built for those customers who are at the bottom of the pyramid and do not have documentary proof of income. Our platform will ensure that the entire lending experience and quality of the service will be the same, irrespective of the wherein the income period, the customer or the borrower falls.”

On revolutionising the way lending is done in our country, he said, “Until recently, people used to think that customers with a lot of documents to prove their incomes are the best and the most creditworthy, the decision is mixed because you have customers who pay very well and customers who don’t. In the last couple of years, we’ve learnt that customers who don’t have the documentary proof of income, are sometimes better in terms of credit quality. Assuming that there is a large corporate which has all the documents that they need to apply for a loan at the top of the pyramid or there’s a salaried individual at the top. The other end of the spectrum you have maids, Kirana shop owners, taxi drivers who predominantly deal in cash. Off late, the digital economy has kicked in but they don’t have documentary proof of income and then you tend to think that just because they can’t prove it on paper, they can’t pay. For example, if we take the microfinance industry, the delinquencies or the rate at which these customers don’t pay is phenomenally low as compared to customers who can prove they can pay on paper. That’s the differentiation.”

Speaking about managing the aspect of security for those who don’t have papers to prove their income, Naidu said, “Aspect of security kicks in at a time when fundamentally a borrower takes a loan, you rely on the cash flow to get your loan back, the security is only a fallback. Traditionally, in the Indian ecosystem, recovering money from security is not very easy. These customers are better because they have a much more vibrant cash flow using which they can pay their loans and why the delinquency is lower. So, if you lend to the Kirana shop, he will ensure that he pays the loan and stocks up again so that his business keeps going.”

Talking about Hotfoot’s enhanced SAS version of RAPID, he said, “Technology spends are generally large in a lot of organisations. Our SAS model on RAPID is an operating model, it is an Opex model where the lender who takes the platform will have to pay only for the number of applications that they process on the platform. What this means, Firstly, there’s loan capital investment and not much of investment needs to be done upfront. Secondly, they can set up and go to the market in a couple of weeks compared to the months it usually stays. More importantly, the benefit is that a large platform like this is available to the big lenders because of the capital spent. By this model, we will make it available to the small lending organisations, which will have the same technology play and they can also up their game and compete against the biggies. As a part of the rollout, every time we improve our platform, they automatically get access to all the enhancements.”

On Hotfoot’s achievements, Naidu said, “We’ve built a platform which caters to the complex part of the credit eligibility underwriting. So, we’ve done this in the space of affordable housing, all the SME loans, vehicle loans, and microfinance. For the last two years, we’ve been judged as the best lending platform by Banking Frontiers. More importantly, we’ve survived Covid-19 and have grown this year. We’ve added customers and employees and there haven’t been any salary cuts for all the employees.”

Speaking about the vision for Hotfoot, he said, “We want to be the one-stop-shop for all the lending needs of our customers, from the origination of a loan to disbursement, and collections. We want our customers to focus on the credit risk and to bring the capital to lend and Hotfoot will take care of all other aspects of the loan.”

Talking about the various regulations in our country, Naidu said, “Regulations in our country is exhausting but with good reason as there’s a lot of public money involved. I don’t think regulation is a problem but consistency in regulation would help us. The regulatory framework, especially, those related to data change so frequently and so fast that all the investments we make, before we are able to monetise it, things change again and we have to reinvest.”

Offering some solution for the inconsistency of regulations, he said, “I think change is inevitable and some changes are good but that’s not the problem. What organisations need is time to adapt to those changes. If it’s announced in a roadmap manner, hopefully, we are not reactive. There are going to be outliers in the technology world. Compared to the rest of the world, the framework under which we work is phenomenal and we are probably a decade ahead of many of the developed countries in terms of data framework. So, the enforcement should be a little bit more phased.”

Talking about the USP of his organisation, Naidu said, “It’s our people. There’s hardly any technology player in the fintech space who understands the domain of lending as much as we do. We have created a wonderful marriage with an outstanding application of technology and have an intricate understanding of the loan process, which makes us unique and successful.”

Commenting on the growth of Hotfoot, he said, “We’ve done better than our expectations. As a startup, it takes around two to three years to really figure out whether you can survive. I think we’ve survived, grown at a CAGR of 115% every year. We’ve been on target to break even and I think 2021-22 will be the year we achieve escape velocity, which means with the SAS piece coming in, we’ll scale the business enormously.”

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ART EXHIBITION UNRAVELS DICHOTOMY, MULTIPLICITY OF URBAN LANDSCAPE

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On a busy Saturday evening at the Triveni Kala Sangam in New Delhi, amidst the intellectual conversations, the setting sun and the aroma of filter coffee in the air, stood a shiny white exhibition room, with huge pieces of monochromatic art hung at the walls and people silently observing them, then murmuring something and then looking again.

A new art exhibition titled ‘Layered Dichotomy’ by Delhi-based artist Shruti Binay is being presented in this room at the Triveni Gallery, Mandi House, from November 21 to 30. Shruti, a young, budding artist, through this exhibition of paintings, drawings and mixed media works, attempts to “embrace life’s multiplicity”.

Talking about what inspired this collection, Shruti told ANI, “I am fascinated with the things around me. I stay in Gurgaon, so, for me, buildings, metro bridges, structures, architecture have always fascinated me. I have simplified those structures into lines and forms. I find the urban landscape interesting because I think I see life in it. You see the fabric in some of these paintings, that gives a different kind of life to the piece. In all my paintings you will see something moving, the sense of life is there in most of them.”

She added, “I have tried to include human forms as well because that is the best way to express myself, by connecting with my own self. Most of the paintings have been liked by people and I see the ones with human forms are being liked the most, as people most easily can connect to them.”

In the exhibition the theme of the collection revolves around dichotomy, and it could be seen and reflected in varied ways from one piece to another.

“I like to play with the medium, so in my paintings, you would see different layers created, with different kinds of textures such as paper, fabric, I’ve used tea bags and paper pulp, old paper. There’s a plane surface, and then there is a textured surface as well. Somewhere there is strength and somewhere it’s all worn out. Mostly they are monochromatic, with a wash-off look…but then some colours like blues, greens, reds stand out in other places. That’s the dichotomy I’ve tried to present,” she explained.

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URANUS COLLECTS OVER 2.5 TONS OF USED COOKING OIL TO TURN IT INTO BIODIESEL

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Providing a commercially viable solution to the food industry to dispose of its used cooking oils (UCO), Uranus Oil Corp, a Chennai-based startup in renewable energy and waste management solutions, collects UCO for a price and supplies them to manufacture biodiesel, a cleaner and greener form of diesel.

Uranus has recently set a record by collecting over 2.5 tonnes of UCO in a month from restaurants, hostels, canteens and other similar sources in and around Chennai. UCO poses a threat to human health, when consumed, and to the environment, when dumped untreated. Hence, the Food Safety and Standards Authority of India and Biodiesel Association of India, have recently launched the Repurpose UCO (RUCO) program, to prevent UCO from getting into the food supply chain or the environment, and to use it for producing biofuel.

Uranus is an authorised UCO aggregator, enrolled in the RUCO program. The company distributes ‘RUCO cans’ to hotels, hostels, canteens, and other such outlets to collect the UCO, and supplies the collected oil to Pan Oleo Energy Limited (formerly, DCI Limited), a large-scale biodiesel manufacturer and renewable energy company in Tamil Nadu, which converts UCO into biodiesel, a cleaner and greener form of diesel.

Uranus is scaling up its operations rapidly in order to collect about 15 tonnes of UCO per day by the end of 2022.

In his comments, Mr. Vasanth JB, Co-founder of Uranus Oil Corp, said, “Edible oils are the primary source of unsaturated fats and vitamin E in human diets. They are used in frying, baking, and other types of cooking and food preparations in restaurants, fast foods and households. However, when cooking oils are reheated again and again, they release toxic substances. These oils also increase free radicals in the body which in turn cause inflammation and various chronic diseases. If there is no alternative to collect UCO, they could find their way to smaller restaurants, dhabas, and street vendors or be discarded in an environmentally hazardous manner. Our model offers a commercially appealing and effective solution in this space.”

UCO is a key ingredient in making biofuel, specifically biodiesel which can be used as an alternative to conventional petrodiesel.

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Tiktok rival Lomotif launches in India

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With Tiktok’s ban in India, the country continues to witness a rise in content creators, who continue to experiment with short video formats, and apps that become a voice for them to showcase their talent, we have yet another popular US-based app: ‘Lomotif’ joins the bandwagon.

Featuring the currently popular short video format, the app has entered the Indian market at just about the right time with the space constantly evolving. Founded by Singapore-based Paul Yang in 2014, and acquired by ZASH Global Media and Entertainment, the app gives access to a global audience, and its patent technology allows users to immerse themselves in a super-engaging reel format of content. At the same time, with a comprehensive platform such as ‘Lomotif’, competitors should be alert because they are here to stand out.

Since TikTok was banned, the country has seen several local apps emerge and try to stir creators into telling their stories. LOMOTIF, firstly, does not just want the users to create their stories, but do so uniquely and in a way that will make their audience ‘move’ by just being themselves.

Secondly, they want the creators to create and foster global partnerships and that itself makes them a winner. So, with pre-build editing and mixing available and constant endeavors by the app creators to localize content for the Indian audience, we sure have a winner materialising.

‘We were very excited with the initial response to the beta testing of our app in India, which led to launching the app in India with the support from Socialkyte, our strategic partner. The content creation market is ever-growing and LOMOTIF will emerge as a platform where we can see a spirit of collaboration, build a community of creators who want to showcase their realness via their content and a source of entertainment for the viewers. I thoroughly enjoyed the launch and the response was overwhelming.’ says Ted Farnsworth, Chairman & Co-Founder of ZASH Global Media and Entertainment.

Gurjot Batra, Co-founder of Socialkyte says “We always believed Lomotif would be a huge success in India and to see our initial response from the Indian market even exceeded our expectations.”

Vidur Mahajan & Bharat Agarwal, co-founders of Socialkyte added, “We believe collaborations are the new economy and are very excited to bring the Lomotif platform to our creators. The app’s advanced editing tools will truly help them explore their talents”

Interestingly, with a soft launch, they have already kickstarted and initiated a dance-off challenge with none other than the Dance King himself i.e. Remo D’souza. They also had several exciting challenges executed like a #DanceRemix with Shakti Mohan spearheading the same. Several artists have already started using the app to launch their music videos.

On a side note, Socialkyte will enable access to their network of 100,000 influencers collaborating and growing together. They have a specialised dashboard with advanced filters that enables brands to find the right creators for their campaigns. With these common goals and interests, this partnership is bound to be a successful one. Taking all of this into consideration, it’s evident that their vision is simple: to get creators to create diversified and unique content to grow exponentially.

The launch this weekend was spearheaded with Ted Farnsworth, highlighting the app features alongwith popular actors like Asim Riaz, Ravi Kishen, Sanjeeda Sheikh, Adaa Khan, Vikkas Manaktala, YouTuber Anushka Sen and singer Tulsi Kumar. The launch also saw singers Shirley Sethia and Guru Randhawa rocking the stage with their performances.

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OUR USP IS TIMELESSNESS: ROHINI SINGH GUPTA, CO-FOUNDER, JUST CHIFFONS

In an exclusive interview with NewsX as part of NewsX India A-List, Rohini Singh Gupta opened up about her brand Just Chiffons, the USP of her company and much more.

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Rohini Singh Gupta, Co-founder, Just Chiffons, recently joined NewsX for an interview as a part of NewsX India A-list. In the exclusive interview, she opened up about her brand Just Chiffons, the USP of her company and much more. Excerpts:

Speaking about her brand Just Chiffons, Rohini said, “Just Chiffons was started by my mother. She wanted to look for nice chiffons for herself in Indore. She could not find it in the market and so she thought she might as well design herself and started making a few. The relatives started coming in and said, ‘it looks so nice, give it to us,’ and that is how we traditionally started. Slowly and steadily, it has become a name in Indore and in India as well. “

Talking about her journey with the brand and how did she come on board, she reminisced, “I would accompany her in her errands the market and sit with her, the workers and just listen and observe. I also studied BSc so it was very different but I always have an interest in being with my mother all the time, when back home in Indore. I had that interest and slowly when I moved back to Indore after my studies, I started taking an even deeper interest. It came naturally sitting with her and talking about sarees and the colours, the designs. It came very naturally.”

When asked about the USP of Just Chiffons, “Basically, I feel our USP is timelessness. The chiffons are so versatile, yet classic. They can be worn over the period of time. It can be passed through generations. They are very elegant.”

Giving us an insight into the first exhibition of Just Chiffons and response over the years, she said “Over the years, initially people said, ‘oh this is back in fashion.’ We have actually revived it again and now they feel okay, it looks really nice. Another point is our price point. They are not that expensive and cost about 8 to 25 thousand, which is very much viable with everybody. The response has been really good. Since we have also launched our website last year and because of our Instagram and social media, it just come up. Slowly and steadily, we are gaining followers and are getting a lot of queries.”

Talking about the impact of Covid on Just Chiffons, she said, “Covid was obviously a shock for us. The first month, everything was cancelled. We didn’t know what to do but we have to look for the benefit of our artisans and our workers.”

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HUNAR HAAT CREATED NEWER OPPORTUNITIES FOR ARTISANS AND CRAFTSMEN: MUKHTAR NAQVI

With 300 stalls, this is the largest participation by the Union Ministry of Minority Affairs in the India International Trade Fair this year.

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Union Minister for Minority Affairs and Deputy Leader, Rajya Sabha, Mukhtar Abbas Naqvi, while speaking at the conclusion of the annual Hunar Haat event, said that the event had generated crores of rupees for artisans and craftsmen who were engaged in making indigenous products.

Union Minority Affairs Minister Mukhtar Abbas Naqvi at the event

Over 550 artisans and craftsmen from more than 30 States & UTs participated in the 33rd Hunar Haat

Crowd around the stalls of artisans and craftsmen at the event

Over 550 artisans and craftsmen from more than 30 States/UTs participated in the 33rd “Hunar Haat”, organised at India International Trade Fair at Pragati Maidan from 14 to 27 November.

While talking to reporters on the conclusion of Hunar Haat, Naqvi said that while people purchased indigenous exquisite handmade products worth crores of rupees, the artisans and craftsmen have also received orders worth crores of rupees from national as well as international buyers.

“Hunar Haat” was also awarded the prestigious IITF2021 Silver Medal for strengthening its commitment to “Vocal for Local” and its strong presence at Trade Fair.

According to Naqvi, Prime Minister Narendra Modi’s “mantra” of “Vocal for Local” and “Swadeshi to Swavlamban” have encouraged and promoted India’s traditional and ancestral legacy of handloom-handicraft.

With 300 stalls, this was the largest participation by the Union Ministry of Minority Affairs in the India International Trade Fair this year. Canara Bank had set up a stall in the “Hunar Haat” to provide easy loans to artisans and craftsmen for employment and self-employment.

Renowned artists such as Annu Kapoor, Vinod Rathore, Sudesh Bhosale, Roop Kumar Rathore and Sonali Rathore, Suresh Wadekar and Padma Wadekar, Amit Kumar, Mohit Khanna, Prem Bhatia, Osman Mir, Rekha Raaj, Vivek Mishra, Ankita Pathak, Priya Mallick, Bhupendra Singh Bhuppi, Mirza Sisters, Posh James and others made memorable spectacular performances every evening at “Hunar Haat”.

The minister said that Hunar Haat’s virtual and online platform, and GeM portal, have opened enormous opportunities for economic empowerment of artisans and craftsmen. More than 7 lakh artisans, craftsmen and people associated with them have been provided employment and employment opportunities through “Hunar Haat” in the last about 6 years.

The next “Hunar Haat” will be organised at Surat from11 to 20 December; JLN Stadium, New Delhi from 22 December 2021 to 2 January 2022. “Hunar Haats” will also be organised in Mysuru, Guwahati, Pune, Ahmedabad, Bhopal, Patna, Puducherry, Mumbai, Jammu, Chennai, Chandigarh, Agra, Prayagraj, Goa, Jaipur, Bengaluru, Kota, Sikkim, Srinagar, Leh, Shillong, Ranchi, Agartala and other places in the coming days.

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Vyapar app simplifies financial management for MSMEs

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Financial management is the key to business success. There’s no refuting this fact, but despite that, many business owners are simply not careful enough.

India has approximately 6.3 Crore MSMEs which contributes about 29 percent towards the GDP through its national and international trade. 70 percent of businesses in India are Micro, Small, and Medium-sized (MSMEs), and many business owners cannot cope with their business growth. Financial asset management is one of the contributing factors. In addition to that, many of them also struggle to keep up with digital systems that are supposed to ease the process but don’t actually do so. When they cannot afford better systems, hire qualified accountants and practice better financial management, they tend to lose control of their business.

To solve this issue, Vyapar App was launched in the year 2016 with the aim of making it easier for MSME business owners to run their businesses. Accounting can take a significant amount of their time, but they have comprehensive and accurate financial reports at the tips of their fingers with the app. Vyapar App is a business accounting application that helps the user store and access all their financial data in one place. In addition to offering an accounting solution, they also provide inventory tracking, customer and vendor management, invoice generation, barcode management, online cataloging, and even order tracking features.

Using Vyapar software you can send free transaction messages, payment reminders, generate E-way bills, delivery challan, generate financial reports and much more.

By providing so many features onto one software, they’ve enabled the growth of many MSME businesses in the country. Until now, many business owners would suffer because they had to use different applications for different purposes, which would lead to increased costs and efforts. But by using this easiest one-stop solution, they can manage their finances and get creative with it.

The software offers them the option to customise their dashboard and other feature of software as per their individual requirement. MSMEs have been able to present themselves professionally and see increased business as well.

One of the key points that many of their users talk about is that when the GST filing process was introduced, it was tough to manage it since you’d need an accountant with sound financial knowledge. But now, they can retrieve GST report directly from software in government prescribed format in excel. Later they can convert the excel file to JSON format using an offline utility tool available on GST portal. User can now upload the JSON file by logging in to GST portal.

This shows how the team at Vyapar Apps has taken the concerns of their users into account and adapted the software over time.

Overall, no other service in the market simplifies business and financial management for MSME business owners the way Vyapar App does. It’s available for download on the Play Store and can be done in two languages — English and Hindi. This will be a top-notch option if you’re looking to simplify financial management and grow your business.

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