How This Bangalore-based Startup Aims to Drive Paperless Business Processes Digio scooped $400,000 in pre-series A funding led by Rainmatter Technologies last week
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Sanket Nayak was working for ZipDial, which later got acquired by Twitter, where he saw the sheer productivity loss of sales and account management managers at telcos just to get signed documents. Prior to it, being a core early employee at HighMark Credit Bureau, he saw the expensive and super inefficient KYC processes in the BFSI industry first hand.
Sanket wanted to get rid of this burgeoning, repetitive and redundant processes, which made the KYC processes across the user lifecycle even more expensive and cumbersome. Co-founder Abhinav Parashar was a tech lead at Flipkart when he was smitten by the entire idea of singular identity platform offered to a billion plus people, which could potentially be leveraged by engineers to engineer products and applications atop it.
Their combined experiences led them to form Digiotech Solutions Pvt. Ltd (Digio), a Bangalore based startup building products that aim to enable existing business processes (be it customer on-boarding or intra business functions like HR, Legal, Operations etc) go online and digital, and thereby, cut costs effectively.
The company's first product is a 1-Click Digital Signature Gateway built atop Aadhaar can be integrated with any application to enable its users to sign online. Currently over a billion of India's population has Aadhar card, which entitles them to get access to government benefits and is also a singular identity proof document.
Why work on products used for Aadhar?
"A singular identity for a billion plus people, with a policy backing across all central regulators in a conducive legal environment is something that definitely drew us closer to Aadhaar. Add to the visionaries' like Nandan Nilekani and Mr. Pramod Varma being instrumental in building the system and progressive governments like PM Modi's taking it to the grass-root level, in terms of adoption and applicability," Digio founders said.
Funding and future
The company managed to raise $400,000 in pre-series A funding led by Rainmatter Technologies and got founder Nithin Kamath as an advisor to the company. Nithin is also the co-founder of online brokerage firm Zerodha.
"Nithin being a disruptor himself, having questioned and nailed the status quo comes onboard as a great validation for our vision we set-out on. We are super proud and privileged to have a proven BIZ Experiences like Nithin onboard as a customer, investor, mentor and advisor and surely will gain from his understanding of the BFSI space," he said.
Digio intends to onboard 100+ customers in 12 months and power their customer onboarding process for service delivery in a paperless, presenceless, hassle-free manner, thereby, having zero overheads for businesses. The company's focus is to build the entire customer onboarding stack, solving one problem at a time; so that businesses (across Banking, Brokerage, Mutual Funds, Telcos, Fintech Startups) can focus on their core business and leave the customer onboarding piece to Digio to be dealt with in a completely frictionless yet compliant manner.
