Aadhar Based software firm Digio raises $400,000 in pre-series A funding
Delhi: Bengaluru-based Digiotech Solutions Pvt. Ltd, a software carrier that builds Aadhaar card-based items, has actually increased $400,000 in pre-series A funding led by Rainmatter Technologies, the company claimed on Thursday.
The company intends to make use of the funds for designating specialists for product advancement, team development and also enhancing item offerings.
Owner of Rainmatter, Nithin Kamath, will be joining Digiotech’s board of advisers.
Established in April by Abhinav Parashar and also Sanket Nayak, the company builds Aadhaar-based software application to digitize paperwork making it a paperless process.
The business released its first product, a digital signature portal in July. Anybody could make a signature by feeding in the Aadhaar number, complied with by two level of one-time-password (OTP) verification.
An Aadhaar card, released by the Unique Identification Authority of India (UIDAI), bears a unique 12-digit number that connects back to the card holder’s biometrics as well as serves as an evidence of identification as well as address.
Presently, over one billion population of India has an Aadhaar card, according to UIDAI internet site.
“Account opening can done online, consumers fill the form online , upload documents and also sign online in a legal, safe and secure as well as frictionless manner. This is applicable for banking, telecom, brokerage firm, mutual funds,” claimed Nayak.
Considering that July, Digiotech has piloted its digital signature gateway software application with 18 firms running in sectors such as fintech, realty, telecommunication, education and learning, to name a few. Around 60% of these are startups and the rest are huge enterprises.
The income design requires monthly subscription strategies of Rs.7,500 for 300 documents for start-ups and Rs.18,000-20,000 monthly subscription prepare for big enterprises for 750 documents. Files past the monthly limitations can be requested for trademark at approximately Rs.11-13 per file.
Paperless consumer on-boarding can equate to Rs.10,000 crore of financial savings in financial & telecommunications sector alone, over the following five years, in addition, digitization will cut expense overheads by 70%, said Nayak.
Over the following one year, Digiotech prepares to have 100 business using its software.
In addition, the business prepares to release software program concerning digitize consumer confirmation procedure by including video-based confirmation, biometrics and also geotagging. Presently a group of 3, Digio prepares to broaden to be a group of less than 20 by next year.
Digiotech deals with the Centre for Development of Advanced Computing, the research and development company under the division of electronics and information as its licensing authority and also details safety and security auditor.
Source : http://www.livemint.com/Companies/B63fGnBDqOnTg8BRznHmfM/Aadharbased-software-firm-Digio-raises-400000-in-preseri.html