With the Rupee slumping to an all-time low, the Indian economy is not looking very buoyant. The great Indian success story also has dampened to an extent with growth rates hobbling along at under 6%. This might paint a gloomy picture but it is a good time to startup. With 37 incubators, 43 angel networks and 111 VC firms and growing, there is ample amount of support to startup. This is nowhere close to kind of support a startup would get in the western countries but the situation here is improving very fast.
As a subject of this article, I’ll write about 5 startups in the finance field whom we’ve covered and look promising to create waves.
1) SecureNow: Based out of the capital of India, Delhi, SecureNow is a full-service insurance broking firm founded by a very experienced trio: Abhisek Bondia, Kapil Mehta and Amit Sinha. There have been enormous number of instances of mis-sold insurances and the founders, who were witness to many wanted to change this scenario. As it has been only 12 years since insurance got privatized in India, there is a long way to go before people are well insured with the right insurances. With a huge market to pounce upon, SecureNow is definitely one to look out for.
2) MoneyIvy: A startup that everyone would love to have services from; MoneyIvy is a tool to simplify your personal finances. Founded by two ISB alumni and an IT veteran, MoneyIvy is a do-it-yourself personal finance platform with both online and offline presence. With a goal of simplifying everything related to personal finance, MoneyIvy is building a fiancnial product comparison platform that can be used by everyone.
3) ClearTax: Income Tax Filings. A very repulsive task but inevitable in every working professional’s life. Again, founded by two techies and a senior member to guide the team, ClearTax has a solid core foundation. With features like Form 16-autoread, complete & robust tax engine and a simple interface to support, ClearTax makes it as easy as it can be for a person to file taxes. ClearTax is clearly not the only one doing this in the market but there is a huge market size and they’re trying to increase their share. Currently, most of their business comes through B2B but they’re trying to open up other streams as well.
4) InGovern: With an investment from Infosys veteran Mohandas Pai, InGovern has managed to make a very reputable name for itself. Ingovern Research Pvt. Ltd. is India’s first proxy advisory firm assisting institutional investors – mutual funds, insurance companies, foreign institutional investors. InGovern is founded by Shriram Subhramanian and Usha who have a cumulative experience of more than 25 years in this field. With a marketing partnership with Broadridge, the world leader in proxy vote processing, InGovern is definitely one to look out for.
5) AGacquisitions & Co.: Founded by two young brothers, Kanishk and Harsh Agarwal, who’ve braved the investment banking world and have taken up an even bigger challenge of running an investment bank themselves, AGacquisitions is a bold startup. The bank has developed a potent network of global investors and clients which enable them to take on riskier and unconventional transactions. Playing the high-risk card, AGaquisitions have addressed the main-street banking needs and would now address the wall-street banking needs of their clients.