Why is Paytm India's Top Startup?

Image
Paytm was launched in 2010 as an Indian start up. The original service of Paytm was to help users to make their bill payments and recharge mobile phones, while earning reward point. In this post we will see the reason why Paytm is considerd the top indian startup and get more details about this startup. What is Paytm? Paytm was founded by Vijay Shekhar Sharma, in Noida with an initial investment of $2 million. Paytm's parent company One97 Communications which is also owned by Vijay Shekhar Sharma was started in 2000 and operates into multiple fields. Who owns Paytm? Paytm has been backed by Jack Maa's Alibaba and Ratan Tata of the infamous TATA Group. Although partially owned by Chinese company Alibaba, Paytm remains an Indian company with majority of stake holders being Indians (primarily Ratan Tata and Vijay Shekhar Sharma himself.  What got Paytm the required boost? Paytm added a lot of features in 2013 and moved from a mobile and DTH recharge service to an online payment pl

Helping Customers Get More Value


By being frugal, Jugaad innovators not only make cost effective business models but also pass it on to the consumers by providing them with cost effective products and services. Rather than sticking on to what they know and what they can provide, they try and workout ways to help the consumers solve their problems.

In 2010, KPIT Cummins Infosystems, an Indian engineering and IT services provider launched Revolo. It is a low-cost plugin parallel hybrid solution for cars. It is a brain child of Tejas Kshatriya, who worked at KPIT Cummings. This idea struck him when he was waiting at a crossing for the signal to turn green. What Revolo does is, it converts kinetic energy generated by applying the breaks into electricity and stores it in the battery. This can be used later on to power the car.

The conversion kit consists only of a rechargeable battery pack, an electric motor and a pulley. It can be retrofitted in just six hours by a KPIT Cummings certified mechanic. It can be fitted into most of the car irrespective of the manufacturer and the model, without hindering with the maker’s original transmission configuration.

This Jugaad innovation when tested, it showed that the car used 35% less fuel and a direct reduction of 30% in green house gases. The system is ideal for cities where there are a lot of stop and go situations where the use of break is very high.

Jugaad innovators do not spend time in labs and offices thinking about what their consumers are looking for, they rather go out, meet and discuss with them to know the room for improvement. Only then they can zero down on the most important features that are most relevant to the consumers.

Another such Jugaad innovation can save lives of millions, especially in the emerging markets where health standards are very poor. 2 crore babies are born prematurely or with low birth weight each year. 40 lakh of them cannot make it and they die, mostly in the developing nations. A simple solution to this is the incubator. This device is either expensive or risky (the low cost device where the babies are exposed to light bulbs). To understand and solve this problem Jane Chen, Linus Liang, Naganand Murty and Rahul Panicker co-founded Embrace.

After producing an initial prototype, a stripped down version of traditional incubators, they traveled to Nepal to test their innovation. While being on the field they realized that most of these deaths occur when the baby is delivered in villages or at homes. The team armed with this insight went back to the drawing board and rethink who exactly are their consumers. The outcome was a portable infant warmer that looks like a tiny sleeping bag and gives mothers greater mobility and more intimate contact with their babies. Therefore it is named Embrace.

The portable infant warmer costs just Rs. 10000, that’s nearly 1% of cost of incubators available in Western countries.  In 2011, Embrace piloted this product in India, where 12 lakh premature babies die each year. An initial study validated Embrace’s safety. They then took a more extensive clinical study of 160 premature babies.

Innovators usually fall in love with their initial design and do not change as per the consumers’’ requirements. Unlike those, Embrace today is experimenting with prototypes that will not require the electricity at all and it can be heated with only hot water. It is also currently negotiating partnerships with multinational medical equipment companies like GE to piggyback on their extensive distribution network. Embrace has set itself a bold target of saving the lives of over 1 lakh babies over the next three years as well preventing illness in over 7 lakh babies.

Comments

Popular posts from this blog

Seek Opportunity in Adversity

The Six Principles of Jugaad

Never give up