Delhi: Bengaluru-based Digiotech Solutions Pvt. Ltd, a software program provider that builds Aadhaar card-based totally products, has raised $400,000 in pre-series A investment led by way of Rainmatter Technologies, the employer said on Thursday.
The corporation plans to use the finances for appointing professionals for product development, group growth and growing product services.
Founder of Rainmatter, Nithin Kamath, could be joining Digiotech’s advisory board.
Founded in April by means of Abhinav Parashar and Sanket Nayak, the organisation builds Aadhaar-based software program to digitize documentation to make it a paperless procedure.
The agency released its first product, a virtual signature gateway in July. Every person could make a signature via feeding within the Aadhaar number, followed by two degree of one-time-password (OTP) verification.
An Aadhaar card, issued by means of the Precise Identification Authority of India (UIDAI), bears a completely unique 12-digit range that links returned to the cardboard holder’s biometrics and serves as a evidence of identity and deal with.
Currently, over one thousand million populace of India has an Aadhaar card, as in step with UIDAI website .
“Account starting bureaucracy can log on, clients can fill the form on-line, upload documents and sign online in a legal, secure and frictionless manner. This is applicable for banking, telecom, brokerage, mutual finances,” said Nayak.
In view that July, Digiotech has piloted its digital signature gateway software with 18 agencies running in sectors which includes fintech, real property, telecommunication, schooling, amongst others. About 60% of these are start-united statesand the relaxation are huge companies.
The sales model includes monthly subscription plans of Rs.7,500 for three hundred documents for start-u.S.A.and Rs.18,000-20,000 monthly subscription plans for huge enterprises for 750 files. documents past the monthly limits may be requested for signature at an average of Rs.11-13 per record.
Paperless patron on-boarding can translate to Rs.10,000 crore of savings in banking & telecom quarter on my own, over the following five years, additionally, digitization will reduce cost overheads by using 70%, stated Nayak.
Over the next twelve months, Digiotech plans to have one hundred agencies the use of its software program.
Additionally, the corporation plans to launch software program bearing on digitize client verification system through including video-primarily based verification, biometrics and geotagging. Presently a team of three, Digio plans to expand to be a crew of less than 20 through subsequent 12 months.
Digiotech works with the Centre for development of Advanced Computing, the research and improvement company underneath the department of electronics and information as its certifying authority and statistics safety auditor.