Which Indian Startups are Running Successfully by Indians even after Demonetization?
With the announcement of Demonetization there was a paradigm shift and has changed the way businesses work. Due to the cash crunch the regular way of payment were disturbed. Although there were inconveniences faced by business there were some businesses that enjoyed the new opportunity. For some startup this was a time to shine, it was a blessing as they were finally able to turn their idea into money. Digital payment startups were the ones that enjoyed demonetization as it had given them a chance to finally bring in new customers to the world of digital platform.
Some of the startups that ran successfully after demonetization are as follows:
Launched in August 2010 this is an online payment and e-commerce based brand. This was a brand that started with the idea of a cashless economy with all its cash going through virtual channels. Initially Paytm couldn’t get everyone on board as in India virtual transactions was something many didn’t use and most of the people were used to hard cash transactions. But with the effect of note ban, Paytm registered record number of users with its popular slogan “Paytm Karo” Paytm began to get many people to use Paytm. Claiming to have had more than five million transactions per week, Paytm is the most benefited startup company after demonetization with a record breaking 700 percent hike in its traffic. With quick thinking they brought along many customers to use Paytm with their ease of on boarding which helped even tea sellers to have Paytm accounts. This greatly helped the people and in turn got everyone to use Paytm, making it successful even after demonetization.
This is a company which began in 2008 as a restaurant search and discovery service. Zomato began slowly gaining popularity with getting reviews for various food joints which were reliable and helped people to know which places are good to eat. With the effect of note ban, people had less cash in their hands which made them think before having food from outside. But Zomato was a solution to bridge the gap, with their order online and online payment option they were successful even after the note ban. Post demonetization zomato had seen a 200 percent increase in its online payments and a steady growth in business.
Ola was an online transportation network company which started off as an online cab aggregator on 3rd December 2010. They began to grow huge ever since due to the convenience and the transparent prices. One need not worry about being cheated on the transport price because this was very transparent. They launched Ola money with the idea that customers need not look for change and hard cash while paying the driver, instead the money stored in the online wallet would automatically be deducted based on the fare. They were unable to get many customers on board due to various reasons but this was all changed with the effect of demonetization. With demonetization being announced the hard cash left in people’s hand was getting reduced and thus they had to look for alternatives. Because any mode of transport other than own transport had to be paid in cash but whereas Ola accepted Ola Money which was a savior as people would load money and would use their online wallet for hassle free transport. Ola money saw a 1500 percent increase in its wallet recharges with an overall three times increase in its usage after demonetization. This startup did good business even after demonetization and in fact it did better business than what it used to.
This is also a mobile payment wallet which is based out of Bengaluru. This is an app which allows its users to store their banking details such as credit card to transfer payment to others. The main reason this became popular despite having Paytm in the market is simple which is unlike Paytm and Mobiwik, Momoe doesn’t store the money in the online wallet. Credit card details are stored and when a transaction takes place money is transferred from the credit card which means that there is no blocked money unlike in the other online mobile wallets. This helped them to gain a hike in the number of customers using after demonetization.
Founded in 2009 this is an Indian mobile phone based payment system along with a digital wallet. This is a company that enabled users to deposit money into their wallets and use it whenever needed to pay their bills. With the announcement of demonetization the number of users increased. Mobiwik had a 40 percent increase in its app downloads along with a huge increase in bank transfers since demonetization was announced.