Business Description:Eko provides a mobile based low-cost and highly available access to banking for everyone - especially those who are financially excluded from the banking services. Literally making banking and thus other financial services as accessible as the pre-paid recharge services are today, especially in India.
Mobile money transfer is an example of the additional services that would be offered through this channel. The total value of domestic remittances exceeds Rs. 40K crore in India while penetration of banking services in India is just 31%, compared to 80-90% in developed countries. Thus most of the transactions happen through informal channels.
Eko thus becomes a Mobile Virtual Banking Operator by not only extending this low cost infrastructure to banks and other financial service providers, but even acquiring and servicing these customers. Eko gets remunerated by the service providers for the infrastructure and the customers. This branchless, ATM-less, cheque-less, queue-less banking lowers the transaction cost and servicing cost, thus extending a profitable model to banks for reaching the unreached.
Demo:http://www.youtube.com/watch?v=YzfJsnaa0To
Industry:Finance
Founded in:2007
Source of idea:Replicated or modified an idea encountered through previous employment
Significant Competitors:ALW, FINO, Obopay, PayMate
Company Details :
Company Name:Eko India
HeadQuarters:New Delhi
Stage of the company:Have first customer
No of Employees (2006):0-5
No of Employees (2007):16-25
Office Locations(2006):0-1
Office Locations(2007):16-30
No of companies promoted:Yes (1)
Profits (2006):Did not exist
Profits (2007):
>Partnerships:-Bharti Airtel Limited
-HDFC Bank (Our relationship started with Centurion Bank of Punjab. Post its merger with HDFC Bank, they have decided not extend beyond pilot)
Initial Funding:Personal savings
Addl Funding:Personal savings
Institutitional Capital:No
Revneue Model:Eko has 3 sources of revenue; banks (deposits mobilised & customers), customers (remittances, convenience fees) and other Service Providers (lead generation & distribution). Eko offers a win-win model for the banks (and other service providers) and themselves; instead of charging per transaction, Eko gets remuneration on "value" of transactions or funds it generates for the service providers including the banks through its low-cost infrastructure of technology and distribution network.
Awards & honors:Presented at Proto.in (July 2008)
Promoters Details :
Promoters Name(s):Abhishek Sinha
Age:31
HomeTown:Delhi
Education:Bachelors Birla Institute of Technology
No of companies promoted:Yes (1)
Family Background:First gen entrepreneur
Job:CEO at Six Dee Telecom Solutions Pvt Ltd
Ex-Job Description:Overall strategy & Business Development
Favorite Book/Movie:Book - Kane and Abel / Movie - Jaane bhi do Yaaron
