Photo - 1M GLOBAL BUSINESS SERVICES PRIVATE LIMITED
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1M GLOBAL BUSINESS SERVICES PRIVATE LIMITED

We replace Visa and Mastercard with just identity card.

India, Karnataka
Market: Farming
Stage of the project: Idea or something is already done

Date of last change: 15.06.2021
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Idea

We digitise people without a bank account or a smartphone by making their identity cards alternative to cash and debit cards.

Current Status

1. 7000+ customers
2. 11 lakhs revenues per month.
3. Product in the market

Market

Customer Segments are of three categories:
1. Lower mid income and bottom of pyramid people,
2. Mass urban and rural public transportation passengers,
3. Financially exclusive unbanked people.

Age group: 10 years to 60 years.

Location: Semi Urban, Rural tier ii,iii,iv cities.

Market: 1 billion people in PAN India. 2 billion unbanked Globally
(Courtesy: https://thefintechtimes.com/how-to-bank-the-unbanked/)

Problem or Opportunity

Problem: Today's digital transactions are limited for classes of people with active bank account and smartphone, however no concrete and easy to use offline digitization exist for people without Bank account or smart phones. Parallel Customers are currently undergoing the helplessness to deposit and withdraw money from their banks because he is illiterate and doesn't know to write challans. Beyond that even though he owns Jandhan account he prefers having cash based saving because of inconvenience to withdraw his money form bank or ATM. Regular debiting of various charges from bank is axing his small and little amount saved in his account which discouraging him to restrict Jandhan account only to receive Direct benefit transfers. these are the pain point that the customers are facing which our solution addresses. Although there are so many digital payments service providers in the market, still the urban and rural public transportation segment is exercising cash and paper waste ticketing services which is deprived of any digital medium for payments.
Opportunity: We have 500 million people travelling in urban and rural public transportation which is unpenetrated mass market. Parallel tier II and III cities are still being deprived of mass digital financial inclusion due to the limitations of internet penetration and digital literacy and awareness which consists of 65% of Indian population.
Hence, overall we consider the market opportunity to be close enough to 900 million in Pan India.

Solution (product or service)

Our service is a offline phigital platform which digitizes a person without a Bank account or smart phone by making his identity card itself as a Debit card without depending upon any existing visa or master card.
Our services eases the deposition and withdrawal of funds without the pain of filling in any challans by making it as simple as recharging the mobile phones. Since our platform is available on the streets or in the bus stops, the customer is offered with utmost convenience of the Banking services without wasting time of physically visiting the Banks or waiting in the long queues.
This platform digitizes a person in the most simplest form and transforms his routines into digital footprints which can increases credibility and transactional patterns which further can enable him to access the formal credit.

Competitors

Visa, Mastercard, Oyster card, Octopus card, Opal card, Green card, Earth id.

Advantages or differentiators

1. Works with & Without Smart phone
2. Works with & Without cards
3. Works with & Without internet
4. Works with & Without Password
5. Works even without reception
6. Capable of multi layered authenticity for diversified purposes and platforms.
7. RSA token based authorization layer.

Finance

1. Transaction Charges: Re. 1/ transaction.
2. Commission on micro loans: Around 18 to 20% of disbursed amount.
3. Advertisements - 2 to 3% of sale.
4. Upselling and cross selling: 3 to 5% of sale.
5. Interest on escrow: 5 % per annum.
6. E-commerce Affiliation: 2.5%
Expected sales for next 5 years: 1,277,50,00,000 Rs. in Crores.

Business model

Our platform is a UPI and Aadhar Enabled Payments System (AEPS) Platform which offers offline payments mapped up with individual identity cards which can be used for various transactional purposes. This can be further leveraged to sell products and other allied financial services that has been unpenetrated to the rural masses. Other value added services that is currently not addressed to the rural market can also be facilitated which brings about new administered revenue models for the growth.

Money will be spent on

1. Launch and Extension to other bus routes in Hyderabad city
2. Extension of services to 10 tier 2/3 cities.
3. Customer acquisition of 5,00,000 EoY
4. Micro credit facilitation for 500 street vendors under FLDG/CCGF/OCEN.
5. Hire key resources for market acquisition, Operations of Transportation project and management.
6. Bug fixes and security audit of the tech infrastructure

Offer for investor

1. 5% to 7% equity @ 30 crore valuation

Team or Management

Risks

The risk we for see may be the advanced form of the current technology which may be developed in IOT platform which may pose a risk to our technology in terms of market capitalization of urban population.

Incubation/Acceleration programs accomplishment

1. SIDBI Centre of Innovation in Financial Inclusion (SCIFI) incubated by IIM Lucknow-2019.
2. First runner up of FINTECH VARCHASVA of IIM Lucknow-2019.
3. AIC (Atal Innovation Centre), IIIT Hyderabad social incubated and recognized start up-2020.
4. IB HUBS validated and accelerated startup-2019.
5. Telangana state Innovation Centre recognized social start up working towards sustainable development goals-2020.
6. Software Technology Park of India -STPI acclerated and recognized start up-2021.

Won the competition and other awards

1. Fintech startup of the year 2016 in World Startup Expo
2. First runner up of FINTECH VARCHASVA of IIM Lucknow-2019.
3. First runner up of NASSCOM NIPP Mobility Challenge-2020
4. Winner of CHUNAUTI Challenge of Meity-Government of India-2021

Photos

Photo 1 - We replace Visa and Mastercard with just identity card.
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video