And we’re on to the next one!
It’s Monday and I hope y’all had a great weekend. I spent some time evaluating how certain industries & social experiences might look in a post COVID India- https://ama.substack.com/p/post-covid-india
Some funding news from late last week that I missed (this company sounds really cool), and a business using WhatsApp to distribute their content:
➡️ Recko, an enterprise SaaS & Fintech company, has raised a $6M Series A from the likes of Vertex Ventures & their existing investor Prime Venture Partners.
➡️ The company says the money will be used to expand their team, build out products and expand the company’s offering outside India. Recko is a platform that enables reconciliation of digital transactions and plugs into a company’s bank account, payment gateway & order management system through APIs and Webhooks.
➡️ They already have some big customers on board (Grofers, Dunzo & Meesho) and helps the automate some tasks the finance team at a startup might do by reconciling all their transactions utilizing multiple data sources.
➡️ Sanjay Swamy (Managing Partner @ Prime VP) says “Recko is solving a very complex problem for the finance teams dealing with complexity and a good amount of transactional volumes on a daily basis. This is an area that hasn’t seen much innovation in the Indian technology ecosystem, despite the massive addressable market.”
➡️ I definitely share Sanjay’s sentiment that there hasn’t been much innovation the space in India, but I’m more excited about the company expanding globally. Given Vertex’s background investing in Enterprise & Fintech cos across SEA I would assume Recko would begin initially bringing it’s platform to companies in Singapore, Indonesia & others but I assume a US launch might not be in the picture currently.
➡️ Ok so I just came across this story and company yesterday, but it sounds cool af! They send you comics (in several languages) directly to your WhatsApp inbox!
➡️ The company originally tried building their own app but with high CAC and their low subscription value, they saw that owning the platform was probably not the best move for them and decided to distribute their content directly on WhatsApp.
➡️ And they’ve actually been quite successful at it. The company has about 14,000 subscribers who pay an annual subscription cost of ₹300 and receive comics of their preferred genre.
➡️ I’m not sure if the company could ever reach a scale where it would be a venture-fundable business but the founder makes a great point about using WhatsApp business to distribute products/services directly to consumers as opposed to building out a separate application which might have a harder time scaling.
Feedback & ❤️ always appreciated
More tomorrow :) BONUS (Tweet of the day): https://twitter.com/dhvanilp/status/1246811210244214784