Kotak’s Innovation Lab is creating an exciting new eco-system for digital payments through its Payment Co-creation programme. The Payment Co-creation programme is a focussed value driven program under the Kotak Innovation Lab, where startups and fintechs can progressively engage and work with the Kotak digital fraternity on innovative products and disruptive solutions.
Kotak partnered with Nasscom on its 10K Startups Initiative to identify applicants, review the applications, select the finalists and after a presentation session, identify the winners.
10,000 Startups is an ambitious undertaking by India’s premier IT industry body – NASSCOM. The initiative aims to establish a cross-collaborative platform that enables startups to grow to the next level by leveraging their network of investors, mentors, industry experts, and enterprises. This is done through the FAME (Funding, Acceleration, Mentoring, and Enterprise connects) model.
Kotak selected Nukkad Shops and four other startups from among more than 130 applicants and top 18 finalists.
Commenting on this development, Vivek Shukla, CEO, Nukkad Shops said, “Nukkad Shops has innovated and pivoted on its product offering couple of times till we hit our winning formula. Innovation is in our DNA. We are excited to partner with Kotak Innovation Lab and will bring new disruptive product versions to the market.”
The Indian Retail industry is being shaken up continuously with the advent of new technology options. One of the repercussions is that local neighbourhood shops are being pushed out of the picture. Nukkad Shops is seeking to reverse this trend by digitising small and medium-size grocers, a segment which constitutes 90% of Indian retail sector, using its cloud-based commerce platform and bringing them back to the forefront by making them efficient and competitive. It is anticipated that new disruptive product versions from the joint efforts with Kotak, will make the Nukkad Shops platform a more compelling Return-on-Investment to this market segment.
The Nukkad Shops platform is based on a Point of Sale (POS) in a Grocery. The POS is connected to a Cloud platform and further enhanced through other Services and Apps that improve the quality of life for the Grocer. The software is GST enabled through integration with other partner offerings.