Startup

Why SingleStore is the ideal choice for real-time analytics and applications

Published

2 weeks ago

October 23, 2024

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A good data experience is the key to winning or losing a customer. Today’s evolved and aware users seek real-time insights and analytics to make quick decisions. That creates the need for solid data infrastructure to support ever-changing business needs.

Enter SingleStore, the world’s fastest distributed SQL database for real-time analytical applications. It combines transactional and analytical workloads within a multi-model structure in a single engine.

Several case studies prove its success–many of which were highlighted at the Leaders Exchange: Indian Startups’ AI Journey to Global Dominance, organised by SingleStore in collaboration with YourStory.

Apart from the keynote address by Sanjay Arora, General Manager, APAC, SingleStore, the event included a fireside chat–Raj Verma, CEO, SingleStore, and Shradha Sharma, Founder and CEO, YourStory.

A panel discussion on ‘Achieving Growth in India: Real time analytics and AI’ brought together trailblazers like Praveen Das, Co-founder, factors.ai; Vikas Gupta, General Manager, HPCL; Vaibhav, Director of Engineering,BharatPe; and Sreedhar Gade, Vice President of Engineering, Freshworks. They discussed the unparalleled opportunities for Indian startups to achieve global dominance through the power of real-time AI. The session was moderated by George Kuruvilla, Senior Director, Data Platform Evangelist (APAC), SingleStore.

Leveraging real-time analytics for growth and decision-making

Elaborating on factors.ai’s journey, Das shared that the first year was all about building the product and getting a few customers on board. However, in 2021, they signed up with SingleStore, because their app was “horribly slow” and impacted customers.

“We did a few evaluations and had certain criteria like being cloud-neutral. We were looking for a single database for both analytical and transactional workloads. As a company, analytics is the core offering of our product,” he shared, adding that factors.ai has scaled from an S2 cluster to S12 cluster in the last three years.

The company has managed its growth without any single resource dedicated to infrastructure. “That’s the sort of advantage we have…our focus has purely been on the application,” Das said.

Gupta spoke about the varied challenges in operations and decision-making in the oil industry. HPCL has a platform, HP Udgam, to support startups and provide funding to those with a vision to grow the industry. But everything boils down to the value driven from data.

“Our products are commodity-based so we need to know how to deliver value to the customer. It is all about how one can offer a personalised experience to the customer. We have moved from ‘data is the new oil’ to ‘data is the daata (giver)’. If you want to earn your bread, you have to play with data,” he shared.

To manage operations, Gupta said it is important to put a governance layer on an OT platform to tell you what is right and what needs to be invested. “Safety is paramount for the oil and gas sector. We have been able to establish visual analytics at our retail outlets to enhance customer safety and avert untoward incidents,” he said, adding that the improved customer service is a consequence of the SingleStore collaboration.

Innovation for scaling

BharatPe reported a 77% surge in new merchant signups in February 2024. But how did the company navigate such large volumes? “It’s more about readiness regarding such scenarios. It can only be done through data infrastructure that we prepare and the data platform we choose. One obvious keyword that comes to everyone’s mind is auto scaling but it also has its limitations, “ he said. He added that handling such scenarios necessitates the implementation of multiple machine learning algorithms in the background, based on data collected in the past.

Freshworks, which started as a single product company in 2010, added multiple products and went public over time. Today, it has a presence in 100+ countries, with 65,000 customers across industry verticals.

“We have been innovating on GenAI and trying to stay ahead of the curve. We have Freshdesk, our customer experience product. We also have Freshservice and, on top of it, when you have Gen AI, you are talking about predictive analytics. Everyone is playing in the past or present; we are playing in the future,” Gade said.

Freshworks is looking to revolutionise customer experience through agentic actions. “We recently launched a beta version of self-service on our CX product where 100% of agent actions are taken by the AI, both on voice or text. This is just the beginning of things that are to come,” Gade said.

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Startup

Magenta Mobility’s FY24 revenue rises three fold, losses widen by 17.1%

Published

6 mins ago

November 8, 2024

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Magenta Mobility on Thursday reported a 199.5% jump in its full-year revenue to Rs 35.53 crore compared to Rs 11.86 crore in the previous year helped by a significant rise in its revenue from services.

The company provides a 100% electric fleet and AI and IoT-enabled fleet management and data analytics platform to optimise logistics operations and deliveries. Revenue from these services for the year ended March 31, 2024, increased to Rs 30.17 crore compared to Rs 10.15 crore in FY23.

However, the company reported a 17.1% increase in its loss for the period to Rs 46.44 crore as opposed to Rs 39.66 crore in FY23, bogged down by rising expenses during the year. The 109.1% rise in expenses to Rs 90.17 crore was primarily due to rising driver costs, employee benefit expenses, and finance costs.

Magenta Mobility appoints drivers on a contract basis to provide services to its customers, which it accounts as an expense. The drivers’ cost for FY24 increased to Rs 18.49 crore, compared to Rs 6.34 crore in FY23.

The rise in demand for the company’s fleet comes amidst a boom in the last-mile delivery sector in India owing to the rise of ecommerce and quick commerce players. Magenta Mobility caters to clients such as Flipkart and hyper-local delivery platform Dunzo, among others.

Founded in 2017 by Maxson Lewis and Darryl Dias, the company last raised $22 million in a Series A funding round from BP Venture and Morgan Stanley India Infrastructure-managed investment fund.

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Startup

Juspay cuts losses by 7.7% as revenue surges 49.6% in FY24

Published

1 hour ago

November 7, 2024

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Payments startup Juspay Technologies saw its losses narrowing in FY24 as revenue growth outpaced expenditure. It narrowed its total loss for the period to Rs 97.54 crore, down 7.76% from Rs 105.75 crore in FY23.

According to the consolidated financial statements accessed from the Registrar of Companies, the SoftBank-backed fintech firm’s revenue from operations surged 49.64% to Rs 319.32 crore, up from Rs 213.39 crore in FY23.

Juspay’s primary revenue source—payment platform integration fees—brought in Rs 286.52 crore. Additional operating revenue from services like product implementation and support added Rs 32.80 crore.

Total expenses rose by 29.52% to Rs 443.74 crore in FY24, compared to Rs 342.59 crore in the previous year. This increase was largely driven by employee benefit expenses, which saw a 41.73% jump to Rs 303.36 crore, while other expenses increased slightly over 3.56% to Rs 123.76 crore.

Juspay, founded in 2012 by Vimal Kumar and Ramanathan RV in Bengaluru, specialises in developing payment orchestration solutions that act as a technology layer over traditional payment gateways.

The Accel-backed startup has also developed Namma Yatri, a mobility app focusing on ride-hailing services, leveraging Juspay’s strengths in payments and open-source protocols. Namma Yatri is built on the Beckn Protocol and aligns with the Open Network for Digital Commerce (ONDC), aiming to provide low-cost ride-hailing options and open access to digital mobility services.

Recently, Juspay decided to spin off Namma Yatri as an independent entity to attract separate investors and scale further. In February, the company said it acquired LotusPay in an all-cash deal to strengthen its offerings to the BFSI segment and merchants.

LotusPay, founded in 2016, pioneered NACH Debit technology with cloud-based software for merchants and banks. Using NPCI’s NACH Debit, it facilitates recurring payments for loans, insurance, and subscriptions.

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Startup

Flipkart selects five startups for third cohort of Flipkart Leap Innovation Network

Published

2 hours ago

November 7, 2024

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Flipkart has selected five innovative startups for the third cohort of its flagship startup accelerator programme, Flipkart Leap Innovation Network (FLIN).

The cohort is introducing startups that are driving advancements across GenAI, omnichannel, analytics, and video commerce, the company said in a statement.

The selected startups— Intelligence Node, Invenzo Labs, StoryBrain, Phyllo, and D-ID— are set to run pilot programs with Flipkart to develop solutions.

“The selected startups get access to mentorship, resources, and the opportunity to execute pilot projects within the Flipkart ecosystem, scaling their solutions to meet the demands of India’s digital economy and e-commerce growth,” the company said.

Since its launch in 2022, the accelerator programme aims to accelerate the growth of the startup ecosystem in India, driving collaboration, and championing cutting-edge retail innovations.

“Through the FLIN programme, Flipkart continues to expand its role as a catalyst for innovation within India’s startup ecosystem, providing a collaborative platform for startups to test, refine, and deploy solutions that can shape the future of e-commerce in India,” said Naren Ravula, Vice President and Head – Product Strategy and Flipkart Labs.

The programme is designed to engage with startups through commercial partnerships in Flipkart’s areas of interest. Successful startups get the opportunity to scale up to a business partnership.

Over 20 startups from the initial two cohorts have concluded pilots working closely with the Flipkart Product and Engineering teams.

The company added that four startups from the previous cohort— Anagog, Speedsize, Sangti, and Vtion— have recently concluded successful pilot projects with Flipkart.

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