Startup Street: Reverie Relies On Jio To Tap Into $300-Billion Vernacular Opportunity
Here’s what went on this week on Startup Street
This week on Startup Street, we have a Bengaluru-based startup which is trying to achieve its goal of “language equality” with some help from Reliance Jio Infocomm Ltd. The Kerala Startup Mission took 18 Indian startups to the Dubai GITEX expo; and Tech Mahindra Ltd. inked an agreement with Bangladesh to foster its startup ecosystem. Here’s what went on.
Reverie, Jio, And A $300-Billion Opportunity
India has more than 53 crore active internet users. Of these, 21 crore prefer vernacular languages over English, according to a RedSeer Consulting report, which calls it a $300-billion opportunity. And Bengaluru-based Reverie Inc. is working to tap into that with more than a little help from Reliance Jio.
Reverie converts the company’s “deep understanding” of Indian vernacular and its nuances into algorithms, powered by artificial intelligence and machine learning, which makes its translations more accurate than its peers, its Chief Executive Officer Arvind Pani told BloombergQuint.
Its clients include Ola Cabs, BHIM, Practo, Vijaya Bank, among others. It has also worked for SnapDeal during the e-commerce firm’s heydays.
Founded in 2009 by Arvind Pani, Vivekanand Pani and SK Mohanty, the startup is now banking on Jio’s wide ecosystem and reach. The Mukesh Ambani-led telecom operator acquired an 83.3 percent stake in Reverie in February for Rs 190 crore and further pumped in Rs 77 crore. “Reliance Jio has the potential to provide access and reach to a large user base that could use Reverie’s technologies,” Pani said.
Reverie would work in collaboration with Reliance for integrating its services in the various existing digital consumer platforms of the group, Reliance Industries Ltd. had said in an exchange filing in February.
Jio was the only telecom service provider to add active users in July. Its My Jio mobile application has over 57 lakh downloads on Google Play. It also introduced a Hindi version of its application in September. Reverie neither confirmed nor denied when asked if they were working on Jio’s applications.
Jio’s network has more than 30 crore users, according to the company, giving Reverie the opportunity for a wider user base too. “With Jio’s device and affordable data outreach, our language localisation and digital Indic user engagement solutions will be an integral part of the Made in India, by Indians for Indians story,” Pani said.
According to RIL’s exchange filing, the startup had a loss of Rs 4.1 crore, Rs 6.8 crore and Rs 3.2 crore in financial year 2018, 2017 and 2016, respectively. The company refused to comment on its financials and whether the acquisition would help them achieve profitability.
Speaking about how the startup’s technology matches up to a widely-known Google Translate, Pani said the startup uses multiple technologies instead of only automated machine output. “Relying just on machine output rarely provides the desired result for serious business usage,” he said. “Reverie uses its AI powered Indian language translation platform coupled with manual verification, which ensures an extremely high level of accuracy.”
Kerala Startup Mission Flaunts 18 Startups In Dubai
Kerala Startup Mission—one of the most active startup bodies in India—showcased 18 startups at the 39th annual GITEX Technology Week held in Dubai in a bid to further expand its investor circle.
The event was held between Oct. 6 and Oct. 10, according to the website.
Of the 18 startups, Travelspoc, Embright, Treseres, and Globetec got selected in the semi-finals of Supernova Challenge and Embright made it to the finals. Travelspoc entered the finals of Future Travel competition, it said, adding that thousands of startups from across the world participated in the competitions.
Kerala Startup Mission and Bahrain Economic Development Board, the Gulf country’s investment promotion agency, signed a Memorandum of Understanding for jointly promoting innovation in fintech, information and communications technology and related emerging fields on the sidelines of the event.
With inputs from PTI
Tech Mahindra Inks MoU With Startup Bangladesh
Tech Mahindra Ltd. signed an agreement with ‘Startup Bangladesh’ to help foster the neighbouring country’s startup ecosystem.
As part of the agreement, the Mahindra group company will assist new-age technology startups in Bangladesh to help them utilise digital opportunities to scale up, according to a statement. This includes technologies like artificial intelligence, 5G, big data, cyber security, blockchain, Internet of Things and machine learning, it said.
In return, the information technology company will have access to a highly populated market. “We are delighted to be partnering with Bangladesh in mentoring the local talent to capitalise on the huge growth potential the region has to offer,” CP Gurnani, managing director and chief executive officer of Tech Mahindra, said.
The MoU was signed in presence of Bangladesh Prime Minister Sheikh Hasina and Commerce and Industry Minister Piyush Goyal.
With inputs from PTI