- “The startup began as an e-commerce platform on WhatsApp, where it offered hundreds of products to consumers. It didn’t take long before a major consumer spending pattern was visible, Rao said. People were only interested in buying items that were selling at discounted rates, said Rao.
- Consumers wanted products that were relevant to them and they wanted to buy these items at a price that instilled the most value for their bucks, said Rao. ‘We focused on locally produced items instead of national brands. Even today, 80% to 90% of items we sell are locally produced,’ he said.”
- “Eight-year-old Purplle.com, which counts Goldman Sachs among its investors, says it sells nearly 50,000 products from over 1,000 brands. The startup said it has amassed 7 million monthly active users.”
- “State Bank of India – Developed by an AI banking platform Payjo, this smart chat assistant is equipped to handle nearly 10,000 enquiries per second or 864 million in a day, which is almost 25% of the queries are processed by Google each day, reports noted.
- HDFC – Built by Bengaluru-based Senseforth AI Research, Eva has reportedly claimed to have answered over five million user queries with more than 85% accuracy. HDFC also has an AI-enabled chatbot, OnChat, which launched on Facebook Messenger in 2016.
- ICICI – According to the report, ICICI bank has scaled its RPA initiative to over 750 software robotics handling nearly 2 million transactions daily, which is 20% of the transaction volumes.”
- “The Indian smartphone market is growing exponentially with over 1200 million active users.
- The Indian private banking sector is at the forefront of AI ML adoption for fintech services for banking and insurance.
- Here are some of the top online banking mobile apps in India…”
“By 2020, in fact, the India internet economy is projected to grow to $250 Bn, backed mostly by ecommerce which is set to clock a record growth rate of 51%. And, IBEF predicts that India is likely to overtake the US to become the second-largest ecommerce market (behind China) by 2034.”