UDMATech

paymentsbill paymentsmobile/digital wallet

FOUNDING YEAR: 2016
LOCATION: India
Last Update: 01/05/2020

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About

UDMA Technologies is a new online transaction wallet system where the local payment can be made without internet without sharing bank or card details. It is named "YUVA-PAY" i.e. Use Anytime Anywhere wallet.

MEDICI Analysis

Udma Technologies is a new online transaction wallet system where the local payment can be made without internet without sharing bank or card details. It is named "UAA-WALLET" i.e. Use Anytime Anywhere wallet.

Focus

PRODUCTS & SERVICES

What is UAA-Wallet? UAA-Wallet is acronym which expands to Use Anytime Anywhere Wallet, which works even when there is no Internet and supports all type of phones. The registered users are allotted with unique user account, for transactions. This works similar to IMPS of Banks, where amount is directly credited to user wallet account. Security UAA-Wallet is secured mode of payment. It integrates multi-level security like, User Login Password, Transaction Pin (TPI). The system is equipped with dual encryption. The data flow between Mobile and server is handled through secured mode, which will be hack proof. Before launching the product, we are planning to go through Application Audit, Security Audit and the Hackathon event to re-confirm the security of the application. Product Features • Nearby Transaction - Internet Not Required • You can now send money without the receiver’s bank account or IFSC code • Load, Transfer, Request and Withdraw money without INTERNET • Wallet to Wallet transfer within a seconds • Alert & Notification for each activity • Transfer Money to bank Account without Payment Gateway • Track on transaction History • Spending tracker • Transaction PIN security for each activity • Permanent Unique Account No. generated for each user • Multi Language support • Automatic cloud sync Competitive Advantage & Value Proposition • Bandwidth not required to transfer/payment nearby places • Bandwidth not required to load, transfer, request and withdraw money between banks, users and merchants • No Hidden cost like transaction fee, set up cost etc • Security- I need to be confident that only I use it for purchases which I approve • Ease of use-Simple intuitive design- don't pain with lot of typing • Ease of loading fund to the wallet-even for people with bad credit or no bank account • Items in a digital wallet are easily transferable from one wallet to another • Real time information when you need it and when it's relevant. • One Click payment - Quicker payments & Instant settlement • Regional language support • Voice Guidance Support – Any age people can operate • Safe & Secure – Bank or Card details are not exposed • Use anytime & Anywhere - Transaction Option for Feature Phones too • Less Cash handling – resolves the change problem • Transact with Unique Account Number/Mobile Number • Two Factor authentication – Secured login & TPIN instead of OTP will be used

REVENUE MODEL

SaaS Model, Licensing Model, Monthly Subscription Charges, Affiliation Marketing, Commission on various services

PRIMARY PROBLEM SOLVED

UAA Wallet™ can finally enable customers to send and receive money anywhere, anytime and without the use of Internet. This technology has the potential to solve the problem of financial inclusion of rural India. UAA Wallet™ can help the banks to grow, it can make it easier for customers to spend and can enable merchants sell their products without the use of internet. UAA Wallet™ is simple, transparent and intuitive interface requires no technological know- how to complete a transaction. Every Mobile is Bank were Users no need to visit ATM/Banks and row in queue system to withdraw money, transfer money. Everything can be handled in their mobile at anytime. UAA Wallet enables is rural financial inclusion by connecting unconnected area and also helps in bank to reach the unbanked people by Mini-Branch Model. UAA WALLET enable Financial Inclusion by delivering banking services at an AFFORDABLE COST to the vast section of disadvantaged and low income group and also help in EXTENDING THE BANKING HABIT among the less privileged people in urban and rural India and weaning them away from unorganized money markets and moneylenders.

INTELLECTUAL PROPERTY

Patent(s) FILED

Traction

REVENUE

$0 - $99k

REVENUE COMMENT:

We are currently partnered with YES bank to launch the payment solution to PAN India and also we are looking global partner to extend our technology for the existing players to reach last mile financial inclusion.

ACTIVE USERS:

500

ACTIVE USERS COMMENT:

We are received the approval from our district administrator to conduct initial pilot run at remote village were last mile population do not access to bank or ATM and they need to travel minimum 6-7KM to access the financial services. We are in the pilot run stage. Our business model is, we works with every Kirana/Retail/Mobile Recharge Stores, who is covering 90% Indian transactions. We connect and enable them to use digital Money Transaction which converts 700+ million Rural Users. Since most Rural population visit these shops, it is easy to “Top-up YUVA PAY Account” for Rural users get into a recognized $20Bn annual service. Along with Yuva Pay Top up, Mobile Recharge, Bill payments, Money Transfer (DMT) and in future users can also avail banking services like Opening Bank accounts, Insurance schemes, Investment planning like Mutual fund, FD, Savings Schemes, Loan facility etc. Kirana/Retail/Mobile Recharge Stores signifying “savings”, can easily prompt a customer to invest in a micro Mutual Fund and help bringing out $25 Bn cash savings of housewives into the mainstream.

TRACTION COMMENT:

We are partnering with one of the major banks in India and planning to launch the product PAN INDIA by December 2017.

People

FOUNDERS

PRASHANTH NAIK

SHIVAPRASAD KARKALA

BOARD MEMBERS AND ADVISORS

HIMANSHU CHUDASAMA

ANIL KUMAR KANDHI

PAVAN BAKERI

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

SHANKAR NAIK

ROSHAN CRASTO

PRAVEEN KUMAR

AKSHATH K

COMMENT:

UDMA’s board adhere to an up-to-date set of by-laws,governance policies so that it is in compliance with legal,ethical requirements. The board members actively pursues its responsibilities including overseeing the organization’s financial status, supporting its fund development efforts, , working to enhance the organization’s public image.The Executive/Managing Director of UDMA manages workplace conflicts , maintains open lines of communication with staff. There is an esprit de corps among paid , volunteer staff members. The Executive/Managing is appropriately familiar with day-to-day operations,provides the leadership necessary for the organization to establish,achieve performance goals. The Executive/Managing surrounds him with a strong team , encourages employees to pursue professional goals. The Executive/Managing informed about the financial status of the organization, knowledgeable about the community that the nonprofit serves, , familiar with best practices related to the organization’s core services.

Momentum

FUNDED

YES

TOTAL FUNDING

$10 M

DATE OF LAST FUNDING

Dec 2016

SEED & PRIOR FUNDING

$10 M

SEED CLOSED ON

Dec 2016

LISTED

YES

EXIT STRATEGY

EXIT STRATEGY IS POSSIBLE IN MID OF 3RD YEAR OPTIONS ARE BEING ACQUIRED BY A BIGGER PLAYER BUY BACK IS CERTAINLY POSSIBLE

For Investors

FUNDING NEEDED:

$5 M

USES OF FUNDS RAISED:

1. TEAM SET UP

2. WORKING CAPITAL

3. CUSTOMER ACQUISITION

4. BRANDING, MARKETING

5. B2B PARTNERSHIP

6. R&D AND ADVANCED TECHNOLOGY IMPLEMENTATION

EXIT STRATEGY

EXIT STRATEGY IS POSSIBLE IN MID OF 3RD YEAR OPTIONS ARE BEING ACQUIRED BY A BIGGER PLAYER BUY BACK IS CERTAINLY POSSIBLE

MONTHS LEFT WITH CURRENT CASH BURN RATE:

3 months from 6 Nov, 2018

COMPETITORS:

PAYTM

Paynear by

MoneyOnMobile

Mobikwik

Innovation Programs

BASICS

FOUNDING YEAR:

2016

LOCATION:

India

Views:

404 VISITORS | 1617 VIEWS
LATEST FUNDING ROUND

$10 M

About

UDMA Technologies is a new online transaction wallet system where the local payment can be made without internet without sharing bank or card details. It is named "YUVA-PAY" i.e. Use Anytime Anywhere wallet.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Udma Technologies is a new online transaction wallet system where the local payment can be made without internet without sharing bank or card details. It is named "UAA-WALLET" i.e. Use Anytime Anywhere wallet.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Innovation Programs

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UDMATech

About

UDMA Technologies is a new online transaction wallet system where the local payment can be made without internet without sharing bank or card details. It is named "YUVA-PAY" i.e. Use Anytime Anywhere wallet.

Focus

PRODUCTS & SERVICES

Have you ever faced unsuccessful payments due to internet connectivity ? Have you ever stopped recharging/booking flight or any payment looking at your 2G/E waiting it to be 3G/4G? Have you faced a situation where you want to pay with your PAYTM/Phone Pe/Pay pal and the merchant does't have internet or no internet network in the shop ? OLA is booking cabs offline but what about payments ? Now there are lot of innovation happening in the payments like UPI but still they need internet. You must have seen while you enter the payment page i.e. Pay with BHIM UPI We can be Yuva Pay where the customer doesn't have to think all the above and just make the payment. We have a PATENT Pending solution to facilitate digital transactions without depending on the internet and supporting all phones,which can do all functions of a digital mobile payment without the use of internet by supporting all phones and we are different from existing technologies like NFC,QR code, USSD or Sound wave Technology. We also have a protocol ready to take "UPI works without INTERNET"

REVENUE MODEL

SaaS Model, Licensing Model, Monthly Subscription Charges, Affiliation Marketing, Commission on various services

TOP PROBLEM SOLVED

YUVA Pay™ can finally enable customers to send and receive money anywhere, anytime and without the use of Internet. This technology has the potential to solve the problem of financial inclusion of rural India. YUVA Pay™ can help the banks to grow, it can make it easier for customers to spend and can enable merchants sell their products without the use of internet. YUVA Pay™ is simple, transparent and intuitive interface requires no technological know- how to complete a transaction. Every Mobile is Bank were Users no need to visit ATM/Banks and row in queue system to withdraw money, transfer money. Everything can be handled in their mobile at anytime. YUVA Pay enables is rural financial inclusion by connecting unconnected area and also helps in bank to reach the un-banked people by Mini-Branch Model. YUVA Pay enable Financial Inclusion by delivering banking services at an AFFORDABLE COST to the vast section of disadvantaged and low income group and also help in EXTENDING THE BANKING HABIT among the less privileged people in urban and rural India and weaning them away from unorganized money markets and moneylenders. YUVA PAY helps Govt. to initiate Rural Digital Financial Inclusion by extending real Cashless Economy to the last mile. YUVA PAY works on both Internet and No-Internet Zone, also on Smart & Feature Phones. All processes like Adding Money, Transfer money, Withdraw Money, Request Money and Recharge, Except Registration, can be managed without internet. We have also developed the process where UPI bank to bank transaction can be done without internet, and awaiting NPCI approval for mass market usage. Patent pending Yuva Pay technology differs from existing technology. We are not using technologies like NFC, USSD, Sound Wave, Bluetooth, which are already available in the market. Our technology allows proximity payment up-to the distance of 100 Feet were users can identify each other and can-do transaction without any Internet and for long distance transactions users no need to depend on Internet Bandwidth (2G/3G/4G), we need only mobile network to complete the transactions.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

PRODUCT DEVELOPMENT COMMENT

Pain points of Existing Technology: CARD (Debit/Credit) User: The merchants need to have upgraded PoS/mPoS/AEPS machine and it has a cost and need reliable INTERNET connection QR Code: Any one person need to have INTERNET to update the transaction NFC Payment: User need to have high end smart phone and merchant need to have updated PoS machine which reads NFC transaction and both need INTERNET to complete the transaction Sound Wave Technology: Merchants need to have high end receiving device (PoS/mPoS) and the location need to be calm and quite. Currently the payment solution available in the market is mostly dependent on the Internet connectivity and works only in SMART Phone. No solution works in Offline mode or on Feature phone. Though some claim to be working in offline mode, the terms and conditions read as “any one party to the transaction should be online” That means, one of the party should be online to complete the transaction. Yuva Pay™ targets both urban & rural customers where Internet connectivity or a Smart Phone is an issue. Yuva Pay™ provides a mechanism to digitally transfer/receive the amount between 2 Users (Merchants, Customer, Vendor, Government Entity etc) without depending on the Internet and on all type of phones, without any extra cost.

KEY DIFFERENTIATORS

There are many Payment Solutions in India. But all focus on Tier 1 & Tier 2 cities and not reached rural area/last mile due to high rate of infrastructure and implementation cost. They all dependent on the Internet and smart phone. We believe that, with alternative to Internet, banks can now expand its reach to every nook & corner of the India and government can push digital cashless society with YUVA Pay™ with the existing technology and without any extra cost. Our technology allows proximity payment up-to the distance of 100 Feet were users can identify each other and can-do transaction without any Internet and for long distance transactions users no need to depend on Internet Bandwidth (2G/3G/4G), we need only mobile network to complete the transactions.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

Enterprise - Retailers

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

SaaS

White label

STRATEGIC CLIENTS AND PARTNERSHIP

YES BANK : BUSINESS PARTNER

People

FOUNDERS

PRASHANTH NAIK

SHIVAPRASAD KARKALA

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: PRASHANTH NAIK

CTO, FOUNDER: SHIVAPRASAD KARKALA

CMO: SHANKAR NAIK

PROJECT HEAD: ROSHAN CRASTO

TEAM LEAD: PRAVEEN KUMAR

SR. DEVELOPER: AKSHATH K

TEAM COMMENT:

UDMA’s board adhere to an up-to-date set of by-laws,governance policies so that it is in compliance with legal,ethical requirements. The board members actively pursues its responsibilities including overseeing the organization’s financial status, supporting its fund development efforts, , working to enhance the organization’s public image.The Executive/Managing Director of UDMA manages workplace conflicts , maintains open lines of communication with staff. There is an esprit de corps among paid , volunteer staff members. The Executive/Managing is appropriately familiar with day-to-day operations,provides the leadership necessary for the organization to establish,achieve performance goals. The Executive/Managing surrounds him with a strong team , encourages employees to pursue professional goals. The Executive/Managing informed about the financial status of the organization, knowledgeable about the community that the nonprofit serves, , familiar with best practices related to the organization’s core services.

BOARD MEMBERS AND ADVISORS:

HIMANSHU CHUDASAMA, ANIL KUMAR KANDHI, PAVAN BAKERI

Momentum

FUNDED

NO

TOTAL FUNDING:

$100 K

LISTED

YES

FUNDING SERIES
Seed Dec 2016 --- USD100 K at a USD320 Kvaluation Comment on Seed For the investment INR10L we are allotted CCPS For the investment INR 30L we are allotted equity at the post money valuation at INR2.24CR. P BAKERI