Doot App Plans To Raise Funds In Next 12 Months: Chairman Surya Phadke

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Despite the fact that the Government is promoting its Digital India program, several banks and other industries are using papers for the KYC and other formalities. However, slowly and gradually Parliament and state assemblies are planning to go paperless.

 Doot App Plans To Raise Funds In Next 12 Months: Surya Phadke

 

There is an app called Doot, which is designed for those who want to go paperless. The app claims that it works on airplane mode and it is contactless, which allows users to open the bank account while sitting at home and validate movie tickets. Meanwhile, we had a word with the company's chairman Surya Phadke about the app, challenges, and their investment plans.

Tell us about Doot app and how it is different from other apps?

DOOT is an Identity as a service (IDaaS) platform, which validates and authenticates a user's profile in real-time for a variety of use cases like ID verification processes and in making contactless payments via DooT Pay.

Please tell us how secure is your Doot app?

Doot is an entirely consent-based IDaaS platform. The app is specially designed for users who choose to go paperless. Also, Doot offers end-to-end encryption, safeguards against lost-device, and other potential cyber-attacks.

What kind of challenges you are facing as there are dozens of popular apps?

Our challenges are not about user adoption as we are B2B2C applications, not just a B2C application, where the marketplace is cluttered. Our challenges revolve around creating new products for clients as each industry has different requirements.

Tell us about your target audience?

Our total addressable market is about 500 million Indian users; however, we are looking at 50 million users in the next two years.

How many users you have on the platform and what kind of expectations you have for this year?

We aim to complete 100 million transactions in FY 21-22. Each platform user is an end-user of a service provider, so we cannot share user details.

 

Tell us about the USP of your application?

Every day millions of citizens use paper documents to complete KYC. Our vision is to eliminate this need and make the process more sustainable. The Doot application also works in airplane mode, making it a one-of-a-kind technology helping validate IDs.

What kind of investment you have made so far and you are going to make this year?

We have to increase our existing partnerships with service providers and want to increase R&D for our product offering. Besides, we will be looking to raise another round to fund our R&D in the next 12 months.

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