Bengaluru startup GetPY is helping SMEs harness their data with actionable insights
Data is the new oil. Artificial intelligence and machine learning featured extensively in Finance Minister Nirmala Sitharaman’s Union Budget speech on February 1. These technologies are all powered by data, the importance of which even small businesses cannot afford to ignore anymore. Most SMEs sit on a treasure trove of data but don't know how to use it. They need end-to-end platforms that offer actionable insights, and Bengaluru-based GetPY is one such platform.
The startup was founded in 2017 by Kirti Srivastava, Prabhu Srivastava, and Jitendra Alwani, who met at a coworking centre in Bengaluru and realised that available solutions in the market have unaffordable total cost of ownership and longer implementation time.
Information on a receipt
The idea for GetPY was conceived when Kirti purchased an electronic product and could not get it serviced as she had lost the receipt. Initially, the trio wanted to just sell digital receipts through channels like SMS and email. However, they soon realised that there was a lot more that could be done with the information present on the receipt: consumer behaviour, customer segmentation and profiling, customer journey, and a lot more can be arrived at in conjunction with data concerning inventory, vendors, sales, CRM, and ERP.
Hence, GetPY evolved to change the way SMEs do more with data.
“The world has millions of SMBs who form the core of the world’s economy. They are the entrepreneurial pulse. We believe the data game is a great equalising platform. We want to bring our energies together in bringing the power of data to those millions of entrepreneurs,” Co-founder Kirti says.
Husband-wife duo Prabhu and Kirti have worked in corporates for more than two decades, with their areas of specialisation being data and software. Jitendra, on the other hand, had worked with global FMCG brands.
Their first target is the fast-growing retail industry. “During our journey over the last 30 months, we have been witnessing that this market is still under-served for the small and medium retailers. The reasons could be technology cost, lack of knowledge, availability of simple end-to-end solutions, speed of deployment, and, lastly, training needs with changing staff,’’ Kirti says.
GetPY.biz is a data capture and analytics framework that has an intelligence engine to consolidate organisation-wide data—including ERP, HRMS, CRM, and vendor management systems, along with print data at billing counters—to provide intuitive, meaningful analytics to SMEs.
The journey so far
The startup’s first client was a renowned name in the automobile sector. The company has since scaled GetPY’s product across multiple retail locations.
The startup has gone from a digital receipt and basic analytics platform to product enhancement and service automation and, finally, an enterprise-class solution.
The startup raised an undisclosed pre-seed investment from Silicon Road Ventures, and plans to raise the next round shortly. It is incubated at Nasscom 10000 startups warehouse.
GetPY uses a subscription-based model and has multiple revenue streams. The startup sells Basic, Silver, and Platinum DIY packages to clients as standard, off-the-shelf solutions that are open to customisation. Its other revenue stream is training corporate teams on the product, data consulting, and service around its solution.
“We have a reseller partner to take our product to the US, Canada, and the Middle East,’’ Kirti explains.
Clients are from various verticals like apparel, fashion, and jewellery, fashion accessories, restaurants, electrical, electronics stores, and automobiles. Currently, GetPY has over 100 clients in the UAE and India across 500-plus stores.
Consumer spending on the rise
Consumer spending is expected to double from 2019 to 2024.
The total consumption expenditure is projected to reach $3,600 billion by 2020 in India alone. According to PwC, the retail market of India alone is set to double and grow to $1,200 billion in 2021. With this, the global retail analytics market is growing at 19.6 percent year on year with companies like Manthan, Capillary, Clevertap, and Moengage focusing on a similar market.
These companies play on data collection, analysis, and add value through data, and are helping brands and retailers to optimise resources, bring back customers, increase brand visibility, and minimise lost opportunities.
Over the next 18 months GetPY is looking at a 10x growth in terms of revenue and customer on-boarding. The startup has already crossed $100,000 in revenue, Kirti says.
(Edited by Evelyn Ratnakumar)