Comviva celebrating innovation with InnoNXT Tech Startup Challenge

Digital transformation was the buzzword until a few years ago; today digital acceleration is the name of the game, and with the pandemic assuming the role of a catalyst, there's really no stopping. Agility and innovation are key to achieving success, and there are several startups at the forefront who have broken shackles and emerged with digital solutions that are changing the world, one at a time.

To provide an impetus to this ever-growing pool of startups, Comviva, the global leader in digital solutions launched its flagship startup challenge - InnoNXT Tech Challenge, in partnership with Invest India, the execution arm for Startup India, in March 2022. The challenge received participation from a staggering 150 startups, out of which 62 of them were in their early stages. Moreover, around 30 percent of them were from Tier II and Tier III cities.

After a rigorous evaluation for over two months, the winners were announced by an eminent jury panel comprising top industry leaders, as part of a virtual event.

Here's a look at some of the highlights from the event:

Innovation is a game changer

Manoranjan Mohapatra, CEO, Comviva Technologies kickstarted the event by shedding light on the value of innovation in today's world. He added how digitisation has received a big push due to COVID-19, almost accelerating the progress that was anticipated in the years to come.

Speaking about Comviva's journey, he shared, "After all these years, when I ask people what sets us apart, they say that we know how to stay relevant, and the mantra for staying relevant is that we are not shy of experimenting, failing or taking risks. If you see our revenues in the last 10 years, 80 percent is from new products and the next five years will repeat the phenomenon."

Keeping pace with the market, from an innovation point of view, is almost impossible if in-breeding is what one relies on. Manoranjan added that on the back of a fairly strong organisation and large customer base, they decided to go ahead and partner with innovators, helping them scale and grow beyond boundaries. That's exactly how the inaugural version of InnoNXT took shape.

Similarly, Invest India is an organisation that is dedicated to investment facilitation and promotion. Deepak Bagla, MD and CEO, Invest India, added, "What we are trying to do is pick up innovations and fast-track them, accelerate them towards commercialisation. We are working across all departments of the government of India today, helping them identify and adopt technologies, so that they can accelerate their level of innovation."

Kritika Murugesan, Director, NASSCOM 10,000 Startups Programme, highlighted how they have witnessed partnership with industry to be a game changer in every way. Not only does it help with faster capacity building, but also ensures better discovery of new ideas and accelerates innovation.

For Dr Madanmohan Rao, Research Director, YourStory, there is no better time for startups to take flight. With the pandemic having put pressure on digital innovation, there is more scope today for startups and corporates to partner together in this co-creation model. Interestingly, there is a ton of research and tools accessible today to quicken the process.

The InnoNXT challenge

The Comviva InnoNXT Tech Challenge was launched on March 15, 2022 and 10 finalists were shortlisted in May 2022, out of the 150 applicants. After the announcement of winners on June 21, 2022, there was a commencement of a six-month cohort on July 1, 2022, which will be completed on January 01, 2023.

It encouraged startups to take on challenges in the highly emerging areas like Artificial Intelligence, 5G, gamification, fintech, chatbots, and more. The participation was the highest within the OTT and AI categories, especially as more startups aim to bridge various technological voids in these segments during the new normal.

The top finalists shortlisted were:

• Gnani.ai (A conversational AI company with products and solutions for omnichannel automation)
• CoRover Private Limited (Omnichannel human-centric conversational AI SaaS and licensing)
• Capermint Technologies (Mobile game development company which provides the best gaming solutions to develop highly engaging games)
• TGC Technologies ( a neuroscience of play and technology-backed ideas and product company)
• AI on the fly technologies (automated, autonomic, audited AI platforms for data in motion, OTA Over the Air updates, hyper converged)
• BitVivid Solutions - Democratising AI using 5G-based video analytics
• Light Information Systems (Multifunctional Cognitive Agent)
• Floatbot (SaaS-based No Code Conversational AI voicebot and chatbot for insurance and FIs)
• Bprise (Giving access to programmatic advertising at the lowest possible cost of ownership to advertisement agencies and brands)

The winners

After rigorous evaluation, Bitvivid Solutions was announced the winner for rich media content categorisation in 5G. The second runner-up was Bprise courtesy its affordable advertising programmes. The first runner-up position was bagged by CoRover, since their video bot is impressive and has 112 language support.

Comviva and Invest India aim to connect these startups with ecosystem stakeholders, helping them expand their reach and create growth stories by creating impactful solutions. The winners of the Comviva InnoNXT Tech Challenge will get to design integrated solutions with Comviva's products, as part of a white-label partnership. What's more, they will also receive an opportunity to explore synergies with Comviva's customers, which include global telecom operators and fintech organisations.