Biocube is en route to adding more revenue streams as identity protection and security in the digital world take centre stage. Ashutosh Agarwal, the Managing Director of the company shares more about the company’s plans in a conversation with BW Businessworld. Excerpts.
You received funding on a convertible debt about six months ago. What are some plans to utilize this and create more revenue streams?
We received funding of Rs 3 crore on a convertible debt basis about six months ago. We were a pre-revenue company till the end of CY 2021, but have started clocking some revenue this year already. We aim to earn revenue from the platform by selling it both as a product and a service offering. A typical engagement will have a one-time development fee, integration fee, annual maintenance charges, and per-user or per-transaction charges, which will account for the bulk of the revenue.
We understand the platform was born after the personal experiences of one of your co-founders. Tell us more about the journey.
Our idea was indeed conceptualised back in 2015 by our founder Mr Subodh Narain Agrawal when he was a victim of identity fraud. In 2019, the core team was formed and the development of this platform was initiated. After extensive research and development, by 2020 we were ready with the beta testing. What we have now is the world’s first and only identity platform with artificial intelligence-enabled, multifactor, and multimodal self-service biometrics. The platform can disrupt the biometric market as it requires zero specialized hardware, thus minimizing the CAPEX required by the company to implement biometrics.
How are you looking at growing the business from here?
Identity verification will ultimately become password-free and users will be able to access multiple services at the click of a button. A portable and interoperable identity verification mechanism is the need of the hour. Our go-to-market and business development started in 2021 and subsequently, over the next six months, we completed a few high-value deals and pilots with both enterprises and governments.
Currently, we have more than 20 pilots running at different stages of completion and four full-time contracts. Going forward we aim to convert many of the pilots in the pipeline into commercial contracts and substantially increase the revenue by the end of 2022. We are looking to significantly ramp up the team over the year and we will keep on upgrading the platform.
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