Kotak Mahindra Bank, NASSCOM Announce Winners of its Maiden Payment Co-creation Programme

Bengaluru, March 23, 2018: Kotak Mahindra Bank (Kotak) and NASSCOM today announced the winners of its maiden payment co-creation programme for start-ups and fintechs. Of the 133 entries received for the programme, 12 fintechs were shortlisted after a rigorous evaluation process. The jury* has finalised 6 winners – Automaxis, Dairy Plus, Nukkad Shops Technology, MyCarIQ, Highway Delight and FTL Technology.

The twin objectives of the Kotak Payment Co-creationProgramme are to provide an impetus to fintech-bank partnerships and build anecosystem of collaboration and innovation for start-ups and fintechs in thedigital payments space. 

Deepak Sharma, Chief Digital Officer, Kotak Mahindra Banksaid, “With the Kotak Payment Co-creation Programme, our aim is to create arobust platform for fintech-bank collaboration. We have concluded the firstedition of the programme focused on digital payments and are delighted to havefound some unique, best-in-class ideas. The winners will receive mentorship,and also an opportunity to work closely with our innovation lab and pilotlaunch their offering with us. We look forward to deepening our engagement withthe start-up community and unlocking fresh, new ideas with similar programmesin the future.” 

KS Viswanathan, Vice President - Industry Initiatives,NASSCOM said, “It was a great learning experience to be a part of thisselection process. We indeed believe that India has all it takes to emerge asthe global fintech capital over the next decade. This initiative with Kotakwill lead to redefining the payment ecosystem in the country.” 

Details of Winners: 

Automaxis: A micro-automation platform that reducesoperational time and error, Automaxis provides solutions related to GST filing,from making the invoice to the last stage, connecting different ERP players. 

Dairy Plus: This Hyderabad-based fintech providessolutions to enable the last mile visibility and payment digitalization fordairy distribution businesses. 

Nukkad Shops Technology: This fintech offers retail business solutions to smallkirana shops with cloud POS, billing system etc. 

MyCarIQMyCarIQ is aPune-based fintech that works on IoT for car tracking, booking services etc. through an integrated devicein the car along with a companion mobile app. 

HighwayDelightThisBangalore-based fintech provides data-driven integrated highway services platform for smart roads of thefuture. 

FTLTechnologyFTLTechnology works in the area of driving retail loans for banks along with a price comparison engine inthe e-commerce segment. 

The next leg of the Kotak Co-creation Programme inpartnership with NASSCOM will be announced soon. 

*Jury members: Deepak Sharma, Chief Digital Officer, KotakMahindra Bank; Venkat Kumar, Vice President – Digital Banking, Kotak MahindraBank; Bertram Dsouza, Vice President – Digital Banking, Kotak Mahindra Bank andPriya Sankar, Associate Vice President – Digital Banking, Kotak Mahindra Bank              

AboutKotak Mahindra Bank Limited

Establishedin 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates.In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagshipcompany, received banking license from the Reserve Bank of India (RBI),becoming the first non-banking finance company in India to convert into a bank- Kotak Mahindra Bank Ltd. 

EffectiveApril 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. As onDecember 31, 2017, Kotak Mahindra Bank Ltd. has a national footprint of 1,375branches spread across 700 locations and 2,171 ATMs. 

The Bankhas four Strategic Business Units – Consumer Banking, Corporate Banking,Commercial Banking and Treasury, which cater to retail and corporate customersacross urban and rural India. 

For moreinformation, please visit the company’s website at http://www.kotak.com/


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