- MIMO plays the dual role of skilling and employing the semi-urban and rural youth, and through them, provide a wide range of services to corporates.
- Transactions include tasks like E-KYC collection, documentation, data verification, loan form submission, consignment delivery for e-commerce companies etc.
New Delhi, India: MIMO, a technology-led startup that takes companies to rural India, has crossed 3,00,000 transactions for MFI & NBFCs companies in Q2 and Q3 of 2018.
MIMO acts as a bridge between Corporates/Service Providers who are looking to expand their reach to the interior parts of India; and the rural youth who are looking for opportunities to bring them into the financial mainstream. The startup helps companies connect to every part of the country through an organized network of rural agents.
MIMO’s transactions in Q2 of 2018 totaled to 149,134 – with a major portion coming mainly from 3 tasks- Data Verification (44,162), Document Collection (41,704) and Payment Collection (31,472). Meanwhile, transactions in Q3 totaled to 155,944 – with Payment Collection (50,922) leading the numbers, followed by Data Verification (48,928), and Document Collection (27,302). The total monetary worth of transactions crossed Rs. 5 Crore. (Rs. 2,10,94,062 in Q2, and Rs. 3,21,53,106 in Q3)
MIMO works with Logistics and Distribution companies, MFI & NBFCs, Broadband and Telecom companies, Banking and Insurance companies etc. The startup currently has 2500 active field agents, with presence in 12 Indian states.
Listed below are some of the services MIMO provides via local agents:-
- Data verification for banks and other companies in rural areas
- Improving last mile connectivity for e-commerce companies
- Bill payments, form submission and surveys
- E-KYC collection
- Field investigation, order fulfillment and demand generation
- Helping brands initiate unconventional marketing in rural areas
- Documentation and data collection
MIMO’s list of clients include companies such as :-
- Aditya Birla Finance for which MIMO provides financial investigation and document collection from the customers for loan applications
- Myntra for which MIMO facilitates last mile delivery services. Myntra team drops the load at a defined MIMO center location within a pin code and MIMO further delivers the consignments to end customers
- TATA Teleservices for which MIMO facilitates document collection from retailers for sim replacement activity and enables faster processing through digitized document collection
- HERO Fincorp for which MIMO provides document collection services for seamless reporting of loan applications filed by Hero Fincorp customers.
MIMO’s other clients include SCNL, RBL Bank, CarDekho, Faircent, Chaitanya, Indifi etc.
The rural and semi-urban field agents are required to use the MIMO mobile app to choose tasks for themselves. The easy-to-use app overcomes the language barrier by being available in all vernacular languages. MIMO app also functions as a mobile wallet for simplified money collection by agents and provides a number of utility services like Prepaid Recharge, Bill Payments, Movie tickets etc. as well. Through MIMO, rural agents earn up to 30,000 – 40,000 rupees every month, depending on the number of tasks done by them.
MIMO ensures maximum security and confidentiality by tracking its on-field agents. The technology also allows for geo-tagging and taking audio/video/still pictures with watermark and tags so chances of fraud are minimized at the agent’s end.
Speaking on crossing the 3,00,000 transactions mark, Ms. Lathika Regunathan, CEO of MIMO Technologies said- “It’s a proud moment for all of us at MIMO to have reached this landmark in just two quarters. We are working towards improving these numbers and we hope 2019 will be a historic year for MIMO and our clients”.
Founded in 2015 by Ms. Lathika Regunathan, MIMO is a Delhi-based startup which plays the dual role of skilling and employing the semi-urban and rural youth, and through them, provide a wide range of services to corporates. The startup has over 2500 active field officers employed, covering rural and semi-urban areas in 12 states. MIMO has grossed over 6 million USD in transactional value since its app launched in October 2017.