SimpleO.ai aims to leverage generative AI to provide a dashboard and manage the risks, obligations, audits, compliance, associated with the contracts signed by enterprises
The startup is backed by entrepreneurs and investors like Times Internet’s Satyan Gajwani, Delhivery’s Sahil Barua and Mohit Tandon, among others
In 2022, Gautam Sinha resigned from his position as the head of Times Group after a 15-year stint at the company
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Gautam Sinha, former chief executive officer of Times Internet, has floated a new artificial intelligence (AI) venture SimpleO.ai to simplify contract management for enterprises.
With this, Sinha has joined the growing list of executives of tech companies and startup founders launching new ventures.
SimpleO aims to leverage generative AI to provide a dashboard and manage the risks, obligations, service-level agreements, audits, compliance, and governance requirements associated with the tens of thousands of contracts signed by enterprises.
“With the maturing of GenAI, we saw an opportunity to radically simplify the entire lifecycle and manageability of contracts by building a legal-grade GenAI product suite. SimpleO strives to infuse simplicity into the core of corporate operations, offering an innovative solution for the efficient and effective management of contract lifecycles. We believe that tackling this challenge will contribute to the overall efficiency and success of organisations, allowing them to focus on what matters the most,” said Sinha.
SimpleO is backed by entrepreneurs and investors like Times Internet’s Satyan Gajwani, Delhivery’s Sahil Barua and Mohit Tandon, among others.
In 2022, Sinha resigned from his position as the head of Times Group after a 15-year stint at the company.
Prior to Times Internet, Sinha was the chief operating officer of CashEdge Inc., a company based out of New York and California working in payments and wealth management. Earlier, he also held senior management positions at Sevant, Aspect Communications, the Neural Applications Corporation, and also worked as a scientist at the Defence Research and Development Organisation (DRDO).
With this, SimpleO has become the latest Indian startup to try to leverage the Gen AI boom to capture the fast-growing market. According to an Inc42 report, India was home to over 70 GenAI startups last year. The country’s Gen AI market is estimated to grow to a size of over $17 Bn by 2030, clocking a CAGR of 48% between 2023-2030.
The start of the new venture also adds to the trend of entrepreneurs and executives quitting their jobs and ventures to launch new startups in the third-largest startup ecosystem in the world. The past few years have seen eminent entrepreneurs like Kunal Shah (Freecharge to CRED), Jitendra Gupta (Citrus Pay to Jupiter), Anant Goel (Milkbasket to Sorted), among others, raise funds to start their new ventures.
According to industry experts, investors tend to have more confidence in second and third-time founders, making them preferred choices for investment. And there is a simple explanation for this — such entrepreneurs are already well-versed in the industry cycles and the rules of the game.
As far as the realm of the Indian startup ecosystem is concerned, such founders are more likely to succeed, without relying much on vanity metrics like valuations, and mentor new breeds of entrepreneurs entering the domain.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.