Online discount firm Zerodha has invested $375K (INR 2.5 Cr) in tech-based digital signature-enabling platform Digio. The investment was made through Zerodha’s in-house incubator and fund Rainmatter.
Nithin Kamath, founder of Zerodha, said the funds invested will be used for hiring purposes and for operational activities over the next 12-14 months.
Launched in July 2016, the e-signing platform was founded by Sanket Nayak and Abhinav Parashar. Digio claims to be the first document e-signing platform built atop Aadhar, which enables Indian businesses and consumers to gain access to digital signatures for documents. According to their website, they are bringing paperless, hassle-free documentation to Indian consumers and businesses.
Sanket Nayak, co-founder of Digio said, “There is no requirement for the businesses to obtain any licences or maintain any hardware or software. They can simply get onto the platform and for a starting service fee of INR 500 a month the business can get up to 35 documents signed within half an hour.”
“Whether it is for consent, identity management, medium for data and document collection in a legally compliant manner, there should be a mechanism for data and information exchange between “a data requestor and a data furnisher”, he added.
Digio also offers a plug-and-play e-sign gateway to small and medium enterprises (SME’s) to power their applications for online signing of application forms, agreements and identification documents.
Founded in August 2010 by Nithin Kamath, Zerodha works around the idea of ‘discount broking’. They claim to have over 96,000 customers, averaging a daily turnover of over $1 Bn (INR 8000 Cr).
Rainmatter is an incubator in Bengaluru that provides workspace, mentoring and a funding of upto $500K to startups. There are added advantages for fintech startups that avail incubator services via Zerodha. Prior to this, in 2015, Rainmatter invested in Neotrade and Tradelabs.
Digio is currently available on web and Android.
