Solutions Infini- When you need to SMS a million people
At some point, you likely got an SMS after a commercial transaction. Solutions Infini could be the company behind some of those bulk SMS messages you’ve been getting.
Founded by Ashish Agarwal and Aniketh Jain, Bangalore-based Solutions Infini, which was rated the 6th fastest growing tech company in India by Deloitte in 2014, specializes in the bulk SMS industry. The duo sees a major opportunity in this sector as companies across verticals continue to adopt digital technologies.
Aniketh Jain says the company provides SMS-based IVR solutions that enable a user to share feedback with companies for the services they have used. For example, after you finish a business transaction, you might receive an SMS requesting you to provide feedback about the service.
Bulk SMS messages are used by companies across verticals for marketing and customer relations management among other things. This past February, China sent around 62 billion bulk SMS messages. There’s been no study conducted to determine the number of these messages sent in India, but industry watchers claim 1 billion of them were sent last December.
Solutions Infini launched InfiNeo, a platform for the banking and financial sector. It’s the first feature of its kind to be launched on a mobile banking platform. The company says InfiNeo is intended to help banks build an SMS banking platform and help customers choose the kind of information they want to receive. InfiNeo relies on Push and Pull messaging to operate SMS banking services. Banks can send information regarding account balance and such. InfiNeo also enables banks to conduct verifications.
“Its ability to allow financial institutions to carry out promotional and informational campaigns on the same platform can ease pressure on banks to rely on multiple service providers for these purposes,” said Aniketh Jain.
The company says it has 500 customers in India, including Myntra , Vijaya Bank and Whatsapp. Jain said Solutions Infini helped Myntra send 6.4 million SMS messages across India within1 month, and that 82% of those were delivered within 1 minute of termination.
The founders borrowed around Rs 4 lakhs to start Solutions Infini, which now has a turnover of Rs 56 crore and plans increase the number to Rs 150 crore by end of the 2016 financial year.
Commenting on the business, Jain said,“When we were growing up, it was business all around and knew that we would some day have our own venture.” Jain said he decided to start this venture immediately after graduation.
Jain says the self funded company remains cash positive, intends to increase growth before raising capital, and plans to establish offices in US, UK, and Asia. The company currently has about 110 workers, including sales representatives and software engineers.
Solutions Infini’s goal is to send 12-14 billion SMS messages this year; but companies who annoy customers with spam, not to mention the government’s arbitrary regulations and questionable bulk SMS bans, might cause the company to recalibrate its strategy.
Tracy Venkatesh has spent twenty years working and interacting with a socioeconomically diverse population in both the private and public sectors, and has held positions in multiple verticals including content development, healthcare, customer relations management, defense and law enforcement.