truMe Crosses 2 million Transactions
truMe, an IoT start-up, which had raised $ 1,45,000 last month from Rajan Kaistha, an angel investor in US, has just crossed 2 million access transactions on its platform. The Identity & Access Management platform already has 2.2 lacs users andare growing at 11,000 users per month. Total number of users are expected to reach 3 lacs by end of FY 2020. More than 6000 users access various buildings on truMe every day.
Founded by three friends, Lalit Mehta, Pramod Uniyal and BabuDayal, truMe is a patented platform that is based on IoT and aims to disrupt the traditional identity & access management industry. The objective is to create an ecosystem based on truMe identity, wherein access to any premises or event– physical or digital – becomes a secure, private and pleasant experience for the users.
The founders of truMehave rich and diverse experience of starting, running and scaling up businesses. They are serial entrepreneursand have a long shared history. Pramod and Lalit are batch mates from IIM, Ahmedabad’s class of 2008 and Babu and Lalit have worked together in US. Lalit runs another company Decimal Technologies, a fintech leader in mobility space in India and The Olive Schools. Pramod is an ex-civil servant who has worked across large organizations in public and private sectors. Before truMe, he was also part of another start-up, Tribeca, as Partner & COO. Babu has worked in multiple organisations in US and Japan. Before truMe, Babu was part of a healthcare start-up, Ten Wave Communication as partner.
The company has had an organic growth so far as the founders chose to bootstrap initially. truMe at present has 21 customers, which are a mix of large enterprises, BFSI, developer groups, educational institutions and factory complexes. truMe already has four identity based products in market – eKYC, Visitor Management System, Meeting Rooms Management system and full-stack Access Management System. The company is also working on a couple of more identity based products. It has just started implementing its expansion plans and aims to spread to the top 7 Indian cities over next 12 months, before going international.
Identity & Access Management is a fragmented industry, dominated by legacy systems and marked by queues, friction and paperwork. There are different protocols for different buildings, even those belonging to the same organisation. Opacity, loss of productivity and friction are the norm. Overdependence on manpower and legacy technologies makes Identity & Access Management inadequate, inefficient and costly for establishments at present. User Experience is also sub-optimal – obtrusive, inconvenient and compromising privacy.
truMe endeavours to change that forever. truMe is a B2B SaaS play, with a vision to leverage a ‘truMe Identity’ and Network Effect to meet the market need for a number of products in the identity space. truMe has started by marrying the identity piece with IoT to create an Identity & Access Management solution, which delights the users and addresses the following key pain-points of the businesses:
• High Cost – legacy systems are very costly, have high rate of obsolescence and high replacement costs. truMe does not need much hardware and brings costs drastically down.
• Capacity Constraints – Legacy technologies have in-built capacity constraints. truMe being an IoT based platform, has inherent scalability.
• Lack of Flexibility to Write/ Modify Access Rules – Traditional systems have limited flexibility to code in access rules and modifying these rules is a time-consuming process. truMe gives unlimited freedom to write and modify access rules real-time.
• Lack of Visibility Across Buildings/ Geographies – Traditional Access Management systems are stand-alone and do not give visibility across buildings/ events/ cities. truMe gives real-time visibility to a business on access events in all its premises across the globe.
• Limited Differential Access – Traditional systems are not very flexible in terms of providing differential access to various categories of people – levels of employees, temp staff, visitors and vendors. truMe revels in that.
• Limited Multi-factor Authentication – Traditional systems have interfaces which do not talk to each other in a seamless manner and therefore their capacity to provide multi-factor authentication is rather limited. truMe works with multiple interfaces at the same time – bar code, QR code, RFID, finger bio metrics and face bio metrics.
• Lack of Data analytics – Legacy technologies cannot slice and dice the data and generate reports on multiple and dynamic parameters. truMe changes that.
To know more about truMe, you may visit www.trume.in
truMe at a Glance:
Start-up – Mobico Comodo Private Limited
Platform – truMe
Founders – Lalit Mehta, Pramod Uniyal, Babu Dayal
Problem it solves – truMe is an IoT based platform which brings security, privacy and convenience to Identity & Access Management
Sector – IT Products; IoT
Status of Funding – Angel round just started
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