Finarkein
Build Data Driven Journeys
Seamlessly And Responsibly
The Challenge
Indian data analytics ecosystem has huge white spaces to fill in. data ecosystems are broken today. When implementing a big data solution, here are some of the challenges faced by businesses :
- Managing massive amounts of data
- Integrating data from multiple sources
- Ensuring data quality
- Keeping data secure
- Selecting the right big data tools
- Scaling systems and costs efficiently
- Lack of skilled data professionals
Market
The India Big Data Technology & Service Market is valued at USD 2.17 billion in the last year and is expected to reach USD 3.38 billion over the forecast period, registering a CAGR of approximately 7.66%. In India, there has been a proliferation in the Big Data and AI ecosystem, with numerous large and small players entering in the past few years. Thus, the country is expected to become one of the world's largest Big Data Analytics markets, with use cases and significant opportunities across various industries like :
- BFSI
- Retail
- Telecommunication and IT
- Media and Entertainment
- Healthcare
- Other End User Industry
The Solution
Finarkein has focused on providing 2 objectives:
- Ensuring India’s Open Digital Ecosystems are truly accessible for every entrepreneur and builder wishing to build on top of them. For this, they have even open-sourced some of their fibers and more are on the way.
- Providing a robust flywheel around these ODEs with all relevant tools and offerings so that builders don’t have to reinvent the wheel. Their existing collection of workflows placed over at the factory is already serving some of the largest insurers in India.
IIFL’s Impact
Our last funding event with IIFL has greatly contributed to paving the way for us to accelerate our journey thereby inching forward to our goal of smoothly enabling Digital Public Infrastructure in the country via the India Stack. They have let us grow at our own pace and provide a transparent view of where we stand with respect to our goals. The team at IIFL has also helped us connect to relevant BFSI industry folks and capital connects.
