Gordian Technologies was launched by Prajwal Ajay in 2019 to provide secured deliveries using its IoT enabled devices. [ Image Credit: Gordian Technologies]
Accelerated digitisation has given way for the rapid adaptation of logistics tech and hyper local delivery services. However, it is also important to ensure the safety and security of the products to be delivered.
Bengaluru-based Gordian Technologies is looking to fill this gap by providing IoT-based security solutions to delivery companies. Founded in 2019 by Prajwal Ajay, the startup is aimed at securing deliveries using its IoT enabled devices.
Prajwal, who is a chartered accountant by qualification, worked at PwC for three years before founding the startup.
“Back in 2018, during the CBSE exams, newspapers were filled with articles talking about the examination paper leaks. I was preparing for my CA final exams around the same time, and this problem irked me constantly and left me wondering if there was a solution to this problem,” says Prajwal.
“It struck me that a physical device that would unlock through an OTP received by the principal could do the trick of securing the examination papers during their transit. As I continued to ponder over the possibilities of this device, I realised there is a huge gap across the spectrum of logistics, and it would be a gamechanger for businesses and consumers to securely get their products delivered,” Prajwal tells YourStory.
According to the founder and CEO, the startup is looking to work with businesses that need confidential or expensive products delivered on a regular basis - such as jewellery or electronic devices.
Ensuring security of deliveries
According to Prajwal, Gordian’s patent-pending IoT-enabled device, called SecureIT, makes use of one time passwords (OTPs) to unlock itself, thereby ensuring security. It also provides real-time alerts, live tracking, and internal cushioning. These portable devices can ensure security of the packages and can be unlocked only when the customer uses the OTP.
“These devices enable businesses to secure all high value and confidential items during transit and protect them from damage, while assuring accountability and tamper-free delivery,” he adds.
The startup also provides a dashboard to the delivery businesses to monitor all the devices real-time and get alerts, including timestamps and GPS locations, of the unlocks made at pick up and drop.
Prajwal reveals that the company is targeting several verticals such as camera and gaming rental companies, jewellery delivery stores (online + offline), electronic stores, CA and consultancy firms, foreign currency delivery companies, and NBFCs providing loan against gold, among others.
“For businesses who have staggered demand or who prefer to not have their own delivery fleet, we also provide secure hyperlocal deliveries as a service, where businesses can place an order when they have a requirement, and our delivery executives carrying our devices will undertake the delivery,” Prajwal says.
He adds that the solution has become relevant amid the COVID-19 crisis, which has accelerated the need for home deliveries.
Gordian's IoT device, SecureIT, makes use of one time passwords (OPT) to unlock itself thereby securing the products to be delivered. [Image Credit: Gordian Technologies]
The business
According to Prajwal, the bootstrapped startup has started trial runs from this month for businesses that have joined hands with Gordian for the product development. The startup said it will begin its full-fledged operations from the coming month for all businesses and consumers requiring secure deliveries. However, he declined to reveal the initial investment made into the startup.
The SecureIT devices are currently offered in two sizes, and the solution is available on a subscription and pay-per-use based models. The packages include the dashboard, device maintenance, and customer support among others.
“We have two business models. Under the first model, we have monthly subscription plans, where businesses rent out the devices and get complete control over it along with a dedicated dashboard, wherein they can access the devices, manage their deliveries, get real-time alerts, and access reports."
"The second model is a pay-per-use model where we provide secure deliveries as a service. Businesses can place an order on our web portal and can get a secure delivery at affordable prices and get complete information pertaining to the delivery, including timestamps and GPS locations of the device unlocks. In this model, we also tie up with other hyperlocal delivery companies on a revenue-sharing model to provide secure deliveries to a larger number of businesses,” Prajwal says.
While the founder declined to reveal the pricing details, he explained that the rates are subjective and are based on the number of orders, customers, and the scope of the business of the clients. The company also refused to disclose details about its clientele, but the CEO added that the company currently has one customer from every vertical targeted by them.
According to a FICCI-EY report titled ‘Future of IoT’, global IoT connections are expected to increase at a CAGR of 17 percent from $7 billion in 2017 to around $25 billion in 2025. The report also predicts that Asia-Pacific region will become the largest global IoT region in terms of both connections and revenue by 2025. IoT devices across the globe are expected to generate 90 zettabytes of data by 2025.
The NASSCOM report on IoT Landscape states that India will be a front runner in IoT adoption in Asia Pacific (APAC) region. According to the reports, the Indian IoT market is expected to grow at a 62 percent CAGR and reach $9 billion by 2020.
Future plans
Speaking about future plans, Prajwal says the company is aiming to achieve 3,000 to 5,000 secured deliveries in a month on an average in the next three months. Following this, the company will focus on raising a seed round for scaling up its operations and increasing the footprint across the country.
“For the first six months, we are planning to ride the wave of home deliveries and enable a much larger set of companies to undertake secure home deliveries and shift their models from retail to online. We are onboarding businesses on one end and delivery partners on the other end. We are aggregating the demand of businesses and matching it with delivery partners who can fulfil the demand using our devices,” he adds.
Gordian Technologies currently faces competition from some of the existing hyperlocal delivery companies. According to Prajwal, the current hyperlocal delivery companies provide low cost but low secured deliveries while highly secured deliveries are generally expensive. He adds that Gordian is aimed at providing a highly secured solution for deliveries at a lower cost.
In the long term, the startup aims to have its own delivery fleet across the country. “Along with serving customers who directly place an order with us, we will be handling orders from customers from any delivery app who would require a secure delivery by integrating our systems through APIs. So, irrespective of the focus of the delivery company – whether it is food or gold, we can handle the deliveries without the existing delivery infrastructure requiring to be changed for other companies,” he says.
(Edited by Megha Reddy)
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Link : https://yourstory.com/2020/08/bengaluru-gordian-technologies-iot-solution-security-packages
Author :- Shreya Ganguly ( )
August 27, 2020 at 05:35AM
YourStory