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Founded by former senior government officers, social entrepreneurs, and technology experts, Sapio Analytics aims to provide the most intelligent AI-powered policy-making solutions for government institutions across the world. Basically, Sapio helps government create and execute policies through decision support systems powered by artificial intelligence.
Sapio Analytics is currently valued at 100 million USD and it targets to achieve a valuation of 1 billion USD by 2022. With more than 15 million citizens under its direct and deep impact, Sapio targets to directly impact 100 million more in a year.
StartupTalky interviewed Mr. Ashwin Srivastava (CEO, Sapio Analytics) to get insights into the startup story and roadmap of the organization. In this article, you'll discover how Sapio was conceptualized, its subsidiaries, business model, growth, future plans, and more.
Sapio Analytics - Company Highlights
| Startup Name | Sapio Analytics |
|---|---|
| Founders | Prashant Nikam, Ashwin Srivastava, Hardik Somani, Shripal Jain, Viral Vora, Arpit Palod |
| CEO | Ashwin Srivastava |
| Headquarters | Mumbai |
| Founded | 2019 |
| Industry | Artificial Intelligence, Analytics |
| Valuation | 100 million USD (as of 2021) |
| Website | sapioanalytics.com |
Sapio Analytics - About and Vision
Sapio Analytics - Market/Industry Details
Sapio Analytics - Founders and Team
Sapio Analytics - Idea & Inspiration
Sapio Analytics - Product/Service
Sapio Analytics - Subsidiaries & Acquisitions
Sapio Analytics - Name, Tagline and Logo
Sapio Analytics - Business Model & Revenue Model
Sapio Analytics - Startup Launch
Sapio Analytics - Challenges Faced
Sapio Analytics - Growth & Statistics
Sapio Analytics - Funding
Sapio Analytics - Advisors/Mentors
Sapio Analytics - Competitors
Sapio Analytics - Recognitions/Achievements
Sapio Analytics - Future Plans
Sapio Analytics - FAQs
Sapio Analytics - About and Vision
Sapio Analytics provides an artificial intelligent government support system, to various governments, as well as tools to capture the voice of the citizens by providing them a plethora of solutions for their growth.
Its long-term vision is to create a world where governments are driven by data and data is driven in real-time by the voice of the citizens. In the short term, the startup is working on transforming the lives of citizens by recommending and executing government policies through decision support systems powered by artificial intelligence.
Sapio's core belief is that dynamic data is powerful yet complex to understand, and hence new age mechanisms to collect data, analyze the same, and visualize the analyzed data, are needed for governments to function. If that starts happening, all problems of the world can be solved using decision support by AI.
Sapio Analytics - Market/Industry Details
Based on the budget data provided by the Government of India, 411 billion USD is targeted to be spent by the central government alone. Sapio's market size is around 2% of the same, as decision-making can create an impact that saves costs from 2-10% and makes things much more efficient. Taking the budget of Africa and various other developing countries, the overall direct market size becomes more than 40 billion USD annually. And the startup is at the forefront of driving this today, expecting at least 50% of the market for it.
In addition, part of the budget dedicated towards execution and share of revenue with the governments (part of the GDP increase done through us) make for a higher market size. With digitization becoming mainstream, the growth rate is unpredictably high.
Sapio Analytics - Founders and Team
Sapio's founders are a combination of former senior government officers, social entrepreneurs, and technology experts. Prashant Nikam (former IRAS, former Director of Police, MHA), Ashwin Srivastava (serial entrepreneur with multiple multinational companies and successful exits), Hardik Somani (social entrepreneur), Shripal Jain (government entrepreneur), Viral Vora (construction, infrastructure, and transport expert), and Arpit Palod (IIT Bombay alumnus, data genius) form the core team of founders.
The current company size is around 200 including various subsidiaries and interns working with the company. The size is constantly growing.
"We believe in the concept of creating impact, with revenue being a byproduct of the same. With this mindset, we look for DNA of impact in everyone we hire. Besides the passion to create an impact, we also look for those who believe in Speed and those who demonstrate a passion for the causes they believe in" - says Ashwin Srivastava, CEO, Sapio Analytics.
If someone has a desire to become a part of the history of this world, contributing to the creation of the world’s first artificially intelligent government, they can join Sapio Analytics!
Sapio Analytics - Idea & Inspiration
Through the founders' close works with governments, they realized that there exists a significant gap between the use of data science and the government’s decision-making. Their aim was to fill this gap. Once they started filling this gap, the founders further realized the kind of impact decision-making through data analytics can bring. They saw the potential of economic transformation happening. The founders saw that healthcare, law enforcement, geopolitical relations, and every aspect of governance can be impacted sustainably through the use of artificial intelligence-driven by dynamic sources of citizen data.
And the team also noticed how government departments working in silos are preventing the creation of intelligent decision-making.
Having clearly seen the potential of something huge, thanks to the team's in-depth understanding of government functioning and excellence in data science, they started talking to former government officers, people who have been at the top and played a critical role in driving India’s governance.
"The response from them was mixed. There were some who believed that what we are doing has been in their minds for a long and yet they have been unable to do anything about it. Some offered to join us, as they could see us doing what they have always wanted to do. Some others felt what we were talking about was impractical due to red tape within governments at all levels. There were few who appreciated the wishful thinking but cautioned us against the challenges of creating a new market altogether" - says Ashwin Srivastava, CEO, Sapio Analytics.
The founders were determined to create this new market and become its leader, effectively becoming the artificially intelligent shadow government support system, that everyone wanted to have.
Michelle D’souza
Sapio Analytics - Product/Service
The product works in 3 stages:
- Data Collection, where through a series of tools and innovations including the world’s first smart digital census, Sapio Analytics empathetically understand the needs of citizens on a real-time basis, empowering its artificial intelligence systems
- Data Analytics, where tools and products around analytics, powered with deep domain intelligence, gathered through the objectification of the brains of world leaders and domain experts, are used to derive intelligence out of the collected data
- Data Visualization, where special innovations are used to present data in formats that is understandable and acceptable by those who can benefit from the same
There have been multiple small changes in the product throughout its journey, all evolution happening based on new data inputs that Sapio Analytics gets from citizens and governments.
Today, Sapio Analytics has the following main divisions within its organization:
- Economic Growth Division: This focuses on increasing the GDP of a state/country, and involving both individual citizens and businesses in the process
- Local Administration Division: Hyperlocal analytics is its core expertise, and this division focuses on the same, working at all local governments’ level
- Law Enforcement and Intelligence Division: Helping law enforcement agencies, as well as intelligence agencies, use the power of digitization and artificial intelligence is the core goal of this division
- Smart Healthcare Division: Creating a new smart healthcare ecosystem, that works on hyperlocal analytics and operates through artificially intelligent support given to medical professionals, is what this division does.
- Heritage and Culture: Also known as the Heritage Restoration Division, Sapio Analytics is bringing back the glory of the ancient heritage and culture of any region in the modern world. This division is also closely tied up with the startup's Geopolitical Division.
Sapio Analytics - Subsidiaries & Acquisitions
Besides running the above-mentioned divisions, there are a number of companies that partly owned subsidiaries or part of the group through control over the same:
- Sapio Parthiv Heritech (Private Limited): This subsidiary uses the power of its Heritage and Culture division and is focused on providing innovative beautification and advertisement options to outdoor real estate. It works closely with governments, local bodies, and advertisers, and is transforming the world of advertisement forever, through the use of smart beautification and intelligent communication
- Banking Correspondent Network (Public Limited): One of Sapio's recent acquisitions (name undisclosed) gives it part control over the growth of a public company known for having a large banking correspondent network into a network of on-ground data collectors and consumer behavior drivers, in smaller towns and villages of the country. With 12 million citizens currently being directly impacted by this company, and at least 20 million more in the pipeline, this becomes an important tool in the startup's plans of knowing the voice of citizens. Currently, this company provides financial transaction services, retail shop services, electronic shop services, entertainment services, and healthcare services, through its on-ground reach.
- Saksham Score (Private Limited): This is another subsidiary owned by Sapio Analytics, and is aimed at knowing every citizen of a developing country in a way that their trustworthiness in any skill or behavior they are supposed to display can be quantified. This becomes the future of any form of social or credit or employability rating.
- EV Jagat (LLP): When Sapio talks about transforming governments, one of the most critical changes in the world of transport driving the global economy cannot be ignored. Through EV Jagat, it is driving the EV Ecosystem in India.
- Sapio Prime Joint Venture (JV): Artificially Intelligent Surveillance of Critical Infrastructure around the world is provided through this JV.
- Sapio Quantum Joint Venture (JV): Sapio Analytics is creating India’s largest network of branded primary healthcare guidance centers India, with thousands of medical professionals on board with it.
- Sapio Bharat Incubation Center: India’s first incubation center for government technologies and citizen impact in the interiors of India
- Sapio Foundation: Sapio Analytics' foundation is geared towards using the CSR budget of companies towards the achievement of core goals and vision of the leaders of India, establishing India’s significance in the world
- KGS Microsystems LLP: It is Sapio's new acquisition that is now India’s largest Smart Digitization Company
In addition to the above, Sapio Analytics also has a shareholding in Technology-enabled Insurance Aggregator InsureEfficient, and LC financing company LC Bidding. Both companies are transforming the space of financing and insurance in the interiors of India, with physical offices in 70+ locations. Other new subsidiaries, such as MSME Jagat, are in the process of creation.
Ashwini
Sapio Analytics - Name, Tagline and Logo
Sapio stands for intelligence, and the startup derives intelligence out of data. This is how the team came up with the name. They wanted a name that could signify intelligence of data all around us and make us realize that we are missing the power of the same if we do not use them to create AI.
Sapio Analytics' tagline - Impact, Influence, Improve - shows the startup's desire to create an impact on the citizens, influence policies by the governments, and improve the lives of all of us creating a transformation in the world of governance.
Sapio Analytics - Business Model & Revenue Model
Sapio Analytics' core business model lies in working with the governments and providing them solutions that can be used on a recurring basis, while also helping them earn more revenue and take a part of the same for it, as a reward for increasing the GDP.
Sapio Analytics - Startup Launch
The founding team started with their connections, people who they know, and people who trusted them based on the works that they had done in the past. The entire group of founders and senior leadership team comes from a background of strong connections and pedigree of success, which was used to get the first few customers.
Once the startup had some governments on board, they got access to citizens through them, and then the cycle of getting more governments onboard was created.
The large-scale growth happened with COVID-19. And it was not out of any desire to do any growth hacking or marketing.
"When COVID-19 hit us, we decided to pause all our works for some time and give our lives to solving the problem using our technologies. Our team members did not sleep while we slogged trying to create an impact by saving lives. And we believe we saved millions of them" - Ashwin added.
This led to a lot of brand value for Sapio Analytics, in a way that government leaders started talking about the startup. The Prime Minister of India also praised their work in an address to the nation, albeit in a different context related to the preservation of the culture of India is an important act of consciousness and happiness during the tough COVID times.
The best part of this strategy was that it was not a strategy! Though many brands tried to create a strategy out of this misfortune, Sapio Analytics just went about solving the problems. And, strategy happened to the startup organically.
Sapio Analytics - Challenges Faced
Challenges are common in a business that is creating a new market. When the founders approached clients (in form of governments) or even distinguished citizens, they were told by some that India is not ready for such a transformation where decisions will be taken by AI. Some leaders even feared that AI may take over their decision-making powers.
In such cases, the solution was to prove by showing. When their work was able to create a genuine impact, while increasing the powers in the hands of the decision-makers (the entire idea of artificial intelligence is to empower and not replace), with case studies around the same, they started solving this major challenge.
"Nothing speaks better than success, and we started getting success by this first set of successes" comments Ashwin.
Sapio Analytics - Growth & Statistics
Sapio Analytics is currently valued at 100 million USD and the target is to achieve a valuation of 1 billion USD in the coming year (2022). With more than 15 million citizens under its direct and deep impact, the target is to directly impact 100 million more in the coming year.
Confirmed contract values across its various companies cross 13 million USD with a few months in the year to go. With some new partnerships and contracts in the pipeline, the target valuation is very much insight.
"We believe that we have not even initiated our real revenue plans yet, as we are here for the long haul, earning our assets in form of trust and data initially" says Ashwin.
The company is open to strategic funding at a special valuation for special players who would be interested in becoming part of its journey in the long term.
Sapio Analytics - Funding
Sapio Analytics is primarily bootstrapped with only strategic funding.
Sapio Analytics - Advisors/Mentors
Sapio Analytics has a large pool of mentors, advisors, and strategic partners, including leaders apart from founders who are part of the core leadership team.
Some of the names in the Global Advisory Board
- Lt Gen K J Singh (former Commander in Chief, Current CIC)
- Lord Rami Ranger (member of the House of Lords UK, rags to riches entrepreneur)
- Dr. Dinesh Tryambake (celebrated doctor based out of Australia)
- Saumil Mehta (global businessman based out of Europe)
- Nooryusazli Yusoff (new-age technology leader based out of Indonesia)
Other Leaders
These leaders come from various backgrounds in the government, business, and corporate leadership, having collectively managed billions of dollars of budgets.
- Dr. B S Tiwary
- Ashok Gowani
- Gaurav Aggarwal
- Kamal Maheshwari.
Sapio Analytics - Competitors
Palantir Technologies in the US is a major competitor though they do not focus on the countries Sapio Analytics is active in. The startup is even called Palantir of Developing Countries by various supporters, because of the same.
In addition, Sapio Analytics believes that it competes with the major consulting companies and big tech companies such as Google as well, though it believes in growth through collaborations.
Sapio Analytics - Recognitions/Achievements
"Rewards and recognition are aplenty, but we have not focused ourselves on any, as our biggest achievement to date is impacting the lives of citizens and causing an economic transformation. Testimonials from leaders such as the Prime Minister are also bigger than any awards" says Ashwin, CEO, Sapio Analytics.
Sapio Analytics - Future Plans
Sapio Analytics is expanding to the world. Guyana is a country that recently found oil and is taking its journey from being developing to a developed nation. Sapio's partners are driving this journey and they are supporting them with data. This is just an example of Sapio Analytics' planned geographical expansion.
ANJANA A K
Sapio Analytics - FAQs
What is Sapio Analytics?
Sapio Analytics aims to provide the most intelligent AI-powered policy-making solutions for government institutions across the world. Basically, Sapio helps government create and execute policies through decision support systems powered by artificial intelligence.
Who are the founders of Sapio Analytics?
Prashant Nikam, Ashwin Srivastava, Hardik Somani, Shripal Jain, Viral Vora, and Arpit Palod form the core team of founders.
How much is the valuation of Sapio?
As of 2021, Sapio Analytics' valuation stands at 100 million USD.
Is Sapio an Indian company?
Yes. Sapio Analytics is an Indian company headquartered in Mumbai, India.
Who are the competitors of Sapio Analytics?
Palantir Technologies in the US is a major competitor though they do not focus on the countries Sapio Analytics is active in. The startup is even called Palantir of Developing Countries by various supporters, because of the same.
Is Sapio funded?
Sapio Analytics is primarily bootstrapped with only strategic funding.
What is Sapio's tagline?
'Impact, Influence, Improve' - shows the startup's desire to create an impact on the citizens, influence policies by the governments, and improve the lives of all of us creating a transformation in the world of governance.
Author: Jeenal Jain
Source : https://startuptalky.com/sapio-analytics-success-story/
Date : 2021-11-23T13:36:01.000Z