Bengaluru-based financial technology start-up Digio has raised Rs. 2.5 crore (approximately $400,000) from early-stage fund Rainmatter.

Rainmatter is the in-house incubator run by discount broker Zerodha. Nithin Kamath, founder and CEO, Zerodha, will now be on the Board of Digio.

Digio, Founded by Abhinav Parashar and Sanket Nayak, focusses on building Aadhaar-based products for bringing paperless, presence-less, hassle-free documentation practices in service-delivery and business processes.

Its first product, launched in July, is a plug-and-play eSign Gateway for businesses that enable it to ease online signing of application forms, employee agreements and ID documents.

“It works similar to a payment gateway on an e-commerce site,making it a paperless process built on top of the Aadhar verification,” said Parashar. ‘

The founders estimate that across industries such as banking, finance and telecom, the cost of service-delivery ranges between Rs. 1,200-2,300 for a customer, and the process of on-boarding a customer takes 5-7 working days.

Digio says it can bring down this cost for businesses by 70 per cent.

It currently has 18 customers across BFSI, telecom, real estate and fintech, signed up for integrating with its signature gateway.

Also, Digio offers a document-signing platform built atop Aadhaar for enabling digital signatures for Indian businesses and individual consumers.

For this, businesses don’t have to obtain licences, maintain hardware and/or software.

Source: Business Line