Kotak Innovation Lab Partners with NASSCOM and Chooses Nukkad Shops for Co-Creation Program
Kotak Innovation Lab, through its Payment Co-Creation Program, is pioneering a new digital payments ecosystem. This program focuses on collaborating with startups and fintech companies to develop innovative and disruptive solutions within the digital payment sector.
In collaboration with NASSCOM’s 10K Startups Initiative, Kotak has reviewed numerous applications to select the most promising startups. This initiative aims to support startups in scaling by leveraging NASSCOM’s extensive network of investors, mentors, and industry experts, utilizing the FAME (Funding, Acceleration, Mentoring, and Enterprise connects) model.
Out of over 130 applicants and 18 finalists, Kotak has chosen Nukkad Shops, along with four other startups, for its program.
Mr. Vivek Shukla, CEO of Nukkad Shops, commented, “Nukkad Shops has continually innovated and refined our product until we found our winning formula. Innovation is central to our mission, and we are thrilled to partner with Kotak Innovation Lab to introduce new disruptive solutions to the market.”
Nukkad Shops is addressing the challenge faced by local neighborhood stores, which are increasingly overshadowed by new technology. The company aims to reverse this trend by digitizing small and medium-sized grocers, who represent 90% of the Indian retail sector, through its cloud-based commerce platform. This partnership with Kotak is expected to enhance the platform’s capabilities, offering a compelling return on investment for the retail segment.
The Nukkad Shops platform features a cloud-connected Point of Sale (POS) system designed for grocers, integrating additional services and apps to enhance operational efficiency. It supports GST compliance and offers various functionalities such as inventory management, billing, loyalty programs, analytics, and targeted marketing.
About Nukkad Shops
Founded in 2016, Nukkad Shops provides modern retail technology solutions for small and medium-sized grocers. Its Android-based cloud-connected POS software helps with billing, inventory management, loyalty programs, analytics, and online sales. The company has experienced significant growth, expanding over 30% month-on-month in 2017 and currently serving over 1,500 grocers.
Nukkad Shops has received numerous accolades, including a “Silver Award of Distinction” at the 22nd Annual Communicator Awards and the Best Indian Startup award at the 2016 Get-in-the-Ring contest. It was also recognized by HYSEA (Hyderabad Software Exporters Association) as the Best Product of the Year in 2016.