Mumbai Startup Focuses on Next-Gen Platform Development
Tech startups are driving a surge of innovation in the Indian banking industry. A B2B (business-to-business) banking tech firm called Gravity has raised $1 million to improve its platform that facilitates communication across different banking software systems. With this new round of funding, Gravity is able to move forward with its international expansion plans and expedite its product development roadmap, thanks to the leadership of early-stage venture capital firm Kettleborough VC.
Building the Future of Banking with Enhanced Engineering Strength
Gravity’s primary goal with the money it raises is to improve its engineering capabilities. Co-founder and CEO of Gravity Satish Krishnaswamy told ET, “We’re focusing on strengthening our engineering team to build a robust and best-in-class product.” Gravity’s dedication to staying ahead of the curve in the rapidly changing banking technology landscape is demonstrated by this calculated investment. Krishnaswamy highlights how crucial it is to keep developing new products. “While we are currently engaging with banks on our initial version (1.0), we are already planning and initiating product engineering efforts for version 2.0,” he says. Gravity is able to anticipate the needs of the banking industry and stay at the forefront of innovation because to this forward-thinking strategy.
Revolutionizing Banking Through Interoperable Systems
Gravity, which was founded in March 2024 by Krishnaswamy and Rohit Maroo, specializes in facilitating smooth interoperability between various banking software platforms. This covers loan origination systems, payment gateways, and core banking systems. Through the integration of these hitherto isolated systems, Gravity enables banks to provide tailored and relevant offerings that better meet the changing demands of their clientele.
Early Traction and Ambitious Growth Plans
Gravity has been actively involved with a large segment of the Indian banking industry since its founding. “We have dealt with about eighteen commercial banks nationwide,” says Krishnaswamy. Positive outcomes have come from these encounters; Gravity has completed proof-of-concept (POC) initiatives with about five institutions. The business has already landed its first paying client, a commercial bank, and is presently in the procurement stage with a few banks.
Global Expansion on the Horizon
Gravity intends to focus on foreign expansion after completing its local consolidation efforts. Within the next two quarters, Krishnaswamy says the company would be selectively signing Memorandums of Understanding (MOUs) with prospective partners in chosen overseas locations.
“Our vision is to have sizable banks from across these regions adopt the Gravity platform by next year,” he adds. The corporation will prioritize the United Arab Emirates (UAE) over other regions as it investigates worldwide potential. Gravity is also keeping an eye on markets in Southeast Asia, including Vietnam, Indonesia, and the Philippines. The UK will be a major target market within Europe.
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