Technology Startups

Document Management Startup Kleeto Seeks To Help You Retrieve Net Banking Passwords, Mobile Contacts; Do We Need It?

1 Mar, 2012

Gurgaon-based startup Next Gen Paper Solutions Pvt Ltd that runs Kleeto, a service enabling companies and individuals to manage their physical documents by digitizing them, is soon launching another service which would enable Kleeto customers retrieve phone numbers, SMS, MMS and apps downloaded in the phone.

Initially one will have to export the numbers manually from mobile to laptop, then to the Kleeto account to save the stored numbers, but in another two-three months, one would be able to directly save all numbers, SMSs, MMSs and downloaded apps to ones Kleeto account. So it's a bit tedious process to begin with.

The firm is also trying to go a step further and introduce a service to help consumers retrieve passwords and PIN of various bank accounts as well as social media accounts such as Facebook, Twitter and LinkedIn etc.

Both the services would be offered as a bundled offering to its existing Kleeto service which generates revenues through an annual subscription model. The differentiating factor could be an encrypted virtual password protection account which would be more secure than a person saving passwords on the Web either in an email account or some cloud or other storage platform.

There are two packages for consumers, offering different entitlements for physical and digital storage and number of trips for pick-up & delivery of physical documents. Kleeto Basic pack charges Rs 1,200 for an annual subscription while the Premium pack is priced at Rs 2,000.

Talking to Techcircle.in, Sunil Mahajan and Naresh Chand co-founders of Kleeto said the idea to diversify from its existing business was driven by the need to address consumer pain point of long process and paperwork to retrieve critical financial service and social networking passwords.

But isn't it fairly easy to retrieve passwords from social networking sites?

According to Chand, "Though it is comparatively easier to retrieve passwords from social media services, still, if somebody forgets any crucial questions needed to reset a password, one many loose the account, eventually losing some crucial documents stored there."

As far as the service for retrieving contacts on the mobile phone goes, it would not be the first such firm to offer such a service. Already telecom operators and app developers have floated services that take away the pain of losing contacts when the phone is stolen or goes phut. But Kleeto is banking on its bundled service with same annual subscription to get traction.

Funding & Expansion:

One-year-old Kleeto, which initially raised around $700,000 from friends, family and associates based in the USA, now, intends to raise as much as $ 3 million in series A funding. The process will start in April, and the founders plan to close it by end of August. The fund raised will be used for organic expansion.

Mahajan said, "We have two sides to our business - consumer and the corporate side which includes, SME, SMB segment. The consumer side will require brand building for a larger reach to the target audience and on the corporate side we would need to increase our location reach and improve scalability."

At present, Kleeto is operational only in Delhi NCR, but it is looking to expand its business to other cities soon. It will expand into southern region by opening an office in Bangalore, followed by another office in either Pune or Mumbai in the West. In order to cater to the customers in the eastern part of the country, it may tie up with channel partners present in Kolkata.

Right now a team of 25, Kleeto would also focus on talent acquisition this year to boost direct sales and marketing personnel as also the operational team.

Kleeto intends to partner with various financial institutions, insurance companies, pathological labs, hospitals, stock creating companies, to increase their customer base.

Mahajan explained, "We have already collaborated with a financial company and are in the process of sealing a few deals with a few more companies, which will help us shoot up our customer base to a few thousand at one go."

Right now, Kleeto has a customer base of 15,000 and some 45-50 corporate clients. Chand said, "Though our corporate sales drive our business, we acquire normal customers at a steady rate of about seven-eight clients every month."

Kleeto intends to break even in the coming two years. "We would want to acquire 100,000 consumers and 250 corporate clients by end of 2012," signed off Mahajan.