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How fintech startup Recko, uses technology with its clients Grofers, Dunzo, and Udaan, to ease reconciliation

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In recent years, India has seen an increase in digital transactions. The majority of businesses in the country are continually dealing with rising transaction volumes and increasingly complicated payment flows and systems.

Saurya Prakash Singh and Prashant Borde, two entrepreneurs, identified a major issue faced by finance departments in organisations: reconciliations. It inspired them to launch Recko in 2017.

Today, the fintech firm is automating the reconciliation process for customers in industries such as banks, ecommerce, food tech, fintech, neo-banks, gambling, insurance providers, and others that have a significant volume of transactions.

Solving a difficult problem

Most organisations, according to Prashant, receive data from a variety of sources, including settlement files, order management systems, banks, and so on. These files are in various formats, and they must be cross-checked to ensure that the information they contain is consistent.

These data must be transformed and reconciled by the financial departments. When working with various finance instruments for accounting, tax, and payment, for example, more data processing is required.

“One can only imagine how difficult things would turn out to be when the volume increases,” says Prashant.

Recko is addressing this, according to him, by employing Big Data frameworks that are optimised for precision, consistency, and scalability. The startup uses pre-defined rules to identify data that is input into the system and reconciles it on a transactional basis.

For enterprises to track, manage, and account money end-to-end, the platform provides a complete and strong technology stack to manage financial data and enable financial activities such as reconciliation, commission calculation, payout production, and reporting.

Recognizing a deeper issue

Prashant explains that merchants have difficulty reconciling these payments due to outdated equipment and technology.

Most organisations currently perform the entire process of confirming that the amounts in the settlement files and bank account are in accord with one another manually.

“We started thinking what if there is a platform that can enable businesses to reconcile easily. Saurya and I started talking to finance teams in a variety of industries and geographies (India, the US, SEA, etc). They all faced a similar problem and were using Excel sheets to reconcile payments,” Prashant explains.

Another unresolved case, commission tracking, was also identified by the duo. “No other tool offered this kind of flexibility without getting too technical,” Prashant explains.

They wanted to automate and speed up this process in order to enable businesses track correct revenue, close SLAs for receiving money in order to optimise working capital, and minimise support costs by having a clear image of money sent to portion of the supply chain.

The Product

Saurya and Prashant, with the help of a few developers, produced the first functioning prototype of the product (codename Perlis). “It took a few months for us to figure it out. Saurya used to handle the product, design, and customer interactions while I concentrated on the technology,” Prashant explains. “We focused a lot on the accuracy, which helped us gain the trust of the finance teams and gave us the confidence to move ahead,” he added.

However, one of the difficulties they encountered was supporting scale. To make scale and security a basis in the architecture, Prashant says they had to redesign a major portion of the first iteration.

Prashant explains, “We then published the next version of our software (codename Wilkes), which provided scale, accuracy, and security.” Wilkes eliminated the majority of the operational tasks and began orienting new customers to the program. This allowed customers to save up to 80 percent of their time spent on monthly activities, thanks to Wilkes.

“We continued working on the enhancements and hired a full-time UX designer to improve the intuitiveness of the product. Users wanted more out of the product and we started enabling them to automate tricky use cases. They needed more analytics and alerting capabilities. We also figured out that manual push of data affects data quality and we need direct integration with data sources,” says Prashant.

The ecommerce industry was among the early adopters of Recko’s products. Prashant claims that they partnered with industry titans such as Myntra, Meesho, Dunzo, PharmEasy, and Grofers to assist them develop into the on-demand food tech space.

Constructing a scalable product

“As we onboarded more customers, we noticed that organisations across industries saw data in very different ways. We didn’t want to miss anything, but we also had a mission: to give it our all. Prashant says, “We added analytics, custom reports, commission calculation, and other interfaces like storage services, payment gateways, and banks.”

The team quickly began working with clients from various industries and places. Recko introduced geographies such as Southeast Asia and the European Union. Versioning was also released to support audit logs and time travel capabilities that needed to be reworked to accommodate future growth.

To cope with the increased load, the team realised it needed to implement new technologies such as Spark, Data Lake with rollback support, and Kubernetes. To remove tech debt and make the codebase more modular, Recko had to rewrite a substantial portion of it. 

Prashant clarifies, “Considering the global outlook, we needed a design overhaul as well. So, we started working on the next version (codename Minsky). We discussed state machines, flowcharts, and architecture diagrams, and once the initial draft was ready, we ran it through a few industry experts to avoid common pitfalls.”

Developing a more distributed process

The team then focused on the system’s dependability and extensibility, according to Prashant, and there was a shift in the tech thought process itself.

Today, businesses like PagarBook and others are focusing on the increasing SME segment in the fintech sector of reconciliation. Recko, on the other hand, is unconcerned about whatever sector he belongs to.

Prashant explains, “We were thinking of a more distributed process, trying to familiarise ourselves with no-SQL design principles using seamless, columnar databases.”

Recko is looking to introduce new modules, such as payouts calculation and a scalable ledger, in the near future. The payments calculation module will assist startups and mid-market businesses in setting up payouts without having to devote time in their development. And then the ledger module acts as a sole source for truthful financial data.

Lastly Prashant explains, “We are planning to open APIs as well so that they can be integrated deeper into companies’ tech stack to solve a multitude of problems. Our long-term goal is to provide enough insights that enable businesses to make financial decisions in real-time,”

Business

Shiprocket Launches RevProtect: India’s First Predictable Revenue Solution for MSMEs

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SHIPROCKET 5 12 2023

Mumbai, Aug 18, 2025 — Shiprocket, India’s leading eCommerce enablement platform, today announced the launch of RevProtect, India’s first revenue assurance solution that guarantees predictable income for sellers facing the uncertainties of shipping delays and return-to-origin (RTO) orders. With RevProtect, sellers can access automatic protection to recover up to 50% of their order value. With this, Shiprocket aims to empower MSMEs through robust, hassle-free coverage that minimises risks and secures their business growth.

As India’s e-commerce sector continues to grow, complexities around logistics, fulfilment, and last-mile delivery are also intensifying. One of the most pressing challenges is Return to Origin (RTO), which significantly impacts the profitability, operational efficiency, and, in some cases, the long-term sustainability of MSMEs. The average RTO in India over the past six months has hovered around 16 % (source: Shiprocket trends), and is increasing in Tier 2 and 3 cities. 

RevProtect directly addresses this business-critical pain point by offering a revenue guarantee, ensuring that sellers are shielded from unpredictable losses and can count on stable, forecastable earnings, even when orders are returned due to shipment delays.

Small and mid-sized sellers, which form the backbone of India’s digital retail economy, often operate on razor-thin margins. Even a minor spike in RTOs or shipping delays can severely impact profitability. With the launch of RevProtect, Shiprocket strengthens its commitment to supporting MSMEs by minimising business risks, stabilising revenues, and enabling them to deliver exceptional customer experiences with greater confidence.

Key Benefits of RevProtect:

●        Revenue Guarantee of up to 50% of the order value for delayed shipments, resulting in an RTO

●        No shipping charges for shipment that misses the Estimated Delivery Date (DD)

●        Affordable Pricing

●        Easy Activation through the dashboard

●        Delivery Boost and Notify, are included at no extra cost to improve delivery performance

“After carefully analysing the needs of online sellers, we have built RevProtect to give them utmost peace of mind and confidence to navigate the uncertainties of logistics,” said Atul Mehta, CEO, Domestic Shipping, Shiprocket.

“Every MSME we work with is building their dream, one shipment at a time, and when things go wrong, it hits their revenue hard. With RevProtect, we’re making a bold commitment where we cover up to 50% of the GMV. That’s often more than what we earn. And we’re backing that with complimentary services like Delivery Boost and Notify to actively improve outcomes. We’re not just protecting revenue,  we’re raising the bar on delivery reliability.” He added.

RevProtect is available to all sellers on the Shiprocket platform. Future updates will include bulk shipment support and deeper analytics to optimise seller protection.

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Zigly brings-in wholesome experiences for furry friends at Pet Fed Delhi

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Zigly, a leading omnichannel pet care brand, celebrated the bond between pets and their parents at Pet Fed Delhi 2024. This much-anticipated event marked 10 years of successfully conducting Pet Fed in the National Capital. Taking place at NSIC Ground, Okhla, Delhi, the event witnessed one of the largest turnouts ever, with pet parents and their furry friends braving the cold winter weather to attend.

Zigly brings in wholesome experiences for furry friends at Pet Fed Delhi

Zigly, as the power sponsor, showcased its premium brands at one of the event’s largest stalls, featuring Zigly Lifestyle, FurPro grooming range, and the Applod treats and biscuits range, along with stylish accessories from the latest winter collection. A significant portion of the stall was dedicated as a play area for furry friends. The brand advocated the promotion of pet health and hygiene while creating memorable experiences through veterinary and grooming services offered at their stall.

Enhancing the experience for pets and their parents, Zigly provided free health check-ups and opportunities to participate in lucky draws. The brand delighted pet parents with event-exclusive discounts and promotions on its range of products and grooming services, offering an excellent opportunity to stock up on high-quality products at unbeatable prices.

Celebrating Zigly’s participation in Pet Fed, Mr. Pankaj Poddar, Group CEO of Cosmo First, stated, “We are delighted to be part of Pet Fed Delhi as it allows us to come closer to the Zigly community, helping us learn and adapt to the needs of both pets and pet parents. Delhi experiences the harshest winters in the country, which is why we are proud to showcase our winter collection 2024 at this event. Just like previous iteration of Pet Fed at Bengaluru, we are happy to witness such a great turnout of our furry friends at the event in Delhi as well. It keeps us motivated to continue to strive towards our goal of a better pet care ecosystem.”

This year’s event was bigger and better than ever before, featuring a plethora of activities and attractions. Attendees enjoyed fancy dress competitions, lucky draws, and adoption zones, catering to both cats and dogs. The festival also featured numerous pet care brands, offering a wide range of products and services for pets.

The event was a true celebration of the pet community, bringing together pet parents, industry experts, and animal lovers for non-stop fun and learning. As Pet Fed Delhi 2024 wraps up, the excitement and joy shared by all attendees promises to linger, setting the stage for even more spectacular events in the future.

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Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

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Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

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