Consumer empowerment is about giving consumers a voice and a choice in the marketplace, and ensuring that their rights are protected in a fair and transparent way. As we celebrate World Consumer Rights Day this year, it is crucial to acknowledge the role of consumer empowerment in creating a more just and equitable society, and to continue working towards a future where consumers are truly empowered to make informed choices and take control of their financial well-being.
In recent years, several startups have emerged that focus on empowering their consumers. Here are some of the top startups that are leading the way in this field.
1. mPokket
Mr. Gaurav Jalan, the Founder & CEO of mPokket, is a member of the Fintech Association of Consumer Empowerment (FACE), which develops a robust policy framework for enhancing consumer engagement and empowerment. mPokket has implemented several rigorous measures to safeguard consumer privacy and prevent fraud. Since its establishment in 2016, mPokket has been offering loans from Rs 500 to Rs 30,000 to college students and young professionals, promoting financial inclusivity and empowerment for all. mPokket also offers scholarships to bright budding minds, enabling them to access education seamlessly and without any hassle. By providing financial support to students, mPokket empowers the youth of the country and prepares them for a better future. The entire process of loan application and disbursement is conducted through the website, ensuring a seamless experience for users.
2. NxtWave:
Founded by IIT Bombay, IIT Kharagpur and IIIT Hyderabad alumni – Sashank Reddy Gujjula, Anupam Pedarla and Rahul Attuluri, NxtWave is on a mission to build India’s largest online employability platform for tech careers without the need for a conventional college degree. NxtWave offers vernacular, asynchronous and online cohort-based training programmes in Industry 4.0 Tech career tracks for college students, graduates and early professionals. The company has been extremely successful in creating job-ready tech professionals through its training programs. Over the last couple of years, 1250+ companies, from fast-growing startups to Fortune 500 giants, have hired thousands of NxtWave learners.
3. BeatO
Accessibility to diabetes care is a challenge due to high patient-to-practitioner ratios and geographic barriers, particularly in smaller cities and towns. This results in patients having to travel for hours to consult specialists or receive check-ups. Additionally, delays in diagnosis impose a greater burden on those with complications. However, BeatO, the comprehensive digital diabetes care is making digital health solutions such as self-monitoring blood glucose tracking; virtual access to doctors and nutritionists in real-time and decision support through AI, accessible to all with quality pocket friendly care. BeatO is empowering, not just consumers but solutions, the potential to reshape the future of diabetes care in India
4. Simpl
Simpl, with its 1-tap checkout facility, is on a mission to provide its users with the convenience of checking out in one go, while also offering them the flexibility of repayment with options like pay-in-3. This has revolutionised the D2C system, and empowered the consumers by giving them the power to purchase their favorites rather than settling for less, and that too, all the more conveniently. The digitised Khata system of Simpl has transformed the retail ecosystem and offered the customers the ability to repay all the bills fortnightly rather than paying for small transactions individually making their lives easier.
