Jump Networks Limited (JUMPNET) – a technology company that provides next generation digital services on ultra-low bandwidth to the historically under-served sections of the society, announced that it will invest and capitalise on a partnership with MOS Utility Pvt. Ltd. (MOS) to build it into one of the leading fintech companies in India.
According to their press statement, JUMPNET will migrate all of MOS’operations to its proprietary blockchain platform. The partnership is expected to generate revenues of over Rs 1000 crores in the next 12 months for JUMPNET.
MOS is an established fintech company with a robust physical network of agents integrated across India. The company is focused on services spanning financial transactions, money transfer, travel & hotel bookings, utility payments, insurance, and others facilitated by more than 1 lac agents on the ground that reach out to more than 10 million households across 28 states in rural and urban geographies. It is also an official business correspondent to Yes Bank, an IRDA approved corporate agent broker to sell insurance policies, an IATA Agent, IRCTC approved partner, air ticketing agency, money transfer agency, hotel & holiday package bookings agency, and more, creating an established brand that offers ‘work from home’ opportunities to many.
The two organisations with their ‘phy-gital’ ecosystem have a lot of synergy and plan to reach a larger audience with existing as well as new products and services. JUMPNET, will migrate MOS’ existing services to its proprietary blockchain platform thus, upping the platform in its security, efficiency, services and enabling more innovation.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. It is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Commenting on the partnership, Harshawardhan Sabale, Managing Director, Jump Networks Ltd said, “The opportunity in India is the biggest in the world for our technology. Our integrated ecosystem ‘JUMPNET’ – physical and digital network offering – allows us to reach audiences most others cannot. With a fintech partner like MOS, our focus is now to take our spectrum of financial services to newer markets at more affordable prices as well as added convenience. With offices in multiple locations, B2B & D2C businesses and a strong and experienced team, JUMPNET’s vision is to explore the $100 billion+ opportunity in India alone.” He further added, “At JUMPNET, we constantly strive to create state of-the-art, affordable technology solutions to build, develop and facilitate the sustainable digital inclusion of the masses across the globe.”
Chirag Shah, Co-Founder and CEO, MOS shared his thoughts, “MOS facilitates affordable financial services to 10 million households in 28 states in rural and urban areas. Indian financial services market is estimated to be currently at INR 300 billion and would reach INR 700 billion by 2022. There are 48 million retail shops in India and they require secure and bulk supply of digital financial services. With JUMPNET, we are aiming to appoint 1 million agents through Retail, WL, API, XML, etc. and reach 30 million households for providing financial and utility services at their doorstep by 2022.”
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