New Delhi, India – 24 June 2021: In its continued endeavor to encourage ‘Innovation’ and empower the startup segment, Comviva, the global leader in digital solutions concluded its flagship startup challenge – InnoNXT Tech Challenge. The program was hosted in partnership with Invest India.
After 10 finalists were shortlisted in May, the winners of the InnoNXT Tech Challenge were announced at a virtual event organized by Comviva on June 21st. 5G startup Bitvivid bagged the first prize while CoRover and Zoroim IPSystems secured the second and third positions, respectively.
The startup challenge was launched with an aim of revolutionizing the entrepreneurial environment and speeding up innovation in India. It was interesting to note that out of the 150 applications received, 62 startups were in their early stages. Around 30% of the participating organizations were from Tier 2 & Tier 3 cities.
The Comviva InnoNXT Tech Challenge encouraged startups to take on the challenges in the highly emerging areas like Artificial Intelligence, 5G, Gamification, FinTech and Chatbots, among others. The participation was highest within the OTT and AI categories, especially as more startups aim to bridge various technological voids in these segments during the new normal.
After a rigorous evaluation over the course of two months, an eminent jury panel including industry leaders selected the winners of the InnoNXT Tech Challenge. Bitvivid Solutions was adjudged the winner for rich media content categorization in 5G. CoRover secured the first runner-up while Zoroim IPSystems secured the second runner-up position for Conversational AI platforms.
The overarching vision of the challenge is to nurture Indian technology startups by providing them mentorship and networking opportunities. Comviva and Invest India also aim to connect these startups with ecosystem stakeholders and help them expand their reach and create growth story by creating impactful solutions. The three winners of the InnoNXT Tech Challenge will get to design integrated solutions with Comviva’s products as a part of a white-label partnership. They will further get to explore pilot opportunities with Comviva’ s customers, which include global Telecom Operators and FinTech organizations.
Speaking on the success of the Startup Challenge, Manish Jain, Chief Technology Officer at Comviva said, “It has been an extraordinary experience hosting the InnoNXT Tech Challenge for startups. Comviva is committed to help these startups excel in their market journey and achieve their product vision. We are extremely excited to see the incredible new technology innovations and the spirited determination with which these startups are working towards the progress of the country. My heartfelt congratulations to all the winners of the InnoNXT Tech Challenge. We look forward to nurturing these new-generation startups to join us in shaping the future of Telecom. We shall continue to invest in purposeful innovations that are transforming the mobility space.”
Deepak Bagla, Managing Director & CEO of Invest India said, “Digital technologies and state-of-the-art solutions have made the fault lines in the global ecosystem more prominent. With this ongoing development, we are observing an accelerated adoption of digital products and services for across-the-board business functions. It is a proud moment for our nation that several Indian startups are proving their mettle globally in the current paradigm. Invest India believes in creating a conducive environment for Indian startups to solve the prevalent challenges and achieve a high-growth trajectory.”
The InnoNXT Tech Challenge finale was presided by eminent keynote addresses by Deepak Bagla, MD & CEO at Invest India, Madanmohan Rao, Research Director at YourStory Media, Kritika Murugesan, Director at NASSCOM 10,000 Startups and Manoranjan ‘Mao’ Mohapatra, Chief Executive Officer at Comviva.
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