NCR-based startup Kleeto, helps businesses manage data.
In 2010, Sunil Mahajan could not find the original bill for an air conditioner he had bought a year ago. He could not thus encash a warranty benefit and had to pay for a repair from his pocket. “At that point, I looked for someone who would help manage my documents. But I found no such service being offered,” he says.
The same year, along with his former colleagues Naresh Bansal and Sanjay Dhawan, Mahajan co-founded Kleeto, a document storage service for individuals and SMEs. In 2012-13, the company tweaked its business model, focusing only on corporate clients. “Generating volumes with retail business was a problem. It required a lot more funding,” says Mahajan. Kleeto offers clients easy accessibility, index tallying and storage facilities for physical and digital documents, audio and video files.
After starting out as a record storage firm, Kleeto now uses the corporate information it has to generate statistically relevant data for companies and employees. For instance, if a company, to help better understand its employees, wants their files to have a record of previous employers, Kleeto does it for them. It can generate statistics like how many companies the employee has worked with, average service duration etc. This service can be tailored to meet specific requirements of a particular company or department.
In the early days, it wasn’t easy to convince clients and investors. Mahajan recalls potential clients were reluctant to share important documents with Kleeto for safekeeping. Confidentiality and security were major concerns for these people. But, gradually, Kleeto was able to bring clients on board on the back of its secure technology.
The startup’s technology encrypts documents and secures them from unauthorised access by a password-protected individual login. Such measures have helped the startup build its client base. At present, Kleeto caters to 150 clients across industries. The company allows clients to make additional accounts under their login to enable, restrict or control access to documents on the basis of its employees’ profiles—department or designation-wise.
NCR-based Kleeto has grown from a 25-member team in 2012 to a company with a staff of more than 100. The company clocked a revenue of Rs 2.5 crore in 2014-15. It expects to break-even this financial year and grow its revenue to more than Rs 4.50 crore.
The startup, which was founded with a seed capital of Rs 1.5 crore—promoters’ savings and funding from friends and family—has seen significant investor interest and has raised a funding of Rs 7.30 crore till date.
The startup has begun expanding its array of services to processing documents for clients. It is currently running pilots for the same. “If a person gets hired by a company, we will help our client process the documents related to the hiring process—generate offer letter or appointment letter, for instance,” explains Mahajan.
The company is also looking to get into pre-joining document collection and verification. Education certificates or previous experience letters can be uploaded on Kleeto and then the company will help with candidate verification. This service will start in an year’s time.
Kleeto seeks to expand to 15 cities in the next three years, starting with Mumbai this year. “We will start with sales. Once we attain the minimum acquisition target, we will consider getting warehouses in the cities for physical storage as well,” says Mahajan.