BranchX, one of India’s leading neobanks catering to the Indic middle class, has unveiled 10X-FI, a groundbreaking solution poised to redefine the landscape for small retail businesses in India. With an aim to empower the country’s 60 million small enterprises, 10X-FI will completely digitize the
operational process delivering 10X growth.
The total market share of the fintech business in Kerala is Rs 1000 cr/month, which amounts to Rs 12,000 cr/year. There are 250 active distributors in Kerala, including master distributors and 15,000 retailers who are using different platforms for fintech business. BranchX has onboarded 22 distributors and 1200 retailers in Kerala so far, and the process is ongoing.
With the introduction of 10X-FI, BranchX is equipping SME sectors with advanced technology-driven solutions to overcome long-standing challenges and thrive in the modern marketplace. 10X FI is building India’s largest loyalty and reward program through Raja -Rani card, India’s first combo card for family banking. 10X FI offers a comprehensive suite of features enabling financial inclusion, facilitating efficient customer billing, building enduring customer loyalty and connected business for Indian SMEs.
BranchX is committed to pool resources and bring innovative solutions to disrupt and enable SMEs with emerging tech. As part of the ongoing innovations, a voice- based retail solution will be integrated to the app. Commenting on the same, Rajesh Johnny, CEO and Co-Founder of BranchX stated, “We are thrilled to introduce 10X-FI, a game-changing retail app that directly addresses the pressing challenges faced by small retailers in India. Our mission at BranchX is to simplify access to digital financial services and empower the underserved middle class. We believe that this revolutionary app will play a
pivotal role in transforming the small retail landscape in India, making it easier for these businesses to thrive in today’s competitive marketplace.”
Commenting further, Sajid Jamal, Co-Founder of BranchX said, “With 10X-FI, we are taking a significant step towards achieving this mission by providing small businesses with innovative tools to enhance their operations, improve efficiency, and foster growth. Going forward, we will also be developing an intelligent point- of-sale (POS) for retail.”
Small businesses in India have long grappled with several operational challenges, including manual inventory management, mismanaged book-keeping, loss of receipts, inaccurate accounting, limited access to alternate income sources, a lack of marketing and promotions, and inadequate education and tech-enabled solutions. BranchX is on a mission to simplify financial management for small businesses in India, addressing challenges such as manual inventory management and limited access to financial services. They aim to make digital financial services accessible to middle class, especially those in the informal sector. BranchX is also working on creating a widespread utility and loyalty program by connecting wallets and cards to their retail network, benefitting unorganized retailers across India. Currently operating in three states they have already amassed over 30,000 wallet users, a network of 3,000 agents and conducted transactions exceeding $4 million. BranchX alongside 10X-FI is committed to fostering financial inclusion and a brighter future for India’s small retailers.