New Street Tech is an Indian company that has made a significant impact in the fintech and technology sector. Founded in 2017, the company has grown rapidly, leveraging advanced technologies like blockchain, AI, and IoT. Here is a look at the company's foundation and the team behind it.
New Street Tech was founded with a vision to modernize existing infrastructure using cutting-edge technologies. The company's early days were marked by a strong focus on innovation and disruption in conventional business models. Sajeev, the founder, brought his extensive experience in banking, microfinance, and payments to the table, setting the stage for the company's growth.
The company's vision is to empower enterprises by reducing technology maintenance overheads and operational costs. This vision has driven the development of their key products and services. From the outset, New Street Tech aimed to make a difference in the financial services sector by introducing efficient and cost-effective solutions.
The early days involved building a strong team and establishing partnerships with key stakeholders. The company's founders and team members have a rich background in various industries, which has been instrumental in shaping the company's direction and strategy.
The founding team of New Street Tech is composed of experienced professionals with diverse backgrounds. Sajeev, the founder, has over 18 years of experience at Citigroup and has run multi-billion-dollar businesses globally. He is passionate about leveraging disruptive technologies to enhance conventional business models.
Shrish, another key member, has more than two decades of experience in BFSI Technology, Telecom, and Consumer Durables. He has a strong ethos for excellence and integrity, shaped by his foundational years at HDFC and Tata Group of companies[2]).
Maya, with her extensive experience in building cohesive teams for product development in the Banking and Financial Services sector, has been crucial in fostering a high-performance culture within the company. Her background includes stints at Dvara Solutions and Fintellix[2]).
The team also includes Jeevan, who has 19 years of expertise in the financial services sector, and Prabhakar, a seasoned global IT leader with significant contributions to fintech products like UPI and BHIM solutions[2]).
New Street Tech has undergone significant evolution since its inception. From its initial concept to its current state, the company has expanded its product portfolio and achieved notable growth milestones. Here’s a look at the company’s business evolution.
New Street Tech started by focusing on the development of blockchain-based solutions. Their product, MiFiX, has been pivotal in enhancing financial services such as banking, finances against remittances, and agricultural loans. The company’s initial concept was to reduce technology maintenance overheads and operational costs, which has remained a core focus area[3]).
Over time, the company has expanded its offerings to include AI, ML, and IoT solutions. This expansion has helped New Street Tech to cater to a broader range of clients and industries. The company’s current state reflects its commitment to innovation and customer satisfaction.
The company’s growth has been supported by strategic investments. In FY22, New Street Tech raised $4 million from investors, which has been instrumental in driving its expansion plans[3]).
New Street Tech has achieved several key growth milestones. One of the most significant was the three-fold growth in revenue during FY23, reaching Rs 36.9 crore from Rs 10.15 crore in FY22. This growth was accompanied by a 4.8X spike in profits to Rs 1.9 crore[3]).
The company’s controlled expenditure and efficient cost management have been critical in achieving these milestones. The increase in employee benefits and delivery partner costs reflects the company’s investment in its workforce and partnerships[3]).
New Street Tech has also expanded its client base, including notable clients such as Federal Bank, Dhanlaxmi Bank, and Kotak Life. These partnerships have been crucial in driving the company’s revenue and growth.
New Street Tech’s product portfolio has expanded significantly over the years. The company’s leading blockchain product, MiFiX, continues to play a pivotal role in enhancing financial services. In addition to MiFiX, the company has developed solutions leveraging AI, ML, and IoT technologies[3]).
Their products are designed to cut down technology maintenance overheads and operational costs for enterprises. This focus on cost efficiency has made New Street Tech’s products attractive to a wide range of clients.
The company’s product expansion is driven by its commitment to innovation and customer needs. New Street Tech continuously works on developing new solutions that address emerging market needs and trends.
New Street Tech’s technology infrastructure is robust and designed to support its innovative products and services. Here’s an overview of the company’s core platform architecture, security framework, and innovation in its industry.
New Street Tech’s core platform architecture is built around blockchain, AI, ML, and IoT technologies. The company’s blockchain product, MiFiX, is designed to enhance various financial services. The platform is scalable and efficient, allowing for seamless integration with existing infrastructure[3]).
The use of AI and ML enables the company to offer advanced analytics and automation, further enhancing the efficiency of its solutions. IoT integration allows for real-time data processing and decision-making.
The platform is designed to be flexible and adaptable, enabling New Street Tech to cater to a wide range of clients and industries.
New Street Tech places a strong emphasis on security and compliance. The company’s security framework is designed to ensure the integrity and confidentiality of data. This includes robust encryption methods and secure data storage protocols.
The company complies with all relevant regulatory requirements, ensuring that its products and services meet the highest standards of security and compliance. This is particularly important in the financial services sector, where data security is paramount.
New Street Tech’s commitment to security and compliance has helped build trust with its clients and partners, further driving its growth and expansion.
New Street Tech is at the forefront of innovation in the fintech and technology sectors. The company’s use of blockchain, AI, ML, and IoT technologies has set new standards in the industry. Their products have significantly reduced operational costs and enhanced efficiency for enterprises[3]).
The company’s innovation extends beyond its products. New Street Tech has also been involved in various industry initiatives, such as the adoption of the industrial metaverse, which mirrors the physical world using digital technologies[1]).
The company’s innovative approach has earned it recognition and accolades within the industry, solidifying its position as a leader in fintech and technology solutions.
New Street Tech, based in Bangalore, India, has been making significant waves in the fintech and blockchain sectors. Here’s how they are impacting the market.
New Street Tech has seen a substantial increase in its user base over the past few years. This growth can be attributed to the company's innovative products, particularly MiFiX, which is a leading blockchain solution. MiFiX enhances various financial services such as banking, finances against remittances, and agricultural loans, making it a go-to solution for many enterprises[7].The company's user-friendly interface and the ability to modernize existing infrastructure have attracted a wide range of clients. For instance, New Street Tech serves notable clients like Federal Bank, Dhanlaxmi Bank, and Kotak Life. These partnerships have helped in expanding their user base significantly.Here are some key points about their user base growth:
New Street Tech's market share has expanded rapidly due to its innovative use of blockchain, AI, ML, and IoT technologies. The company's ability to modernize existing infrastructure has made it a preferred choice for many enterprises looking to leverage new-age technologies.The significant growth in revenue, which surged 3.6 times in FY23, is a clear indicator of their expanding market share. This growth has also been reflected in their profits, which spiked 4.8 times during the same period[7].Here are some key points about their market share expansion:
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