From: Subject: Avenues India: a quiet success story - Cover Story - Express Computer India Date: Tue, 7 Oct 2003 14:44:18 +0530 MIME-Version: 1.0 Content-Type: multipart/related; boundary="----=_NextPart_000_0000_01C38CE1.7CFBC1B0"; type="text/html" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1106 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C38CE1.7CFBC1B0 Content-Type: text/html; charset="Windows-1252" Content-Transfer-Encoding: quoted-printable Content-Location: file://C:\Documents%20and%20Settings\jyoti\Desktop\New%20Folder\Avenues%20India%20a%20quiet%20success%20story%20-%20Cover%20Story%20-%20Express%20Computer%20India.htm Avenues India: a quiet success story - Cover Story - = Express Computer India

Issue dated - 04th October = 2004

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Front=20 Page > Cover= =20 Story > Story Print = this=20 Page|  Email=20 this = page

Avenues India: a quiet success=20 story

This = should be=20 the stuff of fairy tales but it's not. A homegrown player, = Avenues=20 India, has changed the rules of the game with its economical = payment=20 gateway and e-commerce solutions to emerge as the largest = player in=20 the South Asian e-commerce space. Along the way, it has = enabled the=20 small merchant to reach out to the world, says SRIKANTH=20 RP

ANUPAMA=20 SALVI believes=20 that debit cards are and will continue to be the = preferred=20 medium over credit cards, especially in the Asian=20 region

eBay's=20 high-profile acquisition of baazee.com was recently in the = news.=20 Away from the headlines, a relatively unknown player, = Avenues India,=20 has emerged as the largest player in the South Asian = e-commerce=20 space. In the span of just three years, the company has = gained a=20 merchant base of over 2,200 customers with close to four = websites=20 going live using its payment gateway every single day. The = number of=20 transactions on its payment gateway is a mammoth 26,000 per = month.=20 The company says that more than 75 percent of Indian = merchants who=20 sell their goods online use its payment gateway for = processing their=20 transactions. This can be seen from its star-studded client = list=20 that includes the likes of the Tata group, the Indian = Express group=20 (publishers of this magazine), LG Electronics, GATI, = IL&FS,=20 Jammu & Kashmir Bank, the Somaiya group, the Mahindra = group, the=20 union ministry of commerce and industry, and the Transport=20 Corporation of India.

One of the key reasons for the = company's=20 success is its economical payment gateway solution which = lets=20 merchants start e-commerce operations with a solution for as = little=20 as Rs 7,500. This is in stark contrast to the minimum of Rs = 3 lakh=20 that you would have to fork out for a rival payment gateway. = Another=20 strategic move is that of supporting debit cards instead of = the=20 industry norm of supporting only credit card transactions = for=20 Internet commerce. This move is significant as the credit = card base=20 in India is small when compared to that of debit cards. In = 2001, the=20 company was one of the few that realised the potential of = enabling=20 existing Internet bank accounts for online payments to boost = e-commerce. Currently, the company has tie-ups with almost = all=20 Indian banks which offer Internet banking. Avenues' flagship = product, CCAvenue, the payment gateway solution, has been = well=20 accepted by the industry as most companies do not want to = invest a=20 substantial amount in payment gateway solutions. These = organisations=20 want to test the online waters for their product offerings. = Avenues=20 enjoys an advantage over its rivals (say a Citibank or ICICI = Bank)=20 as it is the country's only neutral payment processing = solution that=20 allows transactions to be made using not only all credit = card brands=20 but also all Internet-enabled bank accounts at a fraction of = the=20 cost of current payment gateway solutions. Better yet, = merchants=20 having a tie-up with CCAvenue's solution can receive their = payments=20 in Indian rupees.

Beyond Indian=20 shores

While the Indian market is showing = signs of=20 huge growth, the global market is much bigger. With a view = to offer=20 a bigger base to its merchants, Avenues has tied up with 20 = of the=20 biggest Chinese and Hong Kong-based banks for direct debit=20 facilities. This agreement gives merchants using the = CCAvenue=20 payment gateway solution access to more than 376 million = Chinese Net=20 banking users. To further strengthen its presence in the Far = East,=20 the company has entered into agreements with the top three = banks in=20 Singapore-Citibank, DBS and UOB-for direct debit. This = tie-up has=20 been received very well in Singapore, with 350 merchants = signing up=20 in just three months.

Says = Anupama=20 Salvi, the company's chief operating officer, "Everyone does = not own=20 a credit card. We believe that debit cards are and will = continue to=20 be the preferred medium over credit cards, especially in the = Asian=20 region, which is credit card averse. Going forward, our aim = is to=20 build the world's biggest direct debit payment engine." This = is in=20 addition to the support for all credit card brands, thus = giving the=20 customer the option of paying through any medium he wants.=20

The = biggest=20 market is undoubtedly the country that most players are = bullish=20 about-the US. For tapping this market, the company has = entered into=20 a tie-up with a US-based organisation which will allow = American=20 customers of any bank to issue virtual cheques to merchants = using=20 Avenues' payment gateway. Effectively, this means that a = merchant=20 using Avenues' payment gateway solution can offer payment = options to=20 customers in the biggest economy, the US, and in emerging = economies,=20 India, China and other South Asian countries. If everything = goes as=20 planned, Avenues will have created a large parallel payment=20 processing mechanism.

Observes Aparna=20 Gawande, chief technology officer, Avenues, "Managing the = scale of=20 transactions regardless of geographical, legal, cultural, = language=20 and currency barriers will be a major challenge. Our aim = will be to=20 build an alternate form of electronic payment which is=20 cost-effective and 100 percent fraud proof."

Using the=20 foundation

APARNA GAWANDE wants = to build an=20 alternate form of electronic payment which is = cost-effective=20 and 100 percent = fraud-proof

While the=20 foundation (payment gateway) is in place, Avenues knows that = exponential growth will not come its way unless it offers = products=20 for industry verticals. Accordingly, the company began its = search=20 for domains that leverage the power of the Internet to boost = e-commerce transactions. The first solution, ResAvenue, a = hotel=20 reservation engine with an in-built payment gateway = solution, has=20 already been snapped up by 100 hotels. Here too the company = is=20 targeting the high-growth tourism sector which can use the = Internet=20 to attract global customers. While many Indian hotels do = have=20 Websites, online interaction is restricted to initial = contact=20 through the site. In the absence of a proper e-commerce = solution,=20 the rest of the transaction is still done through the = traditional=20 model: telephone, e-mail or fax. While there is a clear = need, not=20 many hotels (apart from, say, the Taj group) have the = ability to=20 complete a transaction online. Here too, the sensible = pricing; a=20 hotel can start with a solution that costs as less as Rs = 10,000,=20 along with powerful features such as an in-built CRM = module-has made=20 Avenues' product successful.

The = company's=20 next offering, CineAvenue, is scheduled to be launched next = month.=20 With an online ticketing and payment engine, CineAvenue is = aimed at=20 cinema houses, multiplexes and entertainment venues. = Customers can=20 see the seats they are buying on the Net, with support for=20 mobile-based payments. Next in the line is EventAvenue, = which will=20 provide an event organiser with all the tools he needs to = manage an=20 event. From putting up the layout of the space for sale, to = selling=20 space to exhibitors, to managing the invitee list and = issuing=20 tickets, the product covers all the aspects of hosting an = event. All=20 the products have support for transactions in several = currencies (US=20 $, the Euro, Singapore $ and the Indian Rupee).

Avenues India=20 has a two-part strategy. The first, using the payment = gateway, has=20 already been executed. The second is the challenge of = enabling more=20 customers to buy on the Net by developing specialised = products to=20 boost e-commerce. From the way the company has been growing, = this=20 strategy is paying off. From a mere six customers in 2001, = Avenues=20 has more than 2,200 today, and its turnover has zoomed from = Rs 2=20 crore to Rs 70 crore.

The = success of=20 Avenues can be explained simply=97create an opportunity by = offering a=20 technologically good product at an affordable price to = Indian=20 organisations. While Avenues indeed has big names on its = client=20 list, the success of the company in encouraging even small = merchants=20 to look at the power of the Internet is the real e-commerce=20 revolution taking place in the country.

Partial=20 customer list
  1. Jammu & Kashmir Bank
  2. LG Electronics
  3. Modicare
  4. IL&FS
  5. Press Trust of India
  6. GATI
  7. Mahindra & Mahindra
  8. Somaiya group
  9. Imax Adlabs Multiplex
  10. Transport Corporation of India
  11. Indian Express group
  12. Tata group
  13. oxfordbookstore.com
  14. indiainfo.com
  15. C-DAC =
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=A9 Copyright 2003: Indian Express Group (Mumbai, = India). All=20 rights reserved throughout the world. This entire site is compiled = in
Mumbai by The Business Publications Division of the Indian = Express=20 Group of Newspapers.
Please contact = our Webmaster = for any=20 queries on this = site.

 

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India

Issue dated - 04th October = 2004

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CURRENT=20 ISSUE
INDIA = NEWS
REV= IEW=20 / GLOBAL
E-BUSINESS
TECHNOLOGY
OPINION
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Front=20 Page > Cover= =20 Story > Story Print = this=20 Page|  Email=20 this = page

Avenues India: a quiet success = story

This should be the stuff of fairy tales = but it's=20 not. A homegrown player, Avenues India, has changed the = rules of the=20 game with its economical payment gateway and e-commerce = solutions to=20 emerge as the largest player in the South Asian e-commerce = space.=20 Along the way, it has enabled the small merchant to reach = out to the=20 world, says SRIKANTH RP

ANUPAMA SALVI = believes that=20 debit cards are and will continue to be the preferred = medium=20 over credit cards, especially in the Asian=20 region

eBay's high-profile acquisition of = baazee.com was=20 recently in the news. Away from the headlines, a relatively = unknown=20 player, Avenues India, has emerged as the largest player in = the=20 South Asian e-commerce space. In the span of just three = years, the=20 company has gained a merchant base of over 2,200 customers = with=20 close to four websites going live using its payment gateway = every=20 single day. The number of transactions on its payment = gateway is a=20 mammoth 26,000 per month. The company says that more than 75 = percent=20 of Indian merchants who sell their goods online use its = payment=20 gateway for processing their transactions. This can be seen = from its=20 star-studded client list that includes the likes of the Tata = group,=20 the Indian Express group (publishers of this magazine), LG=20 Electronics, GATI, IL&FS, Jammu & Kashmir Bank, the = Somaiya=20 group, the Mahindra group, the union ministry of commerce = and=20 industry, and the Transport Corporation of India.

One of=20 the key reasons for the company's success is its economical = payment=20 gateway solution which lets merchants start e-commerce = operations=20 with a solution for as little as Rs 7,500. This is in stark = contrast=20 to the minimum of Rs 3 lakh that you would have to fork out = for a=20 rival payment gateway. Another strategic move is that of = supporting=20 debit cards instead of the industry norm of supporting only = credit=20 card transactions for Internet commerce. This move is = significant as=20 the credit card base in India is small when compared to that = of=20 debit cards. In 2001, the company was one of the few that = realised=20 the potential of enabling existing Internet bank accounts = for online=20 payments to boost e-commerce. Currently, the company has = tie-ups=20 with almost all Indian banks which offer Internet banking. = Avenues'=20 flagship product, CCAvenue, the payment gateway solution, = has been=20 well accepted by the industry as most companies do not want = to=20 invest a substantial amount in payment gateway solutions. = These=20 organisations want to test the online waters for their = product=20 offerings. Avenues enjoys an advantage over its rivals (say = a=20 Citibank or ICICI Bank) as it is the country's only neutral = payment=20 processing solution that allows transactions to be made = using not=20 only all credit card brands but also all Internet-enabled = bank=20 accounts at a fraction of the cost of current payment = gateway=20 solutions. Better yet, merchants having a tie-up with = CCAvenue's=20 solution can receive their payments in Indian rupees.

Beyond Indian shores

While=20 the Indian market is showing signs of huge growth, the = global market=20 is much bigger. With a view to offer a bigger base to its = merchants,=20 Avenues has tied up with 20 of the biggest Chinese and Hong=20 Kong-based banks for direct debit facilities. This agreement = gives=20 merchants using the CCAvenue payment gateway solution access = to more=20 than 376 million Chinese Net banking users. To further = strengthen=20 its presence in the Far East, the company has entered into=20 agreements with the top three banks in Singapore-Citibank, = DBS and=20 UOB-for direct debit. This tie-up has been received very = well in=20 Singapore, with 350 merchants signing up in just three = months.

Says Anupama Salvi, the company's chief = operating=20 officer, "Everyone does not own a credit card. We believe = that debit=20 cards are and will continue to be the preferred medium over = credit=20 cards, especially in the Asian region, which is credit card = averse.=20 Going forward, our aim is to build the world's biggest = direct debit=20 payment engine." This is in addition to the support for all = credit=20 card brands, thus giving the customer the option of paying = through=20 any medium he wants.

The biggest market is undoubtedly the = country that=20 most players are bullish about-the US. For tapping this = market, the=20 company has entered into a tie-up with a US-based = organisation which=20 will allow American customers of any bank to issue virtual = cheques=20 to merchants using Avenues' payment gateway. Effectively, = this means=20 that a merchant using Avenues' payment gateway solution can = offer=20 payment options to customers in the biggest economy, the US, = and in=20 emerging economies, India, China and other South Asian = countries. If=20 everything goes as planned, Avenues will have created a = large=20 parallel payment processing mechanism.

Observes Aparna Gawande, chief = technology officer,=20 Avenues, "Managing the scale of transactions regardless of=20 geographical, legal, cultural, language and currency = barriers will=20 be a major challenge. Our aim will be to build an alternate = form of=20 electronic payment which is cost-effective and 100 percent = fraud=20 proof."

Using the foundation

APARNA GAWANDE wants to build an = alternate form of electronic payment which is = cost-effective=20 and 100 percent fraud-proof

While the foundation (payment gateway) = is in=20 place, Avenues knows that exponential growth will not come = its way=20 unless it offers products for industry verticals. = Accordingly, the=20 company began its search for domains that leverage the power = of the=20 Internet to boost e-commerce transactions. The first = solution,=20 ResAvenue, a hotel reservation engine with an in-built = payment=20 gateway solution, has already been snapped up by 100 hotels. = Here=20 too the company is targeting the high-growth tourism sector = which=20 can use the Internet to attract global customers. While many = Indian=20 hotels do have Websites, online interaction is restricted to = initial=20 contact through the site. In the absence of a proper = e-commerce=20 solution, the rest of the transaction is still done through = the=20 traditional model: telephone, e-mail or fax. While there is = a clear=20 need, not many hotels (apart from, say, the Taj group) have = the=20 ability to complete a transaction online. Here too, the = sensible=20 pricing; a hotel can start with a solution that costs as = less as Rs=20 10,000, along with powerful features such as an in-built CRM = module-has made Avenues' product successful.

The company's next offering, CineAvenue, = is=20 scheduled to be launched next month. With an online = ticketing and=20 payment engine, CineAvenue is aimed at cinema houses, = multiplexes=20 and entertainment venues. Customers can see the seats they = are=20 buying on the Net, with support for mobile-based payments. = Next in=20 the line is EventAvenue, which will provide an event = organiser with=20 all the tools he needs to manage an event. From putting up = the=20 layout of the space for sale, to selling space to = exhibitors, to=20 managing the invitee list and issuing tickets, the product = covers=20 all the aspects of hosting an event. All the products have = support=20 for transactions in several currencies (US $, the Euro, = Singapore $=20 and the Indian Rupee).

Avenues India has a two-part strategy. = The first,=20 using the payment gateway, has already been executed. The = second is=20 the challenge of enabling more customers to buy on the Net = by=20 developing specialised products to boost e-commerce. From = the way=20 the company has been growing, this strategy is paying off. = From a=20 mere six customers in 2001, Avenues has more than 2,200 = today, and=20 its turnover has zoomed from Rs 2 crore to Rs 70 crore.

The success of Avenues can be explained=20 simply=97create an opportunity by offering a technologically = good=20 product at an affordable price to Indian organisations. = While=20 Avenues indeed has big names on its client list, the success = of the=20 company in encouraging even small merchants to look at the = power of=20 the Internet is the real e-commerce revolution taking place = in the=20 country.

Partial customer = list
  1. Jammu & Kashmir Bank=20
  2. LG Electronics=20
  3. Modicare=20
  4. IL&FS=20
  5. Press Trust of India=20
  6. GATI=20
  7. Mahindra & Mahindra=20
  8. Somaiya group=20
  9. Imax Adlabs Multiplex=20
  10. Transport Corporation of India=20
  11. Indian Express group=20
  12. Tata group=20
  13. oxfordbookstore.com=20
  14. indiainfo.com=20
  15. C-DAC =
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=A9 Copyright 2003: Indian Express Group (Mumbai, = India). All=20 rights reserved throughout the world. This entire site is compiled = in
Mumbai by The Business Publications Division of the Indian = Express=20 Group of Newspapers.
Please contact = our Webmaster = for any=20 queries on this = site.

 

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