Post INR 2.5 Cr investment, Covacsis Looks to Hire Experts Across Disciplines

The production floor of an industry is where all the work happens. nnEvery other business activity is made to support the work that happens nnin the production floor. Raw and unprocessed articles are fed on to a nnfloor, the work in the floor adds value and processes the inputs and a nnfinal product is ready to be used and sold.

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For a place where a lot of important work happens, it is imperative nnthat a lot of money is consumed by the floor’s operations and hence nnmeasuring the economics of the floor is important. However, not a lot ofnn companies focus on this aspect, save Covacsis.

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Covacsis’s proprietary tool, RTPD, measures the economies of the production floor of any industry. After a preliminary check on the various revenuenn leaks in a production floor, the RTPD then provides information about nncapital gained or lost due to various operations of the floor.

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Post an INR 2.5 Cr investment from Blume Ventures, nnYourStory.in caught up with Tarun Mishra, co-founder of Covacsis, who nnshared with us the origins of Covacsis, current affairs, plans for the nninvestment and future of Covacsis.

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What is the reason behind making a tool that measures nneconomies of a manufacturing floor? How is this different from other nnERP’s that cater for the manufacturing industry?

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RTPD is a result of a 14 month long research. After my first venture,nn I took time off for the research. Companies with large floors have no nnknowledge about the money being wasted over it. Information came in too nnlate and you really can’t do anything with it. So the need was for a nntool that can provide real time information about the economies of the nnproduction floor. Think about it this way, if I could tell a floor nnmanager that he is losing X amount of money because of something as it nnhappens, the economic impact that the information has is tremendous. nnThat is the solution that Covacsis provides.

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As far as other ERP’s are concerned, our product’s scope of operationnn starts and ends with the floor. I don’t think there are many others whonn provide this service.

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So how has the journey been so far? What is the extent of adoption of RTPD?

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After the research, I engaged with a thought leader on this idea and nnrefined it before we took it into the market. People liked the idea. Ournn first client was a textile company and seeing the results they got fromnn it, many more textile companies wanted the same and we literally had tonn stop this as we risked being type casted as a textile industry tool.

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This was in 2009, and since then, we have about 14 clients across various sectors and all of these are billion dollar companies.

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What are your plans for the recent investment?

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We have three main plans for the investment.

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Firstly we will engage with a channel partner for better reach to our potential customers.

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Secondly, we are going to concentrate on enhancing the product. nnSeeing this as an untapped area, we will soon draw competition from the nnbig boys in the industry. The only way to counter their marketing and nnfinancial muscle would be to make a really good product, for which we nnare looking to agressively hire experts across various disciplines such nnas Statistics, Operations, Sales and Technology, who can enhance our nnproduct through R and D.

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Our third objective is for international expansion. We want to cater for more industries in more locations.

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So by what you’re saying, Covacsis seems to be very dependantnn on its team. What is its composition in terms of responsibilities and nnnumbers and what are your recruitment targets for the near future?

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Abhijeet and I lead the team. Abhijeet, our tech guy, has worked in nnmany top SME’s and was also my batchmate at IIT. The current team size nnis about 30 people and we are looking to make it 40 by the end of this nnyear. This may not seem much but we’re looking for experts.

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For large scale success of a company, it has to solve a problem. nnAnything that save an enterprise money is invaluable and Covacsis is nnworking along those lines. Consumers are increasing by the day and so nnwill production. These production activities will have inefficiencies nnand Covacsis’s RTPD is perfectly poised to solve this problem.


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