Sollet Soft Solutions
Ramesh Baswa has founded Sollet Soft Solutions Pvt Ltd(Sollet) along with his colleagues Ratna, Rama Krishna Raju(Kasi) and Jameel in 2012. He has established Sollet with a great vision of bringing Cloud based IT Eco systems to the world helping the society to be more empowered and work in an efficient manner. He has the unique thought process of bringing up an innovative IT company far away from a traditional IT company wherein the key focus will be in setting up of Cloud based IT Eco systems for a better efficient world. He believes that innovation should be imbibed into the organization deeply through each employee and bring in humungous value into the organization and society. Ramesh Baswa holds a B.Tech in Electronics and Communications from REC/NIT, Warangal, India. Having 17+ Years of wider experience in IT industry, worked for 14+ years in Telecom/ISP domain. Worked for 5+ Years in UK in real-time E-Commerce systems and Telecom/ISP systems. He was heading financial clearing developments at Mach Mobile Solutions India Pvt Ltd during which time, entire financial clearing of Mach was centralized bringing in huge efficiencies. He was the architect of ViTranSP (Virtual Transaction Service Provider) while he was heading the technology division of BASIX Sub-K iTransactions Limited (Sub-K). ViTranSP has brought in laurels to Sub-K in the form of awards from Skoch, FICCI, IAMAI and mBillionth. He has brought in 2 patents into Sub-K through ViTranSP which is first of it’s kind online and real-time financial inclusion system in India.
Sollet Soft Solutions Pvt Ltd (called as Sollet) is founded in September 2012.
Sollet means Solutions Wallet or Solutions Outlet
- Wallet containing solutions :Sollet automates the critical business process of the clients and provides cost effective solutions. Sollet acts as a wallet for clients having any kind of Solutions.
- Solutions Outlet :Sollet will build solutions for a better world in unexplored/underserved businesses taking niche products to the market. Sollet allows businesses to extend their services through Outlets/Agents/Franchises using it's state of the art technologies.
- Wallet Solutions : Experts in providing Mobile wallet based solutions
Sollet vision to "Define the most efficient way the world can work using IT Eco systems ". Sollet is forging ahead with a mission of "Connecting more than 2 stake holders in any unexplored/underserved businesses across the demographics by setting up and supporting the IT Eco systems".
Sollet is one among very few IT organizations who understands what an Eco system means and how to make it more efficient. Sollet take whole responsibility in creating more viable Eco systems benefiting the business to the fullest. Sollet has already proven in giving very cost effective Eco system solutions spread across the demographics.
Sollet has industry experts building an enviable record of implementing highly innovative and leading edge solutions for large as well as small enterprises and government as well as private sector organizations. Sollet has wider industry exposure in the Banking, Telecom, Insurance, IT sectors that can bring in paradigm shift the way the world can become better.
Sollet has the ability to provide an effective business process management and consulting services. Sollet always provide very cost effective solutions using best in class technologies. Sollet focus more on providing Eco centric business solutions that are more cost effective using Cloud based SaaSmodelling. Sollet will take the complete ownership of your business lifecycle while giving necessary Cloud based solutions.
There are several players in Payments industry which is the primary focus of Sollet. Some of focus areas under Payments industry are below:
- Services through branchless Banking/financial inclusion
- Payment solutions for Banks
- Payment solutions for MFIs
- G2C Payments (NREGA, Pensions, Tribal etc)
- Services through Co-operative Societies
- Services through Self Help Groups (SHGs) and Joint Liability Groups (JLGs)
- Rural/Micro Insurance Services through Agents
- Reconciliation, Clearing and Settlements
- Services for Education Institutions
- Domestic/International Remittances
There are players in individual sub vertical of Payments industry but they are there in bits and pieces. Sollet has set it’s mission to establish Cloud based systems in each vertical and ensure it brings in cost effective and efficient solutions that are niche in the market. Sollet always focus on bringing in Cloud based systems in each area it focuses in unexplored/under-served markets. It has adopted to bring in disruptive innovations to tap in unexplored/under-served markets.
Most Critical Decision
I was extremely keen from the beginning on disruptive innovation which can create unexplored market to be tapped. I have lined up few niche products to be created and patented and implemented with life cycle. While ensuring a sufficient funding and bringing in right resources to produce them is extremely critical for expansion before anyone else can think of bringing them. I had to take bold steps in doing so and ensuring it happens in planned way within specified timlines.
Ensuring sufficient funding for the resources is key while building any state of art products. Although we come across funding crunch, has to ensure there is search out for Clients and projects in time for filling the gaps and get going. This is important while not diluting the equity of the startup before creating products and increasing the valuation.
Mistakes Made and Lesson learned
I see the core team should be small(may be 2 to 3) yet it should be effective. Any deviation to this may cause problems while ensuring the core team believes in the same Vision and Mission constantly and consistently.
I Wish I had Done This
If I rebuild the company from scratch all over again, will ensure the core team is optimal as first and then will ensure well thought out approach laid out on couple of innovation products in the area of focus.
Am always keen on disruptive innovation as it really changes the society across bringing in lots of synergies and new markets/avenues. Also impacting the under served/under explored society including rural areas is a full filling thing wherein while running an organization, it also improves the lives of the societies. Few such innovations(like mee-Com product we are trying to bring in) can bring in social revolution across the demographics.
Keeping the core team and team below more empowered, accountable, freedom to think and involve in the progression of any organization while contributing individually and as team towards disruptive innovation is key. Bringing in excellence and creating vibrant and innovative teams significantly contributes to the organizational growth.
Spotting Right Talent
As a startup, attracting talent is not easy task. The main approach goes towards individual references within which there needs an identification of right attitude, ambition, talentetc for a startup environment.
Myself and other 3 founders (Ratna Kumar Mallubhotla, Rama Krishna Raju and Jameel Ahmed Syed) were worked together in a company called BASIX Sub-K iTransactions Limited (Sub-K) for 2 years. I had designed their patented system called ViTranSP (Virtual Transaction Service Provider) as 2nd employee of that startup company established in August 2010. When we 4 of us made a descision to setup Sollet, agreed with Sub-K to support them as our first Client. We had faced challenges before getting into agreement initially as has to face internal tussle and politics not allowing it to happen.
Reaching Out Investors
Currently we have invested as 4 founders individually but approached individual known investors for the rest of the needs. As we know each 4 of us and individual investors personally, we have not faced huge difficulty in convincing and get going.
Sollet has evolved pretty fast having the core team already worked in similar industry for 2 years together. This has given immense advantage to set the vision and mission pretty focused. Sollet has defined it’s areas of focus in a very short period of time that can attract bigger area in Payment industry. It has also understood that it has to strategically collaborate with small players in IT industry in various other verticals like Telecom, Payments etc to expand it’s portfolio which can cover end 2 end implementations. This will ensure a Customer can avail pool of services by just trying to with Sollet as one front end Service Provider in related verticals.
I always prefer to listen and understand all perspectives and implement what is good for the organization as a whole rather than individual interests. The focused approach on value creation for the organization ensured the right dots are connected at the right time.
Crtical Things in Entrepreneurship
I see 3 key areas as the most critical things to be successful in any entrepreneurship:
- Vision & Mission with a clear focus
- Core Team which can achieve the set Vision & Mission by deriving the appropriate business plans
- Timely funding and plans to ensure the startup keeps rolling in right direction at right pace
Company I Admire
I admire Google, Apple etc who nurtured disruptive innovation and tapped into unexplored market which were not visible prior to them. Disruptive innovation is extremely key for any startup which can only put it into right track while keeping away the competition and making it big while impacting the society for good.
Advice to Entrepreneurs
My advice to the fellow entrepreneurs is to think big towards disruptive innovation in any area of interest and focus on achieving the same with right ingredients. Focus on Vision and Mission can surely direct one to the success path.