Gone are the days when the phone was simply a tool to talk to someone. Now we live in an era in which we have the world at our fingertips. Whatever the need, from ordering food to learning music, can be easily solved using an app. But with this increased ease in service comes the challenge of managing and remembering multiple login credentials. Thousands of people every day are thriving to make human life better and easier, and with this much ease, it is only fair that we look into solving this added hassle of tedious logins.
If you take a second to look up from your phone during the day, you'll notice that everyone else has their eyes glued to the screen as well. With over 2.7 billion smartphone users and 1.35 billion tablet users worldwide, which is a number that has doubled over the past years, the usage of apps has been on a steep incline. On a global level currently, 21% of Millennials open an app 50+ times per day, and on average, 49% of people open an app 11+ times each day.
If we consider the Indian market, on average, Indians install around 50 apps on their phones. Approximately 50% of customers reuse an average of five passwords across their accounts, and over 65% of customers admit that they share their app credentials with their friends and colleagues. The major drawback of this is that it makes the app vulnerable to data breaches, leading to global markets such as 2FA and MFA. Furthermore, the demand for Global Two-Factor Authentication was valued at USD 3 billion in 2018 and is expected to reach USD 8 billion by 2024.
The SAWO Thesis
SAWO is founded with a vision to provide a safer and more secure solution, which can be standardized across multiple platforms, to authenticate users for websites and apps. It provides Authentication as a Service (AaaS) for Indian app publishers and IT/software enterprises, allowing their customers to quickly log in to the apps without the need for passwords. This task is done by turning your mobile device into a security key, with the use of robust Public Key Cryptography based standards, such that your account is only accessible from the devices that you trust.
SAWO’s Authentication as a Service (AaaS) operates on a pay-as-you-go basis. They have 5 subscription plans, depending on client requirement: launch, grow, scale, mid-size, and enterprise (with servicing for >10k users upon request). An enterprise-facing business, they aim to streamline the payment process for customers. With a pricing plan of 4 paisa per authentication for customers, they undercut competitor pricing that stands at an average of Rs. 1.53 per authentication. This provides clear financial benefits to customers and allows enterprises to sell at scale.
Like most successful entrepreneurs, Prabhat, Founder of SAWO, realized a potential gap in the market when he was trying to log into one of his apps. The problem he faced, which is similar to the one faced by almost 11% of OTT platform users, was that he couldn't log into his platform because he couldn't receive the OTP. He then decided to build something that makes it easier for smartphone users to manage their numerous credentials and log into their multiple apps without getting hampered by telecom services.
After working on the idea of user-based authentication for countless days and developing a product, Prabhat approached us for funding. After a few initial discussions, we knew almost instantly that he had found the solution to address a problem which itself had a large market, and SAWO definitely had the first movers advantage.
He worked on a simple ideology that the Indian masses looked at using any service to save money or make money. By the time Prabhat approached us, his product had garnered over 350 clients' attention with a near-perfect success rate of 99.7%, clearly proving that his ideological approach was a success. Furthermore, SAWO is friendly not only for the consumers but also for the enterprises. It provides easy access to the consumers, improves conversion rates, reduces risks, and is very cost-effective.
Through the 100X program and a series of masterclasses, SAWO has received a platform of legitimacy. Right now, he has over 17 enterprise clients and a team of 12. His plans currently include building and increasing the use cases, getting international partnerships, and increasing e-commerce partnerships.
We are with team SAWO every step of the way, providing as much support as needed. We couldn't be more proud of the progress made by them and wish them luck for exponential growth in the future.
Published on: October 21, 2020