Bangalore: As the chief executive of a retail chain, are you worried that products are being stolen, perhaps by your own employees? Help is at hand from Enabling Innovations and Technologies Pvt. Ltd, a Chennai firm that provides real-time asset visibility for enterprises through its software product.
The firm, that likes to call itself “Ennovasys”, uses a mix of wireless technologies—radio frequency identification, or RFID, global positioning system, or GPS, and mobile phone networks—to track assets in a firm. “Managing assets, identifying and tracking exact locations and maximizing the value of each asset helps companies reduce theft, increase productivity and improve operational efficiency and utilization,” says chief executive Uday Shankar, who in the past has worked with Infosys Technologies Ltd, among others. PistaSuite, as Ennovasys’ product is branded, is offered as an installed software as well through a service subscription and has five customers to date.
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Founded in November 2007, the self-funded firm has 12 employees. In the current fiscal, Ennovasys expects a Rs3 lakh profit on a revenue of Rs15-20 lakh, which it wants to ramp up to at least Rs39 crore in four years.
To achieve this, the firm intends to sign on more distribution partners, unveil marketing and advertising campaigns and raise funds of $500,000 (Rs2.46 crore).
Shankar says though companies such as Fluensee Inc., Shipcom Wireless, Inc., AssetPulse, Inc. and GlobeRanger Corp. offer asset tracking services in the US, Ennovasys is the only one to offer a three-way integration of RFID, GPS and mobile phone technologies—a solution it is patenting.
T.C. Meenakshisundaram, founder and managing director, IDG Ventures India, says asset monitoring products will be in demand in the future but feels Ennovasys will face scalability issues as it is not “directly facing end customers”, relying on partners instead.
Inasra Technologies Pvt. Ltd and Enabling Innovations and Technologies Pvt. Ltd are among the nominated companies at the Tata NEN Hottest Startups competition, of which Mint is the official print media partner. Details of the competition can also be accessed at www.livemint.com/ hotteststartups