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How fintech startup Recko, uses technology with its clients Grofers, Dunzo, and Udaan, to ease reconciliation



In recent years, India has seen an increase in digital transactions. The majority of businesses in the country are continually dealing with rising transaction volumes and increasingly complicated payment flows and systems.

Saurya Prakash Singh and Prashant Borde, two entrepreneurs, identified a major issue faced by finance departments in organisations: reconciliations. It inspired them to launch Recko in 2017.

Today, the fintech firm is automating the reconciliation process for customers in industries such as banks, ecommerce, food tech, fintech, neo-banks, gambling, insurance providers, and others that have a significant volume of transactions.

Solving a difficult problem

Most organisations, according to Prashant, receive data from a variety of sources, including settlement files, order management systems, banks, and so on. These files are in various formats, and they must be cross-checked to ensure that the information they contain is consistent.

These data must be transformed and reconciled by the financial departments. When working with various finance instruments for accounting, tax, and payment, for example, more data processing is required.

“One can only imagine how difficult things would turn out to be when the volume increases,” says Prashant.

Recko is addressing this, according to him, by employing Big Data frameworks that are optimised for precision, consistency, and scalability. The startup uses pre-defined rules to identify data that is input into the system and reconciles it on a transactional basis.

For enterprises to track, manage, and account money end-to-end, the platform provides a complete and strong technology stack to manage financial data and enable financial activities such as reconciliation, commission calculation, payout production, and reporting.

Recognizing a deeper issue

Prashant explains that merchants have difficulty reconciling these payments due to outdated equipment and technology.

Most organisations currently perform the entire process of confirming that the amounts in the settlement files and bank account are in accord with one another manually.

“We started thinking what if there is a platform that can enable businesses to reconcile easily. Saurya and I started talking to finance teams in a variety of industries and geographies (India, the US, SEA, etc). They all faced a similar problem and were using Excel sheets to reconcile payments,” Prashant explains.

Another unresolved case, commission tracking, was also identified by the duo. “No other tool offered this kind of flexibility without getting too technical,” Prashant explains.

They wanted to automate and speed up this process in order to enable businesses track correct revenue, close SLAs for receiving money in order to optimise working capital, and minimise support costs by having a clear image of money sent to portion of the supply chain.

The Product

Saurya and Prashant, with the help of a few developers, produced the first functioning prototype of the product (codename Perlis). “It took a few months for us to figure it out. Saurya used to handle the product, design, and customer interactions while I concentrated on the technology,” Prashant explains. “We focused a lot on the accuracy, which helped us gain the trust of the finance teams and gave us the confidence to move ahead,” he added.

However, one of the difficulties they encountered was supporting scale. To make scale and security a basis in the architecture, Prashant says they had to redesign a major portion of the first iteration.

Prashant explains, “We then published the next version of our software (codename Wilkes), which provided scale, accuracy, and security.” Wilkes eliminated the majority of the operational tasks and began orienting new customers to the program. This allowed customers to save up to 80 percent of their time spent on monthly activities, thanks to Wilkes.

“We continued working on the enhancements and hired a full-time UX designer to improve the intuitiveness of the product. Users wanted more out of the product and we started enabling them to automate tricky use cases. They needed more analytics and alerting capabilities. We also figured out that manual push of data affects data quality and we need direct integration with data sources,” says Prashant.

The ecommerce industry was among the early adopters of Recko’s products. Prashant claims that they partnered with industry titans such as Myntra, Meesho, Dunzo, PharmEasy, and Grofers to assist them develop into the on-demand food tech space.

Constructing a scalable product

“As we onboarded more customers, we noticed that organisations across industries saw data in very different ways. We didn’t want to miss anything, but we also had a mission: to give it our all. Prashant says, “We added analytics, custom reports, commission calculation, and other interfaces like storage services, payment gateways, and banks.”

The team quickly began working with clients from various industries and places. Recko introduced geographies such as Southeast Asia and the European Union. Versioning was also released to support audit logs and time travel capabilities that needed to be reworked to accommodate future growth.

To cope with the increased load, the team realised it needed to implement new technologies such as Spark, Data Lake with rollback support, and Kubernetes. To remove tech debt and make the codebase more modular, Recko had to rewrite a substantial portion of it. 

Prashant clarifies, “Considering the global outlook, we needed a design overhaul as well. So, we started working on the next version (codename Minsky). We discussed state machines, flowcharts, and architecture diagrams, and once the initial draft was ready, we ran it through a few industry experts to avoid common pitfalls.”

Developing a more distributed process

The team then focused on the system’s dependability and extensibility, according to Prashant, and there was a shift in the tech thought process itself.

Today, businesses like PagarBook and others are focusing on the increasing SME segment in the fintech sector of reconciliation. Recko, on the other hand, is unconcerned about whatever sector he belongs to.

Prashant explains, “We were thinking of a more distributed process, trying to familiarise ourselves with no-SQL design principles using seamless, columnar databases.”

Recko is looking to introduce new modules, such as payouts calculation and a scalable ledger, in the near future. The payments calculation module will assist startups and mid-market businesses in setting up payouts without having to devote time in their development. And then the ledger module acts as a sole source for truthful financial data.

Lastly Prashant explains, “We are planning to open APIs as well so that they can be integrated deeper into companies’ tech stack to solve a multitude of problems. Our long-term goal is to provide enough insights that enable businesses to make financial decisions in real-time,”


Aditya Bharti : Face behind GoCleaners and GoRealtors



Khushi Thawani, Mumbai Uncensored, 18th January, 2023:

As Aristotle said, Excellence is not an act but a habit. It involves a lot of effort, tenacity, research, sacrifice, and, most importantly, passion for the task at hand. Although the founder of GoCleaners, Aditya Bharti, had never heard of this proverb, he was working on it as though it were his personal mission statement.

Initially, he didn’t launch with a significant setup. He also had no idea that what he was about to do in the home cleaning services industry would one day be so intrusive that it would upend some of the established businesses in hyperlocal markets. This is especially true given that he had modest beginning and lacked the high-end funding that his rivals did.

This business was founded by Aditya 1 and a half years back and he has already achieved wonders in the sector. He was later joined by two co-founders Anup and Shivam. Aditya was working at a real estate company at the time, and Anup was employed for the renowned Urban Company, a provider of home cleaning services. Shivam wasn’t working at the time. They weren’t your usual IITians or IIM grads who were surrounded by money and plethora of opportunities. But hey, they already knew that. They therefore already began looking for that initial pool of capital.

GoCleaners was Aditya’s idea; it was memorable and expressed exactly what they wanted to convey to any visitors to their website. They put together roughly Rs. 1 lakh and set out on their voyage, learning more about where life would lead them little by little. Aditya used to receive the orders, while Shivam and Anup used to deliver the jobs.

From Anup’s background, they were aware that although the businesses were benefitting from the services provided, the service providers who worked with them were not really pleased with their policies. The service providers frequently encountered a lack of collaboration between the personnel overseeing them, and had to pay for their credit in order to receive a work, and occasionally had to foot the bill for the chemicals. They had a lot of room to grow and explore in an untapped sector. Aditya and his team, like the majority of disruptors, struggled to keep up with the speed of funding needed because they were aware of the issue but lacked the resources to address it.

They were running out of labour, equipment, and chemicals on a regular basis. H “Many people came up with different psychologies and ideas but I was sure of what I had to do to execute and push things further ahead. I had a clear image built up in my head. I sincerely recommend anyone who wishes to start out on their own – first research the problem and start developing the best solution for it. Don’t jump in blind, your path will then be laden with unforeseen problems and under-researched quick fixes which is a sure-shot recipe for failure.”is parents were quite encouraging. In order to keep them back on course and make sure they didn’t veer off the course they had set for themselves, his mother loaned him every piece of jewellery she owned.

The encouragement from his mother worked. They got started in a way that established the bar for success. Anup and Shivam, the team’s co-founders, are joined by 16 other members so far, all of them are specialists who complete tasks. They have successfully impacted the important Mumbai suburbs of Andheri, Goregaon, and Vile Parle, among others, and receive a steady stream of orders from these areas, the majority of which are client references.

Aditya is aware that this is only the start. With such a strong team, they still have more benchmarks to reach, and Aditya hopes to create a unified platform for all varieties of professional services.

He acknowledges that the travel was a crucial period in his life and that it kept him inspired to continue. Every day was different; some were really productive, while others were the pits. To manage both the tasks and obligations of his profession, he first had to make adjustments to himself and his daily schedule. When Aditya thinks back today, he recalls the period when he had considered quitting school, but his friend Shivam and his family encouraged him, giving him hope that he might achieve his goal.

Aditya responds to the question, what is the one thing you remember doing that you realise was the most crucial step of your journey? replying “Many people came up with different psychologies and ideas but I was sure of what I had to do to execute and push things further ahead. I had a clear image built up in my head. I sincerely recommend anyone who wishes to start out on their own – first research the problem and start developing the best solution for it. Don’t jump in blind, your path will then be laden with unforeseen problems and under-researched quick fixes which is a sure-shot recipe for failure.”

Not only this the start-up king has invested himself in yet another idea called Go realtors, where he and his team help sellers, buyers and investors with the best possible tips and provide other services related to real estate, considering Aditya’s prior experience in the same sector. He seems unstoppable with the ideas and his ‘ace it all’ mindset.

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Anuraddha Singh launches a new collection of party dresses from her brand Throne of Medusas



Mumbai Uncensored, 15th November 2022:

Throne of Medusas, a newly emerged fashion brand known for its exquisite craftsmanship and attention to detail, has just launched its latest collection of party dresses.

The new line, “Disco On Fire,” features a range of elegant and sophisticated dresses perfect for any special occasion. Made from the finest fabrics and adorned with delicate lace and intricate embroidery, these dresses are designed to make any woman feel like a true queen.

The collection includes two astonishing colours, Bleeding emerald and Sunkissed glitter which are available in a range of sizes to suit every body type. 

In a statement, the brand’s founder, Anuraddha Singh, said, “We are thrilled to introduce our new Disco On Fire collection, which captures the essence of femininity and strength. These dresses are perfect for the modern woman who wants to make a statement and feel confident and powerful.”

Throne of Medusas is known for its commitment to high-quality materials and ethical production, and its new collection is no exception. Each dress is crafted by skilled artisans using quality fabrics and advanced production techniques.

The new collection is available now on their website – Don’t miss out on the opportunity to elevate your wardrobe with these stunning and luxurious dresses.

For more information, visit the Throne of Medusas website or follow the brand on social media to stay up-to-date with their latest collections and special offers.

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सर्वसामांन्याचे बजेट कोलमडणार, जीवनावश्यक वस्तूंवर ५ टक्के GST लागू



Kalyani Gilbile, Mumbai Uncensored, 20th July 2022:

आजपासून जीवनावश्यक वस्तूंवर ५% जीएसटी लागू करण्याच्या सरकारच्या निर्णयांमुळे सर्वसामान्यांच्या खिशाला कात्री लागणार आहे. आधीच सर्वसामान्य माणूस महागाईने त्रस्त आहे, त्यात जीएसटी परिषदेने दैनंदिन जीवनात वापरल्या जाणाऱ्या अनेक वस्तूंवरील कर दर वाढवण्याचा निर्णय घेऊन सर्वसामान्यांच्या घरखर्चाचे गणित पूर्णपणे विघडवले आहे.

सीलबंद दही-दुधाला जीएसटीच्या अंतर्गत आणण्याचा निर्णय अर्थमंत्री निर्मला सीतारामन यांच्या अध्यक्षतेखाली झालेल्या जीएसटी परिषदेत घेण्यात आला होता, त्यानंतर या गोष्टीवर 5 % जीएसटी लागू करण्याचा निर्णय घेण्यात आला.

कोणत्या गोष्टी महागणार – 

तृणधान्ये, डाळींपासून ते दही, लस्सी, पनीर, गूळ, चिरमुरे, खांडसरी साखर अशा ब्रँड नसलेल्या खाद्यपदार्थांवर आता कर प्रणाली अंतर्गत कर ५% आकारला जाईल. याआधी केवळ ब्रँडेड वस्तूंवरच शुल्क आकारले जात होते.

सध्या शाई (प्रिटिंग व चित्रकलेसाठी वापरली जाणारी), चाकू, एलईडी दिवे, चित्रकलेचे साहित्य, पेन्सिल शार्पनर्स या वस्तूंवरील जीएसटी आता १२ % वरून १८ % झाली आहे. तसेच, सोलर वॉटर हिटरवर आता ५ % वरून १२ % जीएसटी आकारला जाणार आहे.   

त्याचवेळी रुग्णालयातील अतिदक्षता नसलेल्या खोल्यांचे एका दिवसांचे भाडे ५००० रुपयांपेक्षा अधिक असल्यास त्यावर ५ % जीएसटी लागू होणार आहे.

कोणत्या गोष्टी स्वस्त होणार –

ऑस्टोमी प्रकारच्या शस्त्रक्रियेच्या उपकरणांवरील जीएसटी १२ % वरून ५ % करण्यात येणार आहे.

ट्रक/मालवाहतूक भाड्याने जेथे इंधन खर्च समाविष्ट असेल तेथे 18% ऐवजी 12% इतका जीएसटी  कमी होईल.

विमानाने इकॉनॉमी क्लासमधून बागडोगरा ते ईशान्येकडील राज्यांच्या हवाई प्रवासावर जीएसटी माफ करण्यात आला आहे. तसेच, बॅटरीसह किंवा त्याशिवाय इलेक्ट्रिक वाहनांवर 5% जीएसटी आकारण्यात येणार आहे.

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