IIT Roorkee-backed startup Recogsquare wins ‘Most Innovative Digital Onboarding Rollout’ Award

By India Education Diary Bureau Admin On Dec 21, 2020

Roorkee: Recogsquare, a start-up incubated and funded by the Indian Institute of Technology (IIT) Roorkee has won the ‘Most Innovative Digital Rollout Award’ at the Global Fintech Innovation Awards, by IBS Intelligence for the start-up association with Equitas Small Finance Bank.

Recogsquare is an AI SaaS-backed eKYC and Video KYC platform that streamlines and automates individual onboarding and ID verification. Funded and incubated by TIDES business incubator at IIT Roorkee together with the support of the NIDHI Scheme of NSTEDB, Department of Science and Technology, Government of India, the app was awarded for the deployment of its KYC tools for a bank within three weeks helping them significantly reduce the customer drop-off rate.

The startup’s success demonstrates the potential of AI in making processes easy and efficient.

On the occasion, Professor Ajit K Chaturvedi, Director, IIT Roorkee, said, “I am extremely pleased that Recogsquare, an IIT Roorkee startup, has been conferred the Most Innovative Digital Rollout Award. AI is one of the fastest-growing frontiers in technology and good to see our startup being right on that frontier.”

Kunwar Raj, Co-founder,Recogsquare said, “I am humbled to have won this award. I have always been intrigued by the world of AI and cutting-edge technologies and their potential to shape economic development. I am thankful to IIT Roorkee who has provided us end-to-end support, mentorship and guidance to take my passion further.”

TIDES have been established to promote innovation and entrepreneurship in the region. To accomplish its goal, TIDES runs and manages a Business Incubator called Technology Innovation & Development of Entrepreneurship Support (TIDES) Business Incubator hosted at IIT Roorkee. TIDES facilitate the incubation of new enterprises with innovative technologies by admitting them at its Incubation Centre and provide physical, technical, financial and networking supports and services.