As the world is continuously becoming more digital, so are the ways we do business. Resultingly, the payments and e-commerce sectors require solutions that accommodate this acceleration in digitization. This is where Newgen Payments comes into the picture. Newgen Payments provides merchants with an end-to-end e-commerce solution, allowing businesses to retain focus on their core business while simultaneously seeing their sales grow. In this article, we’re zooming in on the company, it’s background, the value it adds to the e-commerce landscape and the additional funding it requires to scale its solution.
The early days
A few years ago, CEO and founder of Newgen Payments, Sunil Jhamb, made a number of eye-opening observations as he worked for a large international payments company. He came to the revelation that a lot of companies were working with outdated technology, whereas the e-commerce market was growing rapidly. For instance, a simple integration of a Payments Page would take a few months.
Basically, payment companies were just not able to keep up with the innovation. This was the turning point in his career and the originating idea behind Newgen Payments. Sunil had a vision of a company that could offer a plug-and-play solution that is faster, cheaper and better than existing solutions. He knew that in order to be a good e-commerce player, you can’t just work in silos, you have to be a connected commerce player.
The creation of Newgen Payments
Sunil established Newgen Payments in early 2015, accompanied by the company’s first hire in February 2015. As Sunil used to be a programmer himself, he could convey his vision in an easy and clear way to his employees.
Nowadays, more than 3 years later, the company team consists of 13 people who all play a significant role in where the company stands today. With a youthful culture and the lack of any internal hierarchical structure, the company hosts the perfect environment for fast development and implementation of new and innovative ideas. All R&D are done from India, where Sunil travels to every two weeks. “When you see you’re doing a great job and your customers are really pleased with your product, the travelling and work really pays off in terms fulfilment”, says Sunil.
The end-to-end solution
Online merchants don’t care about individual solutions, they want a company that can offer the full package. That’s why Newgen Payments’ current offering consists of a plug-and-play solution that is modular and fully cloud based. Integration can be done easily with just a few lines of code, allowing the solution to be implemented in a matter of hours (sometimes even minutes), dependent on the customer’s demands. Furthermore, the solution comes with a number of features that, for instance, enable selling through social media or provide actionable, detailed statistics in user friendly format. To make sure everything goes smoothly, Sunil and his team offer their clients 24/7 support at any stage partnership. All in all, Newgen Payments allows companies to focus fully on their core business without having to worry about the selling procedures.
Competitive advantage and target audience
Newgen Payments stays ahead of its competition in three main ways. First of all, as described in the section above, the solution is easily implementable and adaptable to the client’s desires. Second, the solution is offered at a fraction of the price asked by its’ competitors. Thirdly, the team behind Newgen Payments continuously strives to improve and innovate the solution to meet the latest market demands.
Initially, Newgen Payments focuses its efforts on SMEs as they need more help and have less resources available. However, because the product is a plug-and-play solution with a lot of features (making it easily adaptable), it is also perfect for large companies.
The company is looking to raise funds to power their sales force and marketing to fuel its growth. The whole offering is there and ready to be used, it now just needs rocket fuel to make a hockey stick. Currently, marketing through word-of-mouth is proving valuable, as happy customers leave positive reviews on the website and refer Newgen Payments to their family and friends. However, additional funding is very welcome to speed up the process and capitalize on their momentum.
Sunil Jhamb, CEO of Newgen Payments
By Michael Brooijmans, Research Analyst