KOCHI: Xwards, a company incubated at Rajagiri School of Engineering and Technology, has successfully raised a seed funding of S50 lakhs from Hyderabad-based investment firm Ikshana Investment Ventures. Xwards is an in-transit entertainment system which engages customers while they travel and create a platform for brands to reach out to their target customers. The company’s innovative solution adds value for commuters, cab drivers, and the advertisers as well.
For a taxi commuter, the Xwards devices brings life to boring cab journeys, by providing them an opportunity to get updated on the latest news, movies trailers, listen to their favourite music, watch videos and play games. This is achieved by installing an IOT (Internet of Things) enabled tablet behind the co-driver seat. Xwards has been successfully operating in more than 100 taxis in Kochi city. Xwards is planning to install more than 1,000 screens by March 2019. They have now successfully piloted this idea, created a minimum viable product, signed MoU with 16 advertisers and 4 major advertising agencies in Kochi. The company’s strategy is to partner with various content providers and artists to make the devices content rich and attractive.
“Incubators in colleges form the crucial link in the development of startups in the atate. It is heartening to see the achievement of XWARDS, incubated at Rajagiri in getting investment to scale up further. This is testimony of great work done by startup and incubator mentoring them,” said SajI Gopinath, CEO- Startup Mission.
The company is founded by two NITC alumnus with the support of five of their schoolmates. “Experience gained in the last 11 years from various entrepreneurial ventures is the main driving force from which Xwards finds its momentum”, said COO Paul Alex.Company CEO Jozef Jagan said the amount raised will be utilized for expansion in Hyderabad and Kochi and Xwards has plans to expand to Mumbai and Delhi in the next financial year.