Reliance Money Goes Mobile
Reliance ADA Group company Reliance Money has gone mobile with a financial application powered by Webaroo, reports Moneycontrol. It’s a 152 kb application, and gives access to market information, stock quotes and research information.
I just gave it a run, and appears pretty basic and easy to use. What hinders adoption is that the application needs to be downloaded and installed, and one needs a GPRS connection for downloading information. A WAP portal is one way of resolving this issue, but that has its own problems. Really, when it comes to applications, there’s potential for a single large application that works as a gateway to all kinds of services (all you need to do is get GPRS activated). That’s where the handset manufacturers can come in and make all these apps redundant.
Stock update and alert are a pretty basic service . i don't see how its "NEWS" . i use a blackberry and i get my stock info through email . i use a SMS alert service from my Fund . i don't know whats the big deal here .
funny thing is Webaroo, which is a company with Loads of money don't really know what do do with it . there offline browsing tool was not impressive , smsgupshup sucked from the day one . it sucks like anything . now they are doing a custom tools . are they a code shop now ?? Saste mein code likh rahe hain kya ?
this YES exactly This is the basic problem with Indian Entrepreneurial eco system . companies like webaroo ,MIH have more money than sense they mess up and every other aspiring entrepreneur who try to do something after has to face the consequences of there foolhardiness .
i tried to approach some VCs to raise money some time back , their argument used to be . Boss if MIH is not able to do it ,Webaroo is not able to do it why you think you can do it ? noone ever wonder that team at MIH/Webaroo might be clueless . and i feel like the small kid who hesitantly says " May be ,Emperor has no cloth "
@ Nikhil,
Thanks for the suggestions – we have a complete suite and are incrementally going to add to the list of features. We also have the "platform" vision in mind and believe thats the future and way to go. Thanks for covering us again.
@LTLRC,
I am a PM at Webaroo – so I thought I would respond to this. I really think that the taste of the pudding is in its eating – So I suggest you try it out before passing a judgment like that :). There are many more features which add value to the end user and those make the app valuable.
I also think we should learn from our mistakes. There have been several points in time where we have corrected ourselves and gone on a path which promises better results. Whats wrong with that?
Lastly, best of luck with raising money. I have been involved in raising money here and at lots of other places. The only factors I think are essential are – a) a good business idea and b) good communication skills. I am sure you will master both if you work on them.
@Pratyush,
You have forgotten the most important factor. Which is connections. :D Now how does someone work on that?
And hope you take this in jest: But as you were involved in raising money ar Webaroo, could you answer this question – What was the plan you took to your VCs? Was it offline browsing, twittercloning or the mobile app space. Or was it Rakesh Mathur??
@LTLRC
The most valuable currency which you can take to a VC is "a successful exit". And this is what smart entrepreneurs should be trying for now. Something akin to a roll up play – but spread over time.
Reviews listed a lil too early just prove that they were not well tasted before the pen was invited. I would like to have a look at this application.
How can I?
@ Rajesh
Good point – I think connections are super important and there is no set way to do it. You are also right about raising money being easier when people like Rakesh are with you. However the other companies with whom I have worked dodnt have big names, yet we found good acceptance and good money just on the strength of the products.
Having said that, I think raising money in the US is easier than doing it in India. Do add me to gtalk in case you want to talk more – pratyushp <at> gmail
@ mayonk –
Do try it out and send review / brickbats / curses. Here is the URL (point from ur mobile browser) – http://www.webaroo.com/rmoney
My email is above.
Pratyush :
"I really think that the taste of the pudding is in its eating – So I suggest you try it out before passing a judgment like that"
and Mr. PM what make you think that i haven't tried your Apps ?? i have , at the risk of sounding arrogant i would like to say that i have tried ans beta tested more web apps than you can possibly think about , so stop making these judgments .
go and check your founder ranting about their vision at vator.tv [ http://vator.tv/pitch/show/Webaroo . and reality ?? you guys are doing code monkey thing here .
I don't say don't lie but be consistent in faking , that part must be easy .
i have seen your Reliance App also this can be done in 2 months with $2000 by any Fly by night code shop on Elance.com . and let me tell you , you guys have done a bad job of garbage collection and handling memory leak in app . check the application logs it would show something like buffer overrun on continuous usage .
I am not advocating that one should solve the toughest problem for the heck of it . but the problem is Rakesh is following foot step of Jeff Hawkins and Webaroo is your Foleo . be wise ,fold up and get lost .
now lets talk about your wisdom of raising money ,i don't know about your previous employer but the fact that you are still a PM [in Webaroo ] means that exit was not very lucrative [at least for you ] , if at all there was an exit . my sympathies
now talking of how easy it is to raise venture money in US ,its hard very hard in US also , But its harder here for First time entrepreneurs .if connection was something that works all the way than why you guys are not pitching for projects in Silicon valley ? why your first deal is from india ? is it because you need money and afraid to tell your peers in valley that you are a code shop now ?
I know rakesh is scouting for some good investment opportunities for some time . why don't he invest it in Webaroo . Any response Mr. PM ?
@ LTLRC –
I am sure you have tested the app – and a lot more. I also think you are entitled to your opinion. Believe me – I respect any kind of criticism.
The last time someone told me about – "this can be done in 2 months with $2000 by any Fly by night code shop" was at Reliance. I am sure they saw the logic of doing it through us.
About Rakesh and his speeches – I would keep my comments reserved. Everyone (including you) is entitled to his opinion. Having said that, we dont run a "founder vision centric" ship here.
As for opportunites for me – today's market is hot enough for almost anyone in India. In any case I would not talk publicly about it ;). That one was below the belt btw.
I think the logic for looking around for other investments is hedging / diversification – I guess.
BTW – standard disclaimers about my opinions and not necesarily from my company apply.
@Pratyush : That one was below the belt btw.
My apologies if that was the case .. but that was not my intention .
If someone has tested both reliance's Mobile app and the Moneycontrol app would love to have an unbiased comparison…. and constructive feedback.
The address for Markets on Mobile is http://www.marketsonmobile.com