Business

A StartUp that made the Local Kirana Stores stand in front of the Global e-Commerce Majors

Published

5 years ago

April 20, 2020

Indians have been traditionally relying on neighborhood stores (Kirana store) for food. The strong presence, network and overall personal level relationship establish them very deep in Indian society. Neighborhood stores are as old as this country is and still both partners are fulfilling the desire, need and expectations of each other but with the advancement of technology, the use of Smartphone and emergence of E-commerce local grocery stores are losing its charm.

A computer engineering graduate Mannu Jha, who born in a family that lives on the earning of small Kirana shop in the remote village of Bihar, when saw that old hubs of grocery shopping are losing its charm and relevancy due to emergence of E-commerce and Superstores as well as inadaptability of traditional Kirana store with technology and new trends. He decided to re-establish local Kirana once again and come up with a StartUp that incarnate Age-old Mom-Dad shop digitally to save the ancient shopping heritage, a StartUp that made local grocery stores stand in front of the global e-commerce majors.

Mannu reveals their agenda and state “I want a StartUp that incarnate Age-old Mom-Dad shop digitally to save the ancient shopping heritage and made local Kirana Stand in front of the global giants.”

Customer Application

Germination of Idea

It was summer of 2019, Mannu is busy in his regular business stuff but every businessman is, first of all, a family man. No matter what you are, you have to go to buy ration. Mannu also has to dispatch his responsibility and went to a nearby grocery store where he found his old dream to revolutionize the Kirana store. He hanged all his old projects and work in nights to characterize his old dream. Resultantly “OkkJi” came into existence.

“I just want to tune old Kirana store according to new age and provide them a digital look that they cannot bear alone. I also want to uplift the additional responsibility like home delivery, documentation from shopkeepers so that they can focus on their business” Mannu explains his motives behind OkkJi.

The litmus test of the feasibility of Idea

Taking any decision is quite easy but implementing it in real is rather tough and complicated. This also happens with Mannu’s conception. So, marathon churning and survey start to know the on-ground feasibility, need and acceptance of the very idea.

Team Okkji criss-cross its first target city “Patna” trice to know the response from shops as well as the customer side. The rich & old retail market and dense population of Patna is a natural choice for us. The potential and future growth of the city also drags us towards it.

They find a very overwhelming response from shops and customers both. The responses of local Mom-dad shops are quite encouraging as they are facing tough competition from Superstore and e-commerce players.

“We just want to know that these thoughts are not just the mind of our mind, are common people also facing similar problems that’s why we have conducted three intense surveys across the city,” Ravi added who look after the research and development.

They get very encouraging responses from buyers and common family persons as they do not want to spend their home weekend in long queues of any supermarket and hesitate to buy groceries from e-commerce but have full faith in their neighbourhood Kirana store.

Kirana Store Application

Journey to the Characterization of OkkJi App

After testing the idea and its on-ground acceptance Team OkkJi they themselves into work to characterize concept OkkJi to App OkkJi.

Mannu along with key members handpick the best professionals to build a perfect team. They hire expert hand for the development of OkkJi App according to their expectations and visualization. Experience and young marketing team take responsibility to convince and associate shops, creative catalogue and inventory develop many sets of catalogue based on the taste of the city and shop’s potential.

Finally, OkkJi App is ready to launch and pre-registration starts with a big hit.

Okkji team

Sudden stroke and additional feather

Mannu and his team are all set to bang traditional grocery shopping mechanisms but the sudden outburst of COVID 19 that suspended all on- ground operation. It was terrible times for a new initiative but team OkkJi takes this break as an opportunity to evaluate and retrospect. Something excellent always comes out of introspection. Team OkkJi also gets some new feather-like OkkJI Fast- A dedicated delivery system, OkkJi direct- A smooth and traffic-free channel for manufacturers and a diverse range of subscription plans as OkkJi Direct.

“Lockdown starts with a sudden calamity for us but after some time we realize that it an opportunity to refine our services and evaluate the whole project” one of them added.

These words represent the dedication and association of members with the project.

Loss becomes gain

Lockdown and COVID outburst stops registration of shops because marketing executives cannot go to shops physically for registration.

In the other hand pre-registration for customers is getting overwhelming response that not only evokes enthusiasm and energy among the team but also inspire to perform the best.

This period advertises the idea in a great way also without even a single penny investment on advertisement as people realise and experience the need and relevancy of home delivery, the importance of neighbourhood Kirana, and inefficiency of Super market. They desperately need a channel that connects common people to neighbourhood Kirana digitally. Shops also realises the importance of digitalization and additional hand in terms of delivery.

“Lockdown, actually establish the demand of digitalization that smoothen our operation and marketing strategy. So, we start registration of shops digitally and get almost 100 stores in our panel. This response made us launch “Beta” phase of App that is quite useful for Retailers.”

With the initial potential and hope of 30000 order delivery in a month, team OkkJi is starting its journey in a royal manner and very Soon industry, as well as people, will hear the thump of its arrival, which has enshrined itself among all kinds of prohibition and Lockdown.

The dedication and zeal to revolutionize old age practice according to the digital era and contemporary technical adaptations is the core of this startup that not only maintain the living heritage of shopping as well as give thrust to individual entrepreneurship along with customers satisfaction.

Business

High Volume, High Value: The Business Logic Behind Black Banx’s Growth

Published

2 weeks ago

June 16, 2025

Matthew Wiles

In fintech, success no longer hinges on legacy prestige or brick-and-mortar branches—it’s about speed, scale, and precision. Black Banx, under the leadership of founder and CEO Michael Gastauer, has exemplified this model, turning its high-volume approach into high-value results.

The company’s Q1 2025 performance tells the story: $1.6 billion in pre-tax profit, $4.3 billion in revenue, and 9 million new customers added, bringing its total customer base to 78 million across 180+ countries.

But behind the numbers lies a carefully calibrated business model built for exponential growth. Here’s how Black Banx’s strategy of scale is redefining what profitable banking looks like in the digital age.

Scaling at Speed: Why Volume Matters

Unlike traditional banks, which often focus on deepening relationships with a limited set of customers, Black Banx thrives on breadth and transactional frequency. Its digital infrastructure supports onboarding millions of users instantly, with zero physical presence required. Customers can open accounts within minutes and transact across 28 fiat currencies and 2 cryptocurrencies (Bitcoin and Ethereum) from anywhere in the world.

Each customer interaction—whether it’s a cross-border transfer, crypto exchange, or FX transaction—feeds directly into Black Banx’s revenue engine. At scale, these micro-interactions yield macro results.

Real-Time, Global Payments at the Core

One of Black Banx’s most powerful value propositions is real-time cross-border payments. By enabling instant fund transfers across currencies and countries, the platform removes the frictions associated with SWIFT-based systems and legacy banking networks.

This service, used by individuals and businesses alike, generates:

Volume-based revenue from transaction fees
Exchange spreads on currency conversion
Premium service income from business clients managing international payroll or vendor payments

With operations in underserved regions like Africa, South Asia, and Latin America, Black Banx is not only increasing volume—it’s tapping into fast-growing financial ecosystems overlooked by legacy banks.

The Flywheel Effect of Crypto Integration

Crypto capabilities have added another dimension to the company’s high-volume model. As of Q1 2025, 20% of all Black Banx transactions involved cryptocurrency, including:

Crypto-to-fiat and fiat-to-crypto exchanges
Crypto deposits and withdrawals
Payments using Bitcoin or Ethereum

The crypto integration attracts both retail users and blockchain-native businesses, enabling them to:

Access traditional banking rails
Convert assets seamlessly
Operate with lower transaction fees than those found in standard financial systems

By being one of the few regulated platforms offering full banking and crypto support, Black Banx is monetizing the convergence of two financial worlds.

Optimized for Operational Efficiency

High volume is only profitable when costs are contained—and Black Banx has engineered its operations to be lean from day one. With a cost-to-income ratio of just 63% in Q1 2025, it operates significantly more efficiently than most global banks.

Key enablers of this cost efficiency include:

AI-driven compliance and customer support
Cloud-native architecture
Automated onboarding and KYC processes
Digital-only servicing without expensive physical infrastructure

The outcome is a platform that not only scales, but does so without sacrificing margin—each new customer contributes to profit rather than diluting it.

Business Clients: The Value Multiplier

While Black Banx’s massive customer base is largely consumer-driven, its business clients are high-value accelerators. From SMEs and startups to crypto firms and global freelancers, businesses use Black Banx for:

International transactions
Multi-currency payroll
Crypto-fiat settlements
Supplier payments and invoicing

These clients tend to:

Transact more frequently
Use a broader range of services
Generate significantly higher revenue per user

Moreover, Black Banx’s API integrations and tailored enterprise solutions lock in these clients for the long term, reinforcing predictable and scalable growth.

Monetizing the Ecosystem, Not Just the Account

The genius of Black Banx’s model is that it monetizes not just accounts, but entire customer journeys. A user might:

Onboard in minutes
Deposit funds from a crypto wallet
Exchange currencies
Pay an overseas vendor
Withdraw to a local bank account

Each of these actions touches a different monetization lever—FX spread, transaction fee, crypto conversion, or premium service charge. With 78 million customers doing variations of this at global scale, the cumulative financial impact becomes immense.

Strategic Expansion, Not Blind Growth

Unlike many fintechs that chase customer acquisition without a clear monetization path, Black Banx aligns its growth with strategic market opportunities. Its expansion into underbanked and high-demand markets ensures that:

Customer acquisition costs stay low
Services meet genuine needs (e.g., cross-border income, crypto access)
Revenue per user grows over time

It’s not just about acquiring more customers—it’s about acquiring the right customers, in the right markets, with the right needs.

The Future Belongs to Scalable Banking

Black Banx’s ability to transform high-volume engagement into high-value profitability is more than just a fintech success—it’s a signal of what the future of banking looks like. In a world where agility, efficiency, and inclusion define competitive advantage, Black Banx has created a blueprint for digital banking dominance.

With $1.6 billion in quarterly profit, nearly 80 million users, and services that span the globe and the blockchain, the company is no longer just scaling—it’s compounding. Each new user, each transaction, and each feature builds upon the last.

This is not the story of a bank growing.

This is the story of a bank accelerating.