Anushruti Singh
In the ever-evolving world of technology, security remains a major concern for enterprises. Mumbai-based Qila.io, a start-up founded by Sid Ugrankar and Vishal Malhotra, aims to revolutionise secure identity storage for enterprises using blockchain technology. The company’s innovative solutions promise to be a game-changer for businesses, offering a unique and secure way to manage sensitive data.
“Qila.io is a ubiquitous cloud platform that allows enterprises to set up, run, and scale their own dedicated blockchain networks. A blockchain network is essentially a series of servers functioning as a glorified database, storing data in an immutable ledger format. This makes blockchain an ideal solution for enterprises to store sensitive data and distribute it securely,” Ugrankar elaborates while talking to SME Futures.
Targeting healthcare
One of the primary industries Qila.io targets is the point-of-care diagnostics industry, which includes major players like Metropolis Lab and Dr. Lal PathLabs. Ugrankar notes the industry’s current challenges, particularly the unprofessional and insecure methods of sharing diagnostic reports. “In India, people often receive their test results via WhatsApp, which is highly unprofessional. We aim to replace this with a secure, tokenised system that ensures privacy and professionalism,” he says.
Drawing inspiration from the US-based MyChart, Ugrankar envisions a system where reports are tokenised and distributed through secure channels. However, Qila.io is not limited to any specific segment but focuses on areas with a dire need for secure data management.
“We are agnostic of any segment, and we try to apply ourselves to the segments where there’s a dire need in order to do this,” he asserts.
However, this presents a challenge, as it requires a shift in mindset—much like the journey WhatsApp underwent, says Ugrankar.
“Initially, WhatsApp was just a simple chat app, but over time, it evolved into a marketing and data exchange platform. We are on a similar path, working to drive an ideological shift within companies, especially regarding privacy concerns. For instance, companies like Metropolis and Thyrocare cannot afford to be indifferent to patient privacy. When they send reports via WhatsApp, they are essentially making sensitive data publicly accessible, often without the patient’s consent. This casual approach to data privacy is what we aim to change, ensuring that privacy becomes a central focus in their operations,” he adds.
Qila’s journey
The inspiration for Qila.io was partly accidental, born from Ugrankar’s passion for identity management. He shares that Qila is the second product developed within SmartCirqls—his second innings as a founder, following the sale of their first service-oriented product in 2020. “We started focusing on a product called T-Pi, a cloud monitoring tool, but it didn’t take off. This led us to explore identity management and the need for secure access to identity, ultimately giving birth to Qila,” he reminisces.
Ugrankar further adds that he wanted to create Identity as a service (IDaaS). The idea was to create security around these services, for example, even though Aadhaar establishes identity, access to that identity isn’t secure. “Banks often ask for the Aadhaar number, why do you have to provide it? Your personal details don’t need to be shared; you only need to prove that it’s you. This led to the development of our self-sovereign identity (SSI) project. This project is what truly sparked the creation of Qila. Initially, we aimed to design the SSI project but realised we couldn’t effectively do so without blockchain technology. That’s how we developed Qila, seeing the vast opportunities and use cases for it beyond just identity,” he says.
Growth, footprint, and evangelising blockchain
Qila.io is still in its start-up stage, with several pilots and small-scale commercial projects. “We are in an exploratory stage, trying to evangelise the use cases of blockchain. It takes time to educate and convince companies of the benefits. Our recent participation in the Rizing Equality Entrepreneurship Forum is an effort to evangelise blockchain and its use cases. We hope to gain significant traction by December, thanks to the investments we’re currently making,” Ugrankar contends.
Currently, the start-up is self-funded but is in the process of raising a bridge round, with plans for a Series A funding round soon.
“I’d prefer not to disclose the names of our potential investors. We’re currently looking to raise a bridge round of approximately $2 million, which is around ₹16.5 to ₹17 crores. This funding is crucial for us to sustain the company over the next 18 months. We need to innovate and implement several ideas to elevate our platform to the next level,” he avers.
Conversely, the awareness and adoption of blockchain technology are critical challenges that Qila.io faces. Ugrankar compares the current state of blockchain to the early days of cloud computing, saying, “People questioned the need for the cloud when they could set up their own servers. Similarly, blockchain offers a decentralised way to store and share data, which requires education and evangelisation.”
In terms of strategy, Qila.io targets new-age companies and start-ups through entrepreneurship conclaves, accelerators, and incubators. Traditional companies, Ugrankar notes, are less agile and more resistant to adopting new technologies. However, he sees significant potential in the financial services sector and government initiatives like the Central Bank Digital Currency (CBDC) project.
Addressing regulatory uncertainties, Ugrankar clarifies that the challenges lie more with cryptocurrency than blockchain itself. He emphasises the government’s efforts to use blockchain for impactful projects, such as digitising real estate data, which will build confidence in the technology.
The recent abolition of the angel tax in the Union Budget is a positive development for start-ups, according to Ugrankar. “Angel tax was introduced to prevent money laundering, and its removal is timely, encouraging venture capitalists to invest more freely and potentially ending the funding winter,” he says.
Qila.io’s roadmap for the next six months focuses on increasing customer use cases, securing funding to expand their data centre footprint, and accelerating innovation. “We are committed to building a secure, scalable platform that meets the evolving needs of enterprises. Our goal is to make blockchain adoption seamless and beneficial for businesses worldwide,” Ugrankar asserts.
