Jupiter is successful at FlyDubai and POCs are underway at 3 large customer POCs. We are also reusing the product with the help of top consultants in the US to support insurance premium calculation. Our technology is solid with 18 months of live operation so that part is ready to be leveraged. This will balance the market potential of Jupiter. The overall vision of FlyNava to become a leading player in the core P of marketing P for multiple industries
Current Status
We have made AED 2m revenue in 2019-20 and are expanding in airlines with 3 more POCs. The product is live for 18 months without a single major issue. Technology is robust. We have now developed more modules to support airlines better in the COVID era which is also gaining traction. IATA conducted a webinar for us to showcase the same. Was chosen as one of the top 15 startups by IATA for unique innovation. We have a robust development center in India with 45 people. We want to grow fast to make the best of new opportunities in the COVID era with pivot to Insurance sector for a real-time premium calculator for auto and health
Market
Tier 1 and 2 airlines, global
Tier 1 and 2 Insurance companies in non-life areas, focus US market to start with
Total market for pricing solution for airlines globally is about US$ 1.4B
Total market for premium solution for insurance industry estimated at US$ 12B
Problem or Opportunity
Growth at various airlines including 3 airlines where POC is in progress,
Solution (product or service)
Jupiter for airlines and Jupiter for Auto and Health Insurance. A big data analytics PAAS platform for real time calculation and creation of fares for airlines and premium for Insurance sectors.
Competitors
Very few for continuous pricing in the airline and insurance industry, using big data, analytics, AI/ML platform high levels of advanced models and automation
Advantages or differentiators
Unique solution already in production with good traction
Strong development team in place
Pivot to Insurance industry
IPR for all the core elements of the technology
Cloud based with all open source tools leveraged for maximum value to customers
Long term contracts
Super ROI for customers in optimizing core function of pricing
Finance
Airline
Monthly usage of $45K-$100K per airline multi-year contract
Services and support $30-60K per month from each airline
Product enhancement $50K-100K per month
Currently operationally profitable, low-cost base with India development centre
Insurance
TBC
Business model
Product as a service, consulting and support services with domain specialty
Direct using network and partners like AWS and industry majors
Key metrics, customer addition, revenue per customer and customer life time value
Money will be spent on
New product development, 35%
The stronger team, especially domain experts for the insurance sector 15%
Marketing 15%
Retiring expensive debt 15%
POC for airlines and new insurance customers 10%
Contingency and cash flow reserves 10%
COVID risks for airlines addressed with new functionality
The ability of airlines to pay cash flow issues, so the pivot to Insurance and low-cost base in India for development
Jupiter for Insurance launch risks, 60-70 reuse of proven technology and partnership with strong domain experts from US for right scope and direction
Incubation/Acceleration programs accomplishment
We are full bootstrapped with 100% investment from the founders
Won the competition and other awards
Voted the most innovative pricing solution at ATPCO elevate in Washington DC in 2017
Chosen in Top 15 best airline startups of 2019-20 by IATA
Invention/Patent
Have provisional patent in India with 52 claims on the model, process, and data analytics for pricing. Final should be issued within this quarter as it has been nearly 18 since publication
