Tuesday, May 30, 2023

20.95 Ventures, the world’s first business community welfare platform has announced the launch of HUMBEE, its leading-edge mobile app to address two widespread gaps in every industry – a) the need for social security cover for overlooked participants of the value chain viz. dealers, distributors, super stockists, retailers, pharmacists, kiranawalas, agents and more, and b) the need for an integrated platform for corporates to appropriately channelise their welfare intent to promote inclusive growth.

The majority of Indians are employed in the informal and unorganized sectors, typically devoid of formal contracts, defined salary pay-outs, and social security cover. They even fail to secure their post-retired life, imperative when healthcare expenses remain one of the biggest financial risks. Even those who are business owners (top rung of the value chain) are unaware of the importance of social security.

Commenting on the development, Navin Tewari, Founder & CEO said, “Corporates are keen to undertake the welfare of value chain partners as they are a critical link for the business success. Yet, the fragmented and unorganised nature of value chain partners makes it tedious to reach out to them in a structured manner consistently. Through HUMBEE, we record the transactions each value chain partner does with a corporate, recognize their contribution, and reward them through social security covers like life insurance, mediclaim, golden age plan, and more.”

“We are running in stealth mode for the last 6 months, and have received an encouraging response from all quarters. On the HUMBEE app, we have already onboarded leading corporates such as Welspun Corp Ltd., Amber Gold TMT and over 15,000 value chain partners across industries. HUMBEE is in the process of rolling out life insurance worth Rs 56 crore and medical insurance to the tune of Rs 11 crore already.”, he added.

A homonym for ‘Hum Bhi’, the term ‘HUMBEE’ denotes the collective force of being together and works on the belief that when every individual win, it leads to a greater, collective good. The Hindi equivalent of ‘us’, at a subtle level, Hum signifies a buzz, a droning sound that gives a positive vibration of goodness. ‘Bee’ substitutes ‘Bhi’ to reflect some striking features of honey bees that resonate well with our vision. Much like any business setup, honey-making is a complex activity, involving millions of bees and various food supply points.

The HUMBEE app stems from intent for welfare and is driven by the potential of business and goodness converging into one platform. With its unique offering, HUMBEE has the potential to revolutionize the way businesses approach their welfare intent and well-being in India and around the world.