Technology is everywhere and in everything. It has become an integral aspect of our everyday lives saving us time and effort in accomplishing our regular tasks. When technology has touched upon banking, insurance and finance in a big way, how can our good ol’ wallets be left behind?
Launched on 4th May 2016 by friends-cum-founders Shruthi Gilla and Sunny Malhotra, Cashew (Cash-Electronic-Wallet) is the future of Fashion Accessories industry and with its unique utility and safety features, Cashew is well on its way to becoming a house-hold name. The company Revol Inc’s vision is to grow vertically using technology in lifestyle products and accessories & create a new marketplace. And with the launch of Cashew, it aims to be market leaders in the Fashion-Tech space.
It all began with a trip to Vegas
From friends to business partners, the journey has been full of challenges, excitement and learnings. While Sunny and Shruthi were previously working with Facebook and Deloitte respectively, their perspectives changed when they both lost their wallets on the same day while holidaying in Vegas. This led to lengthy discussions over the challenges of using a wallet independently. Soon they realized how wallets had been existing for centuries but nothing had been done technologically around them. This is when the idea of Cashew was born.
Cashew Wallet : Where technology and fashion join hands to create magic
Revol Inc. launched its first flagship product – Cashew Smart Wallet especially for the next generation of millennials who have strong personas with a bend towards technology and are always looking for products to do more than what they were designed to do.
As a first mover into the space of smart wallet technology, this product has features that are as efficient as they are unique. It combines fingerprint lock with Bluetooth, RFID and Crowd Sourced GPS. Battery lasts for over 4 months on a single charge. The locking and latching mechanism, often considered as its standout feature and a secret sauce, consists of complex mechanics of springs and motors to ensure a secure, robust system. In fact, the company has filed for 2 utility and 3 design patents.
The Cashew team further adds “With our manufacturing in China we have an edge to get the economies of scale by getting the lowest costs with higher quality compared to our competitors. We shipped our wallets to 32 countries already. Our primary markets are USA, Europe and South-East Asia. India is our 3rd biggest customer base country.”
To grow and evolve is the plan for future
Although brands these days give each other stiff competition with respect to designs, quality and cost differentiators, Revol Inc’s Cashew Wallet has created an uncontested marketplace, making competition irrelevant. Its focus is on analysis and fulfillment of new demands that would allow the brand to grow vertically using technology.
After a successful launch online, the company is striving to aggressively expand its reach globally using retail and distribution and using other omnichannel strategies. Apart from the men’s wallet, plans are in full swing to expand its product line to incorporate women’s clutches and travel wallets in 2021. Looks like it’s not just your wallet that’s going to be secured but to some extent, your future too.
To know more, visit –
Website – www.gocashew.com
Instagram – https://www.instagram.com/cashewwalletofficial/
To read more Startup Stories on The Business Press, visit – https://www.thebusinesspress.in/category/startup-stories/