Bank loan

When a robot showed up to receive a bank loan

A start-up, seeking a loan to produce more robots, sends the proceeds to collect a penalty order

A start-up, seeking a loan to produce more robots, sends the proceeds to collect a penalty order

It’s not every day that a robot shows up to receive a bank loan. So when Asimov Robotics, a Maker Village-based startup, deployed its advanced robot Sayabot for this purpose, it caused quite a stir. Federal Bank Managing Director and CEO Shyam Srinivasan recently handed over the loan sanction order for ₹1 crore to the humanoid Sayabot.

Since the pandemic, Asimov Robotics has had to opt for emergency working capital after being bombarded with Sayabot orders from various sectors across the country. “Since we were looking for Sayabot’s ready for manufacture and sale, we thought it appropriate to deploy the product itself for this purpose. We now have orders worth ₹2 crore during the only first quarter of the current fiscal year, of which we have already delivered two,” said T. Jayakrishnan, Founder and CEO of Asimov Robotics.

Working during the pandemic

Since its creation in 2017, Sayabot has evolved, integrating additional features, the latest being version 4.0. A scaled-down version of the robot dubbed KARMI-Bot was deployed to Government Medical College Hospital in Kalamassery during the height of the pandemic in April 2020. It was deployed to the hospital’s isolation ward and was tasked with activities such as the distribution of food and medicine and the collection of waste left by patients to initiate video calls between doctor and patients. The aim was to limit the interaction between patients and healthcare workers, thus minimizing the use of personal protective equipment, which was then in short supply.

“We follow our mantra ‘Digital at Fore, Human at Core’ as our lifeline. As a socially responsible and digital company, we help companies bring their best ideas to life, which will ultimately benefit society as a whole. said Mr. Srinivasan.

From various sectors

Mr. Jayakrishnan said demand for Sayabot is now coming from various industries and it is being deployed for multiple activities including front office management, visitor interaction, QR code scanning check-in, collecting feedback, visiting facilities and introducing products. Discussions are ongoing for potential orders from the Middle East under the white label agreement.

“We decided to take out a bank loan to finance the working capital to prepare some Sayabots. The parts are manufactured locally, including at the Super Fablab of Kerala Startup Mission, before being assembled and installed with the software into the finished products,” Mr. Jayakrishnan said.