SendIN is a payments platform built on the Stellar network, designed to revolutionize the process of sending money from the US to India. We make US-to-India money transfers easy, affordable, and lightning-fast. Our platform provides a complete Web2 user experience, ensuring a seamless and user-friendly interface for all users.
 

Features:

1. SendIN Wallet: Each user is provided with a custodial SendIN wallet to deposit funds. Built on the Stellar network, this wallet ensures fast, secure, and efficient transactions.
2. KYC & Account Management: Users can easily manage their account, track pending transfers, & see transaction history. The KYC service will be facilitated according to the SEP-0012 standard and would be compliant with general KYC & AML standards.
3. Send Money from US:  Users can effortlessly send money from the US to any registered user on the platform using just their email.
4. Receive Money in India: Users in India can receive money directly into their linked bank accounts if their KYC is authenticated. Our infrastructure guarantees that funds will be received in the bank account within 15 minutes of being sent.
5. Web2 Friendly UI/UX: Our application is designed to onboard web2 users seamlessly, providing a no/low web3 interface. Users won't need to manage their keys, convert crypto, or interact directly with the blockchain. All processes are automated and handled in the backend, ensuring a smooth and user-friendly experience.

The Problem:

1. High fees & hidden costs - Traditional money transfers often charge high transaction fees, have hidden markup charges, and offer unfavorable exchange rates.
2. Slow payment processing - On average, most remittance services take at least a day. There is also often delays caused by individual stakeholders like banks making the process inefficient     
                                           

The Market:

The remittance market, particularly for transfers from the US to India, represents a significant and exponentially growing sector. India is the world's largest recipient of remittances, receiving over $125 billion in 2023 alone. These are our 2 main user segments.

1. Large Expatriate Population: The Indian expatriate community in the US is substantial and continuously growing, creating a steady demand for reliable and affordable remittance services.
2. Freelancers and Merchants: There is a growing segment of freelancers and merchants who require efficient & fast payment solutions for cross-border transactions.

There was a survey conducted by zero-hash and light payment which revealed significant frustration with traditional payment systems.

Here are the challenges freelancers face with traditional payments:

• Speed:
  • 48% experience delays in getting paid.
  • 75% want payments within 24 hours; 45% desire real-time payments.
• Costs:
  • 49% find fees high and impacting their earnings.
  • 18% say fees significantly affect their income.
     

Stellar Integration:
 

SendIN is built on the Stellar network to leverage its advantages of low transaction fees and almost instant settlement times. This integration ensures that our users benefit from fast, secure, and cost-effective transactions, making SendIN a highly efficient remittance platform. Here’s how we are utilizing Stellar's core features:
 

1. Stellar Anchors:
   - Kado: In the US, we will use Kado.money as our on-ramp service to convert fiat currency to USDC on the Stellar network. Kado is a Stellar anchor that adheres to SEP-0006 (deposit and withdrawal operations) and SEP-0024 (interactive deposits and withdrawals).
   - Onramp.money: In India, we will utilize Onramp.money to off-ramp USDC into INR, directly transferring the funds to users’ Indian bank accounts. Onramp.money ensures that the conversion and transfer process is smooth and compliant with local regulations.
    

2. SDK / Soroban Integration: Our proof-of-concept (POC) currently uses the Stellar-JS SDK for transaction handling and network interactions. We plan to transition to using Soroban smart contracts for automating and securing our transactions. By utilizing Soroban, we can reduce the risk of errors and fraud and will also automate transactions
    
3. SEP-0012 Standard: Our KYC service will adhere to the SEP-0012 standard, which outlines the requirements for KYC data exchange. We will use the KYC API provided by Stellar. This ensures that our platform is compliant with global KYC and AML (Anti-Money Laundering) regulations.

1. [Deliverable 1]: Complete Stellar Integration & live on mainnet
   1. Our current POC operates on the Stellar testnet, but it’s incomplete.  We aim to fully integrate Stellar SDK/APIs and Soroban smart contracts into our backend to enable:
      - Custodial Wallet Creation
      - Delegated Signing of transactions (possibly using passkeys)
      - Account-to-Account transactions with verification and automation.
   2. Outcome: Application live on the mainnet and fully transactional. 
   3. Timeline: 5-6 weeks 
   4. Budget: $15,000
       
2. [Deliverable 2]: Integrating anchors for on & off-ramping crypto.
   1. We plan to integrate Kado for on-ramping USD to USDC on Stellar and Onramp.money for off-ramping USDC to INR. We are in discussions with both teams to provide a customized ramping solution for SendIN. Upon finalizing the deal we would need to integrate these anchors into our backend.
   2. Outcome: Fully operational on-ramping of crypto and off-ramping to INR.
   3. Timeline: 3 weeks from start 
   4. Budget: $10,500
       
3. [Deliverable 3]: Frontend & UI
   1. Our product is a c2c, web2 friendly, consumer application so we need to ensure seamless UI/UX. We already have a basic UI ready on our current website, but we need to improve. We have a core product person on our team who would professionally design the application. After that we’d need to code the frontend according to the design and integrate it with the BE. 
   2. Seamless UI/UX & easy onboarding process. 
   3. 3 weeks from start
   4. $5000
       
4. [Deliverable 4]: Marketing & BD

1. Implement a marketing strategy to attract users and achieve:
   - 30+ angel users on the platform by Q3
   - $5000+ in remittance volume
2. Outcome: Active user base and growing remittance volume. 
3. Timeline: Throughout (until Q3 2024) 
4. Budget: $5,000

We would also request additional $2500 for miscellaneous costs like database & server costs and also for application security.

1. Arsalaan Alam - CEO & Tech
   Arsalaan is a fullstack blockchain developer with 3 years of experience working with Non-EVM chains. He is a graduate of the Polkadot Blockchain Academy (PBA) and has 2 years of experience using Rust. Arsalaan is a competitive hackathon enthusiast, having won over 20 international hackathons. Arsalaan has also made a lot of open-source contributions to Arweave and some Cosmos Chains. He was introduced to Stellar by Esteban, the founder of Palta Labs, during his time at PBA.
   GitHub: Arsalaan-Alam
   LinkedIn: Arsalaan Alam
   Twitter: arsalaanalam2
    
2. ​​Antariksh Verma - Core Team & Fullstack Developer
   Antariksh is a fullstack developer with over 4 years of experience in writing smart contracts. He has worked as a software developer at two early-stage web3 startups, one of which successfully raised millions in funding. Antariksh is a 10-time hackathon winner and has received grants from Solana and Cudos to build developer tools.
   GitHub: yummyweb
   LinkedIn: Antariksh Vermai
   Twitter:AntarikshaVerm2
    
3. Tanvi Sanghai - Chief Product Officer & Frontend Developer
   Tanvi is a frontend developer with over 2 years of experience in React JS and a professional designer. She has worked as a Product Lead at an Indian startup, where she led the design and development of various sub-projects. Tanvi is also a seasoned hackathon participant, having won 5 hackathons. She participated in Stellar’s Builders Residency in 2024, where she worked on  the POC for SendIN along with Arsalaan
   GitHub: tanvi-sanghai
   LinkedIn: Tanvi Sanghai
   Twitter: TanviSanghai

Q3 2024

• Launch on Mainnet: Complete Stellar and Soroban integration and transition from testnet to mainnet, ensuring all core functionalities are live and operational.
• Operational Ramping Solutions: Integrate Kado for on-ramping USD to USDC and Onramp.money for off-ramping USDC to INR, enabling seamless transactions between fiat and crypto.
• UI/UX Improvement: Finalize and implement a professional UI/UX design, ensuring the application is user-friendly and easy to navigate for web2 users.
• Marketing & User Acquisition: Implement initial marketing strategies to attract at least 30 angel users and achieve over $5,000 in remittance volume.
   

Q4 2024

• User Growth & Transaction Volume: Target 100 users with over 200 transactions and a transaction volume exceeding $15,000.
• Revenue Generation: Implement a < 0.5% transaction fee on every transfer to start generating recurring revenue. We will also leverage the 3-5% crypto arbitrage opportunities available in India to boost profits.
• Continuous Improvements: Collect user feedback and make iterative improvements to the UI/UX and overall platform performance.
• Marketing & Partnerships: Expand marketing efforts and explore potential partnerships to increase user base and transaction volume.
  
  Q1 2025 & beyond
• Scaling User Base & Transactions: Target 300 users with over 1,000 transactions and a transaction volume exceeding $50,000.
• Enhanced Revenue Generation: Continue leveraging the transaction fee model and crypto arbitrage to ensure recurring profit. Introduce premium features or subscription plans for advanced functionalities.
• Feature Expansion & Optimization: Develop and integrate advanced features such as recurring payments and auto-payments. Continuously optimize the platform for performance, security, and scalability.