In 2010, Avira Tharakan, then a manager at an Indian private sector bank, decided to quit his job and set up Myeasydocs, a document authentication system. The idea was triggered by his work experience at the credit cards division of the bank where he had to deal with over 5,000 documents a day. Almost 10% of them were fake.
Back then, Tharakan, now CEO of Myeasydocs (and a chartered accountant by qualification), found that the genuineness of the documents could be ascertained only by verifying the originals, which was time consuming.
To overcome this, he thought of creating a system which could reduce the work. He spoke to people at IIT Madras which agreed to incubate his idea.
Today, Myeasydocs connects all the parties involved in the verification process, including an individual who possesses a document, the agency that issues the document and the organisation that wants the documents verified.
For example, if a student wanted to go overseas, he would normally have to go to his Indian university, get his transcripts authenticated, and send them to the educational institution overseas. The latter in turn would send the documents back to the Indian university to cross-check if they were authentic. The process could take over two months.
The same would be true of bank documents.
Today, the person can go to the university. It authenticates documents by encrypting them on Myeasydocs website on a cloud. The documents can be viewed only by the party authorised to access them. Of course, the student, the Indian university and the institution overseas would have to agree to work with Myeasydocs.com. For this, both the overseas college and the university would have to agree to use this system. The company has already notched up a revenue of Rs 53 lakh this year. It is confident of ramping up its operations, given that a slew of institutions and organisations have jumped on the Myeasydocs bandwagon. For instance, it has already registered a university in Israel, and is now talking to universities and colleges in Turkey, South Africa, Cyprus and Egypt.
“It has taken us two years, but today we have 50 colleges and universities both in India and overseas. Efforts are on to register a few banks as well,” said Tharakan.
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