Bellevue WA, Feb. 18, 2021 (GLOBE NEWSWIRE) — TraQiQ, Inc. (OTC QB: TRIQ) (the “Company” or “TraQiQ”), a leading provider of technology solutions announced today that it has acquired Mimo-Technologies Pvt. Ltd., an Indian corporation with a nationwide network of delivery professionals & task workers.
Mimo powers enterprises to efficiently reach locations across India. The company has 14,000 highly trained people making deliveries and fulfilling tasks across the country. This multi-lingual team has performed deliveries & pickups, collected payments, conducted surveys, moved goods through the supply chain and done reference checks. Mimo has over 100 marquee clients that are currently using the platform to push tasks and deliveries across the country. The client list includes leading banks like Yes Bank, RBL and Kotak Mahindra.
MIMO has been a TraQiQ customer for 3 years. The Mimo team implemented the TraQSuite software from TraQiQ for optimizing the cost of operations and maintaining end-to-end processes on the digital platform. This software platform built for “gig” work allows for inhouse and third-party providers to participate seamlessly.
Ajay Sikka, CEO of TraQiQ said “Mimo has effectively showcased the power of the TraQSuite platform. By bringing the companies together we will have the ability to offer a powerful software solution as well as a robust task fulfillment engine to our customers. This combination allows TraQiQ to disrupt the current supply chain in a significant way”.
“Mimo-technologies is deeply focused on building innovative solutions” said Lathika Regunathan, CEO of Mimo. “During the first phase of the pandemic, when the delivery people could not get close to our customers, we built our video verification engine to enable 6 feet of separation. This enabled our customers to keep functioning, even in a lockdown scenario”. She added “Our network of highly trained people is our most valuable asset. This team has moved well beyond being just a delivery service. The gig economy needs more than just drivers and food delivery. Mimo has showcased the advantage of building a multi-purpose network that can be adapted to fulfill a variety of tasks”.
This multi-faceted type of task fulfillment service is showcased at Hero Housing Finance, a recent Mimo customer. In addition to first and last mile delivery, Hero wanted gift procurement, welcome services, customer support, surveys, reference checks, photo checks and a few other services. Mimo was able to step up with a dedicated Account Manager to handle the complete process flow. These results make Mimo a preferred partner for Hero housing – a strong endorsement for this unique service that is being provided.
Mimo provides very valuable employment opportunities to people in semi-rural India. There is a section of society where young people who don’t have a high school diploma, cannot find suitable employment. By identifying good people, training them and having them earn a good livelihood, Mimo achieves a very significant social purpose.
TraQiQ plans on including all the innovative solutions built by Mimo into the TraQSuite platform, making it more robust and meaningful. This includes moving key parts of the platform to Blockchain to leverage the decentralized nature of blockchain to promote trust and transparency.
TraQiQ CEO will host a call on February 24 at 4:30pm EST to discuss the state of the business and plans for growth. The meeting can be accessed via the following link www.TraQiQ.com/IRFeb.
About TraQiQ, Inc.
TraQiQ, Inc. is a global technology company with a suite of products designed to help identify customers, facilitate transactions and fulfill transactions. TraQiQ’s leading edge FinTech and AI solutions have been deployed with leading multi-national customers around the world and are helping increase customer loyalty, improving profitability and driving efficient financial transactions. For more information, visit http://www.TraQiQ.com.
About Mimo-Technologies Pvt Ltd
Mimo provides delivery and task worker solutions across India. MIMO works with Banking, Financial, Logistics & Distribution companies, to take their products & services to semi-urban and rural India. MIMO trains the agents in each Product or Service through an online and classroom training platform. The company powers the gig economy task workers throughout the country and provides a very valuable source of employment for young people who may or may not have a high school diploma. Mimo and its leadership have received a number of awards, for their unique solution, since the company was founded. Visit http://mimo-technologies.com
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Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. The potential risks and uncertainties include, among others, that the reverse stock split may not have the intended benefits, that the Company may not meet applicable NASDAQ Capital Market requirements necessary for listing and/or NASDAQ may not approve the Company’s listing application; and any capital raises. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward-looking statements.
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