The venture will be backed by 13 angel investors which includes co-founders of companies such as redBus, Ola, InMobi, Myntra and Flipkart among others.
Bidawatka told ET Billion Hearts is developing a consumer application in stealth and that the problem statement it is trying to solve has a multibillion-dollar market opportunity globally.
“We will be out with the beta version of the product between December this year and January next year for a select few users initially,” he said.
“In India itself this is a billion-dollar revenue opportunity,” he added.
Without revealing the specifics of what the product under development is, he said, “We just closed an angel investment round of $250,000. We will create consumer digital products for global users. This is still in stealth. The market size for the first product we will launch is basically the smartphone users of the world. It is a very wide use case and has deep tech involved.”
Discover the stories of your interest
The company’s investors include a mix of three venture capitalists, entrepreneurs who have built consumer tech companies in India and have scaled globally, and corporate executives. Puneet Chawla, founder, Jaypore, told ET, “I was a part of the first round. It is a population scale product with a unique proposition. Anybody with a smartphone will find use for this consumer app and I don’t think this has been attempted before. It’s an exciting problem statement and the beta version will be out soon.”
For now, Billion Hearts’ ten employees will work remotely, and it will be looking for a co-working space in Bengaluru’s Indiranagar.
The company has a team of 10, which it plans to expand to 15, with expertise in backend, Android, iOS, and machine learning.
Ankit Bhati, co-founder, Ola, said, “He’s (Bidawatka) identified a unique insight that can make this a highly sought after product in a very short span of time. Ideas like these can be extremely disruptive and I look forward to seeing his vision come to life.”
Darshit Vora, partner, Acherman Capital, told ET, “It is a product for gen Z smartphone users. It’s been under development for two months.”
Phanindra Sama, founder, redBus, told ET, that he had worked with Bidawatka at redBus. “The product is innovative and one-of-its-kind. It’s peerless and there’s no product like this currently in the market,” he said.
Narasimha Reddy, chief financial officer, MoEngage, told ET that with the kind of product that Billion Hearts is trying to build made him close his deal in less than a week. “It is a global use case not specifically restricted to any particular market, which smartphone users globally encounter on a frequent basis,” he said.
Asked about the learnings from the Koo experience that he would like to imbibe in the new venture, Bidawatka said, “The biggest learning from Koo is to start monetising as early as possible. It helps the startup become self-sufficient and independent of the need for funds.”
The investors in the venture include Phanindra Sama, founder, redBus; Ankit Bhati, co-founder, Ola; Piyush Shah, founder, InMobi; Raveen, founder, Myntra; Narasimha Reddy, chief financial officer, MoEngage; Mekin Maheshwari, former CTO, Flipkart; Puneet Chawla, founder, Jaypore; Rekuram Varadharaj, co-founder, healthi; Nithin Chandra, director, product, Facebook; Bhaskar Raju, Engineering Head, Rattle; Nizamabad Angels; Darshit Vora, partner, Acherman Capital; and Vibhore Sharma, partner, Capital 2B.