We are focused on improving credit availability for users from tier-II and tier-III cities. Currently, lower and mid-income segment groups don't have access to high-quality financial services, because of low ticket size
and non-focus groups for banks. We believe by leveraging technology we could build a self-serve system that could deliver a great experience while ensuring we capture sufficient data points for underwriting credits.
Our first credit product is a Gold loan.
Currently, 65% of the $130 Bn gold loan market is unorganised (bypassing regulations) and managed by pawnbrokers, money lenders, and jewellers, amongst others. In the unorganised market, customers are exploited frequently
with high-interest rates (>30%).
We are building technology, which enables jewellers and pawnbrokers to work with multiple banks and convert unorganised businesses into organised ones with no hassle. This will also reduce the interest rates charged to end
customers.
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An ex-McKinsey & Company consultant and alumnus of the Indian Institute of Technology Roorkee, Nikhil has worked extensively in digital transformations in Banking and Pharma sector. He led Industry 4.0-based Business excellence projects at ITC Ltd. At McKinsey, he has worked on building & scaling Digital Banking applications and restructuring lending businesses.
Durgesh graduated from the Indian Institute of Technology Roorkee and has over 6 years of experience in building tech products. He has worked with Flipkart and built scalable tech systems. In xto10x he built Saas products and their tech team from scratch. He is passionate about Cyber Security and has won multiple hackathons & CTFs (Hacking challenges) over the years.
