Tag: financial services

Digit Insurance: Revolutionizing General Insurance Through Technology

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Life is risky and uncertain. We don’t know what is waiting for us. One may face an untimely death or lose a limb at a time. Accidents do not appear after knocking on your front door, we just meet with them unexpectedly.

Digit Insurance is a security provider for all the insecurities that may occur in one’s life. It has a range of insurance policies such as Bike Insurance, Commercial Vehicle Policy, Car Insurance Policy, Health and Travel Insurance Policies, and more, which are aimed at getting its users covered without any hassles. Read the Digit Insurance success story below, where you will get to know everything about Digit, its Startup Story, Founders and Team, Business Model, Revenue Model, Funding and investors, Challenges, and more.

Digit Insurance – Company Highlights

Company Name	Digit Insurance
Headquarters	Bengaluru, Karnataka, India
Sector	Finance, Financial Services and Insurance
Founder	Kamesh Goyal
Founded	2017
Website	godigit.com

Digit Insurance – About
Digit Insurance – Startup Story
Digit Insurance – Founder and Team
Digit Insurance – Logo
Digit Insurance – Business Model
Digit Insurance – Revenue Model
Digit Insurance – Funding and Investors
Digit Insurance – Shareholding
Digit Insurance – Growth and Revenue
Digit Insurance – Financials
Digit Insurance – Awards and Achievements
Digit Insurance – Competitors
Digit Insurance – Future Plans

Digit Insurance – About

Digit Insurance is a Bengaluru-based general insurance and financial services company. Its mission is to make insurance simple for the common people. Digit General Insurance has come up with numerous insurance plans that can be primarily categorized as:

Go Digit health insurance
Go Digit car insurance
Digit 2-wheeler insurance or GoDigit bike insurance for bikes
Go Digit commercial vehicle insurance
Go Digit travel insurance

Digit Insurance – Startup Story

Previously bread had to be sliced from loaves. It wasn’t simpler like today’s slices. People find insurance to be like those unsliced loaves. Customers also don’t understand which plan is appropriate for whom. The company believes that this thinking can be changed. With this Digit Insurance started making insurance simple with an aim to go back to the basics and simpler transparent insurance solutions. Simple meant no twisted rules. The company needed a simple name and hence it found the name digit to be perfect and appropriate for them.

Digit Insurance – Founder and Team

Kamesh Goyal

Kamesh Goyal is the Founder and the Chairman of the company, Digit Insurance. He previously worked at Allianz Insurance as the Head of Asset Management and Group Planning and Controlling. He was also the Regional Chief Executive Officer there. Goyal also served as the Chief Executive Officer, Chief Operating Officer, and Country Manager at Bajaj Allianz. The Digit owner began his career as a Manager at KPMG, India. He pursued B.A. LLB and also completed his Master’s in Business Administration from Delhi University.

On the appointment of Jasleen as the new MD and CEO of Digit Insurance, taking over Vijay Kumar, Kamesh Goyal, the Chairman of Digit Insurance, said, “The bold ideas that Vijay brought to the table and the guidance he provided across the board will surely be missed by all our colleagues including me. Jasleen’s agile market strategies and her prudent operational planning have aided the company in expanding its presence at an accelerated pace despite the pandemic. Her people and result-oriented focus will surely put Digit on the path of rapid growth that we have all envisioned.”

Philip Varghese

Philip Varghese currently serves as the Executive Director of Digit Insurance. Philip started as the Manager of Projects at Allianz after his brief stint at Alpic Finance. He then served as the Senior Manager of Property Underwriting, CIO, and CIO & Head Direct at Bajaj Allianz General Insurance. Varghese then joined Bajaj Allianz Life, where he served as a CEO and COO before joining as the Board Member of Allianz Technology. Philip eventually joined Digit Insurance at a very early stage, when he teamed with the founder of Digit.

Vijay Kumar

Vijay Kumar served as the CEO and Principal Officer at Digit Insurance before the job role of MD and CEO was announced to go to Jasleen Kohli, who will be assuming the position effective from April 20, 2022. Starting as the Senior Executive Service & Quality at Kirloskar Pneumatic Company, Vijay Kumar has served in a range of companies in key leadership positions including Maruti Udyog Ltd, Hyundai Motor India Ltd., and Bajaj Allianz, before joining Digit. Vijay Kumar served as the CEO of the organization since Digit was founded in 2017, and his superannuation is dated April 19, 2022.

Vijay Kumar, on his retirement said, “I have had a fulfilling inning at Digit and I’m happy to see this baby grow into a giant player in such a short span of time. I am confident Jasleen will execute Digit’s ambitious growth plans with ease and take the company to greater heights in the coming years. As a passionate veteran of this industry, I will keenly keep an eye on Digit as it transforms the insurance space through its tech capabilities in the coming years.”

Jasleen Kohli

Jasleen Kohli has been appointed as the MD and CEO of Digit Insurance, effective from April 20, 2022. Kohli has previously worked as the Chief Distribution Officer (CDO), has been working with Digit since the inception of the company, better known as the first employee of the company. As part of her responsibilities as the CDO of Digit, Jasleen had to oversee all the sales and distribution channels of Digit. Kohli is brimming with experience too, with around 19 years of experience in the life and general insurance industry. Allianz Technology was the last company that Kohli worked with as a Director before she joined Digit. Jasleen Kohli is aged 42 now, and with her latest appointment, she will become one of the youngest CEOs in the insurance industry.

On her appointment announcement as the new MD and CEO of Digit, Jasleen Kohli said, “I am delighted about this new responsibility entrusted in me by the Digit team. While it will be hard to fill Vijay’s experienced shoes, I am excited about this challenge.”

Appointments followed with the announcement of Jasleen Kohli as the MD and CEO. The company also promoted Adarsh Agarwal from the role of Appointed Actuary to Chief Distribution Officer (corporate business). The former position of Adarsh Agarwal has been filed by Nikhil Kamdar, who became the new Appointed Actuary, as per the reports dated April 19, 2022.

Sriram Shankar was another Digit executive, who has been a part of the early leadership team of Digit. Since Shankar left Digit in August 2018, he has served Goodera as a Business head and eventually co-founded Findeed.

Digit Insurance currently works with over 1000 employees.

Digit Insurance – Logo

Digit Insurance Logo

Digit Insurance – Business Model

The Digit Insurance business model works just like the business models that the insurance companies opt for, the only difference is that Digit aims to introduce a range of new products and services to disrupt the Indian general insurance sector. It holds a general insurance license, which allows the company to sell health insurance products. Car and home insurance are common but Digital Insurance provides jewellery and mobile insurance as well. Furthermore, the company is redefining the insurance industry by working digitally. Its business strategy is to create beneficial partnerships with various companies.

Among various other insurance plans, Digit is one of the insurance companies that launched Go Digit Covid insurance. The coronavirus health insurance of the company is similar to a customized health insurance policy, which helps to cover the hospitalization and treatment costs of the COVID-19 infected persons who have previously registered with Digit.

Digit Insurance – Revenue Model

Digit Insurance earns the majority of its revenues from its business line of products which includes its insurance plans and their premiums. The general insurance company extends a wide range of insurance plans for health, motor, and travel. Digit clocked in $400 million in annual premiums when last recorded in October 2021.

Digit Insurance – Funding and Investors

Digit Insurance funding has seen it rise to unicorn status in 2021. The company has raised around $585.6 million in funding over the 9 funding rounds that it saw. The latest funding round that Digit witnessed on January 18, 2022, came from Wellington Hadley Harbor and Ithan Creek Master Investors, where the company raised $70 mn.

The valuation of the company is estimated at $3 billion, as of May 2024.

Date	Transaction Name	Money Raised	Lead Investors
May 4, 2022	Venture Round	INR 41.7 crore	–
January 18, 2022	Venture Round	$70 million	Wellington Hadley Harbor and Ithan Creek Master Investors.
August 26, 2021	Venture Round	$16.09 million	TVS Capital Funds
July 2, 2021	Venture Round	$200 million	Sequoia Capital India, IIFL Alternate Asset Managers, Faering Capital and more
January 16, 2021	Venture Round	$18.77 million	A91 Partners, TVS Capital, Faering Capital
January 21, 2020	Venture Round	$84 million	A91 Partners, Faering Capital, TVS Capital Funds
June 5, 2019	Venture Round	$50 million	Fairfax Financial Holdings
July 3, 2018	Venture Round	$45 million	Fairfax Financial Holdings
June 1, 2017	Venture Round	$47 million	Fairfax Financial Holdings

Digit Insurance is funded by 4 lead investors. IIFL Asset Management and Faering Capital are the most recent investors of the firm.

Digit Insurance IPO

Go Digit IPO raised INR 2,614.65 crore, with a fresh issue of 4.14 crore shares (INR 1,125 crore) and an offer for sale of 5.48 crore shares (INR 1,489.65 crore). The IPO was open from May 15 to May 17, 2024, with allotment finalized on May 21 and listing on BSE and NSE on May 23. The price band was INR 272 per share. Retail investors could apply with a minimum lot of 55 shares for ₹14,190 (cutoff bid: INR 14,960). Minimum investments were INR 2,09,440 for sNII (770 shares) and INR 10,02,320 for bNII (3,685 shares).

Digit Insurance – Shareholding

Digit Insurance’s shareholding pattern as of April 2024, sourced from Tracxn:

Digit Insurance Shareholders	Percentage
TVS Capital Funds	3.5%
A91 Partners	3.3%
Faering Capital	4.4%
Wellington Management	1.5%
Sequoia Capital	1.0%
Ithan Creek Investors	0.4%
360 One	0.4%
LNM India Internet Ventures	0.1%
UBR Capital	< 0.1%
QED Innovation Labs	< 0.1%
Parent Entity	82.1%
Cornerstone Sport	< 0.1%
Rs Filmcraft	< 0.1%
Forward Commercial	< 0.1%
D’Artist Talent Ventures	–
Singhaniafuture	–
Dossa Chemicals	–
Sai Service	–
Maruti Stockfin	–
Angel	0.2%
Other People	0.2%
ESOP Pool	2.3%
Other Investors	0.6%
Total	100.0%

Digit Insurance – Growth and Revenue

Joined the Unicorn Club with a $1.9B Valuation

Digit Insurance became the 1st Indian Startup in 2021 to join the Unicorn Club, following its latest undisclosed investment round.

Digit Inusrance timeline — Digit Insurance Valuation

It also launched a novel COVID-19 product, a Fixed benefit cover for COVID-19. They have been able to reach out to over 20 lakh Indian lives through their Digit Group Illness Insurance product.

Digit Insurance has already achieved a wide array of milestones. Here are some of the popular growth highlights of the company:

Digit achieved the coveted unicorn valuation in less than 4 years of operation
The company boasts of serving 2 crore+ customers
Digit saw a whopping 11X growth in the company’s group health business, which was last recorded at Rs 170 crore
Digit Insurance claims to have sold over 79,536 health policies and insured 42.5 lakh lives between March 2020 and September 2021
The company grew by 44% with a premium of Rs 3,243 crore
Digit is hailed as the first Indian company that achieve a unicorn valuation in 2021
Digit valuation has crossed the $4 billion mark as per the reports dated May 4, 2022

Digit Insurance – Financials

Digit Insurance has shown significant financial improvement in recent years, with notable growth in revenue and a shift from losses to profits.

Particulars	FY24	FY23	FY22	FY21	FY20
Revenue	INR 656.8 crore	INR 39.2 crore	INR -293.7 crore	INR -118.5 crore	INR -172.6 crore
Operating Profit/Loss	INR 484.2 crore	INR -66.3 crore	INR -375.2 crore	INR -185.5 crore	INR -226.9 crore
Profit/(Loss) Before Tax	INR 181.7 crore	INR 35.5 crore	INR -295.9 crore	INR -122.8 crore	INR -175.2 crore
Profit/(Loss) for the Year	INR 181.7 crore	INR 35.5 crore	INR -295.9 crore	INR -122.8 crore	INR -175.2 crore

Revenue rose sharply from INR 39.2 crore in FY23 to INR 656.8 crore in FY24. Profit after tax increased from INR 35.5 crore to INR 181.7 crore.

Digit Insurance Revenue:

Revenue Source	FY24	FY23
Fire Insurance	INR 54.2 crore	INR 22.1 crore
Marine Insurance	INR 6.8 crore	INR -6.8 crore
Miscellaneous Insurance	INR 423.2 crore	INR -81.5 crore
Income from Investments	INR 172.1 crore	INR 105.2 crore
Other Income	INR 0.5 crore	INR 0.2 crore
Total Revenue	INR 656.8 crore	INR 39.2 crore

Revenue from investments increased from INR 105.2 crore to INR 172.1 crore. Fire insurance income more than doubled from INR 22.1 crore to INR 54.2 crore.

Digit Insurance Expenses:

Expense Type	FY24	FY23
Other Expenses	INR 475.2 crore	INR 3.6 crore
Expenses (Non-Insurance)	INR 1.5 crore	INR 3.6 crore
Loss on Sale/Discard of Fixed Assets	–	INR 0.2 crore
Interest on Non-Convertible Debentures	INR 6.1 crore	–
Contribution to Policyholder Fund (ExceEOM)	INR 467.5 crore	–

Other expenses increased sharply from INR 3.6 crore in FY23 to INR 475.2 crore in FY24. Contribution to policyholder funds was a significant cost of INR 467.5 crore.

Digit Insurance Profit/Loss:

Profit/Loss Type	FY24	FY23
Gross Profit	INR 484.2 crore	INR -66.3 crore
Operating Profit/Loss	INR 484.2 crore	INR -66.3 crore
Net Profit/(Loss)	INR 181.7 crore	INR 35.5 crore

Digit Insurance achieved a net profit of INR 181.7 crore in FY24 compared to INR 35.5 crore in FY23.

Quick Summary:

Revenue Growth: Significant increase from INR 39.2 crore to INR 656.8 crore, driven by investments and insurance income.
Expense Surge: Other expenses rose from INR 3.6 crore to INR 475.2 crore, impacting profit margins.
Profit Improvement: Net profit increased fivefold from INR 35.5 crore to INR 181.7 crore, reflecting better operational performance.
Insurance Segments: Fire and miscellaneous insurance showed strong growth, while marine insurance returned to profitability.

Digit Insurance – Awards and Achievements

Some of the prominent awards and achievements that Digit Insurance achieved throughout the years are:

Digit Insurance Recognized as ‘Top Employer in India’ for 2024 and 2025 for Fostering Culture of Growth and Innovation
Digit Insurance was announced as the General Insurance Company of the Year at the 24th Asia Insurance Industry Awards in 2020
It earned the Insurance Startup of the Year – India award, which was awarded by the Insurance Asia Awards 2020
Asia Insurance Review declared Digit as Asia’s Best General Insurance Company of the Year
Digit Insurance was one of the Hottest Start-ups in India in 2019
In the CMO Confluence & Corporate Awards 2019, Digit was conferred the title of the Best General Insurance Company
The company ranked 5th among the LinkedIn Top Start-ups of 2018

Digit Insurance – Competitors

The top competitors of the company are Acko, Coverfox, and PolicyBazaar.

Acko is the top competitor of Digit Insurance. It is a Mumbai-based company founded in 2016. It also works in the insurance industry.
Coverfox is one of the top competitors of Digit Insurance. It was founded in 2013 and is headquartered in Andheri East, Maharashtra, India. It also operates in the insurance sector.
PolicyBazaar is also a top rival of Digit Insurance. It was founded in 2008 and is headquartered in Gurgaon, Haryana, India. The company competes in the insurance sector.

Digit Insurance – Future Plans

Digit Insurance plans to capitalize on a favorable macroeconomic climate and accelerate digital transformation, with a strong focus on AI adoption. Key priorities include improving customer-facing services such as claims management and customer support to enhance user experience. While exploring the potential of AI and Generative AI, Digit will adopt a cautious approach, balancing innovation with risk management. The company also aims to strengthen its fraud detection capabilities to address the rising threat of insurance fraud.

FAQs

Who is Digit Insurance Founder?

Kamesh Goyal is the founder of Digit Insurance as well as its chairman.

What insurances does Digit Insurance provide?

Digit Insurance covers insurance policies such as Bike Insurance, Car Insurance Policy, Health and Travel Insurance Policies, Property Insurance, Shop Insurance, Fire Insurance, and many more.

What is Digit Insurance valuation?

Digit Insurance was last valued at $3 billion in May 2024.

What is Digit Insurance business model?

Digit Insurance operates as a digital-first general insurance company. It offers motor, health, travel, property, and commercial insurance products. Its model focuses on using technology for simplified processes, quick claim settlements, and a seamless customer experience. The company generates revenue through insurance premiums and investment income while managing risks through underwriting and reinsurance.

Who is the CEO of Digit Insurance?

Jasleen Kohli has been appointed as the new Digit Insurance CEO and MD on April 19, 2022, effective from April 20, 2022, and has taken over the position from Vijay Kumar.

Which famous cricketer has funded Digit?

The popular Indian cricket team skipper, Virat Kohli has funded Digit. Virat Kohli has invested Rs 2 crore in the insurance startup while his wife, Anushka Sharma has invested Rs 50 lakhs in the firm around the same time.

What is Jasleen Kohli relation with Virat Kohli?

There is no relation between Jasleen Kohli and Virat Kohli. Jasleen Kohli is the Managing Director and CEO of Digit Insurance, while Virat Kohli is an Indian cricketer. Their shared last name is coincidental.

February 25, 2025

Airtel and Bajaj Finance Collaborate to Provide Financial Services

Non-banking financial firm (NBFC) Bajaj Finance and telecom giant Bharti Airtel have launched a strategic alliance to provide its clients with digital financial services. The two businesses asserted in a joint statement that the partnership will open the door for the development of the biggest financial services digital platform in India. The telecom giant will first make Bajaj Finance’s financial solutions available on its Airtel Thanks app as part of the cooperation. After that, the telecom would also provide the 27 products offered by Bajaj Finance at its retail locations. A service pilot has already been started by the companies. The Airtel Thanks app currently offers two financial products, but by March of this year, four more will be available on the app: personal, business, and gold loans, as well as a co-branded “Insta EMI” card. By the end of 2025, Airtel intends to provide about ten of Bajaj Finance’s financial products.

Marking Phygital Presence in Financial Sector

Through this collaboration, Airtel and Bajaj Finance hope to increase the uptake of financial services and products by utilising their physical presence. According to the companies, the agreement will allow them to connect new users with the official financial system and access new-to-credit clients. According to the statement, both businesses are dedicated to providing seamless customer service, robust regulatory compliance, and data privacy and security as part of their cooperation. Additionally, the two will use artificial intelligence (AI) to “improve customer experiences and increase efficiencies.” The combined reach, scale, and distribution strength of the two businesses will be the foundation of this cooperation and aid in its success in the market, according to Gopal Vittal, managing director and vice chairman of Bharti Airtel. In addition to investing in and expanding the company, Airtel is establishing Airtel Finance as a strategic asset for the group. Rajeev Jain, MD of Bajaj Finance, commented on the agreement, saying that it not only uses India’s digital infrastructure for inclusive growth but also combines the reach and experience of two of the country’s most reputable and well-known businesses. In partnership with Airtel, Bajaj Finance aims to become India’s preferred financier and provide financial services to millions of people, especially in rural areas.

Growing Nexus of Fintech Market

In an effort to take advantage of the rising demand for online financial services, an increasing number of Indian conglomerates are entering the fintech space. Reliance is also engaged in the pursuit of a portion of the fintech market through Jio Financial Services. Fintech ventures received 21% of the $12 billion in funding that Indian entrepreneurs raised in 2024, demonstrating the magnitude of the industry. Last year, the industry closed 162 agreements totalling $2.5 billion. By 2030, the domestic fintech ecosystem is expected to reach a $2.1 trillion market potential, according to various media reports.

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January 21, 2025
Amit Nigam on How BANKIT Is Bridging India’s Financial Divide with Agent Networks and Technology

In this insightful interaction with Amit Nigam, Executive Director of BANKIT, he discusses the company’s mission to bridge India’s financial divide and its innovative approach to supporting unbanked communities. Nigam explains how BANKIT utilises an agent network to offer services like AePS, micro ATMs, and bill payments while handling challenges such as geographic isolation and digital illiteracy. He sheds light on the role of Big Data Analytics in refining operations and ensuring compliance with data privacy regulations. Nigam also shares BANKIT’s future plans to expand its reach and enhance financial inclusion across underserved areas.

StartupTalky: What does BANKIT do and how does it serve the unbanked population in India?

Mr. Nigam: BANKIT has emerged as a pioneering FinTech startup with a mission to bridge the fintech divide in India. Recognizing the significant gap in financial access for rural and marginalized populations, the company has developed a strategic approach to democratize digital financial services. By understanding the unique challenges faced by unbanked communities, BANKIT has built an ecosystem that goes beyond traditional banking models.

Our innovative solution focuses on eliminating barriers of digital illiteracy, geographical isolation, and limited infrastructure. Through a carefully crafted network of local agents and technology-enabled services, BANKIT brings the most convenient financial tools directly to the doorstep of underserved populations. The company’s commitment extends beyond mere service provision; it aims to empower individuals by providing them with the knowledge, tools, and opportunities to participate in India’s rapidly evolving digital economy.

As of October 2024, BANKIT has expanded its reach to 13,567 pin codes and serves 729 districts nationwide, demonstrating its commitment to bridging the financial divide in India. Over the past year (in Y24), the company on-boarded 27,753 new agents, significantly expanding its network to 173,867 agents across the country.

StartupTalky: What specific financial services does BANKIT provide to promote financial inclusion?

Mr. Nigam: Our comprehensive financial service portfolio is designed to address the multifaceted needs of underserved communities. BANKIT’s service range includes critical fintech functionalities that traditionally required physical bank branch visits in the pre-digital era. Domestic money transfer capabilities allow individuals to send funds seamlessly across India, while the Aadhaar Enabled Payment System provides convenient cash withdrawal, balance inquiry, and mini-statement services linked to Aadhaar accounts.

The Micro ATM service transforms local shops into accessible financial touchpoints that enable cash withdrawals through debit cards. Utility bill payments through the Bharat Bill Payment System currently known as Bharat Connects and prepaid mobile recharges offer additional convenience. Beyond these core services, BANKIT also extends support for specialized transactions and services like prepaid cards, travel bookings, Insurance, and other demanding services. Each service is strategically crafted to simplify complex financial processes and make them accessible to individuals with limited digital literacy.

The effectiveness of these services is evident in our recent usage statistics. In October 2024 alone, 10,96,948 customers utilized the Aadhaar Enabled Payment System (AePS), 31,501 benefited from Mini ATM services, and 1,07,199 customers conveniently paid their bills through the Bharat Bill Payment System (BBPS).

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StartupTalky: Can you explain Bankit’s business model and how it drives growth in the fintech space?

Mr. Nigam: BANKIT’s groundbreaking “Agent Model” represents a paradigm shift in financial service delivery, ingeniously combining entrepreneurship with financial inclusion. By transforming local shop owners and aspiring entrepreneurs into authorized financial service agents, the company creates a decentralized network that penetrates even the most remote geographical regions. These agents become critical intermediaries, providing digital banking and payment services within their immediate communities. This model not only expands BANKIT’s operational reach but simultaneously addresses unemployment by creating meaningful earning opportunities. The rapid customer acquisition—adding 10.5 lakh+ customers monthly and maintaining a robust base of 2.8 million customers—demonstrates the model’s effectiveness.

By aligning business growth with social impact, BANKIT has positioned itself as a dynamic player in the fintech ecosystem, successfully converting potential market limitations into strategic advantages. The company’s financial performance underscores the success of this model. In the fiscal year 2023-24 (FY23-24), BANKIT achieved an impressive revenue of approximately 169 crores. Top-performing areas for agent onboarding include Ahmedabad, Gopalganj, West Champaran, Dakshin Dinajpur, and Ludhiana, highlighting the model’s effectiveness across diverse regions.

StartupTalky: What revenue growth is BANKIT expecting for FY2025, and what factors will contribute to achieving this goal?

Mr. Nigam: Our growth strategy reveals a nuanced, data-driven approach to market expansion. The company is systematically evaluating market conditions in digitally underserved areas, and conducting comprehensive surveys to understand emerging customer needs. BANKIT’s growth methodology involves developing targeted solutions that directly address the financial service gaps in rural and semi-urban landscapes.

By continuously adapting our service offerings based on granular market insights, we are positioning ourselves for sustainable expansion. The company’s commitment to understanding and responding to local market dynamics, combined with its aggressive customer acquisition strategy and innovative agent network, suggests a robust growth trajectory with the company having already achieved a revenue of approximately 169 crores in FY23-24. The rapid expansion to 1,73,867 agents covering 13,567 pin codes and 729 districts provides a robust foundation for potential future growth.

Ultimately, factors like technological innovation, strategic market penetration, and a deep understanding of underserved market segments will be crucial in driving our financial performance in the upcoming year.

StartupTalky: How does BANKIT overcome the challenge of geographic isolation when extending services to rural areas?

Mr. Nigam: Our strategy for overcoming geographic isolation is multifaceted and ingeniously implemented across the national expanse. By establishing an extensive agent network spanning every Indian state, the company effectively transforms local environments into accessible financial service points. BANKIT’s micro ATM services and mobile-based solutions eliminate the need for customers to travel long distances to access banking facilities.

Each agent becomes a localized financial hub, equipped to handle transactions that would traditionally require branch visits. The company’s technological infrastructure supports this decentralized model, enabling real-time transactions and comprehensive service delivery.

By empowering local entrepreneurs and integrating advanced digital technologies, BANKIT creates a dynamic ecosystem that brings sophisticated financial services directly to communities’ doorsteps. This approach not only addresses geographical constraints but also builds trust and familiarity with digital financial tools.

StartupTalky: What key tools and technologies does BANKIT rely on to manage its business operations?

Mr. Nigam: Big Data Analytics has emerged as BANKIT’s cornerstone technological strategy, providing deep insights into customer behavior, market trends, and emerging service requirements. By meticulously examining vast datasets, the company can uncover hidden patterns, anticipate customer expectations, and strategically align its service offerings.

Beyond analytics, BANKIT emphasizes comprehensive training programs and user-friendly tutorials to ensure effective technology adoption across its agent network and customer base. The company’s technological approach is holistic, focusing not just on data interpretation but also on knowledge dissemination. Regular in-house training sessions ensure that employees and agents remain updated on the latest service innovations.

This commitment to continuous learning and technological adaptation enables BANKIT to maintain operational efficiency and stay ahead of evolving market dynamics.

StartupTalky: How is BANKIT ensuring compliance with recent data privacy regulations?

Mr. Nigam: BANKIT demonstrates a robust commitment to responsible service delivery. Our approach to regulatory compliance is embedded in our comprehensive training and transparent communication strategies. By providing detailed tutorials for every product and ensuring information accessibility across multiple channels, the company establishes a framework of trust and accountability.

The emphasis on user education and clear communication suggests an inherent understanding of data sensitivity. BANKIT’s proactive approach to customer information—providing clear, accessible guidance about its services—indicates a foundational respect for user data. Our focus on empowering users through knowledge implies a broader commitment to ethical technological implementation.

StartupTalky: How do you see current fintech industry trends affecting companies like BANKIT?

Mr. Nigam: BANKIT perceives the FinTech landscape as a dynamic and rapidly evolving ecosystem with immense growth potential. The company views Big Data Analytics not merely as a technological trend but as the fundamental future of business intelligence. By enabling businesses to understand customer needs with unprecedented granularity, these technologies are transforming traditional service delivery models.

BANKIT positions itself as an adaptable, forward-thinking organization ready to leverage emerging technological developments. Our strategy involves continuous market evaluation, customer need assessment, and agile solution development. The company recognizes that success in the FinTech space requires more than technological prowess—it demands a deep understanding of customer expectations, a commitment to innovation, and the ability to translate complex technological capabilities into user-friendly, accessible services.

StartupTalky: What are BANKIT ‘s future plans for service enhancement and scaling operations?

Mr. Nigam: Our future roadmap is characterized by strategic, methodical expansion and a relentless focus on financial inclusion. The company plans to penetrate currently underserved geographical areas by conducting comprehensive market surveys and developing tailored solutions. Our approach involves continuous evaluation of rural and semi-urban market needs, ensuring that service offerings remain relevant and impactful. BANKIT is a pioneer in the industry, providing affordable insurance services starting at just Rs. 1 for its customers.

By empowering more local entrepreneurs through our agent network, we aim to create a scalable, decentralized financial service ecosystem. The aggressive customer acquisition strategy will continue with a nuanced understanding that growth isn’t merely clocking numbers but actualizing meaningful economic empowerment.

Going forward, technology will continue to remain a critical enabler, with ongoing investments set to surge across vectors like training, tutorial development, and innovative service design. BANKIT’s overarching vision extends beyond business growth—it’s about creating sustainable economic opportunities for marginalized communities.

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Financial Services Secretary: Fintechs Must Be Innovative While Adhering To Standards

On January 7, Nagaraju Maddirala, secretary of the Department of Financial Services (DFS), urged fintech companies to “consistently” provide creative solutions to the financial services sector while “strictly” adhering to rules. He said this while presiding over a conference in New Delhi with cofounders and senior executives from significant fintech companies. Kunal Shah, the founder of CRED; Bipin Preet Singh of MobiKwik; Sharath Bulusu of Google Pay; and officials from BillDesk, Infibeam Avenues, and Razorpay were among those present at the meeting. The gathering was also attended by industry organisations like the Digital Lenders Association of India, the Payments Council of India, and the Startup Policy Forum. According to a statement, “the goal of the engagement with partners from the startup and fintech ecosystem was to promote an open exchange of ideas aimed at elevating the fintech sector to a global standard.”

Sharing his views on the suggestion, Rajjat Gulati, Co-Founder, plutos ONE stated, “Fintechs use technology to deliver services to their customers cheaper, faster, and better than before or to offer innovative new solutions. With technology comes the potential to deliver these solutions and their positive impact at never-before-seen scales. At the same time, technology also means that any missteps or vulnerabilities can be multiplied many times over. An attacker now has access to not thousands, but millions of customer records if they are able to access your systems. Millions could be defrauded of billions because somewhere in the stack of technological services that come together to deliver a simple money transfer solution is a bug or vulnerability or a piece of malicious code.”

Digital Payment Systems Required Deeper Penetration

Maddirala praised the Indian fintech industry’s explosive expansion over the last ten years and emphasised the necessity of enhancing digital payment systems in rural and northeastern areas, especially with UPI. He also urged the stakeholders to support micro, small, and medium-sized businesses (MSMEs) through “lending based on digital footprints.” According to the official announcement, Maddirala outlined the several steps the Centre has made to foster an atmosphere that is supportive of the fintech industry. Officials from the Reserve Bank of India (RBI), the National Payments Corporation of India (NPCI), the Financial Intelligence Unit (FIU), and the Ministry of Electronics and IT (MeitY) also attended the conference.

2024 Not a Promising Year for Fintech Startups

The gathering takes place while the domestic fintech sector continues to suffer from a lack of capital. Indian fintech firms raised $2.5 billion in 2024, a 19% decrease from $3.1 billion the year before, despite being the most funded industry last year. The fintech ecosystem had a drop in funding for the third year in a row in 2024. Nonetheless, the number of deals in the industry increased by 23% from 2023 to 2024, from 132 to 162. Last year, the fintech industry also achieved a $30 billion funding milestone (from 2014 to 2024) and welcomed two new unicorns to its portfolio: Moneyview and Perfios. Finova Capital, Drip Capital, and M2P were notable for securing some of the largest agreements in 2024, with each deal exceeding $100 million.

India’s Fintech Ecosystem Still Leading the Global Race

In spite of this downturn, the Indian fintech ecosystem is one of the top three globally financed fintech ecosystems in H1 2024, after the US and the UK. According to Tracxn’s Geo Semi Annual Fintech India Report for H1 2024, the ongoing funding winter and a number of other geopolitical challenges are to blame for the funding fall. Compared to one in H2 2023, two funding rounds totalling more than $100 million were observed during that time. These include the $120 million Series C funding round raised by lending platform Avanse and the $144 million Series D funding round raised by non-banking lender Credit Saison.

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MyFi: How It’s Empowering Indians with Investment Intelligence for Smarter Wealth Decisions
The fintech industry in India is growing fast, especially in terms of digital investment. In 2024, the total transaction value in the digital investment market is expected to reach $148.10 billion, with a growth rate of 4.31% annually, projected to reach $175.30 billion by 2028.

MyFi is part of this exciting shift, offering an AI-powered financial assistant. It helps break down the complexities of investing, making it easier for people in India to make better financial decisions. With a simple, conversational approach, MyFi guides users through their financial journey.

In this article, learn more about MyFi, its founders, business model, challenges, growth, future plans, and more.

MyFi – Company Highlights

Company Name MyFi

Headquarters Bengaluru, Karnataka, India

Sector Financial Services

Founder Kiran Nambiar, Kinnari Thakker

Founded 2023

Website askmyfi.com

MyFi – About

MyFi App

MyFi is India’s first conversational AI assistant designed for long-term wealth creation. It is not just another FinTech app; it is your unbiased financial companion, built at the intersection of AI and deep financial expertise. MyFi leverages research-driven, fact-based investment intelligence and advanced AI models to provide personalised investment guidance.

The company hopes that its users are able to have conversations with MyFi that they otherwise may not be confident about having even with an individual.

MyFi differentiates itself through a combination of AI, quantitative financial models, and a user-centric approach. Unlike traditional financial services, MyFi combines advanced technology with deep domain knowledge to provide accessible, data-driven solutions.

Backed by TIFIN, MyFi leverages global expertise to deliver personalised investment guidance to Indian investors. As part of TIFIN’s broader mission to democratise wealth management, MyFi is reshaping the industry by offering a scalable, efficient, and user-centric approach to investing.

MyFi – Industry

The Indian investment landscape is experiencing significant growth, with mutual fund folios reaching 191 million and demat accounts surpassing 160 million in 2024. This highlights the increasing complexity of the market, thus making informed decision-making more critical than ever.

At MyFi, the team recognises the challenges and opportunities this presents. Their mission is to simplify financial planning for individual investors, providing them with the tools and insights they need to navigate this intricate market. By leveraging advanced AI, MyFi aims to offer personalised conversations that help users make better investment decisions.

MyFi’s target market includes India’s rapidly growing middle class and digitally savvy population. They anticipate this market will continue to expand, driven by the increasing accessibility of digital financial services and a greater emphasis on long-term wealth creation.

In the next few years, MyFi’s goal is to assist its users with the overall financial management of their lives. They aim to be the financial companion you turn to for major financial decisions or to clarify any financial term you don’t understand. MyFi wants to holistically impact an individual’s wealth outcomes through personalisation. Looking ahead, the team envisions MyFi playing a pivotal role in transforming the financial industry by enhancing user experiences and investment outcomes.

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MyFi – Founders

MyFi Founders – Kiran Nambiar and Kinnari Thakker

Kiran Nambiar and Kinnari Thakker are the powerhouse duo behind MyFi, with Kiran also serving as CEO and Kinnari as CXO (Chief Experience Officer).

Kiran Nambiar

Kiran’s career began with a Bachelor’s degree in Engineering and Computing from Imperial College London. After starting at Bank of America Merrill Lynch and spending seven years at Morgan Stanley, he co-founded 1st Main, a digital agency that TIFIN later acquired. His role as a partner at TIFIN honed his skills in wealth management innovation. In 2024, backed by TIFIN, Kiran launched MyFi to bring AI-driven financial conversations to users, aiming to simplify and personalise financial management.

Kinnari Thakker

Kinnari Thakker brings a complementary skill set with her Master of Design (MDes) in Communication Planning and Information Design from Carnegie Mellon University. Her career includes roles as Chief Design Officer at TIFIN and co-founder of 1st Main, alongside Kiran. Kinnari’s expertise in design has been crucial in developing MyFi’s user experience, ensuring it’s both intuitive and engaging.

Their shared history of successful ventures and complementary skills create a strong foundation for MyFi.

Bringing all of this to life would not have been possible without Dr. Vinay Nair and Bhavna, both of whom are key figures at TIFIN. Dr. Nair, TIFIN’s Founder, and CEO, has a notable background in fintech and personalised wealth management, including founding 55ip, which was acquired by J.P. Morgan. Bhavna, TIFIN India’s Chief Operating Officer, brings over 23 years of experience in cross-border investing, capital markets, and corporate finance, having worked with firms like Morgan Stanley and Citi India.

Vinay and Bhavna have both been key contributors in shaping the product they have today and continue to be actively involved in MyFi’s growth and strategic direction.

MyFi – Startup Story

The inspiration for MyFi came from Kiran’s experience in the financial technology sector, which has been a major part of his career. He firsthand saw the significant gap in financial literacy among individuals in India. The growing number of people investing their money highlighted the urgent need for accessible and unbiased financial guidance.

The next step involved identifying the specific issues within this gap. Through surveys and in-person interviews, they discovered that many investors lacked qualified financial support, often depending on informal advice from friends or family, which wasn’t always accurate or reliable. This feedback emphasised the need for a solution that could provide reliable, informed guidance.

With these insights, they developed wireframes and mockups to bring MyFi’s core features to life. There was a lot of feedback and back and forth to the drawing board before they started to build the product. This iterative process allowed them to refine their product and ensure it met real-world needs. It also helped them understand the complexity of the problem they were solving and what to focus on from the start. The validation from initial discussions and the positive response they received affirmed the project’s potential and set the stage for its development. The people they spoke to came from a range of backgrounds, including VC firms, HNIs, and individual investors with a range of incomes starting from around 5 lakhs per annum to people working in wealth management firms.

Ultimately, this not only confirmed the necessity for a tool like MyFi but also solidified their commitment to creating a product that genuinely empowers individuals in their financial journeys.

MyFi- Mission and Vision

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Our vision for MyFi is financial freedom for everyone. MyFi aspires to become a wealth assistant, empowering the masses in India to build long-term wealth and achieve better financial outcomes.

Managing mutual funds in India is complicated, requiring investors to stay updated with constantly changing market trends. That’s where MyFi comes in—it is here to help individual investors navigate these complexities and reach their financial goals.

Given the sheer volume of investors in the country, this is a segment that cannot be addressed solely through human interaction. MyFi’s strategy leverages the extensive knowledge and experience of TIFIN’s investment combined with advanced technology, addressing the complexities of financial planning in a user-friendly way.

In the long run, MyFi aims to make informed financial decision-making accessible to everyone, while also promoting financial literacy across India. Building trust and delivering real results are essential to this journey. By sticking to the core value of “Impact through Innovation at Speed,” shared with TIFIN, the founders ensure continuous improvement and refinement of the platform. This commitment helps them continually enhance MyFi, striving to make it the go-to wealth management solution for millions of Indians.

MyFi – Products/Services

MyFi is here to make financial planning simpler and more accessible. More than just a financial tool, MyFi is a personal guide through the maze of investing. Its mission is to simplify financial planning and make it accessible to everyone, regardless of their expertise.

MyFi stands out by using advanced AI to engage in meaningful conversations with users. This AI isn’t merely about churning out data; it aims to understand each user’s unique financial needs and preferences. MyFi’s technology is designed to make these conversations as intuitive and insightful as possible.

The innovation lies in how this AI is blended with the expertise of the in-house team. With two decades of investment experience shaping the recommendations, MyFi’s algorithms ensure that insights are based not only on current market trends but also tailored to each user’s specific situation. When users connect their portfolios, MyFi’s technology assesses them in real time, offering suggestions that fit seamlessly with existing investments.

MyFi’s unique selling point is its combination of transparency and expertise. As a SEBI-registered investment advisor, MyFi ensures that its recommendations are entirely unbiased, with no commissions or hidden motives—just straightforward, quality guidance intended to empower users.

As it continues to grow, MyFi remains committed to empowering individuals with the confidence and clarity they need to make smart financial decisions and secure their financial future.

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MyFi – Business and Revenue Model

MyFi operates on a subscription-based model designed to keep things simple and transparent for users. For INR 299 a month, subscribers receive full access to everything the platform offers.

This model enables MyFi to provide reliable, ongoing support while ensuring that users can comfortably integrate MyFi into their financial routines. The focus is on making high-quality financial guidance both accessible and affordable, allowing users to concentrate on making smart financial decisions without breaking the bank.

MyFi – Launching Company Strategies

Getting the first 100 customers is always a big win, and for MyFi, there was a clear plan to make it happen quickly. The initial move was to announce MyFi through a press release featured in various influential news sources, setting the stage for the launch. From there, the campaign ramped up with targeted influencer marketing. Six influencers were carefully selected, ranging from financial experts to lifestyle figures, with followings between 10,000 and over 500,000 on Instagram, to generate buzz and draw attention to the app. MyFi also partnered with coworking spaces in Bangalore and organised pop-up events to engage directly with potential users.

Additionally, affiliated advertisements and WhatsApp notifications were used to reach potential customers. This approach allowed MyFi to engage with users who might not have been targeted through other channels, helping to cover all bases and build awareness about the platform.

The results of these strategies were impressive. Within two months, MyFi saw over 10,000 downloads and 900+ connected accounts. Assets linked through the platform also crossed INR 400 crore. The early engagement achieved through these efforts not only helped hit initial targets but also laid a strong foundation for ongoing growth.

MyFi – Growth

MyFi is experiencing exciting progress at the moment. Operating primarily out of Bengaluru, the company has plans to expand further as it grows. The user base is steadily increasing, with impressive week-on-week growth of 50%.

The current focus is on connecting accounts to the platform, which has been going significantly better than expected. The target for the quarter ending September was INR 250 crore, and by the end of August, MyFi had already crossed INR 400 crore.

Although still in the early stages, these metrics reflect a strong start and indicate a promising path forward.

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MyFi – Challenges Faced

When MyFi was launched, one of the biggest challenges was adapting the technology for the Indian market. While the team had successfully built Magnifi for the US, they recognised the need to tweak it to fit the unique needs of Indian investors.

The main hurdle was understanding how the Indian financial landscape operates differently from the US. The team had to delve into the specifics of market behaviours and user preferences in India, which involved a learning curve. It wasn’t just about translating the technology but ensuring it felt right for the new audience.

To tackle this, the founders engaged with financial experts and gathered real feedback from potential users. The product was adjusted based on this input, ensuring it was relevant and easy to use. This process involved considerable trial and error, but it ultimately helped shape MyFi into something that truly connects with Indian investors.

By blending their experience in the US with adaptations for the local context, the team created a product that not only leverages proven technology but also feels tailored to the needs of Indian users.

MyFi – Competitors

Share the major competitors of MyFi include:
1. MoMoney
2. Dezerv
3. Mool.ai
4. Liquide
5. Scripbox
6. ET Money
MyFi – Future Plans

In the next 1-2 years, MyFi is excited about expanding its capabilities and reach. The focus will be on enhancing the user experience and adding features that will make financial management even more intuitive and effective.

One key area being worked on is expanding the portfolio analysis and recommendation features. MyFi plans to introduce more tools that will help users not only manage their investments but also plan their long-term financial goals. While the current focus is on mutual funds, stocks will be introduced on the platform in the coming months.

On the business side, MyFi aims to continue growing its user base. The company is exploring partnerships and collaborations that will help reach new demographics and build brand awareness. Additionally, there are plans to expand offerings beyond mutual funds to include other investment avenues that users are interested in.

FAQs

What is MyFi?

MyFi is India’s first conversational AI assistant designed for long-term wealth creation. It is not just another FinTech app; it is your unbiased financial companion, built at the intersection of AI and deep financial expertise.

Who is the founder of MyFi?

Kiran Nambiar and Kinnari Thakker are the founders of MyFi, with Kiran serving as CEO and Kinnari as CXO.

Who are the competitors of MyFi?

Some of the major competitors of MyFi include MoMoney, Dezerv, Mool.ai, Liquide, Scripbox, and ET Money.
November 9, 2024
To Democratise Financial Services, WeCredit Joins the Indian Government-Backed ONDC

In an effort to democratise financial services nationwide, WeCredit, an Udaipur-based firm, has joined the ONDC (Open Network for Digital Commerce) Network, which is supported by the Indian government, as a Buyer App.

According to the press note, the strategic integration will make it possible for users—both people and businesses—to easily access lending and borrowing services through the ONDC Network, offering a simplified experience for anyone looking for financial solutions.

According to WeCredit co-founder Mukul Devpura, the company is excited to be a part of the ONDC Network and sees this as a major chance for investment and expansion within its broader business plan.

Making an Effort to Streamline the Loan Application Procedure

The landscape of digital banking has undergone a dramatic change with WeCredit’s admission into the ONDC Network. The firm will concentrate on improving financial accessibility and streamlining the loan application procedure, enabling consumers to more effectively reach their financial objectives.

The advancement supports ONDC’s overarching goal of promoting a more transparent and inclusive digital economy. Firm is delighted to be a part of a movement that seeks to make e-commerce more equitable and accessible for all people and businesses, regardless of their size or location, as India prepares for a digital revolution. According to Devpura, ONDC is about more than just expanding businesses; it’s also about helping to transform Indian trade by encouraging cooperation, diversity, and creativity.

Plans to Increase the Range of Products Offered

WeCredit will first concentrate on credit products as part of its staged strategy, with plans to soon broaden its offerings to include investment options, insurance, and a few retail categories.

WeCredit will function as a Technology Service Provider (TSP) on the ONDC Network in addition to being a Buyer App. Because of this function, WeCredit may assist companies that want to access the network without having to invest in a large internal IT infrastructure.

“ONDC is dedicated to furthering its goals of democratising digital commerce and promoting financial inclusion,” said T Koshy, MD and CEO of ONDC. Both small and large enterprises will be better able to negotiate the digital financial landscape thanks to WeCredit’s capabilities, which will create new avenues for growth and businesses.

What WeCredit Does?

WeCredit is a website that offers loans to both people and companies. It gives consumers a platform that enables them to apply for credit cards and loans instantly, with little paperwork and at affordable interest rates. In order to satisfy their credit needs, they concentrate on putting prospective borrowers in touch with various banks and regulated organisations. Over $2.86 billion has been raised by WeCredit and its rivals in 102 investment rounds with 375 investors, according to Tracxn. The competition set consists of three public companies, two acquired companies, and one private unicorn.

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Lovak Capital: How It Is Revolutionizing Wealth Management and Financial Planning
The finance market in India is projected to grow by 14.02% from 2022 to 2027, resulting in a market volume of $19.55 billion by 2027. Lovak Capital stands out as a forward-thinking player, using AI-driven technologies and strategic collaborations with top fund managers to innovate in financial services. They plan to expand into new markets and significantly increase their user base, simplifying financial planning and enhancing client outcomes.

In this article, explore more about Lovak Capital, its founder, business model, challenges, and more.

Lovak Capital – Company Highlights

Company Name Lovak Capital Pvt. Ltd.

Headquarters Gurgaon, Haryana, India

Sector Financial Services

Founder Gaurav Dagaonkar, Meghna Mittal

Founded 2018

Website lovakcapital.com

Lovak Capital – About

Lovak Capital is an innovative financial services firm dedicated to empowering individuals and businesses through comprehensive wealth management, investment advisory, and financial planning services. Their mission is to democratize financial intelligence, ensuring everyone has access to expert financial guidance and tools to secure their financial future.

Lovak Capital – Industry

Lovak Capital operates in the financial services industry.

The global financial services market size has grown strongly in recent years. It will grow from $31.14 trillion in 2023 to $33.54 trillion in 2024 at a compound annual growth rate (CAGR) of 7.7%.

Having started in 2018, Lovak Capital is already a leading player in mutual fund distribution and stock broking in North India. The company aims to achieve a 2% market share in the next three years.

Over the next five years, the financial services industry is expected to witness significant growth driven by technological advancements, increasing demand for personalized financial services, and a shift towards sustainable and ethical investing.

In five years, Lovak Capital aims to expand its services globally, integrating advanced AI-driven tools for better financial planning. In ten years, the company aspires to be at the forefront of the financial services industry, known for innovation and customer satisfaction.

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Lovak Capital – Founder and Team

Jyoti Bhandari, Founder and CEO, Lovak Capital

Jyoti Bhandari is the Founder and CEO of Lovak Capital. She is a financial expert with over 25 years of experience in investment banking and wealth management.

Jyoti oversees the strategic vision and client relations, while the Chief Technology Officer (CTO) focuses on technology development and innovation.

Lovak Capital currently comprises 10 employees.

The company culture at Lovak Capital emphasizes continuous learning, innovation, and a client-first approach.

Hiring Philosophy: Lovak Capital seeks passionate individuals who align with their mission of financial inclusivity and innovation.

Lovak Capital – Startup Story

The idea for Lovak Capital was born from a personal experience of financial mismanagement. Witnessing the complexities and lack of accessible financial advice, Jyoti was motivated to create a platform that simplifies financial management for everyone and helps them make investments the right way and in the right solution best suited to their risk profiles.

Initial research involved market analysis and consultations with financial experts. A series of surveys and focus groups with potential clients helped validate the concept. This helped Lovak Capital cater specifically to high-net-worth individuals (HNIs) seeking personalized wealth management services and guidance in investment decisions across various asset classes.

The journey from ideation to prototyping began with brainstorming sessions and sketching out the service framework. Early prototypes were developed with the help of a small team of financial advisors and technologists. Jyoti’s extensive experience of over two decades in the evolving wealth management industry, across various market cycles, helped identify gaps and create customised solutions for high-net-worth individuals.

Early discussions with industry veterans and potential customers were overwhelmingly positive, reinforcing the need for a holistic wealth management service rather than a product-focused approach. Despite the existence of relationship managers and private bankers in the industry, customers expressed a desire for consistency in both advice and service.

Lovak Capital – Vision and Mission

Vision
- Long-term: To become a global leader in personalized financial services, leveraging technology to provide unmatched client experiences and outcomes.
- Short-term: To establish a strong foothold in key markets, enhancing our service offerings through continuous innovation and customer-centric approaches.
Core Belief

Lovak Capital believes in financial inclusivity and aims to bridge the gap between complex financial markets and everyday people, providing clarity and control over their financial well-being.

Motto

“Empowering Your Financial Future.”

Lovak Capital – Name, Tagline, and Logo

Lovak Capital Logo

“Lovak” signifies the blend of trust and growth in the wealth creation journey. The tagline, “Building meaningful portfolios,” reflects Lovak Capital’s mission to create solid portfolios that benefit both clients and society.

The logo of Lovak Capital symbolizes growth, stability, and trust, incorporating elements that reflect the company’s innovative approach.

Lovak Capital – Product/Service

Lovak Capital offers a comprehensive range of financial services, including wealth management, investment advisory, and financial planning across various asset classes such as direct equities, futures and options, mutual funds, debt instruments, and commodities.

The platform utilizes AI to analyze client data, delivering personalized investment strategies and financial advice. Lovak Capital utilizes the top equity broking platform provided by Motilal Oswal Securities to ensure a seamless trading experience.

Lovak Capital addresses the complexity of financial planning by making expert advice accessible and affordable, thereby helping clients achieve their financial goals.

The unique selling proposition of Lovak Capital lies in its AI-driven personalization, algorithmic portfolio management, and commitment to financial inclusivity.

Leveraging cutting-edge AI and algorithm-based solutions, Lovak Capital collaborates with technology partners to deliver tailored financial advice. The platform is built on a robust, secure, and scalable technology stack.

Initially focused solely on wealth management, Lovak Capital pivoted to a more comprehensive financial service model after recognizing the broader needs of its clients.

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Lovak Capital – Business Model

Lovak Capital operates on a distribution and brokerage model, focusing on comprehensive wealth management, investment advisory, and financial planning across various asset classes. Leveraging advanced AI-driven tools and partnering with top equity broking platforms, the company aims to simplify financial planning, making expert advice accessible and affordable while catering to the diverse needs of high-net-worth individuals and broader client bases.

Lovak Capital – Launching Company Strategies

Upon initial launch, Lovak Capital used a mix of social media campaigns, financial seminars, and referral programs to acquire their first 100 users. Effective channels such as social media and word-of-mouth proved particularly successful, leveraging the networks of the initial satisfied clients.

Lovak Capital – Customer Growth and Retention Strategies

They prioritize personalized service and continuous engagement through educational content and financial workshops, which have been instrumental in retaining clients.

The company achieved growth from 0 to 1000 users through effective word-of-mouth and referrals, partnerships with financial influencers, and collaborative joint marketing campaigns. Additionally, Lovak Capital invested in targeted digital marketing strategies to expand its client base.

Lovak Capital – Challenges Faced

Lovak Capital’s biggest challenge was establishing trust in a competitive market. This hurdle was successfully overcome by consistently delivering value and maintaining transparent relationships with clients.

Lovak Capital – Marketing Campaign

Lovak Capital’s “Financial Freedom Week” campaign, with free webinars and personalized financial assessments, proved highly successful in significantly boosting its user base and enhancing engagement levels.

Lovak Capital – Key Tools and Software

They utilise Zoho and Google Sheets for automating dashboards, enabling efficient data management and analytics within the organisation.

Lovak Capital – Future Plans

The company plans to launch new AI-driven and robo-advisory-based financial products in collaboration with top fund managers. Additionally, the company aims to expand into new markets and grow its client base to 10,000 users.

FAQs

What does Lovak Capital do?

Lovak Capital is an innovative financial services firm dedicated to empowering individuals and businesses through comprehensive wealth management, investment advisory, and financial planning services.

Who is the founder of Lovak Capital?

Jyoti Bhandari is the Founder and CEO of Lovak Capital.

What is the business model of Lovak Capital?

Lovak Capital operates on a distribution and brokerage model.

What are the products/services of Lovak Capital?

Lovak Capital offers a comprehensive range of financial services, including wealth management, investment advisory, and financial planning across various asset classes such as direct equities, futures and options, mutual funds, debt instruments, and commodities.
July 10, 2024

Company Name	Lovak Capital Pvt. Ltd.
Headquarters	Gurgaon, Haryana, India
Sector	Financial Services
Founder	Gaurav Dagaonkar, Meghna Mittal
Founded	2018
Website	lovakcapital.com

Edelweiss- A Powerhouse in the Indian Finance Industry

Stock Exchange is the real game. It helps you invest your money and get huge benefits from it. The share market has a lot to offer and if guided well in today’s competitive world, you are sure to make profits.

To be in good hands, you can surely consider Edelweiss. An Indian financial service company that can guide you through all your doubts when it comes to the share market and stocks.

Edelweiss believes that India is a country that holds strong grounds for long-term prospects of financial stability as well as sustainability. Hence, it has looked at the country to have complete financial inclusion and aims to cover as much area as possible and build a rigid bedrock.

It has learned the diverse financial needs of the Indian region and has in return offered the perfect solution for all categories. Edelweiss is present for its Indian clients in every stage of life, providing guides to generate wealth and grow it further. It aims at protecting the inheritance and wealth of its clients in every way possible.

To work towards its goal, Edelweiss has a perfect business model that reflects the experience of the company and the understanding it has shown in dealing with the Indian consumer facets.

Edelweiss – Company Highlight

Company Name	Edelweiss
Headquarters	Mumbai, India
Sector	Financial Services
Founders	Rashesh Shah and Venkat Ramaswamy
Founded	November 1995
Website	edelweissfin.com

Edelweiss – About
Edelweiss – Industry
Edelweiss – Founders and Team
Edelweiss – Startup Story
Edelweiss – Mission and Vision
Edelweiss – Name, Tagline, and Logo
Edelweiss – Business Model
Edelweiss – Challenges Faced
Edelweiss – Investors and Shareholders
Edelweiss – Merger and Acquisition
Edelweiss – Marketing Campaign
Edelweiss – Awards and Achievements
Edelweiss – Competitors

Edelweiss – About

Edelweiss is one of the leading financial services conglomerates in India. With its engaging and strong platform, the finance fiscal service has gained a huge base in the country as well as around the globe.

It has garnered experience while working with every class and category. From domestic to large industries, Edelweiss has dealt with every niche.

The company was co-founded by two men, Rashesh Shah, and Venkat Ramaswamy. It has since been registered with the National Stock Exchange of India as well as Bombay Stock Exchange and Multi Commodity Exchange.

Speaking of its services, Edelweiss works through subsidiaries and currently deals in several financial aspects such as brokerage services, life insurance, general insurance, private equity, and other investment-related services.

The business has a chain of sub-brokers and authorized people throughout the country, who deal with clients and understand them while also serving them with any financial solutions.

Edelweiss has got its customers covered with services regarding retail credit for home loans, SMEs, and business loans. Similarly, it serves its customers with Asset Management that covers both mutual funds and alternative assets, then the company is even great at asset reconstruction, and insurance both life and general.

Edelweiss – Industry

The finance service industry has grown in recent years. With its customer base learning to manage their own finances, that too from the comfort of their home, this sector has seen a drastic jump since the coronavirus pandemic.

There are new institutions that are gaining great profits. Another big revolution that the financial company has noticed is the digitization of its services. For this, everyone around the sector is adopting the latest technological build-ups and trying to expand more and more towards remote services.

Speaking of its growth rate, the financial service market size has also grown vastly. It is expected to grow from USD 31138.82 billion in 2023 to USD 33539.52 billion in 2024. This growth might rise at a compound annual growth rate (CAGR) of 7.7%.

By 2035 the finance industry sector is believed to be rapidly growing if the government focuses on financial inclusion and digital adoption. The above-stated result is also expected if the country witnesses rising income in the said period.

The industry might even see future growth in Artificial Intelligence and Machine Learning. These two segments will act as some of the most crucial ones in the future.

Edelweiss – Founders and Team

This absolute attention-grabbing finance service company was founded by Rashesh Shah and Venkat Ramaswamy in 1995.

Let’s get to know more about these two founders of Edelweiss.

Rashesh Shah

The chairman and CEO of Edelweiss Group, Rashesh Shah has over 28 years of experience in the financial market sector.

He has previously served as the president of the Federation of Indian Chambers of Commerce and Industry from 2017 to 2018. At present, he is one of the prime members of the High-Level Task Force on Public Credit Registry for India as well as the Insolvency Law Committees.

Shah has also given several speeches, interviews, and lectures related to the financial markets and their development.

Venkat Ramaswamy

Venkat Ramaswamy is the vice chairman of Edelweiss Financial Services. He has more than 29 years of financial service experience in India. Ramaswamy is also the Co-head of Global Wealth & Asset Management business.

He is an alumnus of the University of Pittsburgh. Before Edelweiss he was the fund manager at Spartak Emerging Opportunities of India from 1994 to 1996.

Edelweiss – Startup Story

During its initial years, Edelweiss worked on private equity syndication, mergers, and acquisitions, while also being focused on advisory services. The company even provided equity broking, portfolio management, and wholesale financing services to individuals and corporations.

Later in 2000, Edelweiss became a merchant bank and helped startups raise funds via non-IPO routes, which were venture capital and private equity funds.

The same year it had a capital mark of Rs 50 million and acquired Rooshnil Securities in 2001.

2004 to 2012 was the period when Edelweiss expanded its portfolio by adding institutional broking and nonbanking financial company activities.

Speaking of its global base, the Edelweiss Global Wealth Management, it was formed in 2007. This became a firm that provided wealth structuring solutions, asset protection, asset transfer strategies, risk management, and investment banking solutions.

Edelweiss – Mission and Vision

As per the finance assisting service, it aims to grow, protect, and help all of its customers to create wealth and grow wealth. It follows these lines as its key principles.

The company has created 13 guiding principles over the years that have helped it continue to serve its customers.

Edelweiss – Tagline and Logo

Edelweiss Logo

Regarding its tagline, the commerce service has two of them. Both of these lines depict the aims that Edelweiss wishes to conquer.

Ideas Create, Values Protect
Create, Grow, and Protect Everything

Edelweiss – Business Model

As per the company and its shared tenets, it follows certain key beliefs for its business model. These beliefs are being strong, steady, and also being sustainable.

The business model of Edelweiss is also based on its fortress balance sheet, steady earnings through diversification, internal ownership, good governance, strong global partnerships, and the EdelGive Foundation.

Moreover, Edelweiss aims to be a diversified financial service firm that too in a nonbanking financial company structure. For years, it has aimed to add new businesses constantly.

Edelweiss – Challenges Faced

As far as it has been till 2024, Edelweiss has usually faced a drop in its shares, which has been a challenge that resurfaced several times. But last year it was reported by Fobes that Edelweiss had to continue to meet its obligations to debtors.

The conglomerate had taken an estate loan that had turned sour. This was one of the most hurtful asset-liability contradictions that was about to sink the group.

Edelweiss – Investors and Shareholders

Below you can refer to the list of shareholders and how much equities they have.

Name	Equities	Percentage
Rashesh Chandrakant Shah	145,601,730	15.43 %
Dalal Street LLC	71,322,311	7.557 %
Venkatchalam Arakoni Ramaswamy	59,576,560	6.313 %
Nuveen Asset Management LLC	40,053,992	4.244 %
Edelweiss Employee Welfare Trust	38,750,000	4.106 %
Thomas Schmidheiny	36,880,726	3.908 %
Vidya Rashesh Shah	31,066,200	3.292 %
Life Insurance Corporation of India (Investment Portfolio)	24,282,094	2.573 %
The Vanguard Group, Inc.	22,255,332	2.358 %
BAMCO, Inc.	20,762,810	2.200 %

Edelweiss – Merger and Acquisition

Edelweiss acquired Anagram Capital, in 2010, for Rs 164 crore.
Then in 2014, the Financial Service also acquired Mumbai-based asset management company, Forefront Capital Management.
The Asset Management Company, in the year 2016, acquired fund schemes of JP Morgan Asset Management India.
Edelweiss Financial Services Ltd in September 2016 agreed to acquire Ambit Investment Advisors’ longshot hedge fund Ambit Alpha Fund.

Edelweiss – Marketing Campaign

The finance asset manager launched a marketing campaign for SME loans. This is where the company depicted its solution for semi and mid-size enterprises, solving their issue of facing a hard time getting loans through traditional banking institutions.

Then Edelweiss even came up with a media campaign on 27+ channels. It covered the maximum number of languages in a region, through which the company secured 4600+ spots and provided an estimated reach of about 9.8 million views.

Edelweiss Marketing Campaign

Edelweiss – Awards and Achievements

In 2019, Edelweiss was bestowed with the title of Most Innovative Investor Education Program by Outlook Money Conclave.
The finance assistant company was recognized among the top 25 Financial Innovations of India and received a Finnoviti Award in the year 2020.
Edelweiss also won the Customer FEST Awards, in 2020, during the 13th Edition of the ceremony. The company was awarded for Best Use of Technology to Enhance Customer Experience (SME Lending).

Edelweiss – Competitors

Bajaj Finance
IRFC
Chola Invest
Shriram Finance
Muthoot Finance
L&T Finance

Conclusion

From its humble beginnings, Edelweiss has grown into a formidable entity, offering a diverse range of services and products that cater to various market needs. The company’s emphasis on robust risk management, technological integration, and sustainable growth has set it apart in a competitive industry.

By continually adapting to market changes and prioritizing the needs of its clients, Edelweiss has not only achieved remarkable financial milestones but has also built a reputation for reliability and excellence. This journey underscores the importance of resilience and visionary leadership in achieving long-term success.

FAQs

What is Edelweiss?

Edelweiss is an investment and financial services providing company.

Where is the headquarters of Edelweiss?

Edelweiss has got its headquarter in Mumbai.

Who is the CEO of Edelweiss?

Radhika Gupta is the CEO and MD of Edelweiss.

June 14, 2024

CoinSwitch Kuber Success Story – How is it Easing Crypto Trading?

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

Indians are slowly and steadily considering Cryptocurrency as a safe mode of investment. Mostly the younger generation is taking interest in Cryptos. According to some reports, the average age of crypto investors in India is around 24 years. However, there are still many speculations about crypto trading and many investors are not comfortable with Crypto trading still. This is why the Bangalore-based startup, CoinSwitch Kuber was formed in 2017 to make crypto trading simpler for Indian Investors.

The startup enables trading in several cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others, using INR. You just need to download the CoinSwitch Kuber iOS or android app and start trading. In this StartupTalky article, we are exploring more about CoinSwitch Kuber, the story behind the startup, and what the startup is offering, which includes CoinSwitch Kuber website, CoinSwitch Kuber reviews, CoinSwitch Kuber deposit, CoinSwitch Kuber investors, CoinSwitch Kuber login, CoinSwitch Kuber fees, and how it is growing!

CoinSwitch Kuber – Company Highlights

Startup Name	CoinSwitch Kuber
Also Known As	Coinswitch.co
Headquarters	Singapore
Industry	Financial Services, Fintech, Trading Platform, Cryptocurrency
Founders	Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari
Founded	2017
Valuation	$1.9+ bn
Current CEO	Ashish Singhal
CoinSwitch Kuber website	coinswitch.co

About CoinSwitch Kuber and How it Works?

CoinSwitch Kuber is a cryptocurrency trading platform that aims to simplify investing in cryptocurrencies. CoinSwitch Kuber aggregates liquidity across major Indian and global crypto exchanges. The platform’s order matching engine provides the traders the best rates at the click of a button, thus making trading simpler than ever.

“We discovered that the price of crypto swings between exchanges based on supply and demand when trading in crypto ourselves. Choosing the correct exchange is crucial if you want to obtain greater profits from the market. “We created an aggregator of various exchanges that offered us real-time data on which exchange is the best to trade at any particular instant to obtain the highest return,” co-founder Ashish says explaining the idea behind the startup

CoinSwitch Kuber lets users trade across 100+ cryptocurrencies. Users can buy cryptocurrency using a credit or debit card at competitive prices on the CoinSwitch platform. After completing the KYC/AML processes, customers may use the pooled liquidity of India’s top exchanges to receive the best rate and trade instantly.

The CoinSwitch Kuber mobile app comes with a simple user interface that makes crypto trading a breeze.

While customers from over 200 locations in India invest in crypto through its platform, tier I cities account for 40% of its users, while tier II (36%) and tier III (24%) make up the majority of its clientele. On CoinSwitch, the average ticket size per user is 9,000 per month, however, this varies by city. The average ticket size in Tier I is Rs 11,600, compared to Rs 6,600 in tier II and Rs 3,500 in tier III.

What’s interesting or concerning, depending on one’s perspective, is that the average age of a crypto investor on CoinSwitch is 24 years, and Singhal claims that crypto is the first investment in any asset class for 65% of his customers outside of savings bank accounts and fixed deposits!

CoinSwitch Kuber – Industry

India is one of the fastest-growing crypto markets, as per research firm Chainalysis, which said that the Indian market for crypto increased by a whopping 641% between July 2020 and June 2021.

CoinSwitch Kuber – Logo, Tagline, and Slogan

Company Logo of CoinSwitch Kuber

CoinSwitch Kuber’s tagline says, “Buy, Sell, Trade.” CoinSwitch Kuber has launched a new campaign with the catchphrase “Trade Kar, Befikar.”

CoinSwitch Kuber – Founders and Team

CoinSwitch Kuber was founded by Vimal Sagar Tiwari, Govind Soni, and Ashish Singhal in 2017.

Ashish Singhal

Ashish Singhal is the Co-founder and CEO of CoinSwitch Kuber. Former Amazon employee who interned at Microsoft, Ashish Singhal, is a computer science graduate from Delhi’s Netaji Subhas Institute of Technology. Besides handling various technical roles in companies like Livspace.com and Reap Benefit, Ashish founded startups like CRUXPay (an open-source protocol for blockchain naming services) and Urban Tailor, which is the first of its kind at home tailoring services. He left the position at Urban Tailor in September 2016, but continued with CRUXPay, before stepping down from that too in April 2020.

Govind Soni

CoinSwitch Kuber Co-founder and CTO, Govind Soni was also a former Amazon and Livspace employee. Besides CoinSwitch Kuber, Govind co-founded CRUXPay along with Ashish and Vimal. Soni was also a student of the same college as Ashish, where he studied Computer Engineering, and served as the Co-founder and CTO also at CRUXPay, before stepping down from it in January 2021.

Vimal Sagar Tiwari

CoinSwitch’s Co-Founder and Chief Operating Officer (COO), Vimal Sagar, worked with organizations like Zynga and Accenture. He graduated from the Jaypee University of Information Technology. Vimal is also a Co-founder of CRUXPay, and is still retaining the positions of Co-founder and COO at CRUXPay.

The CFO, CBO, and SVP quit their roles to start up a new initiative that will offer insights to web3 investors. Sarmad Nazki, Sharan Nair, and Krishna Hegde of CoinSwitch Kuber haven’t finalised the name of the startup yet, as per news dated July 8, 2022. Nazki has served in the position for a little more than a year. Nair joined CoinSwitch Kuber just after the company was launched in 2017, and held numerous positions during his long stint, whereas Hegde joined the unicorn crypto company in September 2021. CoinSwitch Kuber confirmed that the positions of CFO, CBO, and SVP will be taken up by Ramesh Bafna, Rishav Dev, and R Ventakesh. The trio has already been talking to Web3 focused-investors to raise a seed round ahead.

The CoinSwitch Kuber team has an employee count that somewhere ranges between 501-1000, as per its Linkedin profile.

CoinSwitch Kuber – Startup Story

The origin of CoinSwitch Kuber can be traced to the realisation of Govind, Vimal and Ashish, all of whom were computer engineers and friends, when they discovered that the price of cryptocurrency is dynamic. It varied slightly across all the prominent crypto exchanges, based on the demand and supply. Therefore, they thought that if the users wanted to get better returns from the market, especially when it comes to scale, they needed to choose a good cryptocurrency exchange. This is what made them decide to create an aggregator of crypto exchanges. Here, their main aim was to provide real-time data on the best prices and exchanges for cryptocurrencies to be traded.

Ashish, Govind, and Vimal, who are all in their early thirties, have been friends since their college days when Ashish and Govind were batchmates, and Vimal was a mutual friend of theirs. They were also tech whizzes who competed in hackathons as a group. Almost every big hackathon in India was won by the trio, including the ones organised by Sequoia, Google, Amazon, and LinkedIn. Surprisingly, CoinSwitch was inspired by a hack that the trio subsequently made public.

On one occasion, the founders-to-be of CoinSwitch created a simple crypto exchange aggregator in a hackathon, but little did they know that the hack would later turn into a full-fledged company.

CoinSwitch Kuber was founded in 2017, and as soon as it launched, the startup started to take users on board at a rapid scale. The users “needed simplicity in the crypto world”, said Ashish, and this made the simple and intuitive nature of the product work. The only goal that the founders of CoinSwitch had while working on the product was to make crypto easy to understand and accessible to the masses.

However, soon after CoinSwitch was launched as a product, RBI’s announcement came, where the body signaled a ban on the cryptos by asking the banks to refrain from supporting these currencies in 2018. This made the founders take their product, which was then simply known as “CoinSwitch”, to the global market.

Eventually, Sequoia Capital backed their venture, thereby making the CoinSwitch foray into success. Though the platform turned successful indeed outside of India, the hearts of the CoinSwitch founders were set only on their country.

This turned real when Supreme Court intervened, overruling the previous RBI ban, thereby making it an open season for the crypto-based businesses like WazirX, ZebPay, CoinSwitch and more. This was more than a silver lining for them. They soon launched CoinSwitch Kuber app just for the Indian market.

CoinSwitch Kuber – Mission and Vision

The CoinSwitch Kuber team believes in financial inclusion, which means that wealth, investment, and financial education should be accessible to all people.

CoinSwitch Kuber’s mission statement says, “Our Mission is to challenge the status quo. We believe that our platform democratizes cryptocurrency investment so the everyday man can make his money work for him – without a fancy degree or a boatload of money.”

The company’s vision is to make crypto trading simple and transparent.

CoinSwitch Kuber – Partnerships

NDTV and CoinSwitch Kuber have established a strategic collaboration to provide comprehensive and best-in-class cryptocurrency programming in August 2021. NDTV will create unique crypto destinations on gadgets360.com, ndtvprofit.com, and ndtvindia.in as part of this relationship. This bridge expansion includes a refreshing show on NDTV 24X7 and NDTV India every other weekend.

The need for trustworthy and accurate information is more important than ever as cryptocurrencies become more mainstream and more individuals begin to evaluate this asset class. With NDTV’s credibility and confidence, as well as CoinSwitch Kuber’s subject expertise and powerful trading platform, this collaboration aims to bridge that gap.

CoinSwitch Kuber Partners with Startup Karnataka for Blockchain Hackathon

The Blockchain Hackathon, Building Future Cities, an initiative decided by Startup Karnataka of Karnataka government, and Tejasvi Surya, Bengaluru South MP, will also have CoinSwitch as its partner. This initiative is aimed to recognize blockchain-based solutions and bring them to the citizens from across the country, in order to dissolve the everyday problems they face. Sequoia India will also be backing this hackathon.

CoinSwitch Kuber – Business Model and Revenue Model

CoinSwitch Kuber is one of just a few cryptocurrency companies currently functioning. Users may acquire shards of various major cryptocurrencies on the crypto market. On CoinSwitch, for example, a user may buy bitcoin and other currencies in tiny sachets for as little as 100 Indian rupees ($1.30), which proves really profitable for the users. Besides, where other crypto exchanges came up with products for the traders who are acquainted with the order books, and are well-versed with buying/selling orders, CoinSwitch distinguished itself by targeting the users who hadn’t see an order book before, and wasn’t aware of what it was.

CoinSwitch Kuber presents itself as an aggregator and don’t charge the users, in contradiction to other crypto exchanges, which usually charge transaction fees from the users. CoinSwitch Kuber, instead, of a maker, negotiates with the crypto exchanges on transaction fees.

Speaking on the business and revenue model of CoinSwitch Kuber, Founder and CEO, Ashish Singhal said, “We give a fixed price to users and aggregate supply on the backend, Our execution engine is where the revenue comes from. But going forward, earning models may evolve as innovations and regulations come into play.”

CoinSwitch Kuber offers its users free trading, deposit, and withdrawal facilities for the first 100 days. After that, a fee is charged on each transaction made through the platform. As per the terms of the company, there is no fee for the transfer of digital assets to the CoinSwitch Kuber wallet, however, withdrawal of digital assets from the wallet may attract charges. The platform also charges for the transfer of fiat currency through credit/debit cards or net banking.

CoinSwitch Kuber – Growth and Revenue

CoinSwitch Kuber has managed to impress investors with its concept and performance. In addition to Tiger Global Management’s $25 million investment in April 2021, Sequoia Capital, Ribbit Capital, Paradigm, Kunal Shah, the creator of Cred, and others have backed CoinSwitch. With the recent funding received from Andreessen Horowitz and Coinbase Ventures in October 2021, CoinSwitch Kuber reached Unicorn status with a valuation of $1.9 billion.

CoinSwitch Kuber boasts of witnessing the highest number of downloads among the crypto startups in India in 2021 when it was downloaded more than 6.1 mn times.

CoinSwitch Kuber is the most download crypto exchange app in 2021 — CoinSwitch Kuber is the most downloaded crypto exchange app in 2021downloaded

Ever since CoinSwitch was started and was taken global after the RBI ban, the company started seeing huge transactions through their app. Within just 2 years, CoinSwitch Kuber has seen more users onboard its app than any other crypto exchange in India. This growth has been mainly due to the simplified UX that the app brought in, and its decision to not provide the users with certain trading features.

Singhal points out that unlike other startups they did not knock on the investors’ doors.

“We did not reach out to Tiger Global for funding. They contacted us and expressed their willingness to invest in our company. Tiger doesn’t invest less than $100 million but we said we just need $25 million,” says Singhal.

Kuber claims to have over 15 million users in India, and the monthly active user count of CoinSwitch Kuber is over 7 million. It has also been disclosed that more than half of them are under the age of 25. CoinSwitch Kuber claims to have handled $5 billion in transactions in the last 11 months.

The firm intends to expand its operations outside cryptocurrency in the future.

“We intend to expand into traditional finance, such as equities, mutual funds, exchange-traded funds, and bonds, and provide a full portfolio on our platform to retail customers,” says the company.

“We are not a capex-intensive business, and don’t need too much money. Hence, our EBITDA margins are in the range of 60-65%,” reveals Singhal.

CoinSwitch Rolls Out the Web3 Discovery Fund

CoinSwitch has launched the Web3 Discovery Fund, which is a fund that will invest in and help incubate early-stage startups that are engaged in building blockchain solutions for the Web3 space. This Web3 startups funding initiative of CoinSwitch is currently aiming to help up to 100 Indian startups, as per the reports dated August 10, 2022. Ashish Singhal, the CoinSwitch Co-founder and CEO stated that the fund has already received an initial corpus of $10 mn and the company is further looking to raise some more funds from marquee investor partners ahead.

CoinSwitch: some of the major growth highlights are:

It has over 2 crore+ users as of February 2024
It is backed by some of the world’s leading investors including a16z, Tiger Global and Sequoia Capital India.

Financials

CoinSwitch Financials	FY22	FY23
Operating Revenue	Rs 249 crore	Rs 46 crore
Total Expenses	Rs 763 crore	Rs 482 crore
Profit/Loss	Loss of Rs 513 crore	Loss of Rs 385 crore

EBITDA

CoinSwitch FY22-FY23	FY22	FY23
EBITDA Margin	-204%	-396.3%
Expense/Rs of Op Revenue	Rs 3.07%	Rs 10.57%
ROCE	-25%	-24%

CoinSwitch Pro

On November 22, 2023, CoinSwitch launched the multiexchange trading platform CoinSwitch Pro on November 22, 2023. This platform marks a significant advancement for cryptocurrency enthusiasts and traders. This cutting-edge platform not only provides users with a comprehensive view of multiple tokens across various exchanges but also empowers them to make informed decisions by comparing prices and selecting the most suitable options.

What sets this platform apart is its seamless functionality, allowing users to effortlessly trade crypto assets in INR across a multitude of exchanges, all through a single login. This streamlining of the trading process not only enhances the user experience but also signifies a pivotal step towards greater accessibility and user-friendliness within the cryptocurrency realm.

There is a variable transaction charge associated with using the cross-exchange platform, depending on the crypto exchange that is used. The CoinSwitch Pro platform stands out for its flexibility in serving various users and exchangers.

CoinSwitch Kuber – Funding and Investors

CoinSwitch Kuber has raised over $300 mn over 4 funding rounds. It is now counted among the unicorn startups of India, with a valuation of over $1.9 bn.

Date	Round	Amount	Lead Investors
October 6, 2021	Series C	$260M	Andreessen Horowitz, Coinbase Ventures
Apr 22, 2021	Series B	$22.7M	Tiger Global Management
Jan 13, 2021	Series A	$15M	Paradigm, Ribbit Capital
Mar 24, 2018	Seed Round	$1.5M	–

Andreessen Horowitz is a CoinSwitch Kuber investor, who invested for the first time ever in India in the $260 mn funding round of CoinSwitch, and was joined by Coinbase Inc., which turned CoinSwitch into a unicorn. Some other investors of CoinSwitch are Tiger Global, Paradigm, Ribbit Capital etc.

CoinSwitch Kuber – ESOPs

CoinSwitch Kuber recorded their first-ever ESOP buyback programme on March 21, 2022, worth $2.5 million. This buyback round was a mixture of funding that came from both the internal and external sources.

CoinSwitch Kuber – LayOffs

CoinSwitch in a recent move, has undertaken a strategic restructuring initiative, resulting in the reduction of its workforce by 8%. This decision translated to approximately 44 employees being laid off from various departments. Presently, CoinSwitch boasts a total workforce of 519 employees, as per their LinkedIn profile.

The impact of these layoffs has predominantly been felt within the customer support team, where the majority of the affected employees were stationed. While such decisions are often undertaken as part of broader efforts to optimize and realign company resources, they undoubtedly bring about significant transitions for both the organization and the employees involved.

In the official statement company spokesperson said, “we right-sized our customer support team to align with the present volume of customer queries on our platform. This impacted the roles of 44 members of our customer support team, who voluntarily resigned from their roles after a detailed discussion with their managers earlier this month.”

CoinSwitch Kuber – Competitors

To mention, the top 10 competitors of CoinSwitch Kuber are:

Coinbase
WazirX
CoinDCX
Instamojo
Glidera
ZebPay
SmartCoin
IPaxful
Bitxoxo Bitcoins
Unocoin

CoinSwitch Kuber – Challenges Faced

CoinSwitch Kuber employs over 120 people and has over 4.5 million users on its network. In comparison to other applications on the market, the app provides consumers with a clean UI and UX design. However, it was recently discovered that the app does not support UPI payments.

On April 21, 2021, the organization announced on all of its official social media accounts that INR deposits in the CoinSwitch Kuber App will be disabled. CoinSwitch Kuber said on Twitter that the firm has temporarily blocked all INR deposits owing to unforeseen problems with their banking partner. The issue was later resolved and now INR deposits are enabled.

Cryptocurrency is a murky area in India. Despite the legalization of crypto investments in India, there are many fears and doubts related to the topic. When it comes to difficulties, Ashish believes the company’s sole issue is teaching people in India about cryptocurrencies and the ecosystem.

CoinSwitch Kuber had got into trouble in association with the idea of lending feature with the SEC, and as a result, Ashish had to drop the idea. However, the founders still are of the opinion that they would be able to use the lending and stakes feature to utilise them for earning revenues in the future. They have already started working to make it possible by working with regulators and gaining their confidence.

As the trading of cryptocurrency lacks defined regulations, CoinSwitch Kuber temporarily paused crypto withdrawals.

CoinSwitch Received ED Notice in Association with FEMA investigation

CoinSwitch reportedly received a notice from the Enforcement Directorate (ED) along with some other cryptocurrency firms like CoinDCX in association with the Foreign Exchange Management Act (FEMA) investigation. Here, ED is determining whether or not these companies were engaged in offences related to foreign currencies. On this, CoinSwitch mentioned that it has received notifications from ED and is ready to comply with them, as per reports dated July 12, 2022.

CoinSwitch Kuber – Future Plans

CoinSwitch has revealed plans to build a cryptocurrency investment platform by June 2024 that is targeted at retail investors as per news report of March 11, 2024. Through the provision of user-centric technology, this program seeks to democratize access to digital asset trading and enable users to navigate investments with confidence.

FAQs

What does CoinSwitch Kuber do?

CoinSwitch Kuber is a crypto trading platform for individual investors that is available only in the Indian market via a mobile application. It enables trading in several cryptocurrencies, including Bitcoin, Ripple, Ethereum, Litecoin, Dash, and many others, using INR and is available as a mobile application (INR).

Is CoinSwitch Kuber an Indian company?

Yes, CoinSwitch Kuber is an Indian company.

Where is the CoinSwitch Kuber headquarters?

CoinSwitch Kuber is currently headquartered in Singapore.

Which companies do CoinSwitch Kuber compete with?

Unocoin, WazirX, CoinDCX, Instamojo, Glidera, ZebPay, SmartCoin, IPaxful, Bitxoxo Bitcoins, and Coinbase are the top ten competitors of CoinSwitch Kuber.

When was CoinSwitch Kuber founded?

CoinSwitch Kuber was founded in 2017.

Who founded CoinSwitch Kuber?

CoinSwitch Kuber was founded by Vimal Sagar Tiwari, Govind Soni, and Ashish Singhal in 2017.

What is the CoinSwitch Kuber website?

The CoinSwitch Kuber website is coinswitch.co

What are the CoinSwitch Kuber fees?

CoinSwitch Kuber doesn’t ask the users anything such as the CoinSwitch Kuber fees. It rather poses itself as an aggregator and negotiates with the crypto exchanges on transaction fees.

The CoinSwitch Kuber login procedure is really easy where the users need to download the app of the company and then they need to first have an account to log in to the same, with the same login credentials.

What are CoinSwitch investors?

Some of the prominent CoinSwitch investors are Ribbit Capital, Andreessen Horowitz, Tiger Global, Coinbase Inc., Sequoia, Paradigm and others.

What was the CoinSwitch deposit issue?

CoinSwitch deposit of rupees was temporarily disabled, but it was fixed after 2 long weeks.

What is wrong with CoinSwitch Kuber withdrawals?

When it comes to CoinSwitch Kuber withdrawals, the company has announced that it has temporarily disabled the withdrawal of cryptocurrencies.

August 30, 2023

ZestMoney: Easy EMI and Personal Loan Solutions Without a Credit Card

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by ZestMoney.

Many times in our lives, we just need a small financial push to realize our dreams or fulfill our needs. In today’s organized money market, we turn to banks and other financial institutions for credit for various purposes. However, it’s not always easy to get a loan. From documentation to your current income and credit history, there are lots of parameters that you need to fulfill to get credit.

Thankfully, the scenario is changing now, and many financial and fintech startups are coming up with innovative ways to make borrowing easy and quick for customers.

Bangalore-based ZestMoney is one such fintech startup that is making borrowing possible for people who have an insufficient credit history. People can get quick and easy loans and pay for products with ZestMoney Easy EMI.

Let’s know more about this BNPL startup that is making life easy for millions of Indians by providing easy access to credit.

ZestMoney – Company Highlights

Startup Name	ZestMoney
Headquarters	Bangalore, Karnataka, India
Sector	Financial Services
Founders	Lizzie Chapman, Priya Sharma, Ashish Anantharaman
Founded	2015
Parent Organization	Camden Town Technologies Private Limited
Website	zestmoney.in

ZestMoney – About
ZestMoney – Founders and Team
ZestMoney – Startup Story
ZestMoney – Mission and Vision
ZestMoney – Name, Tagline & Logo
ZestMoney – Business and Revenue Model
ZestMoney – Funding & Investors
ZestMoney – Growth and Revenue
ZestMoney – Partnerships
ZestMoney – Competitors
ZestMoney – Future Plans

ZestMoney – About

ZestMoney is a platform that uses mobile technology, digital banking, and Artificial Intelligence to make getting loans easy. While many lending organizations hesitate to lend money in the absence of proper credit history, ZestMoney is the platform that does not see the absence of credit history as a barrier to getting a loan. ZestMoney through its AI-based machine learning decision engine creates a risk profile for every borrower. The ones who do not have sufficient credit history just need to provide some additional information based on which ZestMoney’s Decision Engine analyzes the credibility of the borrower and lends him money.

The products of ZestMoney include ‘credit limit’, also called ZestMoney EMI, and personal loans. To be able to access the ZestMoney Credit Limit, one just has to sign up with ZestMoney and complete the KYC process. Once approved, a user is assigned a credit limit based on his eligibility, and the user can use this credit limit to make payments to ZestMoney’s 3000+ merchant partners. ZestMoney has partnered with leading brands from different categories like Amazon, Flipkart, Myntra, SleepyCat, Xiaomi, NestAway, UpGrad, and many more.

The company’s lending partners include DMI Finance, Fox Capital, PACE Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL, and Hedge Finance.

ZestMoney offers personal loans only to customers who are using ZestMoney’s ‘Credit Limit’ service. As such one who wants to take a personal loan from ZestMoney needs to apply for ZestMoney ‘Credit Limit’ first.

ZestMoney – Founders and Team

ZestMoney’s founder trio, Lizzie Chapman from London, Priya Sharma from Delhi, and Ashish Anantharaman from Mumbai, were associated with a UK-based finance company called Wonga.

Lizzie Chapman

Lizzie Chapman served as the co-founder and CEO of ZestMoney. Lizzie was a student at the University of Edinburgh, where she obtained her BSc. degree in Microbiology. She started her career with Goldman Sachs, where she worked as a Business Analyst and an Associate. She then served as an Investment Manager at the Wellcome Trust. Wonga.com was the next company that she joined, and she served as the Country Head of India there. She then founded Abode Bombay. She also served as an Executive Director at DBS Bank and a Non-Executive Board Member at IndiaMart.

Lizzie is an advisor at India Quotient, a member of the Innovation Council of the National Payments Corporation of India (NPCI), and a member of the National Startup Advisory Council (NSAC).

Priya Sharma

Priya Sharma served as the co-founder, CFO, and COO of ZestMoney. Priya did a B.Tech. in Metallurgical Engineering from IIT Varanasi before obtaining an MBA in Finance from London Business School. Priya Sharma served as a Senior Associate at Sapient, a Consultant at Delloite, and an associate at Bank of America Merrill Lynch, and then she joined Wonga.com, where Priya was the head of corporate development before joining hands with the other co-founders and building ZestMoney.

Ashish Anantharaman

Ashish Anantharaman served as the co-founder and CTO of ZestMoney. He has a Bachelor’s degree in science, software engineering from the University of Mumbai. Ashish previously served as an Application Developer at Veritas Technologies LLC, a senior developer at Betfair, an engineering team lead at Sportingbet, and then the head of engineering at Wonga.com.

In a recent development, co-founders Lizzie Chapman, Priya Sharma, and Ashish Anantharaman have stepped down from their positions at ZestMoney. This decision comes in the wake of the collapse of the anticipated acquisition deal with PhonePe.

ZestMoney has announced that Abhishek Sharma, currently serving as the senior vice president of growth, Mandar Satpute, the chief banking officer, and Mohit Chhajer, the vice president of finance and financial operations (FinOps), will assume leadership positions within the company. This decision reflects ZestMoney’s commitment to maintaining a strong and experienced leadership team.

ZestMoney – Startup Story

Lizzie, Priya, and Ashish observed that the Online Credit Transaction facility was not up to the mark in India. Also getting credit was not easy for those who do not have proper credit history. With their knowledge and experience, they wanted to create a solution to resolve these uses, which led them to start ZestMoney in 2015.

ZestMoney – Mission and Vision

“We are on a mission to make life more affordable for India using technology-led solutions,” says the mission statement of ZestMoney. Making life affordable is the vision of ZestMoney.

ZestMoney – Name, Tagline & Logo

ZestMoney Logo

The word ‘Zest’ stands for positive feelings like enthusiasm, zeal, and passion, and thus the word ‘Zest’ in ‘ZestMoney’ represents the quick lending of money by ZestMoney thus making borrowing money a happy process rather than a matter of concern. The tagline of the company is ‘Adjust Nahi, Zest Karo.’

ZestMoney – Business and Revenue Model

ZestMoney acts as a virtual EMI platform, which integrates with merchants across online and offline channels. The company serves as a payment partner and an affiliate partner to these merchants and helps bring them new transactions and customers.

The company generates the major chunk of its revenues from the Direct Selling Agency Fees, which is the money that the company collects from its lending partners (NBFCs) as a result of the various services like lead generation, KYC, customer care and branding, which it provides. ZestMoney also charges a merchant commission on a fixed rate on products and services purchased by the borrowers from the merchants. Arranger fees are another vertical of revenue that ZestMoney has along with the other verticals, which consists of income from any other revenue wing.

ZestMoney – Funding & Investors

ZestMoney has raised funding from leading investors like Goldman Sachs, Quona Capital, Alteria Capital, and Primrose. The funding details of ZestMoney are listed below:

Date	Funding Round	Amount	Lead Investors
June 29, 2022	Debt Financing	$2.54 million	Alteria Capital
September 22, 2021	Series C	$50 million	Zip Co Limited
March 13, 2020	Venture	$11.3 million	Primrose Hills Ventures
December 19, 2019	Series B	$15 million	Goldman Sachs
April 22, 2019	Series B	$20 million	Quona Capital
January 18, 2019	Debt Financing	–	Alteria Capital
August 27, 2018	Series A	$13.4 million	Xiaomi
December 7, 2016	Series A	$6.5 million	PayU
September 1, 2015	Seed	$2 million	Nelson Holzner, Omidyar Network

ZestMoney – Growth and Revenue

ZestMoney earns commissions from merchant partners, lending partners, and also from borrowers. The company has reported that it has 17+ million registered users and expects the numbers to rise further.

In 2019, the company also had an NPS rating of 75, which is higher than that of Amazon and Uber.

In March 2021, ZestMoney stood second in a ranking of the 50 fastest-growing technology companies in India by Deloitte Technology. The rankings were based on percentage revenue growth over three years and ZestMoney grew 2,706 percent in these years.

The leading player in the Indian fintech industry, ZestMoney’s total revenue grew 1.6x to INR 145 crore in FY22 from INR 89.3 crore in FY21. Operating revenue also witnessed substantial growth, soaring by 68.6% to INR 138.4 crore in FY22 from INR 82 crore in FY21.

However, alongside its revenue growth, ZestMoney also faced widening losses, with losses expanding 3x to INR 398.8 crore in FY22 compared to INR 125.8 crore in FY21.

ZestMoney – Partnerships

Though ZestMoney is known for partnering with lenders like ICICI Bank, TATA Capital, DCB Bank, and more, the company also saw some partnerships outside of it.

ZestMoney partnered with Pickyourtrail on February 2020. The fintech company collaborated with the Chennai-based travel startup to provide consumers with flexible payment options for booking itineraries. This tie-up comes as a part of Pickyourtrail’s strategic plan to reach more customers.

The new partnership aims to facilitate travelers a more seamless travel booking experience by offering No Cost EMIs, along with options to ‘Travel now, pay later in 3 easy installments’. Providing the highest approval rates and zero pre-closure charges, travelers now don’t require credit history and are assured hassle-free online loan approval to experience their dream destination.

ZestMoney is the largest consumer lending fintech company in India. Its unique platform uses mobile technology, digital banking, and Artificial Intelligence to make life more affordable to people who currently don’t have access to credit cards or formal financing options due to insufficient credit history. Pickyourtrail is the latest brand to get Zestmoney onboard as a payment partner. The company has previously partnered with notable brands like Amazon, Myntra, Raymond, Uber, Big Bazaar, and Titan.

ZestMoney – Competitors

Some of the major competitors of ZestMoney are:

Finzy
LazyPay
Snapmint
KredXIndia

ZestMoney – Future Plans

The company plans to expand its product development and partnerships with an increased run rate in the future. While several ZestMoney Merchant Partners like Xiaomi, Titan, and Croma, accept ZestMoney EMI at offline stores, the company is partnering with more such merchants which will allow customers to pay using ZestMoney EMI in more offline outlets.

FAQs

What is ZestMoney?

ZestMoney is a Bangalore-based Fintech startup that is making borrowing possible for people who have an insufficient credit history.

Who is the Founder of ZestMoney?

Lizzie Chapman, Priya Sharma, and Ashish Anantharaman are founders of ZestMoney.

Who are the competitors of ZestMoney?

Finzy, LazyPay, Snapmint, and KredXIndia are some of the major competitors of ZestMoney.

Who are the partners of ZestMoney?

ZestMoney has partnered with leading brands like Amazon, Flipkart, Myntra, Xiaomi, Udacity, upGrad, and many more.

Who are the lending partners of ZestMoney?

The lending partners of ZestMoney include DMI Finance, Northern Arc, SMC Finance, Nahar Credits, InCred, Muthoot Finance, CSB Bank, Ghalla Bhansali, IIFL, and Hedge Finance.

How do I pay with ZestMoney?

To pay with ZestMoney, select the EMI option at checkout and choose ZestMoney EMI as your payment method.

June 5, 2023

Tag: financial services

Digit Insurance – Company Highlights

Digit Insurance – About

Digit Insurance – Startup Story

Digit Insurance – Founder and Team

Kamesh Goyal

Philip Varghese

Vijay Kumar

Jasleen Kohli

Digit Insurance – Logo

Digit Insurance – Business Model

Digit Insurance – Revenue Model

Digit Insurance – Funding and Investors

Digit Insurance IPO

Digit Insurance – Shareholding

Digit Insurance – Growth and Revenue

Joined the Unicorn Club with a $1.9B Valuation

Digit Insurance – Financials

Digit Insurance Revenue:

Digit Insurance Expenses:

Digit Insurance Profit/Loss:

Quick Summary:

Digit Insurance – Awards and Achievements

Digit Insurance – Competitors

Digit Insurance – Future Plans

FAQs

Who is Digit Insurance Founder?

What insurances does Digit Insurance provide?

What is Digit Insurance valuation?

What is Digit Insurance business model?

Who is the CEO of Digit Insurance?

Which famous cricketer has funded Digit?

What is Jasleen Kohli relation with Virat Kohli?

Marking Phygital Presence in Financial Sector

Growing Nexus of Fintech Market

StartupTalky: What does BANKIT do and how does it serve the unbanked population in India?

StartupTalky: What specific financial services does BANKIT provide to promote financial inclusion?

StartupTalky: Can you explain Bankit’s business model and how it drives growth in the fintech space?

StartupTalky: What revenue growth is BANKIT expecting for FY2025, and what factors will contribute to achieving this goal?

StartupTalky: How does BANKIT overcome the challenge of geographic isolation when extending services to rural areas?

StartupTalky: What key tools and technologies does BANKIT rely on to manage its business operations?

StartupTalky: How is BANKIT ensuring compliance with recent data privacy regulations?

StartupTalky: How do you see current fintech industry trends affecting companies like BANKIT?

StartupTalky: What are BANKIT ‘s future plans for service enhancement and scaling operations?

Digital Payment Systems Required Deeper Penetration

2024 Not a Promising Year for Fintech Startups

India’s Fintech Ecosystem Still Leading the Global Race

MyFi – Company Highlights

MyFi – About

MyFi – Industry

MyFi – Founders

Kiran Nambiar

Kinnari Thakker

MyFi – Startup Story

MyFi- Mission and Vision

MyFi – Products/Services

MyFi – Business and Revenue Model

MyFi – Launching Company Strategies

MyFi – Growth

MyFi – Challenges Faced

MyFi – Competitors

MyFi – Future Plans

FAQs

What is MyFi?

Who is the founder of MyFi?

Who are the competitors of MyFi?

Making an Effort to Streamline the Loan Application Procedure

Plans to Increase the Range of Products Offered

What WeCredit Does?

Lovak Capital – Company Highlights

Lovak Capital – About

Lovak Capital – Industry

Lovak Capital – Founder and Team

Lovak Capital – Startup Story

Lovak Capital – Vision and Mission

Vision

Core Belief

Motto

Lovak Capital – Name, Tagline, and Logo

Lovak Capital – Product/Service