India’s most valuable startup’s crown jewel Pravin Jadhav has set out to give India another promising startup. During Jadhav’s reign at Paytm, he developed one of the most sophisticated financial services boutiques for them. Under Pravin’s leadership, Paytm was able to gather a strong force of more than 6 million Paytm Money customers that became one of the reasons for Paytm’s success in the world of financial startups.
There are hundreds of millions of people in India today, that could be their potential consumers but they don’t have access to financial services because they have never availed themselves of any credit-based service. They have never opted for a credit card, banks don’t take interest in them as they have no credit history and they have never even been aware of insurance covers and investments into mutual funds or stocks to earn some cash.
There have been numerous attempts by large firms and many upcoming Indian startups to reach these users by developing an underwriting technology that uses alternative data in order to validate the creditworthiness of a person with no credit history. It’s a hard job to do and a capital-intensive business that could make or break your dreams of a successful business. This kind of idea is executed by only the braves because it is built on the pillars of uncertainties, speculation, and hope to make it work for a better future and fame in business.
In an interview with a tech journal, Jadhav said Raise Financial Services is aimed at customers living in cities categorized as metros, especially tier 1 and tier 2 cities which are urban cities. “People in these cities want financial services, they are educated and have some kind of awareness about these products, but they are not being served properly and they are lacking the kind of lifestyle they deserve due to inappropriate financial services so, they should get the treatment they deserve in the first place,” he said.
Jadhav has also indicated that he has already got the seed funding from some industry big shots like, Kunal Shah the founder of Cred, Kalyan Krishnamurthy from Flipkart, Sameer Nigam and Rahul Chari from Phonepe, Amrish Rao from Pine Labs and Citrus Pay, Sandeep Tandon from Freecharge and Nishchal Shetty from WazirX.
Jadhav is expecting to launch the first project of the startup by the end of 2021. However, the Covid-19 impact on Startups indicates that Jadhav might get a bit late in this project.
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