NOVEMBER 20208IN MY OPINIONkshay Mehrotra is a renowned name in the Indian FinTech circles. Prior to founding EarlySalary in 2015, Akshay has held management positions at Big Bazaar, PolicyBazaar.com and Bajaj Allianz Life Insurance. He has also co-founded the FinTech Association for Consumer Empowerment, a non-profit that work with all stakeholders including the consumers, regulators, policymakers to pro-actively evolve consumer-centric practices in the Indian Fin-Tech digital lending space. The Start-up City team caught up with Akshay to gauge his views regarding the Indian lending industry. 1. What is the business strategy and new initiatives adopted by lending plat-forms in the current scenario?Over the past decade, consumer lending and ca-tering to credit needs, this space is growing at a higher pace in India. By FY 2024, it is expected that unsecured loans linked to consumption is set to become worth 21 trillion INR. EarlySalary is one of the leading digital salary advance and credit-based loan disbursing mobile-app that has gone on to become India's largest consum-er lending platform for salaried individuals. Our product suite has been developed to help credit needs of salaried professionals.Our strategy has been focused on three pillars:· Focus on a singular customer segment, the salaried professional in the country; build deep relationship with customers and offer a full product suite to them· Develop a new highly scalable, tech-enabled and fully-automated credit scoring system and risk management system for superior customer profiling and build scalability· Delivering innovative solutions and custom-er centric experienceThis has resulted in following business success:· National impact with over 10M app based customer base· Disbursed over Rs.2700cr with a monthly run rate of over Rs.150Cr· Hyper automation 4 x growth in under 18 months with only 10% increase in manpower· 100% human touch free customer onboard-AIndian Lending Industry RoundupAkshay Mehrotra, CEO & Co-Founder, EarlySalaryHeadquartered in Pune, EarlySalary is a lending platform that allows young Indians to obtain loans in hassle free manner. The company has collectively raised $19.7 million so far and is backed by the likes of IDG Ventures India, Dewan Housing Finance Corp and Ashok Agarwal.
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