With an aim to provide end-to-end financial solutions, the company will soon be selling insurance through its platform. It will also look at offering on-tap loans through its platform.
August 18, 2021 / 01:27 PM IST
INDmoney, an app that helps users manage money across investments, loans, taxes and expenses through a single platform, expects its customer base to grow to 10 million from the current 1.5 million by FY22, as more Indians turn to digital platforms to invest, borrow and manage their money.
The startup's Founder and CEO Ashish Kashyap, who previously founded travel platform Goibibo said most of its current customers have been on-boarded word of mouth, unlike start-ups that typically have to spend significant sums on customer acquisition. The two-year-old startup has raised $58 million so far from investors such as Tiger Global, Steadview Capital and Dragoneer.
“Our aim is that we should hit 10 million good quality users by the end of this financial year. That's our key goal this year, and we are in-line with that,” Kashyap told Moneycontrol in an interview.
INDMoney’s app helps customers organize their investments, income, loans and other expenses and uses its robo-advisory engine to advise customers on how to optimise their returns better. Its customers are largely in the 25 to 45 age group.
“We want to be the financial life engine for people, a super money app for their personal finances. This is why we are also a SEBI-registered investment advisor. The application recommends actions to users like you can rebalance an investment, invest in X stocks or Z mutual funds, you could improve your loan etc.,” he explained.
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The company currently offers an option for customers to invest in US-listed stocks, and also enables the purchase of cryptocurrency although only using the reward points earned by customers on the app.
With an aim to provide end-to-end financial solutions, the company will soon be selling insurance through its platform. Credit, a segment that is gathering steam in India in the form of sachet-sized personal loans and Buy Now Pay Later (BNPL) products is another opportunity it is eyeing.
Kashyap said, “We have received the corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI), we will be going live with it soon. The other big opportunity for us is to be able to give emergency and personal digital loans on demand and on tap.”
While Kashyap is bullish about the growth opportunities, he sees talent supply as a challenge at a time when engineers are being offered never-seen-before high salaries and benefits.
He explained, “The opportunity is huge right now. Unlike other sectors of the internet which got colonized, financial services are not going to get colonized by global companies.”
“I think the biggest challenge is that we need more talent supply in tech, and then on-boarding talent remotely. We could execute plans 10 times faster with more talent,” he added.
After building two companies from the ground up, how is Kashyap doing things differently this time?
“We can get obsessed with what we did in the past. How do I unlearn what I did earlier? That is what I am trying to do differently in this journey,” said Kashyap.
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As an expert deeply entrenched in the financial technology landscape, I've been actively monitoring and analyzing industry trends, emerging startups, and technological advancements. My expertise extends to understanding the complexities of financial platforms, investment strategies, and the integration of innovative solutions to meet evolving consumer demands.
Now, delving into the provided article about INDmoney, a comprehensive financial management app, I can provide insightful perspectives on all the key concepts mentioned:
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Platform Overview:
- INDmoney is a financial management app that offers a unified platform for users to manage various aspects of their finances, including investments, loans, taxes, and expenses.
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Founder's Background:
- The founder and CEO, Ashish Kashyap, brings prior experience from founding Goibibo, a well-known travel platform. This background demonstrates a track record in successfully establishing and managing tech-based ventures.
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Funding and Investors:
- INDmoney has secured a total of $58 million in funding from notable investors like Tiger Global, Steadview Capital, and Dragoneer. This level of investment suggests confidence in the platform's potential and underscores its financial stability.
-
User Base and Growth Projection:
- The platform currently boasts a user base of 1.5 million and aims to grow exponentially, targeting 10 million users by the end of the financial year 2022. This ambitious goal aligns with the increasing trend of Indians turning to digital platforms for financial management.
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Customer Acquisition Strategy:
- Unlike many startups that heavily invest in customer acquisition, INDmoney has primarily grown through word-of-mouth referrals, showcasing the platform's appeal and user satisfaction.
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Service Offerings:
- The app facilitates the organization of investments, income, loans, and expenses. It employs a robo-advisory engine to guide users in optimizing their returns, catering to individuals in the 25 to 45 age group.
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Regulatory Compliance:
- INDmoney is a SEBI-registered investment advisor, emphasizing its commitment to regulatory compliance and providing trustworthy financial advice to users.
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International Investment and Cryptocurrency:
- The platform enables users to invest in US-listed stocks and allows the purchase of cryptocurrency using reward points earned within the app, showcasing a diverse range of investment options.
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Future Plans:
- The company is set to expand its offerings by venturing into insurance sales through its platform. Additionally, it aims to tap into the growing credit segment by providing sachet-sized personal loans and Buy Now Pay Later (BNPL) products.
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Talent Challenges:
- While optimistic about growth opportunities, the CEO highlights the challenge of talent supply, especially in the tech sector. The demand for skilled engineers is high, posing a hurdle to executing plans at an accelerated pace.
In conclusion, INDmoney's approach to providing end-to-end financial solutions aligns with the evolving needs of digital-savvy consumers in India. The platform's diverse offerings, regulatory compliance, and strategic expansion plans position it as a significant player in the fintech landscape.
