The happy faces you see here are of Birju and Rupesh, Founders, Credin who didn’t take a single day off even during the lockdown. When asked about the motivation, they were prompt in their response saying, “when you love what you do, you run on self-motivation.”
Rupesh Bishnoi and Birju Naik, ex-Citi bankers with a collective professional experience of 18 years, left their high paying jobs to pursue their entrepreneurial dreams. In February 2019, they incorporated the company, Credin
, with a vision to build an omnichannel, a digital lending platform, which helps young, aspirational middle-class in their need of credit. They started building the team from scratch and appointed well-qualified professionals as directors in the past few months.
As team Credin is located in Baroda, Gujarat, it took them nine months to build the entire digital stack to facilitate customers' 100% digital journey. Credin did run a test of products in December 2019 and raised pre-seed funding from angel investors. The funds helped them to start with its core products—pocket loans, mini loans, and digital personal loans. Credin already has three partner NBFCs for onward lending and is in the process of onboarding a few more in the coming months.
Elaborating his work and venture, Birju says, “In 60 days of going fully operational, we got 3000+ applications and processed 550+ applications in March, but the pandemic affected further processing."
He further adds, “Opportunity lies in the hardest of the time, it depends on how you see it. We believe that we are placed well because we are into early traction and have very little exposure, otherwise, for the retail lending fintech, the major concerns are managing the current portfolio and the collections. Contrary to it, our focus is on expansion and exploring new business opportunities in digital lending. Lockdown has helped us in building capacity and repositioning, Credin, as a leading digital lending services platform. Through this B2B-B2C model, we offer customised credit solutions to our B2B partners for their consumers.”
Rupesh talks about the initiative and says, “Credin Shiksha
is our first flagship program under this model. Credin partnered with pre-schools, K12 schools, and training institutes to provide parents with a convenient and reliable option for the payment of respective fees without any interest on EMI.”
In the current scenario, parents are happy to enroll their child for digital learning. They expect the authority to empower them with flexible payment options. At the same time, it is equally important for institutions to manage fixed expenses, staff salaries, and the cost of onboarding the digital learning platform. That is where Credin comes into the picture with Credin Shiksha to offer a win-win solution for educational institutions and parents both. Within no time, they covered 100+ schools and pre-schools under Credin Shiksha program.
“Earlier, we were operational in Gujarat only, now we have expanded our operation in all major cities across nine states in the west and south region. Business traction on Credin Shiksha has helped us to raise bridge funding from existing angel investors, which we’ll close by the second week of June,” explains Birju.
"From June 2020, we are launching our next product in line called “Credin Aarambh” for retail stores through the omni-channel model. Under this segment, Credin is primarily targeting four segments—kirana stores, vegetable shops, medical shops, and milk parlours. These segments fall under essential services and need quick short-term funding to manage stock and inventory. Our target is to onboard at least 5,000 retail stores across 20 districts of Gujarat and Maharashtra in the next three months,” tells Rupesh.
Birju adds, "We at Credin constantly work on different use-cases to check the fitness of product as per the market. We don’t know what will work eventually, but we can check what market accepts and add options accordingly.”
Credin seems a brilliant fintech solutions company, which is not only addressing the financial crisis due to COVID-19, but also ensuring contactless digital transactions, which is the need of the hour.
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