Six years after exiting his ride-hailing service venture, he starts Zolve—a branchless digital banking services provider—that offers local access to credit and insurance at affordable rates to those who traverse the globe
Raghunandan G
Six years ago, co-founders Raghunandan G and Aprameya Radhakrishna were building TaxiForSure, a cab-hailing services provider, when rival Ola swooped in and bought out their Bengaluru startup. The stock-and-cash deal announced in March 2015 was reported to be worth $200 million; the founders have never publicly revealed what their take was.
Raghunandan, 39, used the early exit to turn investor, backing several startups over the last few years. He also travelled to startup hubs in China, Israel and the US. On one of those trips to New York, he saw some friends pay a dinner bill at a restaurant with their debit card rather than a credit card—something that is extremely common in the US. It triggered a thought process that would lead him back to entrepreneurship.
“These were people I had studied with, worked with and had done well in life… but they didn’t have a credit card,” Raghunandan told Forbes India in a recent interview. The reason: When people travel to the US, banks there have no way of assessing their creditworthiness and often categorise them in the higher credit risk bracket, making getting a basic credit card absurdly difficult, he explained. “You have to give $1,000 as deposit to get a card with a limit of $250.”