How a startup reached 100 crores annual revenue in just 3 years? #StartupIndia
New Delhi (India), April 9: In the past few years, start-ups have been growing exponentially. In 2021, there were over 50000 new start-ups in the India alone. A lot of these companies are making an impact on the world with their products and services.
Along with many such problems that other startups are solving, in a country like India, where the banking penetration is still low, there are many people who can’t access financial services easily. The Indian government has been trying to address this issue by introducing new schemes and policies.
However, it is difficult for the government to reach all the people in remote villages, who are not connected to a bank branch or ATM.
This is where start-ups like Spay India come into play.
Spay India, was founded by Mr. Nikhilesh Tiwari CEO & Founder and Mr. Sunil Dhawan COO & cofounder in 2018. They have been working on the idea of rural banking for a long time. The founders were born and raised in rural India and they were aware of the challenges faced by people who don’t have access to banking facilities.
Their aim was to provide banking services to the rural population and make banking easier for them. The company has been growing at a rapid rate since then and now has annual revenue of 100cr rupees.
Spay India operates from 20 States and 4 Union Territories. The company has a strong presence in rural banking, with a network of over 25,000 branches across the country. Spay India has also been an active player in the financial inclusion space, and It is one of the country’s fastest growing fintech company in the BC domain and proudly marks as a Category “A” company.
This is how they reached this number –
– They focused on building a good customer experience by providing their merchants/agents an easy and direct access to Spay management for any problems they face.(Dil Se dil tak)
– The company also encourages its customers to use their service by giving them discounts on various products offered by the company.
– As per our regular quality and market analysis, we have satisfied 7 out of 10 network partners with our portal performance, which also makes Spay as one of the primary used portal in the country.
– In the latest month i.e. Feb, 22 on the second Monday (which is the most crucial day in our industry as it brings the highest load of business in a single day), Spay portal serviced approx. 1.65 Lakh transactions on a volume of INR 32 Crores, our success rate touched a massive 99.9% success txns as only 80 txns went pending which were also successful within 24 hours.
You would not be wrong in saying that “Spay hai toh bharosa hai.”