Interview with Deepak Modak from KountMoney
YEF – Tell us a bit about yourself and your background?
Deepak – I graduated from IIIT Allahabad in 2012 and joined Adadyn (Previously known as Ozone Media ) as Software Engineer, I was one of the founding members of the Engineering team.
YEF – Why an entrepreneur, why not a high paying job?
Deepak – As every other youngster, we like to do challenging and exciting things daily. Entrepreneurship is the gate of that world.
YEF – What inspired you to start your own businesses?
Depaak – There are lots of problems, challenges and potential in Lending sector and this promise was enough for me to start my entrepreneurial journey. After all it is hard to not be bitten with the entrepreneurial bug when you are living in the Silicon Valley of India.
YEF – What is your company into and what problem does it solve?
Deepak – It’s a fintech startup, it helps people to get loans, from institutional lenders in a hassle free manner. We save the customers the headache of visiting any banks/NBFC or other institution as we are creating a versatile platform of lending marketplace. We are striving to make the process faster and faster so that the turnaround time for loan disbursal can be made 24 hours instead of 3-4 working as of now. For Lenders, we aim to reduce the COA and NPA (Non performing assets).
YEF –Tell us more about your brand name?
Deepak – An e-lending platform for Loans that connects financial institutions to borrowers in a simple, fast and transparent process.
- signup and complete your application in minutes.
- Know your approved loan amount, rate of interest, tenure and EMI.
- Accept the best quote as per your own choice.
- Get funded within 3 business days.
YEF – How did the idea for your company come about?
Deepak – My colleague and co-founder Abhishek Periwal had his personal loan rejected from an NBFC due his non-existent Credit history even with his stable job and a good monthly income. That was when the seed of this idea was sown with an aim to redefine lending sector in India through infusion of Tech and Data Analytics.
YEF – What are key services you are providing which are differentiator from the rest?
Deepak – To borrowers, we provide a lending marketplace where after furnishing their details in application form need not worry about the best deal of Personal Loan in the market. We do that for them.
For Lenders, we do the basic risk analysis and due diligence of the credit worthiness before passing the profile for consideration.
YEF – What is the pricing strategy and marketing strategy you have been using?
Deepak – Our service for the Customers is absolutely free. We charge a commission from the institutional Lenders to whom we send the loan application of the borrower.
YEF – How’s the business going on and who are your key clients?
Deepak – We have till now tied up with 5 banks and 4 NBFCs for Personal Loan disbursal. (We can’t disclose the names of the lenders). Business is growing day by day and we are making significant inroads into the already competitive market of lending.
YEF – Your current target regions and future plans?
Deepak – We have PAN India tie up with Lenders means we can serve the customers across the country.
But being young and new in this space, from marketing perspective we are spending our resources in focused way only on metro cities like Bangalore, Mumbai, Chennai ,Delhi and Kolkata.
YEF – What do you think are the most important factors that will make your company a success?
Deepak – Tech innovation, Credit Underwriting and Patience.
Lending sector in india today is reeling from lack of state of art technology and innovations. Cost of acquisition of customers is high due to a lot of dependencies on manual resources and verification processes. With the infusion of tech in this sector, we aim to reduce the COAs.
Credit underwriting guidelines are out of date and not up to the mark. There is a huge dependency on the Credit scores like CIBIL, Experian, Highmark for approval of a loan application. While we do not want to undermine the importance of the Credit Scores, we believe that there other factors like personal, social and financial profile of the borrowers which should play an important role as well.
And last and very important, we believe patience is very important in this sector. Things do not move very fast and we need to be careful with the rules and regulations of the RBI. On top of that, market is very competitive but big. So we need to keep moving forward.
YEF – Who are your role models?
Deepak – Abdul Kalam and Steve Jobs
YEF – What words of advice would you give to other young entrepreneurs?
Deepak – Focus on building a strong business with sound fundamentals. Success and Money will follow themselves.
YEF – What do you think about this initiative of youth entreprennovators forum?
Deepak – This is a great initiative both for budding and seasoned entrepreneurs. There is an unbelievable buzz today in the startup world. This forum enables us to keep pace with this developments, stay updated and draw inspiration.
Visit Company Website: KountMoney