Fintech Asia features Cashcow… a fintech startup based in Mumbai that facilitates various banking services for consumers.
This feature is part of the ‘Fintech India‘ series.
Gaurav Goyal is a serial entrepreneur and graduated from IIT Delhi in Mathematics & Computing. He is co-founder of Cashcow and is leading Technology and Product. Cashcow is a fintech startup, which is offering banking products at customer’s doorstep via the Ola / Uber model. Prior to founding Cashcow, Gaurav has founded few ventures which include organisations in the domains like Proprietary Algorithmic Trading Desk, Online Real Estate and Technology Consulting domains. Sector agnostic techno entrepreneur, Gaurav believes that technology can be used for bigger purposes beyond basic needs.
How did you come about setting your focus on this particular category? Please tell us a little more about the company’s beginnings as well.
Gaurav & Manish met during their stint at Rubique, where he was Chief Product Officer & Manish was Chief Business Officer. Two Delhi guys started discussion over their favourite cuisines & it went up to forming their company together, which they branded as Cashcow. The duo realise the completely unorganised banking space, similar to taxi space, before Ola / Uber coming in. The term “Cashcow” was coined, as it is frequently used in business terminology for consistent profit. The Fintech company aims to become a consistent source of income for its Advisors and hence the name “Cashcow” was coined.
The Mumbai based company, has now spread its wings to 6 other cities, which includes Delhi, Pune, Chennai, Hyderabad and Pune
What challenges have you had to work around at an early stage?
Initially it was little challenging to change the mind-set of people who are working in this industry. 6 Months old startup is designing its certification programs, where they certify the Advisors. Post certification our Advisors are eligible to get business from Cashcow. According to Goyal, they invested good amount of time on training their advisors hence it took some time to overcome this challenge.
As it says, success never come with ease and for Goyal and his team one of the biggest challenge they faced was finding, acquiring and retaining good talent, which is the most challenging part of today’s competitive world.
Thoughts on the present Indian fintech landscape? How does it compare to the rest of the fintech majors in the world like Hong Kong, Singapore, United Kingdom, Sweden, etc. according to you?
The present Fintech Indian landscape is in evolution phase, where the startups in categories like digital payments, payday loans, aggregators, p2p lending are enabling technology to solve customer pain points and adding convenience in lending & payments space. One of the key parameter for the success of Indian Fintech startups would be how fast we can bring complete customer profile online. Even today in many ways the underwriting process is offline & physical paperwork is part of the process.
Fintech Majors in rest of the world has advantage over Indian Fintech startups, as in most of these countries, completely digital profile of customer is available and the major challenge remains about best technology & scalability.
Which are the sectors in Indian fintech where you think there are untapped opportunities? How does it fit in with your product and growth plans for the immediate future?
There are immense untapped opportunities in Indian Fintech space, especially with unique models like Cashcow, where masses are being empowered as entrepreneurs. LIC kind of models have already proved the success of variable cost model. Uber kind of models have shown how technology can empower entrepreneurs by lead sharing business model.
We are focusing on similar model where we have Cashcow Advisors who participate in sourcing of quality leads similar to LIC model. On fulfilment side we have Certified Cashcow Advisors who got business from Cashcow & fulfil the leads similar to Uber / Ola model.
Please tell us a little about your funding journey – the requirements & objectives in mind when you decided to raise a round/s; the fit you found or were looking for with your investors; what would you be looking for in the future as the business grows?
Founders have invested approx. 2 cr of their capital. We have started our fund raising efforts & our objective is to take our technology strength to next level & expand to new geographical boundaries within Pan India. As future growth we are looking forward to expand our Advisor base to 20,000 across Pan India, in next 1 year.
What advice would you give to other fintech entrepreneurs?
My advice to fintech entrepreneurs would be keep looking for future possibilities & innovation in Fintech space. Those who will be able to think, define & execute ideas for next generation fintech, will be able to create valuable companies, as it famously said,” The world is but a canvas of our imagination”.
Another important element to create a valuable company, is to attract some of the great minds together, if you can create great team, you can built great products & eventually a great company.
Anything else you’d like to add… 🙂
Cashcow is on a mission to empower 1 million+ entrepreneurs in next 3 years through its Advisor channel. We look forward to meet & welcome all those entrepreneurs who are willing to learn & earn though Cashcow platform.