Vikkas Goyal on Rupee112: Transforming Digital Lending for India’s Salaried Professionals

StartupTalky presents Recap'24, a series of exclusive interviews where we connect with founders and industry leaders to reflect on their journey in 2024 and discuss their vision for the future.

Fintech sector of India is going a transformation, with digital lending emerging as a key driver of financial inclusion. High demand for hasstle-free lending pushes companies to adopt AI risk management and automated processes. Technology is reshaping the whole industry, the companies are bridging financial gaps and providing needs of salaried professionals.

In this article of Recap’24, we spotlight Rupee112, a digital lending platform that redefines how salaried employees manage emergency funds. StartupTalky had the chance to speak with Mr. Vikkas Goyal, Founder of Rupee112, about the company’s mission to simplify borrowing through AI solutions. Its rapid growth across 45 cities, and its efforts to promote sustainability with Green Loans. Goyal lastly shared plans into Rupee112’s expansion beyond metro cities and its commitment to transparency and customer-centric innovation.

StartupTalky: What inspired the launch of Rupee112, and how does it address the financial challenges of salaried professionals?

Rupee112 was inspired by the need to revolutionize financial accessibility for salaried professionals across India. By leveraging cutting-edge technology, the company offers instant access to emergency cash through a seamless, 100% digital, and paperless experience. This approach addresses common financial challenges like delayed salaries, unplanned expenses, and restricted access to credit for individuals with less-than-perfect credit scores.

StartupTalky: Rupee112 has seen rapid growth with over 10,00,000 app downloads and operations in 45 cities. How have your AI/ML-powered solutions contributed to this success?

The AI/ML-powered solutions enable Rupee112 to provide a data-driven, digital-first lending approach. These technologies facilitate faster loan approvals, accurate risk assessment, and personalized solutions, ensuring customer satisfaction and operational efficiency, which have been key drivers of the company’s rapid growth.

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StartupTalky: Your lending process is 100% digital and paperless. How does this enhance user experience and simplify borrowing?

The fully digital and paperless lending process ensures a quick and hassle-free user experience. Borrowers can apply for loans through the mobile app, with quick disbursal. This eliminates the need for physical documentation, long queues, and complex procedures, making borrowing more convenient and accessible.

StartupTalky: What are Rupee112’s Green Loans, and how do they promote sustainability while meeting customer needs?

Rupee112’s Green Loans are an initiative to promote sustainability by offering inclusive financing solutions for eco-friendly purposes. These loans support environmentally conscious projects while maintaining the company’s commitment to meeting diverse customer needs in a responsible and sustainable manner.

StartupTalky: What challenges did Rupee112 face while entering the lending space, and how did you overcome them?

Entering the lending space involved challenges like gaining trust in a highly     competitive market, addressing regulatory requirements, and building a robust technological framework. Rupee112 overcame these obstacles by ensuring transparency, operating in a regulatory-compliant ecosystem, and investing in advanced AI/ML technologies to streamline processes and establish credibility

StartupTalky: Transparency is a core value. How do you ensure customers fully understand the loan process and avoid hidden fees?

Rupee112 ensures transparency by clearly communicating all terms and conditions upfront, providing a breakdown of fees, and avoiding hidden charges. This commitment helps build trust with customers and establishes the company as a reliable financial partner.

StartupTalky: What marketing strategies have been most effective in achieving rapid growth, and can you share any successful growth hacks?

Rupee112 has focused on digital marketing, app-based promotions, and leveraging AI-driven customer segmentation for targeted campaigns. Growth hacks such as simplifying the loan application process and highlighting the 10-minute disbursal feature have also contributed to driving app downloads and user engagement.

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StartupTalky: Does Rupee112 plan to expand beyond metro areas into smaller cities? How do you see the potential of these markets?

Yes, Rupee112 has plans to expand beyond metro areas. Smaller cities offer significant potential due to the underserved financial needs of their populations. By leveraging its technology-driven approach, Rupee112 aims to provide accessible and inclusive financial services in these markets.

StartupTalky:What lessons has your team learned since launching, and how will these shape Rupee112’s future?

Not relevant.

StartupTalky: As a fintech founder, what’s one piece of advice you would like to share with aspiring fintech founders looking to enter the financial services industry?

The key advice is to prioritize customer trust by being transparent and regulatory-compliant while leveraging technology to solve real-world financial challenges. Innovate with a focus on user convenience and always ensure that your solutions are inclusive and accessible.

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