• 1800 120 77 88 99

How Sri Money helping Banks and Financial Institutions in Due Diligence

Indian Startup Chamber

Admin
  • May 27, 2020
Share with

If fintech is transforming the financial services industry, Delhi-based Sri Money (www.Srimoney.com) is right in the middle of such disruption. A Indian bootstrap company is trying to transform the way of Due Diligence while taking the credit decision by the Banks / Financial Intuitions / Lenders and while hiring of employees by the Corporate and offering a less expensive and more transparent service to banks /  financial institutions and Corporate.

 

Mr. Manish Kumar is the founder and Director of Sri Money. Mr. Manish Kumar is a Techie and having a Marketing experience too, having more than 17 years of experience. He has worked with various National and International corporation as a Tech Head.

 

To know more about the company and the fintech sector team of Chamber of Startups sat down with Manish Kumar, Founder and Director of Sri Money. What follows is an edited version of the conversation.

 

     1.     Can you tell us about key features of your startup?

Sri Money (www.srimoney.com) is a successful  bootstrap Startup of India and India's leading financial services distributors. Sri Money is associated with Equifax as a Channel Partner. It provides Credit Information Report (CIR) from Equifax and helps the Banks / Financial Institution / Lenders / Employers in real Time ID verification of the customers. Through the help of Sri Money more than 40 documents like Voter ID, PAN, Driving License, Passport, Form-16, GSTIN is being verified on Real Time. We have developed a very low cost and unique solution for Due-Diligence who are afraid of fraudulent cases when hiring a new person, onboarding a new Business Partner, or afraid of fake documents. Our company is also providing banking services (Aadhar Enabled Payment Solution and Domestic Money Transfer Service) as a Business Correspondence in rural areas where banking service is limited.

 

“Our mission is to innovate the Due Diligence & Credit Decision in the Finance Industry” - Manish Kumar

 

     2.     Please tell about your industry and opportunities for Startups / MSMEs within this sector?

There is an immense opportunity in the Fintech Sector. The solution is designed to cater services to MSME, NBFC, Corporate Company and as well for a common man.

 

     3.     Kindly explain the business model of your company?

Our Business Model is based on 3 Layer Channel Partner Model – Authorized Partner, Sales Partner, Master Partner. We are providing Cost-effective web / Mobile App / API based solutions. We also offered the Partner service, where we give referral bonus to our Partners. Our Partner can earn good amount by being partner with Sri Money.

 

     4.     How the thought of starting your own enterprise did come in your mind? What encouraged you?

I have long working experience in this field and wider market exposure. I have noticed that we divert attention from a few small things in this runaway life and face the consequences later on. Yes, I am talking about the information that we take to connect the employees, and the channel is based on the information and documents given by them. So, many were looking for a very simple process to solve all these problems and we have come with the verification process made easier with Srimoney.

 

     5.     What is the biggest challenge you faced as an entrepreneur while establishing your startup?

We know that the market is called for all these services. But we are moving forward with considerable work resources. We need a more professional and qualified workforce to increase our market reach.

 

     6.     Who all are your competitors in the market?

I can say that Currently there i no competitors, the market is crowded with a lot of companies but they offer plug n play solutions. Currently, no such company is providing B2C and B2B services.

 

     7.     What is your USP?

We are providing a user-friendly solution. Our key focus is the convenience of our customers. You can check all the KYC documents including mobile number real-time in seconds.

 

     8.     What are the key trends are you observing in the market?

The market situation is like never before. More advancement requires a good study of our surroundings. To avoid fraudulent activities, I believe we have to be very vigilant from the beginning. Suppose you hire a driver, a worker, an employee only on the information given to him or her. So, you should be careful and equally aware.

 

     9.     What are your expansion plans in near future?

Currently we are working with very limited resources but soon we will expand our services in major 17 Business hub like Mumbai, Bengaluru, Chennai, Hyderabad, Kolkata, Patna, Pune…etc.

 

     10.   Can you share few lines of business priorities for next 1 year?

Our top priority is customer satisfaction and we are improving our technology day by day. Also, we are working on the expansion of our services in more and more cities and wider customer reach.

 

     11.     What type of reactions you have received?

The initial reactions were very impressive in our first level of the meeting but after pricing, the response was not very overwhelming. People are expecting everything free of cost.

 

      12. What are the initial investments made in the company?

The initial investment made is 40 Lacs.

 

      13.  What is your marketing strategy?

We will move forward with good partners at the state level and will hire experienced employees to support them. We will work with 3 tier channel partner systems in which Master Distributor, Distributor, and Authorized Partner.

 

     14.   Could you please explain, how your startup will be useful for Startups / MSMEs? 

If seen in a true sense, this platform will greatly help all the issues with startups as the startup business keeps on establishing itself from its early stages and diverts attention from some important things like it does not take care to check the people with whom they are walking with or the companies to whom the goods are made and given the trust? This has been shown with many people and in the end, there is no choice but to repent. So I urge the Startups and MSMEs to check the person they are hiring or doing businesses with.

 

 

This Story is being edited by Mr. Sandeep Bisht, Advisor, Chamber of Startups, Industries and Entrepreneurs (India) Council. If you have a Success Story of your business, please write an email to us at media@indianstartupchamber.com or contact Mr. Ashutosh Sharma at 9999500137.  

Want to subscribe our Newsletter?