Suvidha Infoserv ................................
Also intends to launch white label ATMs:
Suvidhaa Infoserve, has been a trendsetter with its robust and easily accessible platform that offers every household, a world of services within the neighborhood. Now, it has come up with yet another game changing concept.
FINANCIAL SERVICES STORES
Known for providing financial services to a very wide base of customers, primarily at the bottom of the pyramid, it is now set to establish very special stores in the country. These stores will operate as ‘financial services hub’ to enable customers to avail all the financial services at one place. Paresh Rajde, founder & chairman, says the company plans to open more than 5000 such stores in the next 15-18 months. The customers will be able to access financial services right from money transfer and paying utility bills to making MF investments, insurance investments, availing loans, etc, says he.
With over its 22,000 existing outlets, Suvidha Infoserve provides last mile delivery to its 40 million unique customers connected through multiple technology enabled delivery platforms – PCs, mobiles and tablets. Says Rajde: “We have processed transactions worth almost $4.5 billion since inception in 2007, serving customers at last mile, with a reach over 9000 pin codes.”
TIE-UP TO DEPLOY WLA
As an integral part of its platform, the company for the first time is adding ATM services, which will further drive ATM penetration in semi urban and rural locations. Says Rajde: “We plan to establish 1000 ATMs in the first phase across Maharashtra, Gujarat and Delhi. We have tied up with Hitachi Payment Services to deploy these ATMs at its flagship outlets.”
The growth of white label ATM (WLA) services has been very poor. Rajde claims that with its current partnerships, the company is well placed to capture the white label ATM market at optimal set-up costs as its strategy is intended at co-sharing the infrastructure.
Suvidha Infoserve has been providing a bouquet of assisted financial and payment services and more recently, merchant acquiring services and digital lending, catering to a very wide base. This has helped the retailers to widen their service and product offerings.
Rajde claims: “We have helped 90,000 unorganized retailers pan-India to improve their income by 10-times by making available an entire bouquet of services to offer to people. These retailers have found business viability by offering a wide range of assisted services to the rural and urban poor and those who need assistance in making card or online transactions. The association with us has made operations of small retailers, including those in remote or rural areas, viable and sustainable, fetching faster ROI for them and providing livelihood promotion.”
CROSS SELLING BRANDS
With the opportunity to associate with leading brands, retailers will be able to widen their presence pan-India so that they can create excellent cross-selling and up-selling opportunities, additional footfalls, customer retention. They will be able to leverage Suvidhaa’s brand partnerships for offering varied services – ranging from ATM transactions to buying white goods and investing in stock markets through the mutual fund investment route. “Our partnerships with over 300 leading national and international brands, including Reliance Mutual Fund, Hitachi Payment Services, Amazon, LIC and IRCTC, will enable the retailers to offer multiple products and services from a single point to a target audience that comprises people who remain unserved by the banks and fintechs, and are still mostly out of the ambit of digital eCommerce due to several reasons, including slack of understanding and illiteracy,” says Rajde.
Suvidhaa recently won MetLife Foundation Inclusion Plus Award 2017. It was was runner-up for ASCENT Award for Entrepreneur of the Year 2016. Earlier, it has also received Inclusive Business Leader Award by International Finance Corporation, and Business Achiever (SME) Award by the ICAI.
SME ENTREPRENEUR LOAN
A recent study supported by JP Morgan indicates that fintech companies in India have succeeded to cater to only 23% of the elite/affluent section of the Indian economy while a huge portion still remains untapped. Suvidhaa Infoserve has been pioneering innovative ideas and rolling out services to tap the segment of the society that comprises digitally unbanked and users who remain unserved or underserved by fintechs.
Rajde maintains that he sees value is serving this segment, which is potentially a large user base of over 1 billion people who are yet to be financially included. “We are also launching Suvidhaa Entrepreneurship Program, to meet the financing needs of small and micro entrepreneurs, especially in rural and semi-urban areas,” says he.
Paresh Rajde is confident Suvidhaa is well placed to capture the white label ATM market at optimal set-up costs