In the latest episode of the Tech Trailblazer series, we spoke with Mr. Vikkas Goyal, CEO of Rupee112, a platform for financial accessibility for salaried professionals in India. Rupee112 aims to provide inclusive financial solutions that cater to individuals regardless of their credit histories, especially during emergencies. Mr. Goyal highlighted the company’s core values of financial inclusion, transparency, affordability, and a user-centric approach.
He also discussed the launch of the Green Loans initiative, which promotes sustainable practices, and explained how Rupee112 leverages technology and data analytics to enhance the customer experience and ensure data security. Finally, Mr. Goyal shared the company’s strategic priorities, focussing on empowering underserved demographics and expanding access to financial resources across India and beyond.
IBT: What inspired the establishment of Rupee 112, and what core values does the company prioritise in its operations?
Vikkas Goyal: Rupee112 was founded with the vision of revolutionising financial accessibility for salaried professionals across India, especially during emergencies. The company recognised a critical need for financial support that transcends traditional credit barriers, aiming to provide accessible solutions to individuals regardless of their credit history. This vision is rooted in a commitment to empathy and inclusivity, ensuring that everyone has access to necessary financial resources when they need them most.
The core values of Rupee112 are financial inclusion, transparency, affordability, and a user-centric approach. The company focusses on offering inclusive financing solutions, including low-tenure EMI loans, designed to assist those with less-than-perfect credit scores. A strong commitment to transparency ensures clear communication with clients and the absence of hidden fees, which has established Rupee112 as a trustworthy partner in the financial services industry. By utilising advanced technology and maintaining compliance with regulatory standards, Rupee112 strives to make financial services more accessible, convenient, and affordable for everyone.
IBT: Could you provide insights into the key objectives and strategic goals of Rupee 112, particularly in terms of its role in the financial services sector?
Vikkas Goyal: India’s financial services sector has seen robust growth, driven by economic reforms, digitalisation, and increased financial inclusion. The adoption of technology in banking, insurance, and investment services has revolutionised the industry, making financial products more accessible. Rupee112’s primary objectives are to enhance financial accessibility and provide instant emergency cash access through a digital-first experience. The company aims to disrupt traditional lending by offering low-tenure EMI loans and inclusive solutions, especially for individuals with lower credit scores. With a focus on metro areas, Rupee112 ensures a user-friendly experience via its mobile app, emphasising transparency and clear communication.
IBT: Rupee 112 aims to provide a competitive edge to borrowers in India. How does the company differentiate itself from other players in the industry, particularly concerning innovation and technological solutions?
Vikkas Goyal: Rupee112 differentiates itself from other players in the industry through its innovative and technological solutions, providing a competitive edge to borrowers in India. As a technology-first company, Rupee112 offers a seamless, digital, and paperless experience, disrupting the traditional lending industry. Its digital-first approach, powered by AI and ML, facilitates faster and more convenient loan services, making it a game-changer in the financial lending landscape. Additionally, Rupee112’s commitment to financial inclusion, transparency, and clear communication sets it apart, providing a user-friendly experience and earning it a reputation as a trustworthy partner. By prioritising accessibility and affordability, Rupee112 positions itself for continued success and a lasting impact on the lives of salaried professionals nationwide, distinguishing itself from other players in the industry.
IBT: What motivated Rupee112 to launch the Green Loans initiative, and how do you envision this program impacting the adoption of sustainable practices and technologies in India?
Vikkas Goyal: Rupee112 launched the Green Loans initiative to promote sustainable practices and technologies in India, aligning with its mission to revolutionise financial accessibility. By offering Green Loans, Rupee112 aims to encourage individuals and businesses to adopt environmentally friendly solutions, such as renewable energy and energy-efficient technologies. This programme is expected to have a significant impact on the adoption of sustainable practices in India, as it provides easy access to finance for those who may not have been able to afford it otherwise. With Rupee112’s digital-first approach and commitment to financial inclusion, the Green Loans initiative has the potential to reach a wide audience, promoting a cleaner and greener future for India.
IBT: Given the dynamic nature of the financial services sector, what are the primary challenges it faces, and what should be the solutions to adapt to evolving industry demands?
Vikkas Goyal: The financial services sector in India has grown significantly, propelled by economic reforms, technological advancements, and increased financial inclusion. However, it faces challenges like adapting to rapidly evolving technologies and meeting rising consumer expectations for digital experiences. The Reserve Bank of India (RBI) emphasizes the importance of robust internal audit and compliance functions, especially for non-bank financial companies (NBFCs), as the sector grows. Rupee112 addresses these challenges by prioritising innovation, offering instant digital-first lending solutions, and emphasising transparency and user-centric services to build consumer trust. To adapt to industry demands, Rupee112 plans to invest in technology and data analytics, expand its product offerings, and maintain a commitment to financial inclusion and accessibility.
IBT How does Rupee 112 ensure data security and privacy in its lending solutions, especially considering the sensitive nature of financial information?
Vikkas Goyal: Rupee112 prioritises data security and privacy in its lending solutions by operating within a regulatory-compliant ecosystem and leveraging cutting-edge technology to ensure the secure handling of sensitive financial information. The company’s digital-first approach and use of AI and ML-powered lending technology enable secure and efficient data processing, while its commitment to transparency and clear communication ensures that consumers are aware of how their data is being used. Additionally, Rupee112’s mobile app provides a seamless and user-friendly experience, ensuring that consumers can access financial services while maintaining control over their personal data. By prioritising data security and privacy, Rupee112 has earned a reputation as a trustworthy partner in the financial services industry, and its dedication to accessibility, affordability, and a user-centric approach positions it for continued success and a lasting impact on the lives of salaried professionals nationwide.
IBT: Looking ahead, what are the strategic priorities and future aspirations of Rupee 112, particularly in terms of expanding its service offerings and enhancing its impact on the financial ecosystem in India?
Vikkas Goyal: Rupee 112 envisions a future where accessing emergency loans is seamless and inclusive. The platform offers paperless, digital loan processes through a self-service model and has recently introduced Green Loans to support sustainable initiatives like solar panels and electric vehicles. Looking ahead, Rupee112 plans to expand services to underserved customers, including first-time loan takers, by focusing on financial inclusion. The company is investing in data analytics and technology to better assess creditworthiness and manage risk, emphasizing transparency and ethical practices to build trust and support economic development and sustainability in India.
Mr. Vikkas Goyal, CEO of Rupee112, a platform for financial accessibility for salaried professionals in India. At Rupee112, he aims to provide inclusive financial solutions that cater to individuals regardless of their credit histories, especially during emergencies.
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