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Need cash quick? This Delhi-based startups provides instant, short-term loans

January 07, 2019
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Bootstrapped instant online lending platform Phocket provides short-term loans of up to Rs 1 lakh to salaried professionals at a flat interest rate of 2.5 percent per month.
Personal loans have become crucial for salaried people, who often fall out of the budget by the end of the month due to multiple reasons. While securing a bank loan has become a cumbersome process, digital lending has come to the rescue as digital lending platforms also provide easier credit access to individuals.
Taking a cue from this, Sumit Jain, Piyush Jain, and Mohit Bansal, who were brainstorming their ideas to stand out in the crowded lending space in India, decided to launch an instant lending platform. The trio launched Phocket in July 2018 to provide short-term personal loans to salaried employees. The startup’s vision is to “provide cash in your pocket at the speed of a rocket”.
Delhi-based Phocket offers instant short-term loans ranging from Rs 5,000 to Rs 1,00,000 over its mobile app for a duration of anywhere between 7 to 45 days. The company charges a flat interest rate of 2.5 percent per month, which comes to as low as Rs 9, depending on the amount borrowed.
The end-to-end process takes not more than two hours to get the money in the bank account. Co-founder and CEO Sumit says, "Phocket users are taking loans for urgent purchases, marriage expenses, travel plans, hotel bookings, medical emergency, among other stretched budgets of unexpected expenses."
The lending industry in India has also seen the entry of fintech major Paytm, as well as Mobikwik, along with many other P2P lending platforms like Lendingkart, Cashkumar, Moneytap, Faircent, Paysense, Cashe amongst others.
However, the co-founders - Sumit Jain (CEO), Piyush Jain (COO), and Mohit Bansal (CTO) - are confident to cruise through the jam-packed P2P lending space in India.
“Our USP is our unique customer acquisition and engagement strategy, which is onboarding and verifying users via an Ambassador Program,” says Sumit.
Phocket
Phocket co-founder
Interestingly, Piyush Jain is a Chartered Accountant and has experience working in credit appraisal, lending, legal compliance and fundraising, with firms like EY, Goldman Sachs, and Flipkart. Sumit comes with 15 years of experience in IT consulting, sales and marketing, and product management with companies like Infosys, RBS, Philips, SAP, and Gartner. Mohit, who takes care of technology at Phocket, is an NSIT graduate and has IT and product development experience with expertise in microservice architecture, database design, artificial intelligence and machine learning.

Phocket goes LIC way

Phocket’s Ambassador Program is very similar to an LIC agent model where an ambassador advocates and promotes Phocket within his/her network using different channels like social media, personal connections or through word of mouth.
“They ambassadors can have non-stop earning,” says Sumit. An ambassador gets a commission of Rs 50 on every completed application and 20 percent commission from the processing fee on each successful processed application.
“A person normally takes loan multiple times. The ambassador will earn commission on all the successful processed application and not just the first one. And this will continue forever,” Sumit adds. He also says that 81 percent of them are repeat users.
The programme is ideal for students, homemakers, blue-collar workers, and for those who prefer to work from home or part-time.
Sumit says that the ones who are a part of the ambassador program include office boys, tea stall owners, parking staff, admin staff and even team leads at prominent BPOs in the 25-45 year age group. “People with not very high monthly income are in majority,” says Sumit.
For instance, 29-year-old Tinku Chauhan, an office boy working for a construction firm in Delhi, has generated 50 successful leads and has earned Rs 10,000 since he on-boarded.
Through this programme, Phocket is able to address challenges of KYC post Supreme Court verdict late last year on Aadhaar, which disallowed eKYC using Aadhaar. “We have been able to streamline and sort the KYC process using our ambassadors,” says Sumit.

How does the app work?

A Phocket user is required to fill a loan application online, and will have to upload the necessary documents such as a government ID proof. The Phocket app will then do an internal credit check to let the user know with an hour or a maximum of 24 hours if they are eligible to avail the loan.
For user verification, Sumit says, for first-time approval, Phocket will have a necessary physical verification process. “Our field executive will visit the applicant for completing loan formalities. The applicant needs to sign the loan agreement, NACH mandate form and give a security cheque from salary account. Once the formalities are completed, disbursement will happen the same day. For subsequent approvals, the process is fully-automated and disbursement will happen within 24 hours. Finally, the loan will be directly transferred to the bank account within the next 10 minutes,” says Sumit.
As of now, the company gives loans to individuals who earn Rs 15,000 or more per month. Sumit says, unlike banks and other lending platforms, Phocket does not require high CIBIL score.
“Usually, other lenders need CIBIL score of 750 or above, but we have given loans to users with a CIBIL score of 450 or even below.”
The startup is currently operating this model in Delhi NCR and soon plans to roll out the programme across India. The company has on-boarded about 40 such ambassadors, and the number is growing every month, says Sumit.
Phocket team

P2P lending industry

P2P lending platforms and service providers have been in India since 2014, but it got regulated only in September 2017, when the Reserve Bank of India (RBI) notified that lending platforms will come under the purview of the government, and will be registered as non-banking financial companies (NBFCs). A month later, the central bank also issued a set of guidelines to operate an NBFC in India.
So far, there are about a dozen registered NBFCs in India, and almost every quarter the RBI updates the list. Phocket has collaborated with DRP Financial Services Pvt Ltd, an NBFC with the licence to carry out lending activities from the RBI.
According to a PwC report, the size of the P2P lending market in India is estimated to be around $4 billion in five years, which would be about 160 times the current lending size.

Road ahead

Phocket disbursed 2,800 loans worth Rs 4 crore by the end of December 2018, and is now looking to grow its loan book to Rs 1,000 crore by 2020 with 200,000 customers, says Sumit.
The startup aims to create ‘Phocket 360’ by 2020, which will be an AI-enabled Money Management platform, which will enable users to pay bills, track expense, set budgets, track transactions, and help with automatic loan disbursal among other fintech features.
“By 2020, Phocket will be operational throughout India, and our USP and efforts to synergise offline and online presence will play a crucial role in the expansion and to achieve our goal,” says Sumit.
The startup also plans to onboard investors to finance its loan book, grow its team, and invest in brand building. While the co-founder did not share the size and timeline of the investment, he said: “Phocket has been bootstrapped by the three co-founders and is sufficiently funded. We wish to engage with a good early stage VC with a strong focus on fintech domain who can take us to the next level.”
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ଜିଓ ଗ୍ରାହକଙ୍କ ପାଇଁ ପୁଣି ଖୁସିଖବର ! ଆସୁଛି ପାଂଚଟି ଧମାକାଦାର ଯୋଜନା

January 07, 2019
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ରିଲାଏନ୍ସ ଜିଓ ଆସିବା ପରେ ଅନ୍ୟ ଟେଲିକମ୍ କମ୍ପାନୀ ମାନଙ୍କର ଯେମିତି ଆରମ୍ଭ ହୋଇଯାଇଛି ଅଧପତନ । ଏବେ ଟେଲିକମ୍ ପରେ ଅନ୍ୟ କ୍ଷେତ୍ରରେ ମଧ୍ୟ ଜିଓ ନିଜ ଦବାଦବା ଆରମ୍ଭ କରିବାକୁ ଅଂଟା ଭିଡିଛି । ଚଳିତ ବର୍ଷ ଜିଓ ନିଜ ଗ୍ରାହକ ମାନଙ୍କ ପାଇଁ ୫ଟି ବିଶେଷ ସୁବିଧା ଆଣିପାରେ । ତେବେ କଣ ରହିଛି ସେହି ସୁବିଧା ନଜର ପକାନ୍ତୁ ।
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ଜିଓ ଡିଟିଏଚ୍ ସେବା :
ରିଲିଏନ୍ସ ଚଳିତ ବର୍ଷ ୩୫୦ରୁ ଅଧିକ ଚ୍ୟାନେଲ୍ ସହ ଡିଟିଏଚ୍ ସେବା ଆରମ୍ଭ କରିବାକୁ ଯାଉଛି । ଏଥିରେ ୫୦ଟି ଏଚଡି ଚ୍ୟାନେଲ୍ ରହିବ । ତେବେ ଏଥିପାଇଁ ଆପଣଙ୍କ ପାଖରେ ଜିଓ ସିମ୍ ଏବଂ ଜିଓ ଟିଭି ଆପ୍ ରହିବା ଆବଶ୍ୟକ । ଏହା ସହ ଜିଓ ହୋମ୍ ବ୍ରଡବ୍ୟାଣ୍ଡ କନେକ୍ସନ୍ ମଧ୍ୟ ଆବଶ୍ୟକ । ଶୁଣିବାକୁ ମିଳୁଛି ଏଥିରେ ଭଏସ୍ କଂଟ୍ରୋଲ୍ ସୁବିଧା ମଧ୍ୟ ମିଳିବ ।
ରିଲାଏନ୍ସ ଜିଓ ବ୍ରଡବ୍ୟାଣ୍ଡ ସେବା :
ସେହିପରି ଜିଓ ଖୁବ୍ ଶୀଘ୍ର ଫାଇବର୍ ଟୁ ହୋମ୍ ବ୍ରଡବ୍ୟାଣ୍ଡ ସେବା ଆରମ୍ଭ କରିପାରେ । ଏହାର ପରୀକ୍ଷଣ ମଧ୍ୟ ଆରମ୍ଭ ହୋଇ ସାରିଛି । ତେବେ ଏଯାଏଁ ଏହାର ଲଂଚ୍ ହେବାର ତାରିଖ ଧାର୍ଯ୍ୟ ହୋଇନାହିଁ । ସୂଚନା ଯୋଗ୍ୟ ଯେ ପାଇଲଟ୍ ପ୍ରୋଜେକ୍ଟ ଭାବରେ ଯେଉଁଠି ଏହି ସେବା ଆରମ୍ଭ ହେବ ସେଠାରେ ୭୦ଏମବିପିସ୍ ରୁ ୧୦୦ ଏମବିପିସ୍ ପର୍ଯ୍ୟନ୍ତ ଇଣ୍ଟରନେଟ୍ ସୁବିଧା ମିଳିବ ।
ଜିଓ ମନି :
ଜିଓ ମନି ସେବା ଆରମ୍ଭ ହୋଇସାରିଛି ଏବଂ ଅନେକ ସ୍ଥାନରେ ଜିଓ ମନି ଦ୍ୱାରା ପେମେଂଟ୍ ମଧ୍ୟ ଆରମ୍ଭ ହେଲାଣି । କିନ୍ତୁ ଶୁଣିବାକୁ ମିଳୁଛି ଖୁବ୍ ଶୀଘ୍ର ୱାଲେଟ୍ ଜିଓ ନିଜ ସେବା ସୀମା ବଢାଇପାରେ । ଯାହାଦ୍ୱାରା ଆଗାମୀ ସମୟରେ ତାହାଦ୍ୱାରା ମେଟ୍ରୋ , ଦୋକାନ ଏବଂ ଅନ୍ୟ ସ୍ଥାନ ମାନଙ୍କରେ ପେମେଂଟ୍ କରିପାରିବେ ।
୪ଜି ବିଓଏଲଟିଆଇ ଫିଚର ଫୋନ୍ :
ଏହି ଫୋନର ଏକ ଫଟୋ ରିଲାଏନ୍ସ ଜିଓ ୱେବସାଇଟରେ ଜାରି ହୋଇସାରିଛି । ଏହି ଫିଚର ଫୋନ୍ ୪ଜି ବିଓଏଲଟିଆଇକୁ ସପୋର୍ଟ କରିବ । ଶୁଣିବାକୁ ମିଳିଛି ଏହି ଫୋନର ଦାମ ୯୯୯ରୁ ୧୫୦୦ ମଧ୍ୟରେ ରହିଛି । ଚଳିତ ବର୍ଷ ଏହି ଫୋନ୍ ମାର୍କେଟକୁ ଆସିବା ସମ୍ଭାବନା ରହିବ ।
ହୋମ୍ ଅଟୋମେସନ୍ :
ରିଲାଏନ୍ସ ଖୁବ୍ ଶୀଘ୍ର ହୋମ୍ ଅଟୋମେସନ୍ ଆରମ୍ଭ କରିବାକୁ ଯାଉଛି । ଏଥିପାଇଁ ରିଲାଏନ୍ସ ଜିଓ ଏକ ଆପ୍ ମଧ୍ୟ ତିଆରି କରୁଛି ଯାହାର ନାଁ ରହିଛି ଜିଓ ମିଡିଆସେୟାର୍ । ଜିଓ ଏକ ଏମିତି ସିଷ୍ଟମ୍ ଡେଭଲପ୍ କରୁଛି ଯାହାଦ୍ୱାରା ଲୋକ ନିଜ ଘରର ସମସ୍ତ ଜିନିଷକୁ ଜିଓ ମୋବାଇଲ୍ ଦ୍ୱାରା କେଉଁଠାରୁ ଅପରେଟ୍ କରିପାରିବ ।
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ସୂର୍ଯ୍ୟ କିରଣରେ ଚାର୍ଜ ହେବ ସ୍ମାର୍ଟଫୋନ

January 07, 2019
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ଆପଣଙ୍କ ସ୍ମାର୍ଟଫୋନକୁ ବାରମ୍ବାର ଚାର୍ଜ କରି ବିରକ୍ତ ହେୁଛନ୍ତି କି ? ତେବେ ଆପଣଙ୍କ ପାଇଁ ଖୁସି ଖବର, ସ୍ମାର୍ଟଫୋନକୁ ଆଉ ସବୁବେଳେ ଚାର୍ଜ କରିବାକୁ ପଡିବ ନାହିଁ । ବୈଜ୍ଞାନକ ମାନେ ଏପରି ବ୍ୟାଟେରୀ ବିକଶିତ କରୁଛନ୍ତି, ଯେଉଁଠି ସ୍ମାର୍ଟଫୋନକୁ ବାରମ୍ବାର ଚାର୍ଜ କରିବା ପାଇଁ ପଡିବ ନାହିଁ । ଏହି ନୂଆ ବ୍ୟାଟେରୀ ଚାର୍ଜ ପାଇଁ ନିଜେ ଶକ୍ତି ସଂଗ୍ରହ କରିପାରିବ । ଲିଥିୟମ, ଆୟନ ବ୍ୟାଟେରୀ ଯୋଗୁଁ ସ୍ମାର୍ଟଫୋନ, ଟାବଲେଟ ଓ କମ୍ପ୍ୟୁଟର ପରି ମୋବାଇଲ ଉପକରଣ ବରାବର ଚାର୍ଜ କରିବାକୁ ପଡେ, କାରଣ ଏମାନଙ୍କ ବ୍ୟାଟେରୀ କ୍ଷମତା ସୀମିତ ଥାଏ ।
କାନାଡାର ମ୍ୟାକଗିଲ ବିଶ୍ୱବିଦ୍ୟରାଳୟର ପ୍ରଫେସର ଜର୍ଜ ପୀ ଡେମୋପୋଲେସ କହିଛନ୍ତି ସ୍ମାର୍ଟଫୋନ ସମେତ ଅନେକ ଉପକରଣକୁ ଚାର୍ଜ କରିବା ପାଇଁ ଆପଣଙ୍କୁ ଅଫିସ ନେଇ ଯିବାକୁ ପଡୋ ଏସବୁର ସମାଧାନ କରିଛନ୍ତି ତାଙ୍କର ଟିମ୍ । ଏହାସହ ଏହି ଉପକରଣ ଗୁଡିକୁ ଆପଣ ପ୍ରତିଦିନ ଚାର୍ଜ କରିବା ପାଇଁ ପଡିବ ନାହିଁ ବୋଲି ସେ କହିଛନ୍ତି । ଅନେକଥର ଏପରି ପରିସ୍ଥିତି ସୃଷ୍ଟି ହୁଏ ଯେଊଁଠି ଆପଣ ଠକି ସମୟରେ ଚାର୍ଜ କରିପାରନ୍ତି ନାହିଁ ।
ଏହି ଅସୁବିଧାକୁ ଦୂର କରିବା ପାଇଁ ପୋର୍ଟାବୁଲ ସୋଲାର ଚାର୍ଜର ବିକଶିତ କରାଯାଇଛି । କିନ୍ତୁ ଏହି ଉପକରଣ ତିଆରି ବେଳେ ଏକ ଅସୁବିଧା ସୃଷ୍ଟି ହୋଇଛି ,ଯାହା ହେଲା ଏହି ଉପକରଣକୁ ଛୋଟ ଆକାରରେ ତିଆରି କରିବା କଷ୍ଟ । ଏହି ସମସ୍ୟାର ସମାଧାନ ପାେଇଁ ବିଶେଜ୍ଞମାନେ ସିଙ୍ଗିଲ ଡିଭାଇସ ପାଇଁ କାମ କରୁଛନ୍ତି । ଏହି ଯନ୍ତ୍ର ସୂର୍ଯ୍ୟ କିରଣକୁ ଉପଯୋଗ କରି ଶକ୍ତି ସଂଗ୍ରହ କରିବାରେ ସକ୍ଷମ ହୋଇପାରିବ ।
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Binny Bansal's second innings; OLX acquires Aasaanjobs to strengthen job vertical

January 07, 2019
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Former Flipkart boss Binny Bansal is once again back in the news. This time, though, the buzz is surrounding his latest endeavour, called ‘021’ – a venture capital fund founded by Sailesh Tulshan, of which Binny Bansal is the anchor investor. Having garnered media attention already, 021 is said to have made its first close of $32 million. According to media reports, the fund raise saw limited partner participation from the Azim Premji Foundation, and other former employees of Flipkart.
Binny Bansal
Binny Bansal
Binny Bansal's second innings
What does a Flipkart Co-founder do after resigning from his position as group CEO at India’s top ecommerce Unicorn? He starts up again! Binny Bansal is teaming up with Saikiran “Saiki” Krishnamurthy, a former Senior Partner at global consultancy firm McKinsey, to launch xto10x Technologies, a tech startup that will address issues related to scaling up for growth-stage startups globally. The venture will offer tech tools and a learning platform for startups all over the world looking to scale up rapidly.
Zolostays raises $30 million in Series B led by IDFC Alternatives
The week is off to a great start for Bengaluru-based co-living startup Zolostays. After raising $5 million in Series A from Nexus Venture Partners, the company has latest secured a funding of $30 million in the Series B round. Among the participating investors were IDFC Alternatives, Mirae Asset and Nexus Venture Partners. “The idea is to get strategic help in real-estate, expansion in different geographies and corporate connects, with these strategic partnerships,” said Nikhil Sikri, Co-founder of Zolostays.
OLX Group acquires Aasaanjobs, plans to strengthen its job vertical
One step at a time, the OLX Group is strengthening its verticals while leveraging technology to the optimum level. Latest, the global online classifieds business leader announced the acquisition of Mumbai-based recruitment marketplace for blue and grey-collar jobs in India, called Aasaanjobs. With this acquisition, OLX plans to strengthen its job vertical to address the growing requirement of a 60 million urban workforce in India, valued at over $1 billion.
Tim Hilpert, OLX
Tim Hilpert, CEO- OLX Markets
Flipspaces, a VR-tech startup, raises $3.5 M from Carpediem Capital
Leveraging virtual reality for interior design services, Flipspaces has carved a niche for itself in the market. And it has no plans of slowing down in the future. The startup recently raised a fresh round of funding worth $3.5 million led by Carpediem Capital. In case you are wondering how it all works, it’s pretty simple. Flipspaces enables prospective customers to visualise home or office decor products that they browse on the website, in a virtual environment similar to their own.
Flipspaces
Team Flipspaces
Shell announces the second batch for E4 – and it includes two Tech30 startups!
After careful examination and evaluation, eight startups have been selected for incubation at the Shell Technology Centre Bangalore (STCB), including two of YourStory's Tech30 startups -  Mobycy and AutoVRse. The second batch was announced after a successful cohort-1 of the E4 (Energizing and Enabling Energy Entrepreneurs) Programme. “We are scaling up by launching five tracks, to accommodate around 30 startups annually,” added Nitin Prasad, Chairman of Shell Companies in India.
Apparel brand Turms brings three advisors onboard to chart future growth strategy
Founded in December 2016, intelligent apparel brand Turms has turned to experts for advice in three areas – R&D, new revenue channels and optimising its supply chain. As part of the initiative, the startup will be bringing onboard Dr Murali Sastry, CEO of IIT B-Monash Research Academy and Sanjay Modi, former MD (APAC and Middle East) at Monster.com and Sridhar Viswanathan, Managing Partner at Silver Cruste as advisors. This latest bit comes after last year’s funding round, where Turms raised Rs 6.3 crore.
Apple loses most valuable company tag to Microsoft
In August last year, Apple became America’s first trillion-dollar corporation as its stock price surged to $207.39. Apple’s valuation hit $1.16 trillion over the next two months, with the stock peaking at $232.07 on October 3. And then, the tide turned. In the three months since October 2018, about $464 billion has been wiped off Apple’s valuation, and the stock has fallen to a six-year low. Not only this, Apple now trails Microsoft, Amazon and Alphabet in the list of world’s most valuable companies, at $674.8 billion.

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Meet the 26-year-old Indian 'chai walli' who has become Australia’s Businesswoman of the Year

January 07, 2019
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26-year-old Uppma Virdi is an Indian-Australian lawyer who started her own company called 'Chai Walli' to serve quality Indian tea to those living in Australia. In two years, the brand has gained a huge following, and Uppma was selected Businesswoman of the Year at the 2016 Indian Australian Business and Community Awards (IABCA) organised in Sydney recently.
Images : Instagram
Images : Instagram
Uppma started 'Chai Walli' while doing her day job at a law firm. She recalls how her grandfather, an Ayurvedic doctor, taught her the art of making good herbal tea. Slowly, Uppma's tea gained popularity in her social circles. She told SBS,
"Wherever I go I make tea… My parents' number one request is 'Uppma, make some tea.' When my brother got married, I think I would have made a thousand cups of tea for all the guests. Even when I went overseas to Austria on a scholarship, I used to make tea for everyone. It was a way of bringing people together."
Today, Uppma's online tea store, where she sells a variety of tea and related products such as candles, pots, kettles, strainers, and even chocolates made of tea, has become very popular. She has also ventured into conducting workshops where she teaches tea enthusiasts how to make the perfect cup of aromatic chai.
The Chandigarh girl was also an invitee at the Melbourne Tea Festival organised earlier. At the event, she had spoken to the media about her desire to promote the unique preparations of Indian tea throughout the world, reports Amar Ujala.
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